Campus Additions, Upgrades at Brooks School Made Possible With $37 Million MassDevelopment Bond

September 08, 2020

FOR IMMEDIATE RELEASE

Contacts:
Louisa Stone, MassDevelopment, 857-283-3340 (cell)
lstone@massdevelopment.com

Paul Griffin, Brooks School, 978-725-6213
pgriffin@brooksschool.org

MassDevelopment has issued a $37,743,719.71 tax-exempt bond on behalf of Brooks School, a coeducational boarding and day school in North Andover. The school will use bond proceeds to build and equip a new admissions building, which will house admissions offices formerly located in a smaller building shared with other departments; build new housing for faculty members; and create a new main entrance to the campus. First Republic Bank purchased the bond, which will also be used to refinance previously issued debt.

“MassDevelopment is proud to be a financing partner for Massachusetts schools as they strive to provide an enriching educational experience,” said MassDevelopment President and CEO Lauren Liss. “At Brooks School, our tax-exempt bond will fund new facilities and planned renovations that will enhance the campus and allow the school to better serve its students and faculty.”

Established in 1926, Brooks School provides a coeducational, college preparatory program for 380 students on a 270-acre campus overlooking Lake Cochichewick. Small class sizes allow students to work closely with teachers, fostering a relationship that is at the core of the school’s warm, close-knit community. With a challenging academic curriculum that includes 20 advanced placement courses, Brooks also offers opportunities to study abroad in Africa, Europe, and South America. The school’s exceptional athletic program has earned numerous league and New England championships.

“Brooks School is fortunate to have MassDevelopment as a finance partner as they help provide access to low-cost capital the school needs to continue to advance our robust academic program,” said Brooks School CFO Paul Griffin.

MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, banks, and communities to stimulate economic growth. During FY2019, MassDevelopment financed or managed 316 projects generating investment of more than $2 billion in the Massachusetts economy. These projects are estimated to create or support 9,743 jobs and build or preserve 1,992 housing units.