New construction coming to St. Andrew's School

$20 million bond will pay for new residence hall, more

Posted 11/12/18

St. Andrew's School is planning to build a new residence hall, a faculty housing facility, and make renovations to existing buildings on the school's Barrington campus.

According to a recent …

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New construction coming to St. Andrew's School

$20 million bond will pay for new residence hall, more

Posted

St. Andrew's School is planning to build a new residence hall, a faculty housing facility, and make renovations to existing buildings on the school's Barrington campus.

According to a recent press release, the Rhode Island Health and Educational Building Corporation has issued $20 million in educational facility revenue bonds on behalf of St. Andrew's School. The tax-exempt bonds closed on Wednesday, Oct. 31.

The money will be used to finance capital projects at the local private school, including the construction of a 40-bed student residence hall, a 12-unit faculty housing facility, "and the renovation and equipping of other existing school facilities located on the campus."

The release also stated that proceeds of the bonds were used to refund the school's RIHEBC Series 2013 bond issue.

St. Andrew's School's most recent construction was in 2014 for Bill's House — a dormitory that features dozens of rooms for boarding students. The residence hall cost $4.2 million to construct and is located along the northeastern edge of the campus. School officials conducted a capital campaign to raise money for the residence hall, which is named after Sandy and Dotty McCulloch's late son, Bill. Mr. and Mrs. McCulloch have been longtime contributors to St. Andrew's School.

Today, St. Andrew's has evolved into a college-prep day-boarding school with an enrollment of 223 students and a campus consisting of 70-plus acres and 33 building facilities.

The Rhode Island Health and Educational Building Corporation is Rhode Island's largest municipal and non-profit financing entity, with more than $8.7 billion in bonds issued over the past 52 years. Its mission is to assist eligible borrowers to secure funding for capital projects, especially tax-exempt debt financing. Eligible borrowers include municipalities, public school districts, and public and private nonprofit educational and healthcare organizations. 

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