Chestnut Hill, MA – MassDevelopment has issued a $16.5 million tax-exempt bond on behalf of the Brimmer and May School (Brimmer), an independent day school in Chestnut Hill serving students in pre-K through grade 12.
Brimmer will use proceeds to demolish an outdated gymnasium on the school’s campus and in its place build a new approximately 26,000sf recreation and wellness center that will feature a basketball gymnasium, classrooms, locker rooms, and nurse and trainer offices. The tax-exempt bond, purchased by 233 Genesee Street Corporation, a subsidiary of M&T Bank, helped Brimmer achieve a lower cost of capital.
“Development is a team sport, and we’re glad to have teamed up with the Brimmer and May School to invest in the physical growth, health, and well-being of its students,” said MassDevelopment deputy director and senior executive vice president, Marcos Marrero. “By partnering with banks like M&T Bank, MassDevelopment can deliver tax-exempt financing for independent schools working to score improvements or expand their campuses.”
Founded as the Brimmer School in 1887 and the May School in 1880, these two schools merged in 1939. In 1954, The Brimmer and May School moved to its current seven-acre campus in Chestnut Hill and became fully co-educational in 1992. Today, the Brimmer and May School has three divisions (Lower School, Middle School, and Upper School) and serves approximately 400 students.
“The development of our new athletic facilities represents a transformational step forward for Brimmer and May School, enabling us to continue providing an exceptional educational experience for students and families in the Greater Boston area,” said Brimmer and May School chief financial officer, Julian Hickman. “These new facilities will bring many benefits to Brimmer and May School and the surrounding community: the ability to host concurrent practices, much-needed spectator space, increased fitness offerings, and four additional classrooms to better meet our academic scheduling needs. As a new venue that will be able to host the entire student body as well as provide versatile event space for community gatherings, this project strengthens our commitment to holistic student development and enriches the overall Brimmer experience. Head of School Judith Guild and I are deeply grateful for the generous support we have received from the Brimmer community, as well as our partners at M&T Bank and MassDevelopment for their invaluable collaboration in bringing this vision to life.”
