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Wentworth to use $70M in bonds to build residence hall

Posted by Johanna Kaiser  March 5, 2013 09:53 AM

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MassDevelopment, the state’s finance and development agency, announced Tuesday it has issued $69,865,000 in tax-exempt bonds to Wentworth Institute of Technology.

The school will use the bonds to help pay for a new residence hall on its campus along Huntington Avenue.

“The opportunity to live on-campus has a direct positive impact on students’ academic success as well as on the quality of their lives,” Zorica Panti, president of Wentworth, said in a statement. “MassDevelopment has played a key role in further growing our residential campus, allowing Wentworth to provide attractive housing options for junior and senior students.”

The new 7-story residence hall being built at 525 Huntington Ave. will house 305 students in 71 apartments. The apartments will have quality amenities to attract upperclassmen to on-campus living, the school has said.

RBS Citizens purchased the bond, and Wentworth expects the project to create more than 450 construction jobs and five permanent staff positions. The bond proceeds also refinanced a previous bond.

“With a renewed focus on manufacturing in Massachusetts, supporting schools like Wentworth that train students in this high-growth industry and other related engineering, technology, and design fields is more important than ever,” MassDevelopment president and CEO Marty Jones said in a statement. “We’re pleased this low-cost financing will help Wentworth offer more housing options for more students interested in these fields.”

MassDevelopment works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the state. During the 2012 fiscal year, MassDevelopment financed or managed 280 projects generating investment of more than $2.3 billion in the Massachusetts economy. These projects are projected to create more than 12,000 jobs and build or rehabilitate 900 residential units.

E-mail Kaiser at Johanna.yourtown@gmail.com. For more news about your city, town, neighborhood, or campus, visit boston.com’s Your Town homepage.

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