Kingsley Montessori Uses $25 Million Tax-Exempt Bond To Buy Back Bay Budling

Special to the Sun

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 St. in the Back Bay, 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,” MassDevelopment President and CEO Dan Rivera said in a press release. “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.”

Added Jeff Rathkamp, vice president and commercial loan officer at Rockland Trust: “ “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. 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 the Back Bay neighborhood, between Commonwealth Ave and Newbury Street: the Exeter Street Building and the Fairfield Street building.

​”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,” Steve Farley, Head of Kingsley Montessori School, said in a press release. “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.”

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