Baypath Humane Society of Hopkinton has received a $2.5 million tax-exempt bond from MassDevelopment in support of its effort to build a new shelter facility.
The bond, which was purchased by Whitinsville-based UniBank, will support the ongoing construction of Baypath’s new 8,200-square-foot shelter at 90 Fruit St.
Baypath broke ground on the new shelter in August after raising $5 million in private donations to support the project. The new space comes as local animal rescue facilities are dealing with an unprecedented number of pets needing new homes.
“Baypath has been an important part of the Hopkinton community for many years, and it is exciting to see them grow and develop the new facility,” Hopkinton Town Manager Elaine Lazarus said in a Wednesday press release announcing the bond. “The Town was pleased to provide support by leasing the land to Baypath for the new shelter.”
The new shelter is expected to open this fall. MassDevelopment and UniBank’s work to secure the bond helped Baypath achieve a lower cost of capital.
“We are honored to be a part of the Baypath Humane Society’s expansion project as they do great work for the Hopkinton and Central MA regions and their good and important mission aligns with our mission of doing good for the community,” Michael Welch, the outgoing CEO of UniBank, said in the press release.
Founded in 1977, Baypath has been working from its 1,700-square-foot facility at 500 Legacy Farms North since 1987. It will continue to use that site as an isolation facility for out-of-state cats and dogs shipped to Massachusetts.
Baypath’s new and larger facility will include dedicated medical areas and increased space for staff and volunteers.
Eric Casey is the managing editor at Worcester Business Journal, who primarily covers the real estate and banking & finance industries.
