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Southborough boarding school receives $45M for construction projects

October 12, 2021 : Worcester Business Journal, by Katherine Hamilton

Fay School, Inc., a private day and boarding school in Southborough, received a $45-million tax-exempt bond from MassDevelopment, according to a Tuesday press release from the state agency.

The funding will go toward renovating an academic building at the Fay School and adding design and fabrication lab space for students.

The bond was purchased by TD bank and will be used to refinance a previous debt, per the release.

MassDevelopment previously issued a $43-million bond to the Fay School in 2008, which helped with the construction of a number of new buildings. The Fay School was founded in 1866 and includes roughly 475 students.

Last month, MassDevelopment issued a $48-million bond to St. Mark’s preparatory school in Southborough.