Image courtesy of Pioneer Charter School of Science II

Salem Five and MassDevelopment are working together to provide $27.72 million for Pioneer Charter School of Science II, a public charter school in Saugus serving students in kindergarten through 12th grade.

The Pioneer Charter School of Science network is using the funds to build a new school location, MassDevelopment said in an announcement.

MassDevelopment issued a $27.72 million tax-exempt bond, enhanced with a mortgage insurance guarantee and the tax-exempt bond was purchased by Salem Five.

“MassDevelopment is pleased to partner with Salem Five to deliver tax-exempt financing for Pioneer Charter School of Science II,” MassDevelopment President and CEO Navjeet Bal said in a statement. “This new, state-of-the-art campus will offer students and faculty a learning environment that can foster growth and opportunity for years to come.”

The bond proceeds are being used to buy adjoining lots in Peabody and Danvers on which the school is building and equipping a new 53,217-square-foot modular-built campus to serve students in kindergarten through eighth grade. The new campus will feature a total of 39 classrooms, six special education and English language learning classrooms, 14 offices, labs, art and music rooms, a gym, and a cafeteria. Construction began in November 2025 and is expected to be completed by August 2026.

“Salem Five is honored to play a role in financing this milestone for PCSS and supporting its vision for growth,” Salem Five Bank Senior Vice President Cheryl DeLorenzo said in a statement. “This achievement reflects the collaborative efforts of PCSS, MassDevelopment, and Salem Five working together to advance PCSS’s mission of expanding educational opportunities that will enrich the community for years to come.”