Boston – MassDevelopment has issued a $64 million tax-exempt bond on behalf of Boston College (BC) High School, which will use proceeds to fund several capital projects on its campus in Boston’s Dorchester neighborhood including the construction of a new approximately 50,000sf fitness and wellness pool complex.
The new facility will feature a 25-meter eight-lane pool as well as three classrooms, athletic training space, a weight room, locker rooms, showers, and restrooms. The school will also use bond proceeds to construct a 5,000sf maintenance building behind Moran Park, renovate its football stadium grandstands, construct a nearby restroom building and concession building, and install an HVAC system in one of its academic buildings. Construction on these projects is expected to begin summer 2022 and be complete fall 2023. TD Bank purchased the bond, which will also be used to refinance previously issued debt.
“Independent preparatory schools are an important component of the Commonwealth’s education ecosystem, fostering academic success, generating opportunity, and creating pathways to quality jobs in our communities,” said Housing and Economic Development Secretary Mike Kennealy, who serves as chair of MassDevelopment’s board of directors.
Founded in 1863, BC High School is a Jesuit Catholic high school for boys. First located in Boston’s South End, in 1950 the school moved to its current location at 150 Morrissey Blvd. in Dorchester. Currently, the school enrolls more than 1,400 boys in grades 7-12.
“This refinancing deal is game-changing for BC High, as the interest rate was cut in half, dramatically reducing our operating expenses,” said BC High School senior vice president of finance & administration, Michael Hoyle, PhD. “Equally important, the bridge loan will allow the school to build the Patrick Cadigan ’52 fitness-wellness-pool complex, elevating the physical campus to a whole new level. In addition to the world-class academic and leadership programs, as well as programs in theatre, arts, music, and a diverse range of competitive and recreational athletics, this complex will elevate BC High’s efforts to create an incomparable high school experience for the boys.”
