Lynn, MA – MassDevelopment has issued a $25.5 million tax-exempt bond for KIPP Lynn Fund Inc., an affiliate of KIPP Academy Lynn Public Charter School (KIPP Lynn), that will use bond proceeds to buy and renovate a 120,000sf industrial office building at 20 Wheeler Street in Lynn.
The architect for the project is Arrowstreet, and Qroe Development is the project manager.
One of KIPP Lynn’s three schools, KIPP Academy Lynn Collegiate High School will move into the building and occupy 75,000sf of space; the remaining 45,000sf will be used for KIPP Lynn administration facilities and leasable office space.
Citizens Bank purchased the bond.
The project will allow the high school to swap locations with KIPP Academy Lynn Elementary School. The high school currently operates at 90 High Rock Street in downtown Lynn, while the elementary school currently leases space at 20 Wheeler Street.
MassDevelopment provided KIPP Lynn with a $25.5 million financing package in 2011 to build 90 High Rock Street, and another $5.7 million tax-exempt bond in 2016 to expand the facility.