MassDevelopment Bond Funds New Dormitories at Hillside School
March 12, 2020
FOR IMMEDIATE RELEASE
Louisa Stone, MassDevelopment, 617-330-2089 & 857-283-3340 (cell)
Emily Kent, Hillside School, 508-303-2045
MassDevelopment has issued a $16 million tax-exempt bond on behalf of Hillside School, an all-boys independent boarding and day school in Marlborough, which will use a portion of bond proceeds to build and equip two new 16-unit dormitories. HarborOne Bank purchased the bond, which will also be used to refinance previously issued debt.
“MassDevelopment is proud to help schools at every grade level renovate or expand to meet the needs of their students,” said MassDevelopment President and CEO Lauren Liss. “These new dormitories will expand Hillside School’s residential offerings, allowing it to provide even more young learners with a top-notch education and supportive environment in which to grow.”
Founded in 1901 and located on a 150-acre campus, Hillside School provides students in grades five through nine with structured, supportive, and challenging academic opportunities in preparation for secondary school. Hillside’s family-oriented residential environment allows boarding and day students to develop academically, physically, spiritually, and socially while building their confidence and maturity. The school enrolls approximately 165 students, and boasts a four-to-one student to faculty ratio.
“Hillside is proud to partner with MassDevelopment,” said Hillside Head of School Ed Chase. “MassDevelopment has been critically important to the financing of our new dorms and will have a major and long-lasting impact on our campus and community. As our school continues to grow, we are thrilled to enhance our residential life experience and grateful to MassDevelopment for their aid in this endeavor.”
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. These projects are estimated to create or support 9,743 jobs and build or preserve 1,992 housing units.