$30M for Berkshire School Expansion & Improvements
Berkshire School Uses Tax-Exempt Bond from MassDevelopment & TD Bank to Expand Student Center, Make Upgrades & Build Faculty Housing at Sheffield Campus
July 19, 2022
Matthew Mogavero, 857-248-0868
mmogavero@massdevelopment.com
Sydney Ly
sly@massdevelopment.com
Robert Boyd, Berkshire School, 413-229-1043
rboyd@berkshireschool.org
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| Photo courtesy of Berkshire School. |
SHEFFIELD, Mass. – MassDevelopment has issued a $30 million tax-exempt bond on behalf of The Berkshire School, Inc. (Berkshire School), an independent, coeducational college preparatory boarding and day school in Sheffield for grades nine through 12 and post-graduates. The school will use bond proceeds to build a 17,000-square-foot addition to the existing 31,000-square-foot student center, replace the building’s roof, windows, and mechanical, electrical, and fire protection systems, and fund furniture, fixtures, and equipment for the building. When complete, the student center will house a kitchen, dining commons, music center, gathering space, snack bar, club space, Student Life offices, post office, bookstore, radio station, and more. Construction is expected to begin in late spring of 2023 and be completed in fall 2024. TD Bank purchased the bond, which will also fund construction of new faculty housing.
“The Commonwealth is fortunate to have many independent preparatory schools in our education ecosystem that provide quality academic experiences for students and open the door to successful career paths in our communities,” said Housing and Economic Development Secretary Mike Kennealy, who serves as chair of MassDevelopment’s Board of Directors. “MassDevelopment’s financing solutions gives these schools the chance to make cost-effective upgrades to their facilities.”
“A key component to a well-balanced academic and social experience is providing students with a place to join together outside of the classroom,” said MassDevelopment President and CEO Dan Rivera. “We’re pleased to be a part of Berkshire School’s investment in student life and faculty housing that will improve the foundation of its campus and community.”
“We are thrilled to work with MassDevelopment and be a part of the expansion and improvements being made to The Berkshire School campus," said TD Bank Vice President Senior Relationship Manager Andrew Webster. "The local community is an integral part of what we do at TD and we are honored to be able to support quality education for the students and faculty who live within it.”
Established in 1907, Berkshire School is an independent college preparatory boarding school that became co-educational in 1969 and is located on a 400-acre campus in south Berkshire County. It serves approximately 400 students from 30 states and 31 countries. Berkshire School offers signature programs in Advanced Math/Science Research and Advanced Humanities Research with a range of artistic and athletic offerings, along with national recognition for its efforts in sustainability. In addition, students have their choice of over 50 extracurricular clubs, interest groups, affinity spaces, and activities to foster individual talents, promote self-esteem, and encourage leadership.
MassDevelopment has previously supported Berkshire School with tax-exempt financing. In 2018, the agency issued a $3 million tax-exempt bond to help the school build, furnish, and equip an approximately 2,280-square-foot addition to its Spurr dormitory; demolish and reconstruct portions of the building; and replace about 185,000-square-feet of existing athletic turf fields.
“Once again, MassDevelopment has stepped up to support Berkshire School in a truly impactful way,” said Berkshire School Chief Financial Officer Robert Boyd. “This financing will help us to build and create an open and multifunctional space where everyone is welcomed and has a place to come together as a community.”
MassDevelopment, the state’s development finance agency and land bank, works with businesses, nonprofits, banks, and communities to stimulate economic growth across the Commonwealth. During FY2021, MassDevelopment financed or managed 416 projects generating investment of more than $1.86 billion in the Massachusetts economy. These projects are estimated to create or support 6,578 jobs and build or preserve 1,909 housing units.
