Springfield, MA – MassDevelopment has issued a $10.55 million tax-exempt bond for American International College (AIC) in Springfield. Bond proceeds will be used to renovate and add 13,753sf to an existing campus building that, upon completion, will house the college’s new exercise science programs and expanded occupational therapy and physical therapy offerings.
AIC will also use bond proceeds to build an approximately 11,200sf, eight-unit residence hall that will house 32 students, and to make various campus upgrades. CSB Colts Inc., an affiliate of Westfield Bank, purchased the bond.
“MassDevelopment is pleased to provide this low-cost financing to allow the college to grow its physical therapy and exercise science programs with updated space, ”said MassDevelopment president and CEO Lauren Liss.