MassDevelopment has issued a bond on behalf of Community Alternative Residential Environments Inc., which provides facilities for Walnut Street Center Inc., a nonprofit which provides work-related programs and homes for intellectually disabled people in communities north of Boston.

The organizations will use the financing to buy and renovate a 42,500-square-foot building in Medford, to which they will relocate.

The bond, purchased by Taunton Avenue Securities Corp., is for $9.1 million.

The Medford building will have sensory rooms; spaces for media, learning, habilitation, music and movement; an art room; and corporate offices.

The money will also go toward refinancing existing debt.

“We are proud to partner with MassDevelopment to fulfill our mission of providing adults with intellectual disabilities the opportunity to live engaged and meaningful lives,” Walnut Street COO Carolyne Guffey said in a statement. “This new location will allow us to offer a wider array of services to a larger geographic region.”