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$25 Million MassDevelopment Bond Helps St. Mark’s School Add to & Renovate Student Center, Science Building

October 30, 2012

Kelsey Abbruzzese, MassDevelopment, 617-330-2086 & 617-448-9077 (cell)
Charles Greene, St. Mark’s School, 508-786-6389

MassDevelopment has issued a $25 million bond on behalf of St. Mark’s School of Southborough, a 147-year-old residential school that serves 350 students. St. Mark’s will use bond proceeds for various improvements to the School's facilities. Those projects include renovating 12,500 square feet of the center and adding a new 2,000-square-foot floor; adding another floor to the science building and renovating existing space; refurbishing offices and classrooms; and creating a student lounge in existing basement space. Boston Private Bank purchased the bond, and the School expects to create five jobs as a result of the project.

“St. Mark’s emphasizes community through its small classes and its cohesive spaces,” said MassDevelopment President and CEO Marty Jones. “This low-cost financing will help the School improve and add to its facilities, creating more opportunities for students to connect and learn both inside and outside the classroom.”

Founded in 1865 as a small residential community, St. Mark’s encourages students to develop analytic and creative capabilities by inspiring their academic and spiritual curiosity. About 80 percent of students live on campus, with the remaining 20 percent attending as day students. The average class size is 10 students and all faculty members live on campus.

“We greatly appreciate the opportunity, which MassDevelopment allows, for the St. Mark’s to upgrade the teaching and learning and administrative spaces in our Main Building,” says Head of School John Warren ’74. “The Main Building is very special to St. Mark’s; so many of our mission critical activities take place there, morning, noon, and night. Outstanding renovation plans, already underway, will ensure that best-in-class Main Building facilities will support a best-in-class, 21st-century educational program now and in the years ahead.”

MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2011, MassDevelopment financed or managed more than 300 projects generating investment of $3.8 billion in the Massachusetts economy. These projects are projected to create more than 10,000 jobs (2,547 permanent and 8,129 construction), and build or rehabilitate more than 1,000 residential units.