MassDevelopment has issued $12.5 million in tax-exempt bonds on behalf of Beverly’s Shore Country Day School, to be used to build a new 30,000-square-foot arts center, which will house drama, music, arts, and technology programs.

The center will replace two buildings, adding 11,000 net square feet to the campus. Shore Country Day School will also use bond proceeds to add to and renovate classrooms and office space; build a parking lot; and buy furniture, fixtures, and equipment. East Boston Savings Bank purchased the bond.

 "Arts in schools help develop critical thinking, strengthen problem-solving, and refine creativity in students," said MassDevelopment President and CEO Marty Jones in a statement. "We’re pleased to provide access to this tax-exempt financing so Shore Country Day can expand its facilities and deliver these benefits and more to its students."

Founded in 1936, Shore Country Day has about 440 students in pre-kindergarten through ninth grade.