News: Front Section
Posted: February 21, 2017
MassDevelopment issues $207 million bond for Emerson College
Boston, MA MassDevelopment has issued a $207.555 million tax-exempt bond on behalf of Emerson College. Emerson is using bond proceeds to build an 18,000 s/f dining facility on Boylston St., and to make repairs and renovations to its Little Building residence hall at 80 Boylston St. Renovations include repairing exteriors, replacing interior stairwells, installing a new fire safety system, and adding 290 undergraduate beds. The college is also using proceeds to buy land at 555 Washington St. under the Paramount Center complex.
Emerson College - Boston, MA“Massachusetts is nationally recognized as a leader in academics and higher education thanks to institutions like Emerson College,” said MassDevelopment president and CEO Marty Jones. “We are pleased to provide this low-cost financing to help the college expand with new facilities and student living space that will reduce the burden on Boston’s rental market and support a future generation of leaders.”
“The new, multipurpose student dining center and residence hall projects, which includes the Little Building, will further enhance the student experience and create a vibrant streetscape for community members, neighbors and the thousands who visit the Boston Common and Theatre District each year,” said Emerson vice president for administration and finance Maureen Murphy. “Annual revenue, low overhead, diversified revenue sources, and record fundraising have put Emerson on strong financial footing, making it possible for the school to take on these important projects.”
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2016, MassDevelopment financed or managed 352 projects generating investment of more than $4 billion in the Massachusetts economy. These projects are projected to create about 8,200 jobs and build or rehabilitate about 4,200 residential units.
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