Dean College Buys Residence Hall with MassDevelopment Bond

October 14, 2015


Kelsey Abbruzzese, MassDevelopment, 617-330-2086 & 617-448-9077 (cell)

Gregg Chalk, Dean College, 508-541-1668

Franklin Center Commons II is a 75-bed condo facility in downtown Franklin that houses Dean College juniors and seniors. It is comprised of 1 or 2-bedroom fully furnished condos with two, four, or five residents. Each condo is equipped with a full kitchen, washer and dryer, and at least one bathroom.

MassDevelopment has issued a $4.5 million tax-exempt bond on behalf of Dean College, a Franklin school that will use bond proceeds to buy Franklin Center Commons II, a 36,000-square-foot, three-story building at 17 East Central Street. The first floor of the building houses retail businesses and the second and third floors consist of 21 apartments. The college had leased the second and third floor of the building, which is less than one-quarter mile away from the campus, to house 75 students and one residence director. The college expects the project will create 15 jobs. Citizens Bank purchased the bond.

“The purchase of Franklin Center Commons II will help to ensure that Dean College has an adequate supply of safe, convenient student housing for years to come,” said MassDevelopment President and CEO Marty Jones. “MassDevelopment is pleased to support Dean College as it increases housing options for its growing student body.”

“Dean College is proud to partner with MassDevelopment for the purchase of Franklin Center Commons II,” said Vice President of Financial Services and Treasurer of Dean College Daniel Modelane. “This facility is a key to our success as we continue to grow the number of junior and senior students. In addition, we believe the mixed use of retail and housing will continue to add to the revitalization of downtown Franklin.”

About MassDevelopment
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.

About Dean College
Founded in 1865, Dean College is a private residential college that creates and cultivates an environment of academic and personal success. The Dean Difference emphasizes quality teaching, personalized academic support, leadership opportunities, and professional development, promoting a lifetime of learning and achievement. Today, Dean serves more than 1,100 full-time students and nearly 300 part-time students, for a total enrollment of almost 1,400 and more than 25,000 alumni.