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Lasell College to Build 102-Bed Residence Hall Thanks to MassDevelopment Bond

June 15, 2011

Kelsey Abbruzzese, MassDevelopment, 617-330-2086 & 617-448-9077
Michelle Gaseau, Lasell College, 617-243-2150

MassDevelopment has issued a $25,265,000 tax-exempt bond on behalf of Lasell College in Newton, which serves more than 1,600 undergraduates. The College will use bond proceeds to construct a three-story, 102-bed residence hall that will have more than 70 underground parking spaces. Bond proceeds will also help fund miscellaneous capital improvement projects, refinance, and refund previous debt.

“Lasell College's new residence hall will allow the school to serve more Massachusetts students seeking professionally-oriented bachelor’s and master’s degrees,” said MassDevelopment President and CEO Marty Jones. “MassDevelopment is pleased to support Lasell and many of the Commonwealth’s higher education institutions as they improve their facilities.”

Founded in 1851, Lasell College is an independent nonprofit college that emphasizes teaching and lifelong learning. Eighty percent of students – representing 22 states and 17 foreign countries – live on campus. School officials expect the project to create six jobs.

“We are excited to begin this new project, which supports Lasell’s growing student body and create a new green space and quad on the east end of campus,” said Lasell President Michael B. Alexander.

MassDevelopment, the state’s finance and development agency works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2010, MassDevelopment financed or managed 238 projects in 104 communities across the state generating investment of nearly $1.4 billion in the Massachusetts economy.