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New Bedford Charter School To Consolidate With New MassDevelopment-Funded Facility

Dec 8, 2015 | Reprints | Print

The Alma del Mar Charter School in New Bedford, specifically its affiliates Alma QALICB and the Alma del Mar Foundation, have received a MassDevelopment financial package to construct one all-encompassing facility.

The nearly $22 million in financing – a $12 million New Markets Tax Credit allocation and a $9.76 million tax-exempt bond – will go toward a 43,460-square-foot building with classrooms, special education spaces, a library, cafeteria, gym, offices and labs to cater to the student body, which is expected to increase to 450 in the coming years.

Alma del Mar expects the project to create 20 new positions and 89 construction jobs. Boston Private Bank & Trust Co. purchased the bond, and MassDevelopment enhanced the financing with a charter school loan guarantee.

Commercial & Industrial