Danvers, MA — MassDevelopment has issued a $25 million tax-exempt bond on behalf of St. John’s Prep to renovate and convert the Memorial Dining Hall on its Danvers campus into a larger student commons. Salem Five Bank purchased the bond, which helped the school achieve a lower cost of capital.
Built in 1926 to serve a much smaller student body, the Memorial Dining Hall currently operates beyond capacity. The new student commons will feature an expanded and modernized kitchen, a dedicated dining area for faculty and staff, relocated offices, and flexible spaces for programming, mentoring, and informal connection. St. John’s Prep expects construction to be completed in time for the 2027-28 school year.
“MassDevelopment is pleased to partner with Salem Five Bank to deliver tax-exempt financing for St. John’s Prep,” said MassDevelopment president and CEO Navjeet Bal. “This project will transform a 100-year-old dining hall into a new, state-of-the-art building where students can learn and grow for decades to come.”
