MassDevelopment issues $9m in tax-exempt bonds to Harbor Health Services Inc.

Hyannis, MA MassDevelopment issued $9 million in tax-exempt bonds on behalf of Harbor Health Services Inc. to help the nonprofit public health agency expand its community health center and serve additional patients. Rockland Trust purchased the tax-exempt bond, which helped Harbor Health achieve a lower cost of capital.

Harbor Community Health Center – Hyannis, located at 735 Attucks Ln., provides essential medical, dental, behavioral health, pharmacy, and social support services to more than 10,000 patients. Harbor Health previously purchased an adjacent commercial space and will use a portion of bond proceeds to renovate and equip the additional space. As a result of this project, the organization will increase the community health center’s existing footprint by about 35% to offer increased access to services and care for additional patients. Harbor Health expects to create up to 20 full-time jobs following completion of the expansion. Harbor Health will also use bond proceeds to refinance previously issued debt.

 MassDevelopment previously supported Harbor Health with a $12.9 million financing package in 2016 to help redevelop a former temple in Brockton into office and program space for its Program of All-inclusive Care for Elders (PACE).

“Access to quality health care is foundational to strong communities and a strong economy,” said Economic Development Secretary Eric Paley, who serves as chair of MassDevelopment’s Board of Directors. “By helping Harbor Health expand its footprint in Hyannis, this partnership will increase access to essential services for residents across Cape Cod and support the long-term vitality of the region.”

“For decades, Harbor Health has provided access to care through its community health centers across Boston, the South Shore, and Cape Cod,” said MassDevelopment President and CEO Navjeet Bal. “MassDevelopment is pleased to partner with Rockland Trust to deliver tax-exempt bond financing that is helping the organization renovate and expand its Hyannis location, create jobs, and continue its legacy of dedicated patient care.”

“As a community-oriented bank, Rockland Trust is proud to support financing that delivers both economic and social impact,” said David Semenza, Senior Vice President, Commercial Lending Relationship Manager at Rockland Trust. “By purchasing these tax-exempt bonds, we enabled Harbor Health to lower its cost of capital, helping the organization to expand access to critical healthcare services while creating new full- and part-time jobs for residents. This investment strengthens the region’s healthcare infrastructure and supports the long-term vitality of the Barnstable community.” 

“This financing is about more than just improvements to our Hyannis health center; it is a critical investment in the future of Cape Cod and those who live here,” said Susan Yee, President and CEO of Harbor Health. “We are grateful to our partners at MassDevelopment and Rockland Trust for helping our organization to expand and continue to provide access to healthcare services for everyone in our community.”

Harbor Health’s mission is to help individuals achieve their full potential through access to local, affordable services that promote health. Harbor Health provides health and social services to more than 30,000 patients in Boston, the South Shore, and Cape Cod. The organization operates five community health centers, two PACE day centers, and the Dorchester South/South Boston Women, Infants, and Children Nutrition Program.