MassDevelopment has issued a $25 million tax-exempt bond for Stonehill College in Easton.

Stonehill College will use bond proceeds to partially demolish an existing building and to build, furnish and equip a 3-story, 65,000-square-foot building in its place. This facility will house the newly established Leo J. Meehan School of Business. Century Subsidiary Investments Inc. III purchased the bond.

“When it is completed, the Meehan School of Business will bolster the college’s already strong business programs with cutting-edge digital technologies that equip our students with the emerging capacities of social networks, data science and scalable innovation. In building it, we are transforming our campus and by borrowing tax-exempt monies through MassDevelopment, we are better able to achieve this goal while minimizing our capital costs,” Martin McGovern, spokesperson for Stonehill College, said in a statement.