Released on: February 19, 2008, 1:18 pm

Press Release Author: DeWayne Lehman

Industry: Real Estate

Press Release Summary: Largest Tax-exempt Bond Issue in U.S. History to Develop a
Nonprofit Continuing Care Retirement Community Campus Will Fund NewBridge on the

Press Release Body: ROSLINDALE, MASS. - February 15, 2008 - Hebrew SeniorLife
announced that it has closed on the sale of $457 million in tax-exempt bonds to fund
the development of NewBridge on the Charles, a state-of-the-art continuing care
retirement community located on the 162-acre Dr. Miriam and Sheldon G. Adelson
Campus in Dedham, Mass. The tax-exempt bond issue is the largest financing in U.S.
history for the purpose of funding the development of a nonprofit continuing care
retirement community campus.

NewBridge on the Charles represents a major expansion for Hebrew SeniorLife, a
leading health care and housing provider for older adults in the Boston area and a
Harvard Medical School teaching hospital.

"This is a substantial achievement for Hebrew SeniorLife and a critical step forward
in the development of NewBridge on the Charles," said Len Fishman, president and
chief executive officer of Hebrew SeniorLife. "This financing will help us bring to
reality a unique new community and health care facility that will expand our ability
to serve older adults in the Boston area."

Hebrew SeniorLife broke ground on NewBridge on the Charles in June, with the aim of
opening the entire community by the fall of 2009. The campus, which is bounded on
two sides by the Charles River, will include more than 250 residences for active,
independent seniors as well as a community center, fitness facilities, three dining
venues, classrooms, art studios, theater, and convenience store. The campus will
also include 350 assisted living, sub-acute and long-term care beds. A K-8 school,
the Rashi School, will also be located on the campus, enabling rich
intergenerational programming.

MassDevelopment issued $379 million in tax-exempt bonds for the housing component of
NewBridge on the Charles, and the Massachusetts Health and Educational Facilities
Authority (HEFA) issued $78 million in tax-exempt bonds to fund the health
facilities component of the development. Bank of America purchased all of the
bonds, which are securitized by Bank of America, Sovereign Bank, Bank of Scotland,
KBC Bank and Allied Irish Bank.

Hebrew SeniorLife currently operates six facilities dedicated to housing and caring
for seniors, including the Hebrew Rehabilitation Center in Roslindale, which also
serves as a teaching hospital for Harvard University Medical School. When NewBridge
on the Charles is completed, Hebrew SeniorLife will operate more than 1,400 units of
senior housing with supportive services and over 800 healthcare beds across its

About NewBridge on the Charles
NewBridge on the Charles, located on the 162-acre Dr. Miriam and Sheldon G. Adelson
Campus off West Street in Dedham, Mass., is being developed by Hebrew SeniorLife, an
organization that has worked for the advancement and care of older adults for more
than 100 years. When completed in the fall of 2009, NewBridge on the Charles will
provide a continuum of state-of-the-art residences and health care services for
seniors starting at age 62. For independent and active older adults, the campus
includes 256 homes in cottages, villas, and apartments that are supported with
senior services. NewBridge will also have 51 units in the Jack Satter Assisted
Living Center Residence and 40 beds in the Alfred and Gilda Slifka Memory Supported
Assisted Living Residence; 268 short-term rehabilitation and long-term care beds in
the Gloria Adelson Field Health Care Center. The campus features the Rashi Jewish
Day School, the amenity-rich Carl J. and Ruth Shapiro Residential and Community
Centers, recreation facilities, 17 miles of walking trails, and 100 acres of
preserved open space, for a vibrant and fulfilling living experience, regardless of
age or ability. For more information, visit www.newbridgeonthecharles.org.

About Hebrew SeniorLife
Hebrew SeniorLife, founded in 1903, provides a continuum of care to more than 5,000
seniors in the Boston area including supportive senior housing, a continuing care
retirement community, adult day health, long-term care, post-acute short-term care,
and out-patient clinics. The organization's Institute for Aging Research has earned
worldwide recognition for its work in geriatric medicine and applied geriatric
research. The largest provider-based, geriatric research facility in the country,
the institute is committed to finding ways to improve the quality of life for adults
as they age. The Institute\'s faculty, many of whom hold Harvard Medical School
appointments, includes leading experts on a broad range of conditions that affect
seniors, including, delirium and dementia, osteoporosis, falls and fainting,
cardiovascular disease and quality health care standards.. Hebrew SeniorLife trains
more than 1,000 caregivers in geriatric care annually and is a major site of the
Harvard Medical School's Geriatric Fellowship Program. For more information, visit

Web Site: http://

Contact Details: DeWayne Lehman

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