An elite boys’ prep school located in hedge-fund capital Greenwich, Connecticut, is borrowing money to finance expansion and faculty housing.
The Connecticut Health and Educational Facilities Authority plans to sell $28 million in revenue bonds next week for the Brunswick School, which will use the proceeds to buy the 16.5-acre campus originally built for Rosemary Hall, a boarding school that opened in 1903. The acquisition will enable Brunswick to “expand its early childhood education offerings and its employee housing options,” according to preliminary bond offering documents.
It will also allow Brunswick to move its Pre School, with enrollment of 90 boys, to the new campus in fall 2024 and create a daycare for up to 50 infants to preschool-aged children. Last September, Brunswick launched a campaign to raise $130 million and as of Sept. 15 over 51% of that goal has been met, the documents say. Its previous campaign, launched in 2012, raised $106.7 million, topping its $100 million goal. In the investor roadshow for the upcoming bond sale, the school says its endowment reached a market value of $179 million as of June 30, 2023.Brunswick runs from Pre-Kindergarten through Grade 12.
Greenwich sold bonds earlier this year, and in its bond offering documents noted that the value of owner-occupied housing units in the town had a median value of $1.38 million, compared to $433,000 in Fairfield County and $279,700 in the state of Connecticut.
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