Groton School Receives $75M MassDevelopment Bond
MassDevelopment, the state’s finance and development agency, has issued a $75-million tax-exempt bond for the renovation of Groton School’s historic Schoolhouse building, built in 1899.
The bond covers $10 million of the $48 million Schoolhouse renovation project, provides $15 million in temporary bridge financing for the renovation and will finance better terms on the school’s existing bond issuances, according to MassDevelpment.
The scope of the project includes an addition to the existing Schoolhouse building dedicated to the STEM disciplines, as well as installing new technology, renovating spaces to encourage collaboration, and a new location for the school library. The work will preserve the Schoolhouse’s role as the academic center and heart of the campus.
“Today’s students need to learn and live in buildings with cutting-edge technologies,” MassDevelopment CEO Marty Jones said in a statement. “MassDevelopment is pleased to leverage this low-cost financing on behalf of Groton School so that its students can thrive in an environment with classical architecture and current infrastructure.”
Founded in 1884, Groton School is a five-year, coeducational college preparatory school with 369 students, most of whom live on campus. The student body hails from 30 countries and 17 states.
WBJ Web Partners
Most Recent
Most Recent
0 Comments