MassDevelopment has issued a $49.8 million tax-exempt bond on behalf of Wellesley College.

The college will use the proceeds for several major infrastructure projects, including the extension of steam lines to various parts of campus; maintenance and renovations in residence halls and academic buildings; and modernizations to improve access and sustainability of existing facilities.

"As the first woman who heads MassDevelopment, I am acutely aware of the important role that Wellesley College plays in preparing women to make meaningful contributions to both our commonwealth and the world," said MassDevelopment President and CEO Marty Jones in a statement.  "MassDevelopment proudly counts Wellesley as one of its great higher-education clients that receives access to low-cost financing."

"Wellesley is grateful for MassDevelopment’s investment in the college," said Andrew B. Evans, vice president for finance and treasurer at Wellesley. "The bond will support the college’s efforts to steward Wellesley’s iconic buildings, which are beloved by the thousands of students, alumnae, and visitors that come to campus each year, from around the world."