MassDevelopment Financing Helps Bridgewater State University Create New Home for College of Education and Health Professions
MassDevelopment, South Shore Bank Deliver $18 Million Tax-Exempt Bond to Help Renovate and Convert Burnell Hall on Bridgewater Campus
October 19, 2026
Kiara Ford, 978-844-1380
kford@massdevelopment.com
BRIDGEWATER, Mass. – MassDevelopment issued an $18 million tax-exempt bond on behalf of Bridgewater State University to finance the conversion of Burnell Hall on the school’s main Bridgewater campus into a home for the College of Education and Health Professions. South Shore Bank purchased the tax-exempt bond, which helped the university achieve a lower cost of capital.
Built in 1979, Burnell Hall served as an on-campus grammar school until 2008. Through this project, Bridgewater State University will redevelop the building into a new, centralized home for the College of Education and Health Professions, whose programs are currently scattered across campus. The university will also modernize the building by replacing windows and doors, improving energy efficiency, and adding new walkways, plantings, and a drop-off area. Construction is underway and the university expects it to be completed later in fall 2026.
“Massachusetts is one of the best places in the country to get an education and launch a career in teaching or health care, and Bridgewater State University is a big reason why,” said Governor Maura Healey. “We have incredible colleges and universities, world-class hospitals and great schools that give students opportunities to learn, gain experience and build rewarding careers right here in Massachusetts. This investment will help Bridgewater State prepare the next generation of teachers and health care professionals who will make a difference in communities across our state.”
“Massachusetts needs talented educators and health professionals, and Bridgewater State University helps prepare students for those essential roles,” said Economic Development Secretary Eric Paley, Chair of MassDevelopment’s Board of Directors. “By helping the university invest in modern learning spaces, MassDevelopment is supporting students as they build the skills to meet the needs of our schools, health care providers and communities.”
“MassDevelopment is pleased to partner with South Shore Bank to deliver tax-exempt bond financing for Bridgewater State University,” said MassDevelopment President and CEO Navjeet Bal. “This project will create a dedicated home for the College of Education and Health Professions and serve students and faculty for decades to come.”
“Bridgewater State University is an important part of our community, and we are pleased to see this continued investment in its campus and students,” said Town Manager Justin Casanova-Davis. “The renovation of Burnell Hall will give the College of Education and Health Professions a modern, centralized home, and we look forward to seeing the project take shape.”
“South Shore Bank is proud to support an investment that will expand educational opportunities, strengthen Bridgewater State University, and create lasting value for the region,” said Jim Dunphy, CEO of South Shore Bank and a Bridgewater State University alum. “By purchasing this bond, we are helping a trusted community institution move forward with a transformational project while deepening our commitment to the people and communities we serve.”
“This financing demonstrates how a community bank can bring local expertise, strong partnerships, and flexible capital together to help an important project become a reality,” said Stephen DiPrete, Chief Commercial Banking Officer at South Shore Bank. “We were pleased to work with MassDevelopment and Bridgewater State University to deliver a solution that supports the University’s long-term vision and the region’s continued growth.”
“We thank MassDevelopment for helping us to secure financing for the Burnell Hall renovation,” said Bridgewater State University President Frederick W. Clark Jr. “The renovation will create modern learning spaces for our College of Education and Health Professions, enhance collaboration across disciplines and help prepare students for careers in sectors with strong job growth.”
MassDevelopment previously supported Bridgewater State University with a $200,000 grant from the Cultural Facilities Fund, which the agency co-administers with Mass Cultural Council, in fiscal year 2018 for restoration and HVAC upgrades to the university’s Art Center and Wallace Anderson Gallery.
Founded in 1840, Bridgewater State University is a public university located on 278 acres of land in Bridgewater, with satellite campuses in Attleboro, Cape Cod, and New Bedford. With an enrollment of approximately 10,500 students, Bridgewater State University provides a wide range of academic programs and innovative learning experiences inside and outside the classroom.
MassDevelopment strengthens communities and advances economic opportunity across Massachusetts through financing, real estate services, and technical assistance. Working with businesses, nonprofits, developers, lenders, and municipalities, the agency financed or managed 538 projects in fiscal year 2026, generating more than $6.52 billion in investment, supporting an estimated 42,113 jobs, and helping create or preserve 4,355 housing units.