Beverly, MA — MassDevelopment issued a $4 million tax-exempt bond on behalf of Glen Urquhart School to build a new facility that will serve as the primary entry point to its Beverly campus. Rockland Trust purchased the bond, helping the school secure a lower cost of capital.
The school is using the proceeds to demolish an existing 2,600-square-foot storage building and replace it with a one-story, 4,000-square-foot facility with classrooms, administrative space, a conference room, reception space, and restrooms. Construction is underway, with completion expected in May 2027.
“MassDevelopment is pleased to partner with Rockland Trust to deliver tax-exempt financing for Glen Urquhart School,” said MassDevelopment President and CEO Navjeet Bal. “This new building will offer added classroom and administrative space, while creating an entry point where the school can welcome students and faculty for years to come.”
“We are deeply grateful to MassDevelopment and Rockland Trust for their partnership in helping make this project possible,” said Gretchen Forsyth, head of school at Glen Urquhart School. “As Glen Urquhart School continues to grow and evolve, this investment reflects our commitment to providing an exceptional learning environment that advances our mission and strengthens our community. This new building will provide a welcoming gateway to campus while creating additional space for the joyful, hands-on learning experiences that define a GUS education.”
MassDevelopment previously supported Glen Urquhart School with a $5 million tax-exempt bond in 2006 to build 16,000 square feet of classroom and administrative space.
