The Hebrew College in Boston must sell its building as part of a deal to free itself of a $32.1 million debt that threatened its existence, according to the school’s president.
Rabbi Daniel Lehman sent a letter to the college’s board members Nov. 18 telling them that the college has struck a deal with its creditor to eliminate its obligation.
As part of the agreement, Hebrew College must put up its building for sale, with the proceeds going to the creditor.
“Together with the nearly 50 percent reduction in operating expenses over the past three years, as well as changes in management and board composition, the planned resolution of our debt will pave the way for sustainable, responsible growth in the years ahead,” Lehman wrote. “We are grateful for our creditor’s willingness to work with us to reach this outcome.”