MassDevelopment Issues Multi-Million Bond to the Boston Conservatory for Purchase and Development of New Classroom and Performance Space
January 17, 2012
MassDevelopment has issued a $24.5 million tax-exempt bond on behalf of The Boston Conservatory, an independent private college with fully accredited undergraduate and graduate programs in music, dance and theater. The school is using a portion of the bond proceeds to buy and developa building on Ipswich Street in Boston, creating space for classrooms, rehearsals, performances and student services. The remainder of the bond proceeds went toward refinancing a previous bond. First Republic Bank purchased the bond with underwriting by Zions Bank.
“MassDevelopment is pleased to provide access to low-cost financing for The Boston Conservatory to purchase the building at 132 Ipswich Street, a vital component of the Conservatory’s master plan,” said MassDevelopment President and CEO Marty Jones. “This move will help the school establish a permanent home for its specialized programming and help to better serve the needs of its thriving artist community.”
Founded in 1867, The Boston Conservatory trains more than 700 performing arts students and presents more than 200 performances each year by students, faculty and guest artists. The Conservatory expects to create 10 jobs as a result of this project.
“We’re very grateful to MassDevelopment, First Republic Bank and Zions Bank for their diligence in this process,” says Boston Conservatory President Richard Ortner. “The financing has enabled us to take significant advantage of a nearby real estate opportunity and develop a level of autonomy that is paramount to our sustainability as a private, independent performing arts conservatory.”
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2011, MassDevelopment financed or managed more than 300 projects generating investment of $3.8 billion in the Massachusetts economy. These projects are projected to create more than 10,000 jobs (2,547 permanent and 8,129 construction), and build or rehabilitate more than 1,000 residential units.