MassDevelopment today announced more than $118 million in low-cost tax-exempt bond financing for the Massachusetts College of Pharmacy and Health Sciences (MCPHS) and Wheelock College, both in Boston, and Babson College in Wellesley. MCPHS will use proceeds from a $56 million bond issue to construct a new health science academic building and to refinance existing debt on an academic and student center; Wheelock plans to use a $42 million bond issue to construct a new campus center and additional student housing, and to refinance existing debt. Babson College will use $20 million in tax-exempt bond proceeds to refinance existing debt.
“Institutions of higher education are a critical driver of our economy,” said Robert L. Culver, MassDevelopment president/CEO. “Colleges and universities employ thousands statewide, invest millions in local economies through purchasing and capital expenditures, and educate and train our future business leaders. Providing lower-cost financing to help them meet their development goals makes fiscal sense.”
Founded in 1823, Massachusetts College of Pharmacy and Health Sciences is a private, coeducational college offering graduate, professional and undergraduate degrees in the health sciences. The college enrolls 4,000 students and employs 400 faculty and staff at its campuses in Boston, Worcester and Manchester, New Hampshire. The school’s new facility, named the Huntington Avenue Academic Center, will feature a 235-seat auditorium, a technology center, classrooms, laboratories and faculty space for its Nursing and Physician Assistant programs. MCPHS officials plan to begin construction in October 2007, and open the new building in January 2009.
“Per-square-foot construction costs for high-tech facilities like our new health science center are generally much higher than costs for residence halls or classrooms,” said MCPHS President Charles Monahan. “By partnering with MassDevelopment on tax-exempt financing, we were able to save substantially on borrowing costs, which will help us provide a new, cutting-edge resource for our students without breaking the bank.”
Founded in 1888 and located in Boston, MA, Wheelock College is a private institution with the public mission of improving lives of children and their families. The College fulfills this mission by providing a strong education in the arts and sciences and in its professional fields – education, child and family studies, and social work — for which its undergraduate and graduate programs are nationally and internationally recognized. Throughout its academic programs and student experience, the College reflects the multicultural dimensions of the communities and countries in which it operates and fosters diverse learning experiences — all of which contributes to the success, leadership, and impact that its graduates enjoy in a wide variety of careers.
“Our new center will offer students additional resources and amenities to support their academic experience at Wheelock,” said President Jackie Jenkins-Scott. “The project will also bring more students into on-campus housing, in turn freeing up needed apartment units for Boston residents.”
Founded in 1919, Babson College is one of the premier business and entrepreneurial leadership institutions in the nation. The college enrolls 1,800 undergraduate and 1,600 graduate students at its Wellesley campus, and employs 670 faculty and staff.
MassDevelopment, the state’s finance and development authority, works with businesses, financial institutions and local officials to stimulate economic growth across the Commonwealth. From FY 2004 through FY 2007, MassDevelopment financed or managed 796 projects statewide representing the investment of more than $6.5 billion in the Massachusetts economy. These projects are supporting the creation of 6,793 new housing units and over 39,000 jobs: 16,396 permanent and 22,619 construction-related.
