Boston – MassDevelopment has issued a $378,510,000 tax-exempt bond on behalf of Northeastern University, which is using a portion of proceeds to build and equip a new science and engineering complex at 815 Columbus Ave. in Boston’s Fenway neighborhood.
The 340,000sf science building, dubbed EXP, will include laboratories, shared core research, makerspace, robotics facilities, faculty and administrative offices, a faculty club dining facility, and classrooms. Construction began in July 2020 and is expected to be complete in fall 2023. The bonds, sold through a public offering underwritten by a syndicate of banks led by Morgan Stanley & Co., Inc. and Barclays Capital Inc., will also be used to refinance previously issued debt.
“Northeastern University has a legacy of providing generations of engineers, scientists, and scholars with exceptional academic and research opportunities,” said MassDevelopment president and CEO, Dan Rivera. “MassDevelopment is pleased to issue tax-exempt financing that will help the university advance the construction of its new 8-story science and engineering complex in Boston’s Fenway neighborhood.”
Founded in 1898, Northeastern is a global research university that integrates real-world experience with education, research, and innovation. Northeastern’s research enterprise, with an R1 Carnegie classification, is solutions-oriented and spans the world. Northeastern’s global university system includes 13 campuses across the U.S., U.K., and Canada; 300,000-plus alumni; and 3,000 partners worldwide.