November 20, 2012
Advocates Secures $8.5M Bond From MassDev
By Rick Saia
MassDevelopment, the state's finance and development arm, has issued an $8.5-million, tax-exempt bond on behalf of Framingham-based Advocates Inc. to help the human services agency refinance debt, buy and renovate two properties in Framingham, and build a group home in Northborough.
In a statement, MassDevelopment said the Framingham and Northborough sites are intended to aid families and individuals with mental health challenges, as well as addictions, developmental disabilities, autism and brain injuries.
People's United Bank purchased the bond, and Advocates expects to create 50 jobs with the project.
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