William James College Buying Building with MassDevelopment Bond
March 8, 2016
FOR IMMEDIATE RELEASE
Kelsey Abbruzzese, MassDevelopment, 617-330-2086 & 617-448-9077 (cell)
Dan Brent, William James College, 617-564-9336
MassDevelopment has issued an $18.4 million tax-exempt bond on behalf of William James College, formerly the Massachusetts School of Professional Psychology. The Newton college is using bond proceeds to buy and renovate a building it currently leases, along with refinancing a previous MassDevelopment bond and capital lease. East Boston Savings Bank purchased the bond, and William James College expects to create 15 jobs as a result of the project. SJ Advisors assisted the college in obtaining the financing.
“Through this bond, William James College saves money by refinancing previous debt and owning rather than leasing a crucial campus building,” said MassDevelopment President and CEO Marty Jones, “This project helps the College devote more resources to its training programs and academics.”
Founded in 1974, William James College offers graduate degrees and certificates in 15 areas, including clinical, school, forensic, counseling, and organizational psychology, as well as executive coaching. With special programs dedicated to military and multicultural mental health, the college is committed to helping diverse populations overcome adversity. The college’s training programs enable graduates to work as consultants and clinicians in schools, courts, hospitals, rehabilitation centers, substance abuse recovery programs, community mental health centers, businesses, and private practice.
“This expansion gives William James College the chance to continue to build its programming and offer more resources and opportunities for students,” said Dan Brent, Treasurer and Chief Financial Officer of William James College. “We hope this growth allows our students to expand their reach into the community as they apply their classroom learning in the field.”
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2015, MassDevelopment financed or managed 294 projects generating investment of more than $2.5 billion in the Massachusetts economy. These projects are projected to create about 6,100 jobs and build or rehabilitate about 2,000 residential units.