Babson College in Wellesley will use a MassDevelopment bond to renovate its student residence halls.
Babson will receive a total of $60.28 million. It will use a $37 million bond purchased by First Republic Bank to renovate the residence halls, and another $23.28 bond to refund a prior MassDevelopment bond for a lower interest rate.
Starting in January 2015, Babson’s dormitories, dating back to the 1920s, underwent an extensive renovation ahead of their 100th anniversary, including changes to the layout to create common floor bathrooms and an updated mechanical and envelope system for energy efficiency. The Park Manor South renovation finished this summer, with Central under construction until next year.
“Babson College offers a preeminent entrepreneurial education that garners both local and national recognition,” MassDevelopment President and CEO Marty Jones said in a statement. “MassDevelopment is pleased to support the college as it renovates its campus, continuing to provide an outstanding learning environment for future leaders of the commonwealth.”
“The support from MassDevelopment allows Babson College to provide a stellar residential environment for students, complementing our acclaimed curricular and co-curricular activities,” college President Kerry Healey said.
