Boston & New England CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Tax-Exempt Bond, M&T Loan Aid Whaling Museum Expansion
MassDevelopment issued a $15-million tax-exempt bond on behalf of Old Dartmouth Historical Society to significantly expand the New Bedford Whaling Museum with a new two-story welcome center and exhibition space. The project will include a new 20,500-square-foot building adjacent to the existing property at 18 Johnny Cake Hill.
Construction began in January 2026 and completion is expected in spring 2027. The tax-exempt bond, purchased by M&T Bank, helped Old Dartmouth Historical Society achieve a lower cost of capital. In addition to the tax-exempt bond, M&T Bank also provided a $5-million commercial loan.
“Massachusetts’ museums and cultural institutions are powerful drivers of tourism, economic activity and community identity,” said Economic Development Secretary Eric Paley, who serves as chair of MassDevelopment’s board of directors. “This expansion will help the New Bedford Whaling Museum welcome more visitors, share the South Coast’s extraordinary maritime history with the world and strengthen downtown New Bedford as a destination for residents and travelers alike.”
- ◦Development
- ◦Financing
