| MassDevelopment has issued a $4.1 million tax-exempt bond and a mortgage guarantee for ServiceNet Inc., a human services organization based in the Pioneer Valley.
ServiceNet used bond proceeds to buy 2.3 acres of land at Village Hill Northampton from MassDev, on which the organization will build, furnish and equip a 17,600-square-foot building to be ServiceNet’s corporate headquarters and administrative offices. The project will allow ServiceNet to consolidate its administrative functions, which currently operate out of four buildings, into one site at Village Hill Northampton. TD Bank purchased the bond.
MassDev has issued a total of five tax-exempt bonds for ServiceNet to date, including one in 2015 that allowed the organization to buy, renovate and furnish residences for individuals with disabilities in Agawam and Chicopee, and five office condominiums in Greenfield to house behavioral outpatient clinics.
Founded in 1965 as the Hampshire Association for Mental Health, ServiceNet provides a wide range of human services to people in the Pioneer Valley. ServiceNet’s staff of psychiatrists, psychotherapists, nurses, social workers, counselors, and physical and occupational therapists provide outpatient behavioral health services, adolescent support programs, early intervention for young children, home health care, residential mental health programs and shelter services for the homeless.
At Village Hill Northampton, MassDev transformed a former state hospital campus into a community. It features office, retail and manufacturing uses; market-rate and affordable homes and apartments; and a variety of open space and recreation areas. To date, the property has 191 housing units, including single-family and multifamily homes, townhouses and duplexes, along with more than 400 employees in several businesses.
