Boston – MassDevelopment has issued a $31.5 million tax-exempt bond and a $6 million taxable bond on behalf of CIEE Inc., a nonprofit provider of international education and experiential learning programs headquartered in Portland, Maine.
CIEE Inc. will use bond proceeds to buy 99 Athens Street and 69-71 A Street, two adjacent buildings in Boston’s Fort Point neighborhood. The company will demolish the building at 99 Athens Street and expand, renovate, and furnish the building at 69-71 A Street, ultimately creating a single five-story, 31,400sf office building.
CIEE Inc. will also use bond proceeds to build a parking lot on the same parcel. The project will enable CIEE Inc., which currently leases office space in downtown Boston, to consolidate and expand its Boston-based team. The project is expected to create 82 jobs and support 132 construction jobs. Key Government Finance Inc. purchased the bond.