Southborough, MA – MassDevelopment has issued a $47,946,000 tax-exempt bond on behalf of St. Mark’s School of Southborough, Inc., a co-educational preparatory school and one of New England’s oldest private boarding schools.
Funds will be used to build a new 90,000sf residential dormitory that will house approximately 150 students and include 12 faculty apartments. The new dormitory will create space for students in the central core of campus, eliminating the need for students to cross Route 85 in order to get to and from their existing dormitories.
Boston Private Bank & Trust Company purchased the bond, which will also be used to refinance previously issued debt. Construction is expected to be complete in August 2022.
St. Mark’s School of Southborough is an Episcopal preparatory school situated on 200 acres in Southborough. Seventy-five percent of the school’s 370 students reside on campus and hail from 15 countries and 19 states. St. Mark’s was founded in 1865 by Joseph Burnett as an intentionally small residential community.
“We are excited about working with MassDevelopment again for the financing of our new residential dormitory here at St. Mark’s School,” said St. Mark’s School of Southborough chief financial and operations officer, Robert Kuklewicz. “The project is an integral part of our master plan and will help ensure the long-term sustainability of our school.”
MassDevelopment has previously supported projects at St. Mark’s campus and facilities. In 1991, the school used a bond from MassDevelopment’s predecessor agency, the Massachusetts Industrial Finance Agency (MIFA), to build a 52,000sf multipurpose athletic facility and waste water treatment plant and renovate the Elkins Field House, Gardner Hockey Rink, and Armour Cage. In 2012, MassDevelopment issued a $25 million bond to help St. Mark’s complete facility improvements including renovating its student center and building a new STEM building, refurbishing offices and classrooms, and creating a student lounge in existing basement space.