Sheffield School Updates Campus With Help From MassDevelopment Bond
March 19, 2018
FOR IMMEDIATE RELEASE
Meggie Quackenbush, MassDevelopment, 617-330-2011 & 857-208-2777 (cell)
Carol Visnapuu, Berkshire School, 413-229-1390
MassDevelopment has issued a $3 million tax-exempt bond for Berkshire School Inc., an independent, co-educational, college preparatory boarding and day school in Sheffield. The school will use bond proceeds to build, furnish, and equip an approximately 2,280-square-foot addition to the school’s Spurr dormitory, and to demolish and reconstruct portions of the building. The school will also use bond proceeds to replace about 185,000 square feet of existing athletic turf fields. TD Bank purchased the bond.
“MassDevelopment is committed to helping the Commonwealth’s top-notch educational institutions expand their facilities and grow their programming so that students enter the professional world with the skills to succeed,” said MassDevelopment President and CEO Lauren Liss. “We are pleased this low-cost financing will help The Berkshire School update its campus with a new dormitory and modern athletic fields.”
Berkshire School began as a school for boys in 1907 and expanded to become co-educational in 1969. The school has an enrollment of about 400 students in grades nine through 12, as well as a post-graduate year, with students entering from the school from 33 states and 32 countries. Berkshire School offers programs in advanced math/ science research, and advanced humanities research, along with a range of arts offerings and championship athletics.
"MassDevelopment was truly great to work with on this financing. They made the process easy to manage to and smooth—right through to closing. We couldn't be more pleased," said Berkshire School CFO Robert Boyd.
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2017, MassDevelopment financed or managed 377 projects generating investment of more than $4.3 billion in the Massachusetts economy. These projects are projected to create about 9,488 jobs and build or rehabilitate 1,863 residential units.