Newton, MA — MassDevelopment has issued an $11.7 million tax-exempt bond on behalf of The Fessenden School to build and equip a new dining center on its Newton campus. J.P. Morgan purchased the bond, helping the school achieve a lower cost of capital.
The approximately 19,700-square-foot building will replace an existing dining center built more than 100 years ago. Construction began in June 2025 and is expected to be completed in summer 2026.
“MassDevelopment’s tax-exempt bond financing program supports nonprofits across Massachusetts as they renovate or expand to meet their mission,” said Navjeet Bal, MassDevelopment president and CEO. “We are pleased to work with J.P. Morgan to help The Fessenden School invest in its Newton campus with a new, state-of-the-art dining center for the benefit of students, faculty, and staff.”
“This project is a significant priority for the School and will support Fessenden students for generations to come,” said Mike Grossman, chief operations officer of The Fessenden School. “The new dining center will enable the School to further develop our family-style dining program to ensure that we continue to meet the nutritional and dietary needs of our diverse student and adult population. We are grateful to MassDevelopment for their partnership.”
Founded in 1903, The Fessenden School is an independent boys school with a day program for students in pre-kindergarten through grade nine and a junior boarding program for grades five through nine.
