Marlborough school building two dorms with $16M MassDevelopment bond

March 12, 2020 : Worcester Business Journal, by Sam Bonacci

Hillside School in Marlborough will build and equip two new 16-unit dormitories using a MassDevelopment bond.

MassDevelopment has issued a $16-million tax-exempt bond on behalf of the Hillside School in Marlborough to allow the school to build and equip two new 16-unit dormitories.

The Hillside school is an all-boys independent boarding and day school founded in 1901 and located on 150 acres in Marlborough. The school enrolls approximately 165 students, and the bond will allow it to expand its residential offerings.

The bond was purchased from HarborOne Bank in Brockton and will be used to refinance previously issued debt, and a portion of the bond proceeds will go to the dormitories’ construction.

MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, banks, and communities to stimulate economic growth. During FY2019, MassDevelopment financed or managed 316 projects generating investment of more than $2 billion in the Massachusetts economy.