MassDevelopment issues $27.72m tax-exempt bond to Pioneer Charter School - bond purchased by Salem Five

Saugus, MA MassDevelopment has issued a $27.72 million tax-exempt bond, enhanced with a mortgage insurance guarantee, on behalf of Pioneer Charter School of Science II (PCSS), a public charter school 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 53,217 s/f 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 high-quality learning opportunities that prepare 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 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.”

The Pioneer Charter School of Science is an established public charter school network with a first-rate track record for academic success. Founded in 2007 in Everett as a tuition-free college preparatory school, the Pioneer Charter School of Science places emphasis on mathematics and science. PCSS-I, currently located in Everett, and PCSS-II, which opened in 2013 in Saugus, are regional schools drawing students from neighboring towns in Greater Boston and the North Shore, respectively.

“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 PCSS. 

“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.”