Hebrew SeniorLife Completes $457M in Tax-Exempt Bond Financing—Largest in History for Nonprofit CCRC

By Keat Foong, Executive EditorDedham, Mass.—Hebrew SeniorLife announced it has closed on the biggest tax-exempt bond issue in U.S. history for the development of a non-profit continuing care retirement community (CCRC). The $457 million in tax-exempt bonds will be used to fund the development of NewBridge on the Charles, a state-of-the-art CCRC located on the 162-acre Dr. Miriam and Sheldon G. Adelson Campus in Dedham, Mass. “This financing will help us bring to reality a unique new community and health care facility that will expand our ability to serve older adults in the Boston area,” says Len Fishman, president and CEO of Hebrew SeniorLife. Planned for opening in fall 2009, NewBridge broke ground in June and will include more than 250 residences for active, independent seniors, as well as a community center, fitness facilities, three dining venues, classrooms, art studios, theater, and convenience store. The campus will also include 350 assisted living, sub-acute and long-term care beds. A K-8 school will be located on the campus, enabling intergenerational programming.MassDevelopment issued $379 million in tax-exempt bonds for the housing component of NewBridge on the Charles, and the Massachusetts Health and Educational Facilities Authority (HEFA) issued $78 million in tax-exempt bonds to fund the health facilities component of the development. Bank of America purchased all of the bonds, which are securitized by Bank of America, Sovereign Bank, Bank of Scotland, KBC Bank and Allied Irish Bank. Hebrew SeniorLife currently operates six facilities dedicated to housing and caring for seniors, including the Hebrew Rehabilitation Center in Roslindale, which also serves as a teaching hospital for Harvard University Medical School.