Pittsfield, MA – MassDevelopment has issued $16,880,000 in tax-exempt bonds on behalf of SRC Pittsfield RE, LLC, an affiliate of Wingate Healthcare, Inc. and Wingate Senior Living, LLC to pay down an $18,095,000 taxable bond MassDevelopment issued in February 2020 to help Wingate buy, renovate, and equip the Wingate Residences at Melbourne Place, a 117-unit senior living facility in Pittsfield.
Renovations will include upgrades to the building’s exterior, common areas, and individual units. In addition, 24 existing units will be converted from market rate to affordable, renting to households earning no more than 50% of the area median income. The bonds were sold through a public offering underwritten by B.C. Ziegler & Company.