BOSTON–MassDevelopment has issued a $16.4 million tax-exempt bond on behalf of Lexington Christian Academy Inc., a private, Christian college preparatory school in Lexington. The school used bond proceeds to buy a 52,000-square-foot building it previously leased from Lexington Prep School Inc., and to refinance existing debt. Cambridge Savings Bank bought the bond.
“MassDevelopment is committed to supporting the Commonwealth’s unparalleled educational institutions, and we are pleased to assist Lexington Christian Academy,” said MassDevelopment Executive Vice President of Finance Programs Laura Canter. “The new building will allow the school to continue to instill values of respect, honesty, and collaborative learning in its students.”
Lexington Christian Academy, established in 1946, serves 310 students grades 6-12 from a variety of backgrounds. The school’s curriculum includes courses in arts, sciences, and Christian studies, all of which are taught in a manner that cultivates critical thinking. Lexington Christian Academy has been fully accredited since 1967 by the New England Association of Schools and Colleges, and stands as the oldest Christian preparatory school in the greater Boston area.
“The purchase of the LCA North Campus property is an exciting opportunity for Lexington Christian Academy. We can now expand our offerings and serve a greater range of students. It provides international and domestic students with a beautiful and safe place to call home, as well as additional classroom space,” Lexington Christian Academy Director of Admission Cynthia Torjesen.
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2016, MassDevelopment financed or managed 352 projects generating investment of more than $4 billion in the Massachusetts economy. These projects are projected to create about 8,200 jobs and build or rehabilitate about 4,200 residential units.