Brockton Charter School Buys Building
Tax-Exempt Bond from MassDevelopment & BayCoast Bank Helps New Heights Charter School of Brockton Acquire Main Street School Building
August 18, 2022
Matthew Mogavero, 857-248-0868
|Logo courtesy of New Heights Charter School of Brockton.|
BROCKTON, Mass. – MassDevelopment has issued a $6,732,000 tax-exempt bond on behalf of New Heights Charter School of Brockton, a tuition-free public charter school, which used proceeds to buy its building at 1690 Main St. in Brockton. New Heights serves students in grades six through 12 and has leased and operated the 58,000-square-foot school building, a former Verizon headquarters, since 2016. BayCoast Bank purchased the bond, which MassDevelopment also enhanced with a charter school loan guarantee.
“The Commonwealth’s array of high-quality educational institutions stands integral to our long-term economic strength by setting students up for success with future studies and career opportunities,” said Housing and Economic Development Secretary Mike Kennealy, who serves as chair of MassDevelopment’s Board of Directors. “MassDevelopment’s financing products can help schools at every grade level invest in real estate, upgrade campuses, buy equipment, and create enhanced learning experiences for our students.”
“As Horace Mann said, education is the ‘great equalizer of the conditions’ of people, so helping New Heights Charter School take ownership of its building allows us to play a small part in the work to better the quality of life for students and families in the Gateway City of Brockton and surrounding communities,” said MassDevelopment President and CEO Dan Rivera. “This collaboration with BayCoast Bank marks an exciting new chapter for New Heights, which was able to secure a permanent residency and will be able to reduce expenses in the long term.”
“BayCoast Bank is a strong supporter of education in our communities,” said BayCoast Bank Executive Vice President and Chief Lending Officer Carl Taber. “Our financing will help ensure stability for the high school, which provides an exciting Early College experience for students from diverse backgrounds, at no cost. The accelerated programs at NHCBS help develop critical college and career readiness, paving the way for future success.”
New Heights Charter School of Brockton is a tuition-free, public charter school that serves students from all backgrounds and abilities from Brockton, Randolph, and Taunton. The school adheres to an “Early College High School” education model where students are introduced to the demands and benefits of college and develop necessary skills for student success. New Heights partners with Massasoit Community College to prepare students to earn up to 12 free, transferable college credits while in high school. The maximum tuition reimbursement capacity for the school is 735 students. The school’s charter was previously renewed and its current charter is effective from July 1, 2021 through June 30, 2026.
“Purchasing this building has allowed us to save a significant amount of funding, which our board has chosen to use towards increasing teacher's salaries,” said New Heights Charter School of Brockton Executive Director Omari Walker. “As a result we now have a first rate facility that we can offer our students and families, and at the same time improve our teacher retention during this time of staff shortages by reappropriating these funds in a very useful manner. MassDevelopment and BayCoast Bank have been incredible partners through this entire process and New Heights Charter School is very fortunate to be afforded this opportunity.”
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.