MassDevelopment Issues $11.7M Tax-Exempt Bond For Newton’s Second YMCA

NEWTON, MA — MassDevelopment has issued an $11.7 million tax-exempt bond on behalf of the West Suburban YMCA, which will use proceeds to buy, renovate, and equip the former Boston Sports Clubs facility at 135 Wells Ave. in Newton to serve as a second full-service branch of the organization.

Founded in 1877, the West Suburban YMCA currently has one full-service branch at 276 Church St. in Newton and is expected to open the second branch by fall 2022. The new location will allow the organization to expand its recreational and programming opportunities, serve additional members, and create 12 new full-time jobs and 70 new part-time jobs over the next three years. Dedham Savings purchased the bond.

“Massachusetts is fortunate to be home to a vast network of YMCAs that play a vital role in supporting positive and healthy living,” said Housing and Economic Development Secretary Mike Kennealy, who serves as chair of MassDevelopment’s Board of Directors, in a statement. “Through financing and technical assistance, MassDevelopment is able to help nonprofits like the Y expand their footprint to better serve the needs of their community.”

“Bringing this facility back to life as a new YMCA branch will give area residents greater access to fitness amenities and recreational programs,” said MassDevelopment President and CEO Dan Rivera in a statement. “MassDevelopment is proud to support the West Suburban Y’s expansion with tax-exempt financing.”

The West Suburban Y is one of the oldest YMCAs in the country and primarily serves residents of Belmont, Newton, Watertown, Wellesley, and Weston.

The organization focuses on three areas: youth development, healthy living, and social responsibility. It offers include a year-round, full-day preschool, out-of-school-time care for children in kindergarten through sixth grade, instructional programs for aquatics, sports, and creative arts, and full-service exercise and swimming facilities. The organization also manages two off-site summer camps: Camp Chickami, a day camp in Wayland, and Camp Frank A. Day, a residential camp in East Brookfield.

“We are thrilled to be able to advance this project thanks to the tremendous support of MassDevelopment and the affordable financing opportunity provided through the agency along with Dedham Savings Bank,” said West Suburban YMCA President and CEO Jack Fucci in a statement. “This project will allow us to expand recreational and programming opportunities for youth and support additional members in their quest to lead healthy lives."

“Congratulations West Suburban YMCA and thank you to MassDevelopment,” said Newton Mayor Ruthanne Fuller in a statement. “By MassDevelopment providing tax-exempt financing to organizations, the Y is now able to open a second facility in Newton, expanding access to their terrific social, recreational and educational opportunities for residents, young and old.”

MassDevelopment, the state’s development finance agency and land bank, works with businesses, nonprofits, banks, and communities to stimulate economic growth across the Commonwealth. During FY 2021, MassDevelopment financed or managed 416 projects, generating investment of more than $1.86 billion in the Massachusetts economy. These projects are estimated to create or support 6,578 jobs and build or preserve 1,909 housing units.