Real estate loans can be used to fund facility acquisition, renovation, construction, and permanent financing. Our real estate loan program offers:
- Loans or bank loan participations up to $5,000,000
- Construction loans, usually made in partnership with another lender
Permanent financing loans
- Multi-tenant, mixed use, commercial, industrial
- Manufacturers, small business, non-profits
For owner-occupied real estate, loan advance rates up to 90% of the property value
MassDevelopment provided a $750,000 construction-to-permanent real estate loan to Phillips Realty Trust to finance construction of a 7,500-square-foot building to house the operations of Phillips Precision, Inc. and Pitbull Clamp, Inc., manufacturers of precision metal products. The loan was enhanced with a $500,000 export loan guarantee, allowing for a loan-to-value of 83%. The new facility will enable these small, locally owned manufacturing companies to expand production for domestic and international customers.
MassDevelopment worked with Enterprise Bank to provide a $4,200,000 loan participation in an $8,400,000 construction-to-permanent real estate loan for Jeanne D’Arc Credit Union, one of the oldest credit unions in the United States, for a new headquarters facility in Lowell. At the start of the project, MassDevelopment provided a $50,000 predevelopment loan for engineering and architectural studies during the planning phase of the project.
