NORTHBRIDGE, Mass. - A $7.5 million tax-exempt bond from MassDevelopment will help St. Camillus Health Center on Hill Street renovate its long-term care facility into a care center for those diagnosed with dementia or Alzheimer's disease.
The bond, purchased by UniBank, also will allow the facility to refinance previous debt.
St. Camillus Health Center Inc. is a nonprofit organization that provides rehabilitation, nursing, and short- and long-term care services.
“St. Camillus Health Center’s commitment to compassionate care puts residents at the center of its work,” said MassDevelopment President and CEO Marty Jones. “This tax-exempt financing helps the organization further its mission, expanding options for long-term care.”
Started in 1963, St. Camillus is a leader in a movement to change how the country perceives nursing homes and aging.
Short-term services consist of intravenous therapy, wound management, and nutrition. Long-term care services include social services; counseling and support; and activities and recreation.
The Order of St. Camillus, a small Roman Catholic order of priests and brothers, oversaw the organization’s board of directors until 2002, when the current board of directors took over stewardship.
“St. Camillus Health Center has provided elders in the Blackstone Valley with the best possible quality of care and quality of life for 50 years,” said St. Camillus President and administrator William Graves. “Even with the transition in the board of directors in 2002, this organization’s mission of providing care to the poor, sick, and elderly in our community with a sense of compassion and love, has not wavered. With the help of MassDevelopment and Unibank, that mission will continue for another 50 years,”
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth.
During fiscal year 2012, MassDevelopment financed or managed 280 projects generating investment of more than $2.3 billion in the Massachusetts economy. These projects are projected to create more than 12,000 jobs and build or rehabilitate 900 residential units.