$42 Million in Funding Propels Rhode Island Senior Facility into Construction

Construction has begun on a new senior care facility for Tockwotton Home, which is expanding and relocating from Providence to East Providence, Rhode Island. Groundbreaking for the construction comes on the heels of completing financing for the $53.2 million project.

Tockwotton Home, which offers memory care, an assisted living facility, and a skilled nursing home, says the new community of care will enable couples to remain together while receiving different levels and types of support. Plans for the community have been in the works for years, and the nearly 12 acres of land along the East Providence waterfront were purchased in 2004; the facility has been in its current location since 1865.

“In recent years, our ability to adapt to the changing needs of seniors has been constrained by the historic physical structure in which we reside,” says the facility’s executive director, Kevin McKay.  “With a new site, we’ve been able to start from scratch and let needs dictate design.”

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The design includes a household model allowing residents to age in place and maintain life-long routines; an improved assisted living residence; a transitional-support household for residents who need some, but not constant, assistance; and a memory-support household which will provide specialized care and therapeutic activities for residents with Alzheimer’s disease or other memory impairments. The new construction will house 156 residents in private apartments.

Funding for the project came from a couple sources. Tockwotton Home contributed $10.5 million of owner equity, some of which was raised from private donors. The remaining $42 million comes from a non-rated, tax-exempt bonds offering by The Rhode Island Health and Educational Building Corporation.

“We’re very fortunate to be able to announce the completion of our financing package for this ambitious, leading-edge project in Rhode Island,” says McKay.  “While the economy has been slowing down in recent years, the demand for quality care for seniors has been accelerating.  Not only will this new residence expand the number of rooms we offer, it will also enhance the individualized services and amenities that each resident will have.”

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The construction is expected to add more than 600 jobs to Rhode Island’s economy, and the finished facility will provide 36 permanent health care positions in addition to an existing staff of 65.

Written by Alyssa Gerace

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