MassDevelopment has issued $9 million in tax-exempt and taxable bonds to Pittsfield-based Hillcrest Educational Centers Inc.
Hillcrest Educational Centers is using bond proceeds to build a 5,000-square-foot dormitory building, demolish an existing dormitory building and build a 10,000-square-foot academic building to accommodate increased enrollment in Hillcrest’s Autism Spectrum Disorders Program. Bond proceeds will also refinance previous debt. MassDevelopment enhanced the financing with a mortgage insurance guarantee. Berkshire Bank purchased the bonds.
“This low-cost financing will help Hillcrest provide more options for students seeking clinical, psychological, and special education services,” MassDevelopment President and CEO Marty Jones said in a statement. “Human service agencies are vital to the commonwealth’s citizens and economy, and we’re pleased to support their capital projects from Boston to the Berkshires.”
Hillcrest Educational Centers is a nonprofit that provides clinical, psychological and special education services to children, adolescents and families in Berkshire County and the northeast.
“Through the years, Hillcrest has collaborated with MassDevelopment to secure financing that has allowed the organization to maintain a sound infrastructure by enhancing and expanding the facilities at its various locations,” Hillcrest Chief Financial Officer Mark A. Placido said in a statement. “The projects, past and future, are vital to addressing the programming needs of the students we serve.”



