Eaglebrook School to Construct Arts, Music & Science Building with MassDevelopment Bond
November 18, 2013
MassDevelopment has issued a $43,197,300 tax-exempt bond to the Allen-Chase Foudation, a nonprofit educational trust that owns the Eaglebrook School in Deerfield. Eaglebrook, a boarding and day school for boys on 725 wooded acres in rural western Massachusetts, serves 250 students from 23 states and 19 countries. The proceeds from the MassDevelopment bond will refund current debt and allow Eaglebrook to create an Academic Center that includes a new science, art, and music building, renovations to existing buildings, technology upgrades, expanded parking, and conversion to natural gas heating.
â€œArts, music, and science are essential components of the well-rounded education that Eaglebrook School offers,â€ said MassDevelopment President and CEO Marty Jones. â€œMassDevelopment is pleased to leverage this low-cost financing to increase the presence of these key disciplines on campus that will help future generations of students expand their intellectual horizons.â€
Eaglebrook School, now in its 92nd year, opened in 1922 on 27 acres with 15 students and five teachers. Three generations of the Chase Family expanded the campus, increased enrollment, and made Eaglebrook an international leader in middle school education while keeping the school true to the founder's vision of combining the natural environment with academic learning. Andrew Chase, the current headmaster, is a descendent of the Allen and Chase families, two innovators in 19th century American education.
MassDevelopment, the state's finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2013, MassDevelopment financed or managed 350 projects generating investment of more than $2.4 billion in the Massachusetts economy. These projects are projected to create more than 7,000 jobs and build or rehabilitate 800 residential units.