Concord's The Fenn School to Renovate, Expand With MassDevelopment Bond
March 28, 2018
FOR IMMEDIATE RELEASE
Meggie Quackenbush, MassDevelopment, 617-330-2011 & 857-208-2777 (cell)
David Platt, The Fenn School, 978-318-3524
MassDevelopment has issued a $8.2 million tax-exempt bond for The Fenn School, an all-boys private institution that serves grades four through nine in Concord. The Fenn School used bond proceeds to partially demolish and renovate an existing school building, and to build and equip a new three-story facility that includes a dining hall, kitchen, innovation lab, woodshop, and academic center with five classrooms. The School also used bond proceeds to refinance previously issued debt. Northern Bank & Trust Company purchased the bond.
“The Fenn School is dedicated to preparing its students for leadership roles while teaching them the value of learning and integrity,” said MassDevelopment President and CEO Lauren Liss. “MassDevelopment is proud to finance renovations that will allow the school to maintain its commitment to promoting a dynamic, inclusive educational environment.”
The Fenn School was founded by Roger Fenn in 1929, and has since been educating boys from Concord and surrounding areas through artistic, athletic, and academic programs. The Fenn School currently has an enrollment of about 330 students, and stresses the importance of developing diverse perspectives at an early age in order for its students to be successful leaders.
“The ability to use tax-exempt financing allowed us to focus on dollars spent on the educational program for our students instead of debt financing. We have had great success working with the team at MassDevelopment, and our projects are successful and on budget,” said The Fenn School Assistant Headmaster for Finance and Operations David Platt.
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2017, MassDevelopment financed or managed 377 projects generating investment of more than $4.3 billion in the Massachusetts economy. These projects are projected to create about 9,488 jobs and build or rehabilitate 1,863 residential units.