Boston and Seven City Banks Loan $7 Million to Arts for New Theatre Pavilion

News   Boston and Seven City Banks Loan $7 Million to Arts for New Theatre Pavilion
 
Boston Mayor Thomas M. Menino and the Huntington Theatre Company announced Jan. 28 that the city and seven Boston banks will unite to form a financial partnership which will ensure financing for the two new theatres at the new Theatre Pavilion.

"This is a perfect example of the public and private sectors working together to support the arts in the City of Boston," said Mayor Menino, "ensuring that Boston continues its rise in becoming a top cultural destination. "

The new 360-seat Virginia Wimberly Theatre and new 200-seat Nancy and Edward Roberts Studio Theatre — a Huntington Theatre Company and the Boston Center for the Arts joint project — will be built (at the BCA site), managed, and programmed by Huntington. The Theatre Pavilion slated to open in the fall of 2004 will be the first two new theatres to be built in Boston over 75 years.

The non-profit Huntington will maintain its mainstage home at the 890-seat Boston University Theatre. The new space allows the company a second stage for new play development programs and will also feature productions by other arts organizations.

Citizens Bank — serving as the lead agent — with Boston Private Bank and Trust, Cambridge Trust Company, Eastern Bank, Fleet Bank, Sovereign Bank, Wainwright Bank and Trust Company as well as the City of Boston are joining to provide a $7 million bridge loan to the venture.

For more information on the Huntington Theatre Company, its programs and productions, visit the website at www.bu.edu/huntington.

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