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Groundbreaking 132 Ipswich Street

(BOSTON—May 9, 2013) The Boston Conservatory, the oldest performing arts conservatory of its kind in the nation, will hold a ceremonial groundbreaking

at 132 Ipswich Street on Thursday, May 16 at 2:30 p.m. Boston Conservatory President Richard Ortner will host, and other dignitaries are expected to be in attendance.
The Conservatory purchased the property at 132 Ipswich Street in January 2012. Located directly across from Fenway Park, just 1,000 feet from the school's main building at 8 The Fenway and visible from the Mass Turnpike, the new building will house crucial new teaching and studio work space to accommodate the long-term needs of the Conservatory as it approaches its 150th anniversary in 2017.
"As a multi-disciplinary performing arts conservatory, our highly specialized curriculum requires equally specialized studios and teaching spaces," says Ortner. "This project addresses many current needs and also makes provisions for future development. It strengthens our presence in the Fenway community and breathes new life into an area that has long been under-utilized."
Financing for the project was made possible by MassDevelopment, First Republic Bank and Zions Bank. MassDevelopment issued a $24.5 million tax-exempt bond on behalf of the Conservatory in November of 2011 to purchase and develop the 132 Ipswich property, as well as to refinance a previous bond. First Republic Bank purchased the bond, providing a tax-exempt debt structure. Underwriting and consulting to the Conservatory was provided by Zions Bank. First Republic subsequently provided a $7 million taxable term loan in May, 2013 to help bridge campaign proceeds related to fundraising efforts for the building.

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