Beverly School Gets $4M Bond For New Campus Entry Building

BEVERLY, MA — MassDevelopment has issued a $4 million tax-exempt bond on behalf of the Glen Urquhart School to help finance a new building that will become the primary entry point to the school's Beverly campus.

Rockland Trust purchased the bond, which MassDevelopment said helped the school achieve a lower cost of capital. The school is using the bond proceeds to demolish an existing 2,600-square-foot storage building and replace it with a one-story, 4,000-square-foot facility with classrooms, administrative space, a conference room, reception space, restrooms and related circulation areas.

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Construction is underway, and the school expects the project to be completed in May 2027.

"MassDevelopment plays an important role in helping nonprofits and educational institutions access affordable financing for projects that allow them to grow and invest in their future," said Economic Development Secretary Eric Paley, who serves as chair of MassDevelopment's Board of Directors. "We're pleased to support Glen Urquhart School's expansion in Beverly."

MassDevelopment President and CEO Navjeet Bal said the agency partnered with Rockland Trust to deliver the tax-exempt financing.

"This new building will offer added classroom and administrative space, while creating an entry point where the school can welcome students and faculty for years to come," Bal said.

Rockland Trust also pointed to the project's role in campus infrastructure.

"As a community-oriented financial institution, we are proud to support this investment in educational infrastructure that delivers lasting social impact," said Brian Mason, senior vice president and commercial banking center manager at Rockland Trust. "By financing this initiative, we are helping create welcoming spaces that enhance student engagement, strengthen community connections, and expand opportunities for future generations."

Glen Urquhart School Head of School Gretchen Forsyth said the project reflects the school’s growth and mission.

"We are deeply grateful to MassDevelopment and Rockland Trust for their partnership in helping make this project possible," Forsyth said. "As Glen Urquhart School continues to grow and evolve, this investment reflects our commitment to providing an exceptional learning environment that advances our mission and strengthens our community.

"This new building will provide a welcoming gateway to campus while creating additional space for the joyful, hands-on learning experiences that define a GUS education."

MassDevelopment also supported Glen Urquhart School with a $5 million tax-exempt bond in 2006 to build 16,000 square feet of new classroom and administrative space.

Founded in 1977, the independent school serves students in prekindergarten through grade eight in Beverly.