February 2026 31

Peabody, MA – MassDevelopment has issued a $ 27,720,000 tax-exempt bond, enhanced with a mortgage insurance guarantee, on behalf of Pioneer Charter School of Science II( PCSS), a public charter school in Saugus serving students in kindergarten through grade 12. PCSS used the bond proceeds to buy adjoining lots in Peabody and Danvers on which it is building and equipping a new 53,217sf modular-built campus to serve students in kindergarten through grade eight.

As a result of this project, the school expects to increase its enrollment capacity from a current total of 621 students to 858 students across both the new campus and its existing Saugus campus. Once complete, the new campus will feature a total of 39 classrooms, including six special education and English Language Learning classrooms, 14 offices, labs, art and music rooms, a gym, and a cafeteria. Construction began in November 2025 and is expected to be completed by August 2026. The tax-exempt bond, purchased by Salem Five, helped the borrower achieve a lower cost of capital.

“ Pioneer Charter School of Science II has made it its mission to deliver highquality learning opportunities that prepare

The new campus at 67 Pulaski St. in Peabody / Rendering courtesy of Pioneer Charter School of Science II

students for the future,” said Economic Development Secretary Eric Paley, who serves as chair of MassDevelopment’ s board of directors.“ Our economy and our workforce are made stronger thanks to the state’ s network of educational institutions that nurture our young learners.”

“ MassDevelopment is pleased to partner with Salem Five to deliver tax-exempt financing for Pioneer Charter School of Science II,” said MassDevelopment president and CEO, Navjeet Bal.“ This new, state-of-the-art campus will offer students and faculty a learning environment that can foster growth and opportunity for years to come.”

“ I commend MassDevelopment for its leadership in supporting projects that bring long-term value to our community and other communities across the Commonwealth,” said Danvers town manager, Jill Cahill.“ Danvers is pleased to serve as the host community for this development and grateful for the agency’ s commitment to strengthening local infrastructure and opportunity.”

“ Salem Five is honored to play a role in financing this milestone for PCSS and supporting its vision for growth,” said Salem Five Bank senior vice president, Cheryl DeLorenzo.“ This achievement reflects the collaborative efforts of PCSS, MassDevelopment, and Salem Five working together to advance PCSS’ s mission of expanding educational opportunities that will enrich the community for years to come.”

“ We are grateful to the team at MassDevelopment for their partnership in helping us turn our vision for a vibrant, state-of-the-art campus into reality,” said Barish Icin, CEO of Pioneer Charter School of Science.“ This new campus will allow us to serve even more students and provide them with the strong academic foundation they need to become successful professionals and exemplary members of their communities.”

Hopkinton, MA – MassDevelopment has issued a $ 2,520,000 tax-exempt bond on behalf of Baypath Humane Society of Hopkinton, Inc. Baypath is using bond proceeds to build a new 8,200sf facility located at 90 Fruit St. in Hopkinton, a five-acre town-owned parcel leased to the nonprofit through 2077.

The project addresses critical space limitations that have long constrained Baypath’ s ability to meet growing animal welfare and community needs. The new facility will feature expanded capacity for dogs and cats, dedicated medical space, increased workspace for staff and volunteers, and a multipurpose room for training and education. The organization will also maintain its existing 1,700sf facility, located at 500 Legacy Farms North in Hopkinton, as an isolation facility for out-of-state cats and dogs entering Massachusetts. Construction of the new facility began in September 2025 and is expected to be completed by early fall 2026. The tax-exempt bond, purchased by UniBank, helped the borrower achieve a lower cost of capital.

“ This new facility will enhance the capacity of Baypath Humane Society of

Baypath Humane Society- construction progress / Photo courtesy of Baypath Humane Society of Hopkinton

Hopkinton, a team dedicated to caring for animals in need,” said Economic Development Secretary Eric Paley, who serves as chair of MassDevelopment’ s board of directors.“ We are glad to see taxexempt financing from MassDevelopment and UniBank support this project, which will allow for greater community participation and a higher quality of life for local animals.”

“ MassDevelopment is pleased to support Baypath Humane Society of Hopkinton as it builds a new, state-ofthe-art facility that will advance animal welfare in Central Massachusetts for years to come,” said MassDevelopment president and CEO, Navjeet Bal.“ We are grateful for our banking partner in UniBank, making tax-exempt bond financing possible for this critical nonprofit organization.”

“ Baypath has been an important part of the Hopkinton community for many years, and it is exciting to see them grow and develop the new facility,” said Hopkinton town manager, Elaine Lazarus.“ The town was pleased to provide support by leasing the land to Baypath for the new shelter, and looks forward to our continued partnership.”

“ We are honored to be a part of the Baypath Humane Society’ s expansion project as they do great work for the Hopkinton and Central MA regions and their good and important mission aligns with our mission of doing good for the community,” said Michael Welch, CEO of UniBank.

Baypath Humane Society of Hopkinton was founded in 1977. It provides shelter, care, and enrichment to animals in need; helps animals find loving homes; and promotes well-being through outreach, education, and partnerships. In 2025, more than 850 animals entered into Baypath’ s care, with 230 volunteers giving 14,500 hours to support animals in need.

“ This investment ensures Baypath can continue showing up for animals and the people who love them— today and for decades to come,” said Elizabeth Jefferis, executive director of Baypath Humane Society of Hopkinton.“ Our new facility will give us the space and tools to respond to increasing local demand and deepen our partnerships across Hopkinton and beyond. We are incredibly thankful to MassDevelopment, UniBank, and town leadership for supporting this milestone for our community.”

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