Springfield, MA – MassDevelopment has issued a $106,675,000 tax-exempt bond on behalf of Springfield College, which will use proceeds to fund several capital projects.
The college will use $45,095,000 in proceeds to build and equip a new environmentally friendly and sustainable 76,000sf health sciences building; this portion of the financing received the Green Bond designation by Kestrel Verifiers, which are approved verifiers accredited by the Climate Bonds Initiative. The bond was sold through a public offering underwritten by Hilltop Securities Inc.
The college will use the remaining proceeds to build an academic quad and campus pavilion; renovate classrooms, residence halls, administrative buildings, and the existing health sciences building; improve a steam plant facility; upgrade walking and running paths and outdoor seating; and refinance previously issued debt.
“Institutions of higher education are important drivers of our state and local economies as they bring jobs, opportunities, and additional activity to communities across the Commonwealth,” said Housing and Economic Development Secretary Mike Kennealy, who serves as chair of MassDevelopment’s Board of Directors. “MassDevelopment is a valuable partner to those colleges and universities looking to modernize infrastructure and remain competitive hubs of innovation and intellectual exploration.”