BOSTON – MassDevelopment partnered with Eastern Bank to provide a loan to Children’s Services of Roxbury, Inc. (CSR), which has found homes for children and families in Massachusetts for almost 50 years and provided them with comprehensive services.
Eastern Bank provided a $ 8.1 million loan, which MassDevelopment bolstered with a guarantee to help CSR buy a 45,000-square-foot headquarters building at 504 Dudley Street in the Roxbury district of Boston, which the organization has been leasing for over 20 years. Taking ownership of the building has enabled the organization to reduce housing costs by $ 300,000 per year, significantly improving its cash flow and increasing its ability to provide valuable social services to the most vulnerable families in the state.
“The Roxbury Child Welfare mission is vital to protecting the most vulnerable of us, and through the partnership between MassDevelopment and Eastern Bank, CSR can continue its important work with the financial flexibility it needs to bridge economic and social inequalities in our country. communities, ”said Minister for Housing and Economic Development Mike Kennely, who is chairman of the board of directors of MassDevelopment. “On behalf of the Baker-Polito administration, I want to express my deepest gratitude to non-profit organizations like CSR who continue to work tirelessly to protect underprivileged children and families across the Commonwealth.”
“CSR has spent nearly 50 years finding shelter for the neediest children and families in Massachusetts, which is why MassDevelopment is proud to partner with Eastern Bank to help the organization acquire its long-standing headquarters and provide a permanent base to continue providing essential services in communities for years to come, ”said Dan Rivera, President and CEO of MassDevelopment.
“Our many years of working with MassDevelopment have helped create opportunity and goodness in our local communities, and we are delighted to partner with them again,” said Pamela Feingold, Senior Vice President and Head of Community Development Lending at Eastern Bank. “Providing Roxbury Children’s Services with the opportunity to own the building where its headquarters is located will benefit the organization, and we hope to see the positive impact that this will have on the families and communities it serves in the future.”
“Roxbury Child Welfare Services provide vital support to young people and their families,” said Acting Boston Mayor Kim Janey. “I congratulate them on the acquisition of the head office, made possible by the support of MassDevelopment and Eastern Bank. I look forward to our further work to create a more equitable and fair city. ”
Founded in 1972, Children’s Services of Roxbury, Inc. is one of Massachusetts’s oldest and largest nonprofit organizations, run by minorities, serving more than 6,000 children and parents of color every year. CSR’s mission is to support children and families in Massachusetts with services such as housing for homeless families, culturally appropriate mental health services, child abuse and unsupervised childcare, affordable homeless care children and youth development programs.
“Through MassDevelopment and Eastern Bank, we have made a permanent stake in Roxbury,” said Sandra M. McCrum, President and CEO of Children’s Services of Roxbury. “The MassDevelopment Guarantee lowered our down payment to 10%, allowing us to complete the purchase and thereby cement a historic moment for the CSR community. We look forward to the opportunity to renovate the building, expanding access and resource opportunities for the thousands of children and their families who walk through our doors every year. The goal is to offer the highest quality, culturally consistent and trauma-based programming. The families we serve deserve no less. “
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