MassDevelopment.com: Press Room: Lasell College Will Use $18 Million MassDevelopment Bond to Construct New Residence Hall

Lasell College Will Use $18 Million MassDevelopment Bond to Construct New Residence Hall
October 31, 2006

Contacts:
Alicia Tildsley, MassDevelopment, 617-603-3120
Ruth Shuman, Lasell College, 617-243-2140

MassDevelopment today announced an $18,470,000 tax-exempt bond issued on behalf of Lasell College in Newton. The school will use bond proceeds to construct a three-story, 148-bed residence hall, and purchase equipment for its 50-acre campus on Commonwealth Avenue. Since January 2005, MassDevelopment issued more than $950 million in tax-exempt bonds to support Bay State institutions of higher education as they expand and add resources.

"Colleges and universities are a top priority for low-cost financing," said Robert L. Culver, MassDevelopment president/CEO. "These organizations create jobs and invest in the local economy. Housing projects like this are important because they keep students on campus enriching their educational experience while also freeing up housing units in neighborhoods where housing is scarce."

Founded in 1851, Lasell College is one of the oldest higher-education institutions in Greater-Boston. Lasell is a private, four-year, co-educational college offering more than 40 undergraduate and graduate programs to its 1200 students. Notable academic programs include Lasell's "5th Year Option", which allows undergraduate students with high academic standing to earn both an undergraduate and graduate degree in five years. The college also offers a popular internship program centered on the school's close proximity to Boston and the many businesses and organizations located there. Additionally, Lasell features Lasell Village, a first-of-its-kind educational continuing care retirement community opened in spring 2000. Residents of Lasell Village take courses at Lasell College totaling 450 hours of study per year under a dean's supervision.

"With 50 percent of our students coming from out-of-state and more than 80 percent living on campus, we constantly consider upgrading our housing stock to accommodate this growing need," said Dr. Thomas E.J. de Witt, Lasell College President. "Thanks to MassDevelopment and for supporting the construction of our new residence hall which will lodge nearly 150 students when finished and further strengthen our school's campus community and culture."

MassDevelopment, the state's finance and development authority, works with businesses, financial institutions and local officials to stimulate economic growth across the Commonwealth. Since fiscal year 2004, MassDevelopment financed or managed 586 projects statewide representing an investment of more than $4 billion in the Massachusetts economy. These projects are supporting the creation of 5,537 housing units and more than 23,500 jobs.