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MassDevelopment Bond Finances Improvements for Andover School of Montessori

November 21, 2016


Meggie Quackenbush, MassDevelopment, 617-330-2011 & 857-208-2777 (cell)

Joanna DeStefanis, Andover School of Montessori, 978-475-2299

MassDevelopment has issued a $1.7 million tax-exempt bond on behalf of Andover School of Montessori, Inc., a private elementary school in Andover. The school is using bond proceeds to install new playground equipment and improve its sewer connection, security system, HVAC infrastructure, nurse’s office and front desk area. The school is also using proceeds to refinance past debt. East Boston Savings Bank purchased the bond.

“The Andover School of Montessori exemplifies the innovative spirit of Massachusetts’ education system,” said MassDevelopment President and CEO Marty Jones. “We are pleased to support the school’s mission – fostering growth, curiosity and respect for others – with this bond, which will help Andover School of Montessori make several important improvements.”

Andover School of Montessori was founded in 1975 and enrolls 175 students aged 2.9 to 14 years from 27 area communities. Nearly half of the students represent African-American, Asian, Latino/Hispanic, and other cultures. Andover Montessori’s classrooms combine students of multiple ages, a hallmark of the Montessori Method, to more closely simulate the real world and to develop leadership and mentoring skills throughout the educational continuum.

“Andover School of Montessori is pleased to partner with MassDevelopment and East Boston Savings Bank to realize our vision for future growth and opportunity,” said Head of School Joanna DeStefanis. “Providing the best educational experience for our students is at the core of our mission. Refinancing the school’s bond will not only support our innovative approach to learning, it will improve the infrastructure required to support our educational initiatives.”

MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2016, MassDevelopment financed or managed 352 projects generating investment of more than $4 billion in the Massachusetts economy. These projects are projected to create about 8,200 jobs and build or rehabilitate about 4,200 residential units.