Crossroads School Buys, Renovates Marlborough Building with MassDevelopment Bond
May 24, 2017
FOR IMMEDIATE RELEASE
Meggie Quackenbush, MassDevelopment, 617-330-2011 & 857-208-2777 (cell)
Kelley Borer-Miller, Crossroads School, 508-651-7500 x 345
MassDevelopment has issued a $5.95 million tax-exempt bond on behalf of Crossroads School Inc., which serves children and young adults with autism. Crossroads will use bond proceeds to buy and renovate a 40,000-square-foot building in Marlborough that will allow the school to move into a permanent campus from a leased space it was renting in Natick. The new campus will allow Crossroads to expand its student population over the next several years, and provide improved learning, recreational, and therapy spaces to its students. Middlesex Savings Bank purchased the bond.
“This new facility will allow Crossroads School to expand its work empowering young people with autism to unlock their potential and positively impact the world,” said MassDevelopment President and CEO Marty Jones. “MassDevelopment is pleased to support Crossroads’ mission to provide a safe, nurturing environment for Massachusetts’ students and families.”
Crossroads School serves students ages 3 to 22 with autism. With a focus on independent living, Crossroads provides transition services that facilitate a student’s movement to less restrictive school settings and post-school activities that may include vocational education, integrated employment, continuing and adult education, adult services, and independent living. Crossroads School’s mission is to ensure every student leaves more skillful, confident, productive, and independent than when he or she first arrived.
“Owning our own building has huge implications for our long-term financial stability. Ownership gives us twice the square footage for less than we currently pay in rent. From now on, rather than paying rent, we will be building equity in a campus that will continue to benefit students long after we have all retired,” said Dr. Anthony Cammilleri, Crossroads School President and CEO. “Reaching this milestone is significant on many fronts and we are thankful to all our partners that helped us find and finance our new home.”
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2016, MassDevelopment financed or managed 352 projects generating investment of more than $4 billion in the Massachusetts economy. These projects are projected to create about 8,200 jobs and build or rehabilitate about 4,200 residential units.