$155M Moves Mount Holyoke College Forward

MassDevelopment & TD Bank Deliver Tax-Exempt Bond to Support Mount Holyoke College’s Bold Campus Renewal Plan

October 20, 2025

Kiara Ford, 978-844-1380
kford@massdevelopment.com

Photo of Rockefeller Hall on the Mount Holyoke College campus, which is undergoing upgrades that preserve its history while improving functionality for modern student life. Courtesy of Mount Holyoke College.

SOUTH HADLEY, Mass. – MassDevelopment has issued a $154,750,000 tax-exempt bond on behalf of The Trustees of Mount Holyoke College, which will use bond proceeds to make bold and necessary investments in its campus, ensuring accessibility for all and sustainability for years to come. Mount Holyoke’s campus renewal will respond to the existing needs of the MHC community and continue both its transition to geothermal energy and its residence hall renovations. The College’s geothermal exchange project, already in progress, includes the drilling of geothermal exchange wells and the purchase of heat pumps and related energy equipment. The institution will also use bond proceeds to fund other strategic improvement projects on its campus, such as renovations to its residence halls and key academic buildings as well as refinance previously issued debt. The tax-exempt bond, purchased by TD Bank, helped the borrower achieve a lower cost of capital.

“This is an investment in the future of Mount Holyoke College as a leading academic institution and contributor to the Western Massachusetts economy,” said Economic Development Secretary Eric Paley, who serves as chair of MassDevelopment’s Board of Directors. “Schools like Mount Holyoke play a critical role advancing our state’s workforce, and we look forward to seeing how this campus renewal project creates a more modernized, sustainable place for students to live, learn, and discover.”

“Since its founding almost 200 years ago, Mount Holyoke College has been a pioneer in the field of higher education,” said MassDevelopment President and CEO Navjeet Bal. “MassDevelopment is pleased to be a partner as the school continues to lead the way with a transition to geothermal energy and investments in state-of-the-art learning and living facilities, creating a campus where students and faculty will thrive for generations to come.”

“I want to thank MassDevelopment for supporting a transformative project for the college, town and the environment,” said South Hadley Town Administrator Lisa Wong.

"TD Bank collaborates with clients to develop innovative financing solutions that build and advance their long-term energy goals," said David Orise, Senior Relationship Manager at TD Bank. "Our support for this geothermal bond not only demonstrates our commitment to the higher education sector, but also reflects our strategy to deliver cost-effective and sustainable financing."

“The new bond will help fund MHC’s bold, multi-year comprehensive campus plan,” said Carl Ries, Vice President of Finance and Administration at Mount Holyoke College. “We are consistently ranked as one of the most beautiful college campuses in America. The College is building upon that legacy by elevating our instructional and academic halls and classrooms, renovating our residence halls and replacing our 100-year-old fossil fuel heating system with an efficient, scalable and modern infrastructure. This is an investment in our campus, our students and the western Massachusetts community.”

Mount Holyoke College empowers students to learn beyond boundaries and make change for all. Engaging with its interdisciplinary curriculum, experiential learning opportunities, and authentically bold culture, students break with convention to open new possibilities for their futures, communities, and the world. The leading gender-diverse women’s college, Mount Holyoke's vibrant campus and global community in South Hadley, Mass. is home to 2,200 students. Together, with 40,000 alums in more than 146 countries, the College builds on over 180 years of trailblazing tradition to move everyone forward.

MassDevelopment, the state’s development finance agency and land bank, delivers financing solutions, real estate expertise, and other assistance to strengthen and grow the Massachusetts economy. We partner with businesses, nonprofits, developers, banks, and municipalities, providing resources to help create jobs, build housing, and foster vibrant communities across the state. During FY2025, MassDevelopment financed or managed 409 projects generating investment of more than $4.65 billion in the Massachusetts economy. These projects are estimated to create or support 25,246 jobs and build or preserve 2,867 housing units.