Danvers St. John's Prep Awarded $25M Bond for New Student Commons

DANVERS, MA — MassDevelopment has issued a $25 million tax-exempt bond on behalf of St. John's Prep to renovate and convert Memorial Dining Hall on the school's Danvers campus into a larger student commons.

The school said the dining hall, built in 1926, was designed for a much smaller student body and now operates beyond capacity. Plans for the new student commons include an expanded and modernized kitchen, a dedicated dining area for faculty and staff, relocated offices, and flexible spaces for programming, mentoring, and informal connection.

St. John’s Prep expects construction to be completed in time for the 2027-28 school year.

"Strong schools help strengthen our economy by preparing the next generation of leaders, innovators and skilled workers," said Economic Development Secretary Eric Paley, who serves as chair of MassDevelopment's Board of Directors. "This investment gives St. John's Prep the modern space it needs to support students today while strengthening a campus that has served the North Shore community for generations."

"MassDevelopment is pleased to partner with Salem Five Bank to deliver tax-exempt financing for St. John's Prep," said MassDevelopment President and CEO Navjeet Bal. "This project will transform a 100-year-old dining hall into a new, state-of-the-art building where students can learn and grow for decades to come."

School and bank leaders also described the project as a long-term campus investment.

"Salem Five was proud to partner with MassDevelopment on this transformative project for our long-time customer, St. John's Prep," said Kevin Rourke, Senior Vice President and Head of Commercial Banking at Salem Five Bank. "Seeing the new student commons come to life reflects what we value most — helping our customers achieve their goals and invest in their future."

Head of School Edward Hardiman said the project is tied to both campus needs and school culture.

"The Memorial Student Commons represents our commitment to creating spaces that strengthen relationships and support the formation of young men," said Edward Hardiman, Ph.D., Head of School at St. John’s Prep. "For nearly 100 years, Memorial Dining Hall has been a gathering place for our community.

"This transformation honors that legacy while creating a vibrant center where students can connect with one another and experience the relationship-centered environment that is at the heart of a St. John's Prep education."

MassDevelopment previously supported St. John’s Prep with a $17 million tax-exempt bond in 2019 for upgrades to Xavier Hall's roof and replacement of the school's turf playing field.