The South Area Solomon Schechter Day School is one of three Massachusetts private schools that will expand with the help of bond money provided by MassDevelopment. The image above shows the school’s future campus in Norwood.
Three Bay State private schools will expand and renovate their facilities thanks to $17.5 million in tax-exempt bonds issued by MassDevelopment.
“We are pleased to provide the commonwealth’s schools with low-cost financing to enhance their educational offerings,” said Robert L. Culver, MassDevelopment’s president and chief executive officer, in a prepared statement. “The future of our state economy relies on the success of our young people. Therefore, investment in education is an investment in Massachusetts.”
The biggest bond recipient is the South Area Solomon Schechter Day School. The K-8 Jewish day school will use proceeds from a $9 million bond to purchase and renovate the former headquarters of the May Institute on its 4.6 acre-campus at Commerce Way in Norwood.
Now in its 18th year, Solomon Schechter enrolls 230 students. The new facility will consist of 41,900 square feet in two buildings. The space will accommodate additional students, with the potential for further expansion. The new campus will include science, music, art and drama facilities, as well as parking lots and outdoor playground space.
“When our students and our ideas for the school’s curriculum outgrew our existing space, we knew we needed a plan,” said Jane Taubenfeld Cohen, Solomon Schechter’s head of school. “The timing, savings and flexibility of the financing package provided by MassDevelopment will allow us to improve our facilities in a manner that also significantly enhances the entirety of our educational program.”
More than 150 students, parents, teachers, community leaders and supporters at Solomon Schechter recently celebrated the groundbreaking for the school’s new campus facility. The new building will open in the fall.
To date, about $5.5 million has been raised toward the school’s capital campaign goal of $7.5 million. In addition to classrooms for students, the new facility will feature science and math labs; computer rooms; a performing/visual arts and media center; and a chapel. A new science and math center will be housed in a specially designed $250,000 wing.
The Montrose School in Medfield will use proceeds from a $6 million tax-exempt bond to renovate the school’s academic, performing arts and assembly hall buildings and construct playing fields. In addition, bond proceeds will support the school’s refinancing of loans used to purchase a 13.5-acre site in downtown Medfield. Montrose purchased the former Bayer Laboratories site last year for $7.4 million. The school plans a $10 million campus in Medfield Center.
Founded in 1979, Montrose is a secondary school for girls in grades six through 12. Prior to its move to Medfield, the 25-year-old school rented space in Natick, Westwood and Brookline. Montrose plans to open in Medfield with 150 students, and grow to accommodate 280 students during the coming years.
“As we begin this new chapter of Montrose history, establishing and developing a permanent home campus, we are extremely grateful to MassDevelopment,” said Karen E. Bohlin, head of school at Montrose. “The financing helps us to sustain momentum and leverage the kind of renovations that will enrich our program and advance our mission.”
‘Growing Need’
The Nashoba Brooks School will use a $2.5 million bond to purchase property adjacent to its Concord campus to accommodate future growth. Once known as the Brooks School of Concord, the campus is located on a 20-acre campus. Founded in 1928, the school merged with Nashoba Country Day School in 1980, allowing the schools to expand enrollment to 300 students.
Nashoba offers co-ed classes for students in preschool through grade three with classes for girls in grades four through eight. The school serves more than 35 towns from southern New Hampshire and across the commonwealth.
MassDevelopment, the state’s finance and development authority, works with businesses, financial institutions and local officials to stimulate economic growth. Since 2004, the agency has financed or managed 586 projects statewide representing an investment of more than $4 billion in the Massachusetts economy. Those projects are supporting the creation of 5,537 housing units and more than 23,500 jobs.
This is not the first time MassDeveloment has used its resources to assist in school construction. Last fall, the agency provided an $18.5 tax-exempt bond on behalf of Lasell College in Newton. The school plans to use the proceeds to build a 3-story, 148-bed residence hall and purchase equipment for its 50-acre campus on Commonwealth Avenue.
MassDevelopment’s Culver said he is bullish on providing resources to schools.
“These organizations create jobs and invest in the local economy,” he noted. “Housing projects like this are important because they keep students on campus enriching their educational experience while also freeing up scarce housing units in neighborhoods.”
Founded in 1851, Lasell College is one of the oldest higher-education institutions in Greater Boston. It is a private, four-year, co-educational college offering more than 40 undergraduate and graduate programs to its 1,200 students.
“With 50 percent of our students coming from out-of-state and more than 80 percent living on campus, we constantly consider upgrading our housing stock to accommodate this growing need,” said Thomas E.J. de Witt, president of Lasell. “Thanks to MassDevelopment for supporting the construction of our new residence hall, which will lodge nearly 150 students when finished and further strengthen our school’s campus community and culture.”
MassDevelopment, the state’s finance and development authority, works with businesses, financial institutions and local officials to stimulate economic growth across the commonwealth. Since fiscal year 2004, MassDevelopment financed or managed 586 projects statewide representing an investment of more than $4 billion in the Massachusetts economy. Those projects are supporting the creation of 5,537 housing units and more than 23,500 jobs.
