New Residence Hall for Nichols College
MassDevelopment Tax-Exempt Bond Finances Student Housing, Facility Renovations & Other Campus Improvements
September 16, 2021
Matthew Mogavero, 857-248-0868
Susan Veshi, Nichols College
AVP, Advancement and College Communications
Jillian Riches, Nichols College
Assistant Director, Public Engagement
|Photo of Nichols College’s campus in Dudley, courtesy of the college|
DUDLEY, Mass. – MassDevelopment has issued a $20 million tax-exempt bond on behalf of Nichols College, which will use a portion of bond proceeds to build a new four-story, 19,000-square-foot, 75-bed student residence hall; renovate the library and campus dining establishments; repair and replace the roof of the athletic center and library; and buy grounds and snow-removal equipment, a tractor, and vehicles. Century Bank and Trust Company purchased the bond, which will also be used to refinance previously issued debt.
“Colleges and universities are crucial to local economies across the Commonwealth,” said Housing and Economic Development Secretary Mike Kennealy, who serves as chair of MassDevelopment’s Board of Directors. “MassDevelopment is a meaningful financing partner to institutions of higher education like Nichols College as they make capital improvements and undertake new projects like on-campus residence halls.”
“MassDevelopment is committed to helping Massachusetts’ colleges and universities upgrade their campuses, improve the student experience, and stay competitive,” said MassDevelopment President and CEO Dan Rivera. “Nichols College has long prepared students with the skills and knowledge they need to thrive in their chosen professions. We are pleased to continue our relationship with the college as it adds a new student residence hall to replace existing beds and makes other enhancements to its first-rate campus in Dudley.”
Established in 1815 as Nichols Academy, Nichols College is a private college in Dudley with an enrollment of more than 1,400 students. The college offers 20 concentrations leading to a bachelor’s degree in business administration; several liberal arts programs, and master’s degree programs in business, leadership, accounting, and counterterrorism. With a focus on experiential learning, Nichols provides many curricular and co-curricular opportunities to prepare graduates for their careers, including the student-managed investment fund, professional certifications, the Nichols Consulting Group, the Center for Intelligent Process Automation, the Emerging Leaders Program, and the Susan West Engelkemeyer, PhD, Institute for Women’s Leadership.
“Nichols College is on the move and poised for greater regional prominence,” said Jamie Skowyra, CPA, Vice President for Business and Finance and CFO at Nichols College. “These projects are the first steps on that journey and an opportunity to further enhance our learning and living environment to support the needs of students as well as our mission of providing an engaging and purposeful business and leadership education. We look forward to working with MassDevelopment to make it happen.”
In 2014, MassDevelopment issued a $20 million tax-exempt bond to help Nichols College build and furnish its 27,500-square-foot Academic Building, which houses academic services, classrooms, offices, and the Institute for Women’s Leadership; renovate and expand the Chalmers Field House; improve campus lighting and landscaping; and finance other various improvements across the school’s campus.
MassDevelopment, the state’s development finance agency and land bank, works with businesses, nonprofits, banks, and communities to stimulate economic growth across the Commonwealth. During FY2020, MassDevelopment financed or managed 341 projects generating investment of more than $2.69 billion in the Massachusetts economy. These projects are estimated to create or support 10,871 jobs and build or preserve 1,787 housing units.