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$34 Million MassDevelopment Bond Funds Tufts University Campus Improvements

January 10, 2019


Kelsey Schiller, MassDevelopment, 617-330-2011 & 617-694-9695 (cell)

Thomas S. McGurty, Tufts University, 617-627-3264

MassDevelopment has issued a $34 million tax-exempt bond on behalf of Tufts University, which will use bond proceeds to complete renovations to its residential and academic facilities on the Medford portion of its Medford/Somerville campus. The University plans to renovate its Houston and Miller residence halls, adding a combined 36 new units as well as an elevator in each building, improving common areas and bathrooms, repairing windows, updating HVAC and electrical systems, restoring exterior masonry, and replacing building roofs. The University also plans to renovate its Barnum and Dana academic buildings, including replacing windows, updating HVAC and electrical systems, and installing a fire sprinkler system. Additionally, the University will upgrade the kitchen at its Carmichael Dining Hall and repair the building’s HVAC and electrical systems. The bond was sold through a public offering underwritten by Barclays Capital Inc.

“MassDevelopment is pleased to help Tufts University enhance its campus buildings through tax-exempt financing,” said MassDevelopment President and CEO Lauren Liss. “These modernizations will augment the student experience at one of the world’s leading research universities.”

Established in 1852, Tufts University enjoys a global reputation for academic excellence and for preparing students as leaders in a wide range of professions. The University enrolls 11,449 undergraduate and graduate students across campuses in Boston, Medford/Somerville, and Grafton, Massachusetts, and Talloires, France. A growing number of innovative teaching and research initiatives span all Tufts campuses, and collaboration among the faculty and students in the undergraduate, graduate, and professional programs across the University's schools is widely encouraged.

“Our investment in these important renovation projects will ensure that our students and faculty will be able to live, learn, teach and conduct research in facilities that support Tufts’ reputation as a world-class, student-centered research university,” said Thomas S. McGurty, Vice President for Finance and Treasurer at Tufts University. “The projects also will enable us to increase the number of students living on campus, which continues to be a university priority.”

MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2018, MassDevelopment financed or managed 384 projects generating investment of more than $4.1 billion in the Massachusetts economy. These projects are estimated to create or support 10,994 jobs and build or rehabilitate 830 housing units.