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Brookwood School Builds Lower School With MassDevelopment Bond

May 23, 2013

Mark Sternman, MassDevelopment, 617-330-2034 & 617-780-6186 (cell)

MassDevelopment has issued an $8.9 million tax-exempt bond on behalf of Brookwood School in Manchester. Serving 400 students in pre-kindergarten through eighth grade, Brookwood will use bond proceeds to build a 21,000-square-foot lower school that will house classrooms, administrative offices, and common and afterschool program spaces. Brookwood School will also use bond proceeds to expand and renovate the dining facility, locker rooms, administrative offices, and a nurse's office; and refinance previous bank debt. United Bank purchased the bond.

“Brookwood School instills the importance of academic, personal, and social growth in its students,” said MassDevelopment President and CEO Marty Jones. “Thanks to this financing, Brookwood will educate children during their formative years in an environment more conducive to preparing them for their bright futures.”

Founded in 1956, Brookwood School is an independent, non-denominational, and co-educational day school on 30 acres on Boston’s North Shore. The School focuses on creating a child-centered community that is committed to development through rigorous academics, a strong creative arts program, and athletics. Campus facilities include state-of-the-art amenities, including a 15,000 volume library, two acoustically-designed music classrooms, three art classrooms, a dedicated clay studio with kiln, and a 1,000-square-foot “science gym” for experiment and study.

MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2012, MassDevelopment financed or managed 280 projects generating investment of more than $2.3 billion in the Massachusetts economy. These projects are projected to create more than 12,000 jobs and build or rehabilitate 900 residential units.