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MassDevelopment Issues $6.5 Million Bond to Help the Winchendon School, Inc. Complete Ice Arena and Build New Dorm

December 08, 2010

Kelsey Abbruzzese, MassDevelopment, 617-330-2086 & 617-448-9077
MJ Galat, Winchendon School, 978-297-1223 x111

MassDevelopment has issued a $6.5 million tax-exempt bond on behalf of The Winchendon School, Inc., a college preparatory school that serves 240 students in ninth grade through a post-graduate year. The school plans to use a portion of the bond proceeds to build a new dormitory, which will provide 62 new student beds in single and double rooms, two apartments for single faculty members, and two apartments for families. First Republic Bank purchased the bonds.

“With an emphasis on small classes and the teaching of essential skills and learning strategies within a multicultural community, The Winchendon School exemplifies many of the qualities that make the Commonwealth's schools successful,” said MassDevelopment President and CEO Robert L. Culver. “This low-cost financing will help the School provide new living spaces for students and further strengthen its college prep program.”

Bond proceeds will also refinance previous taxable debt, which helped build a new ice arena in 2007. Founded in 1926, The Winchendon School's location and class sizes of six to eight students provide for serious study along with development of athletic, creative, and social skills. School officials expect to create four jobs as a result of the expansion.

“The support that we have received from both MassDevelopment and First Republic Bank has been terrific,” said Winchendon School Headmaster John Kerney. “Their efforts have provided the School with a flexible financing structure that allows us to complete these two important pieces in a series of ongoing improvements to our campus and programs.”

MassDevelopment, the state’s finance and development authority, works with businesses, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2010, MassDevelopment financed or managed 241 projects statewide representing the investment of nearly $1.4 billion in the Massachusetts economy.