Bank Provides Financing for Senior Housing Renovations

WATERTOWN, December, 2013— Thanks to a $3.2 million bond purchase by Watertown Savings Bank (WSB), the non-profit Metro West Collaborative Development has purchased and is renovating St. Joseph Hall, a senior housing community located at 2 Rosary Drive, Watertown.  In an effort to keep the property safe and comfortable for occupants, Metro West CD (formerly Watertown Community Housing) is upgrading the 25 affordable senior housing units by adding new kitchens, historically accurate windows, and more handicap-accessible features such as walk-in showers.

Metro West CD Executive Director Jennifer Van Campen explains that the Dominican Sisters of Peace decided to sell the building, which they had developed into senior housing in the late 1980s.  The Metro West CD saw this facility as an important resource to the town of Watertown and decided to get involved and become the project sponsor.

“There are 25 units; we work on six apartments for three weeks at a time.  The current tenants are relocated during that time either in local hotels or with family or friends.  Once they return, they have a beautifully, remodeled unit,” says Van Campen.  “The Bank was able to utilize tax exempt bonds from Mass Development to provide the capital for the project.  Without WSB’s involvement this project may not have been possible.  The bond will be paid back through a combination of government grants and the rental income.”

“The Bank is thrilled to partner with Metro West CD on this project,” says Torey Dean, WSB Senior Vice President.  It was a unique opportunity to help renovate and preserve 25 affordable units within the community.”