The Phoenix to Open Boston Facility for Addiction Recovery with MassDevelopment Bond
December 05, 2017
FOR IMMEDIATE RELEASE
Contacts:
Meggie Quackenbush, MassDevelopment, 617-330-2011 & 857-208-2777 (cell)
mquackenbush@massdevelopment.com
Sandi Coyle, The Phoenix, 603-454-4623
sandi@thephoenix.org
MassDevelopment has issued a $3,150,000 tax-exempt bond for The Phoenix, a nonprofit that builds a supportive, physically active community for individuals recovering from substance use disorders. The Phoenix will use bond proceeds to buy, renovate, furnish, and equip a 10,700-square-foot, single-story industrial building at 54 Newmarket Square in Boston to house administrative offices, a fully-outfitted fitness facility, workforce development programs, and other support services. Blue Hills Bank purchased the bond.
“MassDevelopment is committed to providing Massachusetts’ nonprofits with low-cost financing for new, updated, and expanded facilities,” said MassDevelopment President and CEO Lauren Liss. “We are proud to support The Phoenix with a tax-exempt bond, which will allow them to grow with a new location in Boston and offer much-needed services to those recovering from addiction.”
Founded in 2006, The Phoenix is a nonprofit organization that fosters a supportive, physically active community for individuals who are recovering from substance use disorders and those who choose to live sober. The Phoenix has helped more than 22,000 individuals across seven states and 11 cities overcome addiction through the transformative power of social connections and physical fitness. Activities include climbing, hiking, running, swimming, road and mountain biking, yoga, and strength training.
“This partnership with MassDevelopment, Blue Hills Bank, and a number of community partners has given The Phoenix the opportunity to establish a flagship facility in Boston that will widen the doorway to recovery and help restore a sense of hope for what communities look like when people achieve sobriety,” said The Phoenix New England Director Sandi Coyle. “Boston has a robust network of city leaders and providers who are doing great work to stem this tide, and together we can make Boston stronger than stigma and addiction.”
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2017, MassDevelopment financed or managed 377 projects generating investment of more than $4.3 billion in the Massachusetts economy. These projects are projected to create about 9,488 jobs and build or rehabilitate 1,863 residential units.