A private Catholic middle and high school in Reading will renovate and further equip its dining hall and kitchen facilities with a newly acquired bond from MassDevelopment.

The agency issued a $3 million tax-exempt bond for Austin Preparatory School.

Salem Five Bank purchased the bond.

“Austin Preparatory School has spent more than 60 years building a cohesive and comprehensive learning community for its students,” MassDev President and CEO Lauren Liss said in a statement. “We are pleased this financing will help the school update its facilities and continue creating that environment for Massachusetts’ young learners.”

“The renovation of the dining hall, kitchen, and main lobby will refresh these spaces, which are the center of community at Austin Prep,” Austin Preparatory School Headmaster James Hickey said in a statement. “The renovations enable us to upgrade our dining experience to an all-inclusive lunch plan, modeling a college dining atmosphere that supports a holistic approach to education that advances wellness, nutrition and environmental sustainability.”