MassDevelopment Helps the Fessenden School Replace 100-Year-Old Dining Center
MassDevelopment, J.P. Morgan Provide $11.7 Million Tax-Exempt Bond for Key Investment in School’s Newton Campus
July 15, 2026
Kiara Ford, 978-844-1380
kford@massdevelopment.com
NEWTON, Mass. – MassDevelopment issued an $11.7 million tax-exempt bond on behalf of The Fessenden School to help the school build and equip a new dining center on its Newton campus. The tax-exempt bond, purchased by J.P. Morgan, helped The Fessenden School achieve a lower cost of capital.
The approximately 19,700-square-foot building will replace an existing, outdated dining center built more than 100 years ago. Construction began in June 2025 and the school expects it to be completed in summer 2026.
"MassDevelopment helps organizations across Massachusetts make investments that strengthen communities and support economic growth," said Economic Development Secretary Eric Paley, who serves as Chair of MassDevelopment's Board of Directors. "We're pleased to support The Fessenden School's new dining center, an investment that will serve students and faculty for many years to come."
“MassDevelopment’s tax-exempt bond financing program supports nonprofits across Massachusetts as they renovate or expand to meet their mission,” said MassDevelopment President and CEO Navjeet Bal. “We are pleased to work with J.P. Morgan to help The Fessenden School invest in its Newton campus with a new, state-of-the-art dining center for the benefit of students, faculty, and staff.”
“J.P. Morgan is proud to support The Fessenden School and MassDevelopment on this bond financing, which will help ensure Fessenden can continue delivering its mission and provide a positive experience for students for generations to come,” said Jack Williamson, Commercial Banker on the Healthcare, Higher Ed and Not-for-Profit team at J.P. Morgan.
“This project is a significant priority for the School and will support Fessenden students for generations to come,” said Mike Grossman, Chief Operations Officer of The Fessenden School. “The new dining center will enable the School to further develop our family-style dining program to ensure that we continue to meet the nutritional and dietary needs of our diverse student and adult population. We are grateful to MassDevelopment for their partnership.”
Founded in 1903, The Fessenden School is an independent boys school offering a day program for students in pre-kindergarten through grade nine and a junior boarding school program for students in grades five through nine. Fessenden balances an expansive and challenging curriculum with character education that is rooted in core values of honesty, compassion, and respect. The school has an enrollment of approximately 550 students hailing from 13 countries, 15 states, and 30 cities and towns within Massachusetts.
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.