MassDevelopment announced Thursday it has issued a $47.9-million tax-exempt bond to St. Mark’s School of Southborough to construct a residential dormitory.
The 90,000-square-foot dorm will house 150 students and 12 faculty apartments, according to a release from MassDevelopment.
St. Mark’s is a co-educational, Episcopal preparatory school situated on 200 acres of land in Southborough. Nearly 75% of the student population lives on campus, and the new facility aims to eliminate the need for students to cross Route 85 when leaving their residences.
MassDevelopment, the state’s development finance agency, has supported St. Mark’s with construction and renovation of the athletic facility, wastewater treatment plant, and student center.
The bond was purchased by Boston Private Bank and Trust Co., and will be used to refinance previously issued debt, said the announcement.
