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Rendering of Angell Animal Medical Center’s new Critical Care Unit
TD Bank has purchased an $18 million MassDevelopment bond that will fund an addition to the Angell Animal Medical Center in Boston.
MassDevelopment issued the $18 million tax-exempt bond on behalf of the Massachusetts Society for the Prevention of Cruelty to Animals, a nonprofit providing animal protection, veterinary medicine and direct care to thousands of animals annually.
The MSPCA will use the bond proceeds to build and equip a 2-story, 9,000-square-foot addition at the Angell Animal Medical Center in Jamaica Plain. The organization will then relocate its ward operations from its existing facility to the addition, creating space for a new state-of-the-art critical care unit. The bond will also be used to refinance previously issued debt.
“For more than 150 years, the Massachusetts Society for the Prevention of Cruelty to Animals has played the role of veterinarian, rescuer and advocate for animals in need of assistance,” MassDevelopment President and CEO Lauren Liss said in a statement. “We are grateful for the MSPCA’s contributions as one of our state’s highly regarded nonprofits and pleased to provide tax-exempt financing that will help the organization expand its facility in Boston and improve services with a revamped Critical Care Unit.”
MassDevelopment and TD Bank have previously partnered to support the Angell Animal Medical Center in Boston. In 2016, MassDevelopment issued a $7 million tax-exempt bond, purchased by TD Bank, to help MSPCA renovate this facility by installing a new HVAC system and windows and updating mechanical and electrical systems.
“We are very grateful for MassDevelopment and TD Bank’s support as we look ahead to renovating our critical care unit to meet the growing demand for world-class, 24/7 veterinary care,” MSPCA-Angell Chief Financial Officer Todd McCann said in a statement. “Renovating our Critical Care Unit will enable us to continue providing animal patients with the highest level of service, now and in the future.”
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, banks and communities to stimulate economic growth. During the 2019 fiscal year, MassDevelopment financed or managed 316 projects generating investment of more than $2 billion in the Massachusetts economy.
