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Nichols College Enhances Campus With $20 Million in MassDevelopment Bonds

February 25, 2014


Kelsey Abbruzzese, MassDevelopment, 617-330-2086 & 617-448-9077 (cell)
Ronald Schachter, Nichols College, 508-213-2219

MassDevelopment has issued $20 million in tax-exempt bonds on behalf of Nichols College so that the school can build and furnish a 27,500-square-foot academic building, which will house the Institute for Women’s Leadership, academic support services, classrooms, and offices. Bond proceeds will also help renovate and expand Chalmers Field House, improve campus lighting and landscaping, and finance various improvements across the school’s Dudley campus. In addition to current projects, the College will use bond proceeds to refinance previous debt, which financed construction of dormitories, academic buildings, and a gymnasium. United Bank purchased the bonds.

“The business instruction Nichols provides its students is instrumental for their success in rapidly changing industries,” said MassDevelopment President and CEO Marty Jones. “This new facility will open opportunities for even more students, especially women, who have great role models for leadership here in Massachusetts. We’re pleased to leverage this low-cost financing on behalf of Nichols College and other central Massachusetts educational institutions.”

Nichols College is an independent four-year business school with the mission of transforming today’s students into tomorrow’s leaders within a supportive community and through a dynamic, career-focused business and professional education. The College enrolls about 1,500 students in its undergraduate, graduate and certificate programs at the main campus in Dudley and two satellite campuses.

“The focus on student success continually drives us to improve the learning and living environment at Nichols College,” said Nichols College President Susan West Engelkemeyer, Ph.D. “We are excited to work with MassDevelopment to provide our students with enhanced academic, fitness and recreational facilities, as we move toward our vision of becoming the college of choice for business and leadership education.”

MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2013, MassDevelopment financed or managed 350 projects generating investment of more than $2.4 billion in the Massachusetts economy. These projects are projected to create more than 7,000 jobs and build or rehabilitate 800 residential units.