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MassDevelopment Bond Helps Thayer Academy Renovate Middle School

August 12, 2020


Louisa Stone, MassDevelopment, 857-283-3340 (cell)

Joanna Skoler Gilman, Thayer Academy, 781-664-1610

Thayer AcademyMassDevelopment has issued a $40,189,196.85 tax-exempt bond on behalf of the Trustees of Thayer Academy (Thayer Academy), an independent co-ed school in Braintree serving students in grades five through 12. Thayer Academy will use bond proceeds to renovate its middle school building, a plan that includes creating a new classroom for its recently added fifth grade class and constructing science laboratories, art and music classrooms, and a large common space to facilitate collaborative learning. The school will also use bond proceeds to complete miscellaneous capital expenditures on campus and refinance previously issued debt. TD Bank purchased the bond.

“MassDevelopment is pleased to be a financing partner as Thayer Academy modernizes its middle school building to better meet the needs of its students,” said MassDevelopment President and CEO Lauren Liss. “Our tax-exempt bond financing offers a cost-effective method for Massachusetts schools at every grade level looking to build, renovate, or expand.”

Thayer Academy was founded in 1877. Its students thrive in an environment distinguished by the challenges of rigorous academics and diverse extracurricular activities within a supportive and vibrant community. Classes are small, designed to foster intellectual and personal growth. Because of the way days are scheduled, students don’t need to choose at Thayer—they can be performers, artists, athletes, and curious and engaged students. Easily accessible from public transportation and bus routes from Boston, MetroWest, and the South Shore, Thayer draws students from 76 communities.

“Thayer Academy is deeply appreciative to partner with MassDevelopment in securing access to financial resources that will strengthen further the experiences of our middle school students,” said Thayer Academy Head of School Ted Koskores.

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.