Beverly, MA – MassDevelopment has issued $34.79 million in tax-exempt bonds for Endicott College, a private undergraduate and graduate college in Beverly. The college is using bond proceeds to build two academic buildings that will house classrooms, faculty offices, educational space, an auditorium, and a theater. The college will also use proceeds to demolish its Wax Academic Center to build a parking deck, and to refinance previously issued debt. People’s United Bank, N.A. purchased the bond.
“This project symbolizes a 20-year effort to completely remake the campus. There will be new academic facilities, student lecture halls, and classrooms, as well as an expansion of the science facility to include the new engineering program and a larger biotech incubator space. We are appreciative of the support we have received in financing as we build the dream,” said Endicott College President Dr. Richard E. Wylie.
“As the Commonwealth’s economic development authority, MassDevelopment provides creative financing solutions for academic institutions to expand and update their facilities, add jobs, and increase their capacity to deliver top-notch educational services,” said MassDevelopment President and CEO Lauren Liss. “We are pleased these tax-exempt bonds will help Endicott College make needed campus renovations that will allow it to better serve its thriving community of learners.”
Endicott College was founded in 1939 as a two-year institution to educate women for greater independence and an enhanced position in the workplace. The college expanded to become a four-year coeducational institution in 1994, and added master’s-level programs in 1996 and doctoral programs in 2012.