Lowell, MA — MassDevelopment has issued a $2,030,000 tax-exempt bond on behalf of the International Institute of New England, Inc. (IINE), a nonprofit that creates opportunities for refugees and immigrants to succeed through housing and food support, education, employment support, and legal services.
IINE will use bond proceeds to buy, renovate, and equip a new 21,000sf facility located at 585 Middlesex St. in Lowell, where the organization will relocate operations from its previous locations within Lowell. The site will serve as a permanent home for IINE, providing long-term operational stability for the organization and enhancing its ability to deliver services to community members. The tax-exempt bond, purchased by Eastern Bank, helped the borrower achieve a lower cost of capital.
“For more than a century, the International Institute of New England has been working to empower and meet the needs of immigrants and refugees in the Merrimack Valley,” said MassDevelopment president and CEO, Dan Rivera. “MassDevelopment is pleased to partner with Eastern Bank to provide tax-exempt financing as the organization builds a state-of-the-art facility where it can serve the community for many more years to come.”
“The City of Lowell is proud to welcome the International Institute of New England to its new permanent home on Middlesex Street,” said Lowell Mayor Daniel P. Rourke. “Lowell has always been a city of opportunity, built by people who came here seeking a better life. IINE’s work continues that legacy — helping newcomers build lives, careers, and futures here in our community.”
“Since IINE first opened its doors in Lowell in 1918, our organization—and the thousands of refugees and immigrants who have come through our doors—have been integral to the city’s economic and cultural fabric,” said Jeff Thielman, president and CEO of the International Institute of New England. “We are thrilled to now be putting down permanent roots, with the generous support of MassDevelopment. Together, we are creating a new home where all community members will find belonging and opportunity.”