MassDevelopment

Hingham's Derby Academy Expands Using MassDevelopment Bond

July 18, 2018


FOR IMMEDIATE RELEASE

Contacts:
Kelsey Schiller, MassDevelopment, 617-330-2011 & 617-694-9695 (cell)
kschiller@massdevelopment.com

Philip Cantillon, Derby Academy
781-749-0746 ext. 117

MassDevelopment has issued a $4.75 million tax-exempt bond for Derby Academy, a private, co-educational school in Hingham that serves students from pre-kindergarten through eighth grade. Derby Academy will use bond proceeds to purchase two residential properties located near its 23-acre main campus. The school is currently exploring several potential uses for the residential properties, including administrative offices, academic programs, and faculty housing. Taunton Avenue Securities Corporation, a subsidiary of Rockland Trust Company, purchased this bond.

“Since first opening its doors over two centuries ago, Derby Academy has guided thousands of young students toward lifelong learning, leadership, and civic responsibility,” said MassDevelopment President and CEO Lauren Liss. “MassDevelopment is pleased to assist the school as it expands its longstanding South Shore campus for future generations of students to experience and enjoy.”

Derby Academy was founded in 1784 by Sarah Langley Hersey Derby, a widow who was concerned about the inadequacies of schooling in that time period, particularly for girls. Derby deeded a parcel of her land on the main street in Hingham to establish one of the first coeducational schools in the country. Today, Derby Academy enrolls 320 students from 18 towns across the Commonwealth. The school prepares students to be knowledgeable, compassionate and effective leaders in a world that is changing rapidly. Derby Academy accomplishes this goal by offering programs that set high expectations in an atmosphere that nurtures, supports and encourages all students to reach their potential.

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.