MassDevelopment Bonds Help Endicott College Renovate Campus
February 28, 2018
FOR IMMEDIATE RELEASE
Meggie Quackenbush, MassDevelopment, 617-330-2011 & 857-208-2777 (cell)
Bryan Cain, Endicott College, 978-232-2321
MassDevelopment has issued $34,793,000 in tax-exempt bonds for Endicott College, a private undergraduate and graduate college in Beverly. Endicott College is using bond proceeds to build two academic buildings that will house classrooms, faculty offices, educational space, an auditorium, and a theater. The College will also use proceeds to demolish its Wax Academic Center to build a parking deck, and to refinance previously issued debt. People’s United Bank, N.A. purchased the bond.
“As the Commonwealth’s economic development authority, MassDevelopment provides creative financing solutions for academic institutions to expand and update their facilities, add jobs, and increase their capacity to deliver top-notch educational services,” said MassDevelopment President and CEO Lauren Liss. “We are pleased these tax-exempt bonds will help Endicott College make needed campus renovations that will allow it to better serve its thriving community of learners.”
Endicott College was founded in 1939 as a two-year institution to educate women for greater independence and an enhanced position in the workplace. The college expanded to become a four-year coeducational institution in 1994, and added master’s-level programs in 1996 and doctoral programs in 2012.
“This project symbolizes a 20-year effort to completely remake the campus. There will be new academic facilities, student lecture halls, and classrooms, as well as an expansion of the science facility to include the new engineering program and a larger biotech incubator space. We are appreciative of the support we have received in financing as we build the dream,” said Endicott College President Dr. Richard E. Wylie.
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2017, MassDevelopment financed or managed 377 projects generating investment of more than $4.3 billion in the Massachusetts economy. These projects are projected to create about 9,488 jobs and build or rehabilitate 1,863 residential units.