BOSTON (SHNS) – Northeastern University is using revenue from a $378.5 million tax-exempt bond to build a 340,000 square foot science and engineering complex in Boston’s Fenway neighborhood.

MassDevelopment, the state’s economic development finance agency, announced Wednesday that it had issued the bond on behalf of the private university, which began building its EXP facility in July 2020 and expects to finish the project in the fall 2023. The bonds will also be used to refinance previously issued debt. The eight-story facility at 815 Columbus Ave. will feature laboratories, shared core research, makerspace, robotics facilities, faculty and administrative offices, a faculty club dining facility, and classrooms.

“The research taking place at Massachusetts’ leading colleges and universities like Northeastern is tackling society’s big challenges and driving our innovation economy,” said Housing and Economic Development Secretary Mike Kennealy, who serves as chair of MassDevelopment’s Board of Directors. “MassDevelopment empowers these institutions of higher education by offering cost-effective tax-exempt financing for major capital projects.”