Rockland Trust Deliver $4 Million Tax-Exempt Bond to Help Glen Urquhart School

July 22, 2026

Kiara Ford, 978-844-1380
[email protected]

BEVERLY, Mass. - MassDevelopment issued a $4 million tax-exempt bond on behalf of Glen Urquhart School Inc. to build a new state-of-the-art facility that will serve as the primary entry point to the school's Beverly campus. Rockland Trust purchased the tax-exempt bond, which helped the school achieve a lower cost of capital.

The school is using bond proceeds to demolish an existing 2,600-square-foot storage building and replace it with a one-story, 4,000-square-foot facility featuring classrooms, administrative space, a conference room, reception space, restrooms, and related circulation areas. Construction is underway and the school expects it 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 is pleased to partner with Rockland Trust to deliver tax-exempt financing for Glen Urquhart School," said MassDevelopment President and CEO Navjeet Bal. "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."

"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, 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."

"We are deeply grateful to MassDevelopment and Rockland Trust for their partnership in helping make this project possible," said Gretchen Forsyth, Head of School, Glen Urquhart School. "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 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, Glen Urquhart School is an independent school serving students in prekindergarten through grade eight, where joyful, hands-on learning inspires curiosity, confidence, and purpose. Rooted in a progressive educational philosophy, the school combines academic rigor with experiential learning, outdoor education, and strong relationships to help students become engaged and curious stewards of the world around them.

MassDevelopment, the state's development finance agency and land bank, delivers financing solutions, real estate expertise, and other assistance to strengthen and grow the Massachusetts economy. We partner with businesses, nonprofits, developers, banks, and municipalities, providing resources to help create jobs, build housing, and foster vibrant communities across the state. During FY2025, MassDevelopment financed or managed 409 projects generating investment of more than $4.65 billion in the Massachusetts economy. These projects are estimated to create or support 25,246 jobs and build or preserve 2,867 housing units.