Walnut Street Center, Inc. and its affiliate Community Alternative Residential Environments, Inc. have received a $5,928,750 tax-exempt bond from MassDevelopment to support their purchase and renovation of 4-6 Alfred Cir in Bedford, MA. This building spans approximately 17,500 square feet and will be used as an adult day facility for up to 120 individuals with intellectual disabilities, autism,and brain injury.
The bond was purchased by Taunton Avenue Securities Corp., which is affiliated with Rockland Trust Company.This partnership has allowed the project sponsors to secure a lower cost of capital for this endeavor.Walnut Street Center anticipates creating 50 full-time jobs and eight part-time jobs within the next three years.
According to Dan O’Connell,the acting president and CEO of MassDevelopment,human service providers such as Walnut Street Center play a vital role in our economy.MassDevelopment is proud to collaborate with banking partners like Taunton Avenue Securities Corp.to assist non-profits in expanding their reach,cultivating employment opportunities,and serving more clients through affordable,tax-exempt bond financing.
