St. John's Preparatory School Upgrades Campus With Help From MassDevelopment Bond
April 10, 2019
FOR IMMEDIATE RELEASE
Kelsey Schiller, MassDevelopment, 617-330-2011 & 617-694-9695 (cell)
Elizabeth Forbes, St. John’s Preparatory School, 978-774-1050 x328
MassDevelopment has issued a $17 million tax-exempt bond on behalf of St. John’s Preparatory School, which will use proceeds to renovate its campus in Danvers. St. John’s will upgrade the roof of its Xavier Hall and replace its Brother Linus, C.F.X. turf playing field. People’s United Bank purchased the bond, which will also be used to refinance previously issued debt.
“We’re pleased to partner with People’s United Bank to help St. John’s Preparatory School upgrade its academic and recreational facilities,” said MassDevelopment President and CEO Lauren Liss. “Our tax-exempt financing can assist schools of all grade levels looking to fund campus improvements or expansions.”
Founded in 1907, St. John's is a Catholic, Xaverian Brothers Sponsored School for young men in grades six through 12. St. John’s enrolls 1,450 students from approximately 80 communities throughout Massachusetts and New Hampshire. More than 90 percent of the student body participates in co-curricular clubs and activities, including 22 varsity and 20 recreational sports teams. The school’s rigorous academic and extensive co-curricular program encourages students to develop their spiritual, intellectual, moral, physical, and creative potential, and inspires them to honor the diversity that enriches both the school community and the world beyond St. John's.
“The Prep campus is an active, hands-on environment for student learning, both in the classroom and out on the field,” said St. John’s Headmaster Edward P. Hardiman, Ph.D. “We’re committed to stewarding our facilities to support student growth and wellness, and we’re grateful to partner with MassDevelopment in our work.”
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2018, MassDevelopment financed or managed 384 projects generating investment of more than $4.1 billion in the Massachusetts economy. These projects are estimated to create or support 10,994 jobs and build or rehabilitate 830 housing units.