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First Republic Bank, MassDevelopment Support Deerfield Academy Arts Expansion

May 7, 2013 | Reprints | Unlock Link | Print

MassDevelopment has issued a $15 million tax-exempt bond on behalf of the Trustees of Deerfield Academy, which serves 630 high school students from around the world. First Republic Bank purchased the bond.

Deerfield Academy will use the money to build two additions to the Center for the Arts building. The additions will total 15,000 square feet and will house an art gallery, class space, a chamber hall and other support space. The academy will also renovate the 63,000-square-foot center with new art studios, a dance studio and music practice rooms.

"Arts and music are critical components of the world-class education that Deerfield Academy offers," MassDevelopment President and CEO Marty Jones said in a statement. "MassDevelopment applauds the school for its cultural commitment and is pleased to leverage this low-cost financing to expand the presence of the arts on campus."

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