Babson College Renovates with Help From MassDevelopment
October 20, 2015
FOR IMMEDIATE RELEASE
Kelsey Abbruzzese, MassDevelopment, 617-330-2086& 617-448-9077 (cell)
Richard Bowman, Babson College, 781-239-5298
MassDevelopment has issued two tax-exempt bonds totaling $60,285,000 on behalf of Babson College in Wellesley. Babson will use $37 million to renovate student residence halls. First Republic Bank purchased that bond. Babson will also use $23,285,000 to refund a prior MassDevelopment bond.
“Babson College offers a preeminent entrepreneurial education that garners both local and national recognition,” said MassDevelopment President and CEO Marty Jones. “MassDevelopment is pleased to support the College as it renovates its campus, continuing to provide an outstanding learning environment for future leaders of the Commonwealth.”
“The support from MassDevelopment allows Babson College to provide a stellar residential environment for students, complementing our acclaimed curricular and co-curricular activities,” said President Kerry Healey.
“Our partnership with MassDevelopment gives Babson the ability to support our students as they become leaders equipped to make a difference on campus and around the world through the power of Entrepreneurial Thought and Action®,” said Chief Administrative Officer Katherine Craven.
Babson College is the educator, convener, and thought leader for Entrepreneurship of All Kinds ®. The top-ranked college for entrepreneurship education, Babson is a dynamic living and learning laboratory where students, faculty, and staff work together to address the real-world problems of business and society. We prepare the entrepreneurial leaders our world needs most: those with strong functional knowledge and the skills and vision to navigate change, accommodate ambiguity, surmount complexity, and motivate teams in a common purpose to make a difference in the world, and have an impact on organizations of all sizes and types. As we have for nearly a half-century, Babson continues to advance Entrepreneurial Thought and Action® as the most positive force on the planet for generating sustainable economic and social value.
Starting in January 2015, the 1920s dormitories underwent an extensive renovation ahead of their 100th anniversary, with extensive changes to the dorm room layout to create common floor bathrooms and an updated mechanical and envelope system for energy efficiency. The Park Manor South renovation finished in summer 2015 with Central under construction May 2015 through 2016.
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2014, MassDevelopment financed or managed 314 projects generating investment of more than $2.9 billion in the Massachusetts economy. These projects are projected to create more than 6,300 jobs and build or rehabilitate more than 1,600 residential units.