$52M Improves BC High Campus
Tax-Exempt Bond from MassDevelopment & TD Bank Helps Boston College High School Build 50,000-Square-Foot Fitness & Wellness Pool Complex & 5,000-Square-Foot Maintenance Building, Upgrade Football Stadium & Renovate Current Facilities
April 11, 2022
Matthew Mogavero, 857-248-0868
Colleen Carter, Boston College High School, 617-474-5039
|Rendering of Boston College High School’s new fitness and wellness complex, courtesy of the school|
BOSTON – MassDevelopment has issued a $52,014,861 tax-exempt bond on behalf of Boston College (BC) High School, which will use proceeds to fund several capital projects on its campus in Boston’s Dorchester neighborhood including the construction of a new approximately 50,000-square-foot fitness and wellness pool complex. The new facility will feature a 25-meter eight-lane pool as well as three classrooms, athletic training space, a weight room, locker rooms, showers, and restrooms. The school will also use bond proceeds to construct a 5,000-square-foot maintenance building behind Moran Park, renovate its football stadium grandstands, construct a nearby restroom building and concession building, and install an HVAC system in one of its academic buildings. Construction on these projects is expected to begin summer 2022 and be complete fall 2023. TD Bank purchased the bond, which will also be used to refinance previously issued debt.
“Independent preparatory schools are an important component of the Commonwealth’s education ecosystem, fostering academic success, generating opportunity, and creating pathways to quality jobs in our communities,” said Housing and Economic Development Secretary Mike Kennealy, who serves as chair of MassDevelopment’s Board of Directors. “MassDevelopment offers financial solutions that help these institutions improve their campuses and create dynamic educational environments where students can excel.”
“Students will benefit from these campus investments at Boston College High School,” said MassDevelopment President and CEO Dan Rivera. “MassDevelopment is pleased to provide tax-exempt financing to help the school build a new fitness and wellness complex and maintenance building and complete other important upgrades to its academic and recreation facilities.”
Founded in 1863, Boston College High School is a Jesuit Catholic high school for boys. First located in Boston’s South End, in 1950 the school moved to its current location at 150 Morrissey Boulevard in Dorchester. Currently, the school enrolls more than 1,400 boys in grades seven through 12. BC High is known for high academic standards and sees more than 98% of its graduates go on to attend a four-year college. The high school student body has 28% of its students identifying as a person of color with 18 different languages spoken at home.
“The development of our campus is a strategic commitment to align our philosophical approach to teaching and learning and formation of our young men with the physical spaces in which they develop,” said Boston College High School President Grace Cotter Regan. “We believe that our bold vision and competitive campus plan will help us to attract young men of promise from Boston and beyond.”
MassDevelopment has previously supported Boston College High School with tax-exempt financing. In 2015, the agency issued a $46,122,280 tax-exempt bond to help the school upgrade and expand an indoor athletic facility; renovate Loyola Hall for academic uses; and enhance and expand football stadium infrastructure. In 2006, the agency issued a $13.5 million tax-exempt bond to help renovate approximately 180,000 square feet of existing campus buildings; construct an approximately 60,000-square-foot addition that included kitchen and cafeteria facilities, science labs, offices, and student services space; and construct the approximately 28,000-square-foot Cadigan Building, which included classrooms, art studios, orchestra space, a gymnasium, offices, and meeting space. In 2003, the agency issued a $23,860,000 tax-exempt bond to help the school advance several projects including the construction, renovation, and furnishing of buildings such as McQuillan Hall and exterior upgrades to existing playing fields and parking lots.
“This refinancing deal is game-changing for BC High, as the interest rate was cut in half, dramatically reducing our operating expenses,” said Boston College High School Senior Vice President of Finance & Administration Michael Hoyle, PhD. “Equally important, the bridge loan will allow the school to build the Patrick Cadigan’52 fitness-wellness-pool complex, elevating the physical campus to a whole new level. In addition to the world-class academic and leadership programs, as well as programs in theatre, arts, music, and a diverse range of competitive and recreational athletics, this complex will elevate BC High’s efforts to create an incomparable high school experience for the boys.”
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.