Nichols College and Webster Five Cents Savings Bank
Partner on $3.5 Million Private Bond Issuance
In a private bond placement between Nichols College and Webster Five Cents Savings Bank, Nichols Board of Trustees approved borrowing $3.5 million to construct a 61-bed residence for fourth-year students. The Massachusetts Health and Educational Facilities Authority (HEFA) facilitated the low-cost, tax-exempt financing for Nichols.
"Nichols College is an important educational resource for our community, and we're pleased to be able to provide tax-exempt bond financing to them for the construction of their new dormitory," says Bernard P. Gagnon, Webster Five Vice President and Business Lending Officer. "Webster Five is committed to the community and the businesses within it, and we're always looking for ways to support them and their endeavors."
"This capital project is important for our sustained growth," comments Vice President of Administration Susan K. Tellier. "Webster Five has been our banking partner since 2001, and we would like to sincerely thank Bernie Gagnon for his steadfast support and ensuring that the deal was finalized on July 10th."
The residence hall for senior students will be built on the existing lacrosse field on Center Road and feature apartment-style accommodations in two layouts: 2 bedroom/1 bath or 4 bedroom/2 baths. Each suite will have a full kitchen and living area. It is scheduled for occupancy in fall 2008.
Nichols incoming class of first-year students is the largest in the history of the College. Soaring applications for its career-focused business education and resulting benefits, have resulted in a housing crunch: One in ten Nichols alumni is a CEO, president or business owner. In 2006, over 96% of Nichols grads were employed in their field of interest with an average starting salary around $40,000.