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Wellesley College Renovates, Modernizes With $49.8 Million MassDevelopment Bond

May 29, 2012

Kelsey Abbruzzese, MassDevelopment, 617-330-2086 & 617-448-9077
Sofiya Cabalquinto, Wellesley College, 781-283-3321

MassDevelopment has issued a $49.8 million tax-exempt bond on behalf of Wellesley College, which will use bond proceeds for several major infrastructure projects. Those projects include work on the Tower Court residence hall; steam lines to various parts of campus; maintenance and renovations in residence halls and academic buildings; and modernizations to improve access and sustainability of existing facilities.

“As the first woman who heads MassDevelopment, I am acutely aware of the important role that Wellesley College plays in preparing women to make meaningful contributions to both our Commonwealth and the world,” said MassDevelopment President and CEO Marty Jones. “MassDevelopment proudly counts Wellesley as one of its great higher-education clients that receives access to low-cost financing.”

Founded in 1870, Wellesley College is one of the world’s premier liberal arts colleges. Known for its investment in women and women’s leadership, the College serves some 2,300 undergraduate students from all 50 states and more than 75 countries. The College’s Three-College Collaboration with Babson College and Olin College promotes interdisciplinary collaboration, and the school also offers cross-registration with the Massachusetts Institute of Technology. In 2010, Wellesley launched the Madeleine Korbel Albright Institute for Global Affairs, which supports the College’s mission of educating students for leadership in an increasingly complex and interdependent global environment. Each year, several hundred students spend time studying in another country, and about 75 percent participate in an internship while at Wellesley.

“Wellesley is grateful for MassDevelopment’s investment in the College,” said Andrew B. Evans, Vice President for Finance and Treasurer at Wellesley College. “The bond will support the College’s efforts to steward Wellesley’s iconic buildings, which are beloved by the thousands of students, alumnae, and visitors that come to campus each year, from around the world.”

MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2011, MassDevelopment financed or managed more than 300 projects generating investment of $3.8 billion in the Massachusetts economy. These projects are projected to create more than 10,000 jobs (2,547 permanent and 8,129 construction), and build or rehabilitate more than 1,000 residential units.