Published: March 16, 2017
Categories: Press Release
Bridgewell Uses MassDevelopment Bond to Renovate New Headquarters in Peabody
MassDevelopment has issued a $25,505,000 tax-exempt bond on behalf of Bridgewell Inc., a Lynnfield service organization that provides support to adults with intellectual, developmental and psychiatric disabilities and other life challenges. The organization is using a portion of bond proceeds to renovate a building at 10 Dearborn Road in Peabody for its new headquarters. Renovations will include removing walls and installing partitions to create 40 offices and conference rooms; upgrades to the electrical, lighting and HVAC systems; improvements to three bathrooms; installation of new carpeting and flooring; interior painting; and IT upgrades. Relocating its headquarters to Peabody will help Bridgewell consolidate operations by centralizing administrative, program management, human resources and training departments. The organization will also use proceeds to refinance debt, and Citizens Bank purchased the bond.
“MassDevelopment is pleased to provide this financing to Bridgewell for its new headquarters that will streamline operations and help the organization better serve its clients,” said MassDevelopment President and CEO Marty Jones. “We are proud to support an organization that works so diligently to foster the independence of the people it serves while providing them with support and respect.”
Established nearly 60 years ago, Bridgewell is a comprehensive service organization that provides support to adults with intellectual, developmental and psychiatric disabilities and other life challenges. Services include day programs, counseling, clinical care, employment training, residential homes, educational programs and transitional and affordable housing. Bridgewell operates more than 100 programs in 23 towns throughout eastern Massachusetts and serves more than 6,250 individuals each year.
“Our new headquarters in Peabody will accommodate nearly 100 employees, and marks an important step to ensure Bridgewell remains in a strong position of continued growth and innovation while providing the highest level of quality care,” said Bridgewell COO Kelly Martin.
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2016, MassDevelopment financed or managed 352 projects generating investment of more than $4 billion in the Massachusetts economy. These projects are projected to create about 8,200 jobs and build or rehabilitate about 4,200 residential units.