$25M Bond Helps Boston Day School Buy Building
Kingsley Montessori School Uses Tax-Exempt Bond from MassDevelopment & Rockland Trust to Buy Longtime Unit at 26 Exeter Street in Boston’s Back Bay Neighborhood
March 25, 2024
Kelsey Schiller, 857-325-3477
kschiller@massdevelopment.com
Jamie Lacroix, Kingsley Montessori School
jlacroix@kingsley.org
617-226-4906
BOSTON – MassDevelopment has issued a $25 million tax-exempt bond on behalf of the Kingsley Montessori School, Inc., which will use proceeds to buy 26 Exeter Street in Boston, a space that currently houses the school’s Kindergarten Entry and Elementary programs. Kingsley has leased this unit since 2005 and completed significant renovations in 2015. Rockland Trust purchased the bond, which helped Kingsley Montessori achieve a lower cost of capital, as part of a comprehensive financing solution that also included working capital support and treasury management services.
“Massachusetts is fortunate to be home to a wide range of educational institutions that nurture and prepare our students for the future,” said MassDevelopment President and CEO Dan Rivera. “We are pleased to offer resources for independent and charter schools looking to buy or expand their facilities and position their campuses for long-term success.”
“Rockland Trust is proud to play a role in this transformative transaction which will secure Kingsley Montessori a home in the Back Bay for generations to come,” said Jeff Rathkamp, Vice President and Commercial Loan Officer at Rockland Trust. “Our partnership with MassDevelopment is helping us work toward our goal of strengthening our communities, one relationship at a time.”
Kingsley Montessori School is housed in two buildings in the heart of Boston's Back Bay neighborhood, between Commonwealth Ave and Newbury Street: the Exeter Street Building and the Fairfield Street building. Kingsley is a Toddler through Grade 6 independent day school guided by a unique blend of Montessori philosophy and innovative programming. Kingsley offers an educational program tailored to the talents, curiosity, and growth of each student. The school enrolls 308 children, with a 7:1 student to teacher ratio.
"The purchase of our Elementary building enables us to continue providing a world-class education for families working and living in Boston while confidently exploring opportunities to elevate our mission delivery from the strong foundation of ownership,” said Steve Farley, Head of Kingsley Montessori School. “Securing 26 Exeter Street, our second permanent home in the Back Bay, strengthens our financial footing, ensuring Kingsley will be here for generations of students past, present, and future. I am very grateful for all those who invested in this historic endeavor, and for the collaborative partnership of our friends at Rockland Trust and MassDevelopment.”
MassDevelopment, the state’s development finance agency and land bank, works with businesses, nonprofits, banks, and communities to stimulate economic growth across the Commonwealth. During FY2023, MassDevelopment financed or managed 545 projects generating investment of more than $2 billion in the Massachusetts economy. These projects are estimated to create or support 10,522 jobs and build or preserve 1,583 housing units.
Independent Bank Corp. (NASDAQ Global Select Market: INDB) is the holding company for Rockland Trust Company, a full-service commercial bank headquartered in Massachusetts. With retail branches in Eastern Massachusetts and Worcester County as well as commercial banking and investment management offices in Massachusetts and Rhode Island, Rockland Trust offers a wide range of banking, investment, and insurance services to individuals, families, and businesses. The Bank also offers a full suite of mobile, online, and telephone banking services. Rockland Trust was named to The Boston Globe's "Top Places to Work" 2023 list, an honor earned for the 15th consecutive year. Rockland Trust has a longstanding commitment to equity and inclusion. This commitment is underscored by initiatives such as Diversity and Inclusion leadership training, a colleague Allyship mentoring program, and numerous Employee Resource Groups focused on providing colleague support and education, reinforcing a culture of mutual respect and advancing professional development, and Rockland Trust's sponsorship of diverse community organizations through charitable giving and employee-based volunteerism. In addition, Rockland Trust is deeply committed to the communities it serves, as reflected in the overall "Outstanding" rating in its most recent Community Reinvestment Act performance evaluation. Rockland Trust is an FDIC member and an Equal Housing Lender.