Founded in 1865, Dean College is a private residential college serving nearly 1,400 students. To accommodate its growing student body, the College needed to create more housing. But where could the nonprofit institution find the capital?
MassDevelopment issued a $4.5 million tax-exempt bond (purchased by Citizens Bank), allowing Dean College to buy a 36,000-square-foot mixed-use building with first-floor retail businesses underneath 21 apartments.
Dean College provided safe, convenient housing for 75 students. The new facility and additional retail activity help both the College and downtown Franklin continue to grow.