MassDevelopment Financing Helps St. John's Prep Create New Student Commons

July 09, 2026

Kiara Ford, 978-844-1380
kford@massdevelopment.com

DANVERS, Mass. – MassDevelopment issued a $25 million tax-exempt bond on behalf of St. John’s Prep to renovate and convert the Memorial Dining Hall on its Danvers campus into a larger, state-of-the-art student commons. Salem Five Bank purchased the tax-exempt bond, which helped the school achieve a lower cost of capital.

Built in 1926 to serve a much smaller student body, Memorial Dining Hall currently operates beyond capacity. The new student commons will feature an expanded and modernized kitchen, a dedicated dining area for faculty and staff, relocated offices, and flexible spaces for programming, mentoring, and informal connection. St. John’s Prep expects construction to be completed in time for the 2027-28 school year.

"Strong schools help strengthen our economy by preparing the next generation of leaders, innovators and skilled workers," said Economic Development Secretary Eric Paley, who serves as Chair of MassDevelopment's Board of Directors. "This investment gives St. John's Prep the modern space it needs to support students today while strengthening a campus that has served the North Shore community for generations."

“MassDevelopment is pleased to partner with Salem Five Bank to deliver tax-exempt financing for St. John’s Prep,” said MassDevelopment President and CEO Navjeet Bal. “This project will transform a 100-year-old dining hall into a new, state-of-the-art building where students can learn and grow for decades to come.”

“Salem Five was proud to partner with MassDevelopment on this transformative project for our long-time customer, St. John’s Prep,” said Kevin Rourke, Senior Vice President and Head of Commercial Banking at Salem Five Bank. “Seeing the new student commons come to life reflects what we value most—helping our customers achieve their goals and invest in their future.”

"The Memorial Student Commons represents our commitment to creating spaces that strengthen relationships and support the formation of young men," said Edward Hardiman, Ph.D., Head of School at St. John’s Prep. "For nearly 100 years, Memorial Dining Hall has been a gathering place for our community. This transformation honors that legacy while creating a vibrant center where students can connect with one another and experience the relationship-centered environment that is at the heart of a St. John's Prep education."

MassDevelopment supported St. John’s Prep with a $17 million tax-exempt bond in 2019 to help the school upgrade the roof of its Xavier Hall and replace its turf playing field.

Founded in 1907, St. John's Prep is a Catholic, Xaverian Brothers-sponsored school for young men in grades six through 12. With a 175-acre campus that includes 10 academic, co-curricular, and athletic buildings, the school enrolls approximately 1,500 students from more than 90 communities.

MassDevelopment, the state’s development finance agency and land bank, delivers financing solutions, real estate expertise, and other assistance to strengthen and grow the Massachusetts economy. We partner with businesses, nonprofits, developers, banks, and municipalities, providing resources to help create jobs, build housing, and foster vibrant communities across the state. During FY2025, MassDevelopment financed or managed 409 projects generating investment of more than $4.65 billion in the Massachusetts economy. These projects are estimated to create or support 25,246 jobs and build or preserve 2,867 housing units.