St. Mark's to Build New Residential Dormitory
Facility Made Possible by $48M Tax-Exempt Bond from MassDevelopment
August 12, 2021
Kelsey Schiller, 617-694-9695
Robert Kuklewicz, St. Mark’s School of Southborough, 508-786-6000
|Rendering of the new student residence at St. Mark's School of Southborough|
SOUTHBOROUGH, Mass. – MassDevelopment has issued a $47,946,000 tax-exempt bond on behalf of St. Mark’s School of Southborough, Inc., a co-educational preparatory school and one of New England’s oldest private boarding schools, which will use proceeds to build a new 90,000-square-foot residential dormitory that will house approximately 150 students and will also include 12 faculty apartments. The new dormitory will create space for students in the central core of campus, eliminating the need for students to cross Route 85 in order to get to and from their existing dormitories. Construction is expected to be complete in August 2022. Boston Private Bank & Trust Company purchased the bond, which will also be used to refinance previously issued debt.
“Massachusetts is fortunate to be home to a wide variety of educational institutions that fit students’ unique needs and interests,” said Housing and Economic Development Secretary Mike Kennealy, who also serves as chair of MassDevelopment’s Board of Directors. “MassDevelopment provides these schools with accessible financing options when it comes time to make necessary upgrades and improvements to their facilities.”
“MassDevelopment is pleased to continue our years-long relationship with St. Mark’s School of Southborough,” said MassDevelopment President and CEO Dan Rivera. “Today’s tax-exempt bond will allow St. Mark’s to build a new residential dormitory on its campus that will improve the student experience for generations to come.”
MassDevelopment has previously supported projects at St. Mark’s campus and facilities. In 1991, the school used a bond from MassDevelopment’s predecessor agency, the Massachusetts Industrial Finance Agency (MIFA), to build a 52,000-square-foot multipurpose athletic facility and waste water treatment plant and renovate the Elkins Field House, Gardner Hockey Rink, and Armour Cage. In 2012, MassDevelopment issued a $25 million bond to help St. Mark’s complete facility improvements including renovating its student center and building a new STEM building, refurbishing offices and classrooms, and creating a student lounge in existing basement space.
St. Mark’s School of Southborough is an Episcopal preparatory school situated on 200 acres in Southborough, Massachusetts. Seventy-five percent of the school’s 370 students reside on campus and hail from 15 countries and 19 states. St. Mark’s, one of the oldest private boarding schools in New England, was founded in 1865 by Joseph Burnett as an intentionally small residential community. The school challenges its students to develop their particular analytic and creative capabilities by both inspiring their academic and spiritual curiosity and kindling their passion for discovery.
"We are excited about working with MassDevelopment again for the financing of our new residential dormitory here at St. Mark's School,” said St. Mark’s School of Southborough Chief Financial & Operations Officer Robert Kuklewicz. “The project is an integral part of our Master Plan and will help ensure the long-term sustainability of our school."
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.