In one of the first deals from its new Boston office, Webster Bank is putting up $7.75 million to finance operations and expansion of the Kennedy-Donovan Center, a Foxboro, Mass., nonprofit human services agency.
The financing package includes Webster’s purchase of $5.75 million in tax-exempt bonds from MassDevelopment, the state’s finance and development authority, and a $2 million line of credit for working capital, the bank said.
Webster has also been named Kennedy-Donovan Center’s primary bank.
The financing package will enable Kennedy-Donovan Center to build a new program center in Kingston, renovate its Attleboro program center, and acquire or refinance seven additional properties, mostly group homes, Webster said.
The Waterbury regional bank in December opened its Boston office to cultivate customer relationships in the region.
