Swampscott elderly facilities to close, move to Peabody

SWAMPSCOTT – Aviv Centers for Living plan to close the Jewish Rehabilitation Center and the Shapiro-Rudolph Adult Day Center and consolidate its assisted-living and nursing facilities with its Peabody campus after receiving $50 million in tax-exempt bonds, a spokesperson for the company confirmed Tuesday.”Construction has started at (the) Peabody campus now and is scheduled to be completed by fall 2012,” said public relations specialist Stacy Marcus.She did not say if the Swampscott facility would be immediately closed when the new building is completed.Aviv currently offers 130 units of assisted living at the Woodbridge Assisted Living Center and The Legacy at Woodbridge, in Peabody, and 176 skilled nursing beds at the Jewish Rehabilitation Center on Paradise Road in Swampscott, according to a press release from the company.The company announced it has received $50 million in tax-exempt financing to fund a new 144-bed replacement skilled nursing facility, to be named the Waldfogel Health Center, on the Peabody campus. The company will also refinance outstanding debt on the assisted living facility, the press release said.Aviv said that it expects to save $8.5 million in interest costs over the first five years of the bonds, which are supported by two $25 million letters-of-credit from M&T Bank and Citizen’s Bank. The new center will offer fewer beds, but the company said it expects to double the number of patients it serves through a sub-acute unit, which will “discharge many patients back to the community.”