Northeastern University Builds Interdisciplinary Science and Engineering Complex With $150 Million in Bonds From MassDevelopment
February 27, 2014
FOR IMMEDIATE RELEASE
MassDevelopment has issued $150 million in tax-exempt bonds on behalf of Northeastern University so that it can build, furnish, and equip a 225,000-square-foot interdisciplinary science and engineering complex on its Boston campus. Bond proceeds will also finance the construction, furnishing, and equipping of research, office, and classroom space at the university's Nahant campus; renovations to classrooms, offices, and laboratories at the Boston campus; and other capital projects.
“Northeastern University is at the forefront of the Commonwealth’s innovative higher education system,” said MassDevelopment President and CEO Marty Jones said. “The co-op program provides students with a cutting-edge blend of classroom education and hands-on experience. We are pleased to leverage this low-cost financing on behalf of Northeastern University given the increasing need for employees with science and engineering backgrounds.”
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.
Founded in 1898, Northeastern is a global, experiential, research university. Its tradition of partnership and engagement creates a distinctive approach to education and research built on the values of experiential learning, innovation, and entrepreneurship. Northeastern is the recognized leader in experiential learning, anchored in the world’s most innovative cooperative-education program. The University offers students opportunities for professional work, research, service, and global learning across the United States and 91 other countries. The same spirit of real-world engagement guides a use-inspired research enterprise that is strategically aligned with three global imperatives: health, security, and sustainability. Northeastern offers a comprehensive range of undergraduate and graduate programs leading to degrees through the doctorate in nine colleges and schools, and select advanced degrees at graduate campuses in Charlotte, North Carolina, and Seattle.