BOSTON – MassDevelopment has issued a $2.8 million tax-exempt bond on behalf of The Baseball, Inc. (which does business as “The BASE”), a nonprofit that leverages sports as a vehicle to engage youth in a positive, rigorous, passionate, and success-driven environment with the goal of excellence, both on and off the field, ensuring that each student athlete graduates from high school and is equipped with a winning game plan for life.
The BASE used bond proceeds and funds raised from local philanthropies to buy a building at 150 Shirley St. in Boston’s Roxbury neighborhood, which it previously leased, as well as an adjacent parcel of land that will be used for parking. Eastern Bank purchased the bond, which helped The BASE achieve a lower cost of capital.
“MassDevelopment is proud to help The BASE cement its place in the Roxbury neighborhood, which will help them continue their investments towards the quality of life and growth of this community and its young residents,” said MassDevelopment Deputy Director and Senior Executive Vice President Marcos Marrero. “We thank Eastern Bank for partnering with us once again to deliver low-cost, tax-exempt financing for an important transaction that will impact many lives for the better.”
“Eastern Bank is proud to work with MassDevelopment to help The BASE secure buying its Roxbury headquarters at a lower cost of capital,” said Eastern Bank Senior Vice President and Relationship Manager of Community Development Lending Lisa Sheehan. “Owning the property plays an important role in The BASE’s mission, providing it with greater flexibility to sustain the necessary space for urban student athletes to develop life-long skills to succeed.”
“Our team at The BASE is truly excited for this opportunity to own our facility,” said The BASE President and CEO Steph Lewis. “We are grateful for MassDevelopment and Eastern Bank for providing the necessary financing, and for the individuals and foundations whose generous support also made this purchase possible. As a result, in the years ahead we will be able to expand our programs and serve thousands more young people and families from Roxbury and across Greater Boston.”
Founded in 2013, The BASE is working to shift the national mindset about urban youth and create new pathways to promote their success. Headquartered in Roxbury, The BASE operates in Greater Boston and Chicago, Ill. The BASE provides student athletes with year-round, athletic and academic training, access to college fairs and showcases, professional visits, and academic scholarships available through partnerships with several colleges and universities throughout the country. Through its programs, leagues, and events, The BASE serves more than 1,300 youth each year.
MassDevelopment, the state’s development finance agency and land bank, works with businesses, nonprofits, banks, and communities to stimulate economic growth across the Commonwealth. During FY2024, MassDevelopment financed or managed 349 projects generating investment of more than $3.5 billion in the Massachusetts economy. These projects are estimated to create or support 22,426 jobs and build or preserve 1,754 housing units.
