Boston – MassDevelopment has issued a $16.5 million tax-exempt bond on behalf of Amego, Inc., a nonprofit serving individuals with autism spectrum disorders and other developmental disabilities.
The organization will use proceeds to buy 16 residential facilities it currently leases and operates in Boylston, Holliston, Canton, Marlborough, Easton, Millis, Franklin, Northborough, Foxboro, Plainville, Rehoboth, and Framingham, which house a total of 63 adults. The purchase will allow Amego, Inc. to build long-term equity through property ownership. The bond was purchased by 233 Genesee Street Corporation, an affiliate of M&T Bank. The bond will also be used to refinance previously issued debt. BT Capital Group, LLC served as financial advisor for the transaction.
“Human service providers play a critical role in our communities by ensuring individuals of all abilities can find safe and affordable housing, access health and wellness programs, and secure education and employment opportunities,” said Secretary of Housing and Economic Development Mike Kennealy, who serves as chair of MassDevelopment’s board of directors. “Financing offered by MassDevelopment makes it easier for these organizations to grow both in size and heart.”
“Core to our mission is helping nonprofits like Amego, Inc. finance capital projects that improve their ability to meet the needs of clients and vulnerable communities throughout Massachusetts,” said MassDevelopment president and CEO, Dan Rivera. “MassDevelopment is proud to continue our partnership with Amego as it buys 16 of its residential facilities – a move to help the organization build equity and continue providing this high-quality housing for individuals with developmental disabilities.”
“Supporting organizations which help all people live their lives to the fullest is integral to M&T as a community bank,” said M&T Bank Massachusetts not-for-profit and healthcare group manager, Cindy Langer. “We are pleased to partner with Amego, Inc. and MassDevelopment, a collaboration which enables a mainstay agency in eastern Massachusetts to continue focusing on empowering and delivering quality services to individuals of all abilities.”
“Our relationship with MassDevelopment is allowing Amego to secure financing that enables us to manage cashflow while focusing on quality and expansion of critical services,” said Amego, Inc. president and CEO, John Randall.