Success Stories by Industry
Businesses
Biomedical Research Models, Inc.
Biomedical Research Models, Inc. (BRM) received a $700,000 guaranty from the Emerging Technology Fund which allowed it to hire additional staff and expand their growing operations.
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First Light Diagnostics
MassDevelopment provided a $2.5 million Emerging Technology Fund loan to First Light Diagnostics, Inc., a Chelmsford company that develops automated medical diagnostic systems for rapid and cost-effective diagnosis and treatment of life-threatening multidrug-resistant infections.
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Gloucester Marine Railway
Gloucester Marine Railway is the oldest continuously operating shipyard in the country. An integral part of the city’s fishing industry, it needed funding to modernize a pier essential to its operations.
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Lexington Medical
Lexington Medical Inc. manufactures medical devices used specifically for abdominal surgery.
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Little Leaf Farms
Little Leaf Farms has taken root and is growing in Devens thanks to a $4.5 million loan and Devens land sale.
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Notch Brewing
MassDevelopment financing helped Notch Brewing buy a new brewing system and brewing tanks for its taproom near Salem’s Pickering Wharf.
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PowerHouse Dynamics
Powerhouse Dynamics develops energy management systems for small businesses and homes.
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Quiet Logistics
MassDevelopment has provided up to $2.5 million in term financing from the Emerging Technology Fund to Scenic Technology Corporation, which does business as Quiet Logistics, a robotic fulfillment-to-consumer provider in Andover.
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Tree House Brewing Company
MassDevelopment issued a $7,740,000 tax-exempt bond on behalf of Monson-based Tree House Brewing Company, helping finance the company’s new brew house.
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Vyasa Analytics
Vyasa Analytics received a $1.8 million Emerging Technology Fund loan from MassDevelopment to hire additional employees and build out its infrastructure in Massachusetts.
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Zylotech
MassDevelopment issued a $500,000 Emerging Technology Fund loan to Zylotech, an AI-driven customer analytics company in Cambridge’s Kendall Square neighborhood.
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Developers
City Place
A loan from MassDevelopment helped this developer complete his project and create jobs in a recovering community.
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Harding Green
Harding Green is a planned development project in Worcester. The developers, Canal District Partners, needed funds to transform what is now a vacant dirt lot into a hub of housing, retail, and culinary delights.
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Myles Standish Industrial Park
The expansion of Myles Standish Industrial Park will result in thousands of new jobs and millions of dollars in additional tax revenue for the City of Taunton.
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Pepperell Place
MassDevelopment provided a $2.25 million loan to Lexvest Chapel LLC to redevelop office and industrial space at 20 Mill Street in Pepperell.
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Riverwalk Properties
Riverwalk Properties provided a space for new tenants who are helping revitalize the city of Lawrence.
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Station Lofts, Brockton
Capstone Communities needed financing to transform a historic industrial building near an MBTA commuter rail stop into residential loft space in downtown Brockton.
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The Neighborhood Developers
MassDevelopment issued a $5.8 million tax-exempt bond on behalf of The Neighborhood Developers to help preserve, renovate, and build 52 affordable housing units in Chelsea and Revere.
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Worcester T&G Building
The historic Telegram & Gazette building is now home to Quinsigamond Community College, where students prepare for the future and spur economic development in the heart of downtown Worcester.
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Housing
10 Congress Street LLC
10 Congress Street LLC is using a $487,350 Brownfelds Remediation loan to remediate any residual contamination remaining at a four-acre waterfront property in Beverly. The site is being redeveloped by Procopio Companies into a 62-unit, market-rate apartment complex with a public boardwalk along the water.
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87 Washington LLC
MassDevelopment provided $5.6 million in loans to 87 Washington LLC for the renovation of a long-vacant, four-story brick building in downtown Haverhill. The Granville building will incorporate retail on the frst foor and 24 market-rate apartments above.
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Amesbury, Lynn and Lowell
New housing units were needed in Amesbury, Lynn, and Lowell. MassDevelopment had both the financing and real estate expertise to construct and convert buildings into 114 housing units.
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Bradstreet Partners LLC
Financing from MassDevelopment will help Bradstreet Partners, LLC transform an underused property in downtown North Andover into a vibrant hub of retail and residential activity.
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D'Youville Life & Wellness Community
D’Youville Life & Wellness Community built a 60-unit affordable assisted living facility in Lowell.
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New Verdean LLC
A MassDevelopment bond financed the renovation of New Bedford’s Verdean Gardens, a 110-unit multifamily rental housing facility in New Bedford with 56 affordable housing units.
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Ships Cove Preservation Partners
MassDevelopment issued a tax-exempt bond to help a developer preserve and renovate 201 affordable housing units in Fall River.
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The Lofts at City Place
MassDevelopment provided a $5 million loan to convert an abandoned 88,000-square-foot former mill building into 51 much-needed housing units and 10,000 square feet of commercial space in downtown Leominster.
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Manufacturers
Berkshire Sterile Manufacturing
The biopharma start-up turned to MassDevelopment for financing to buy and renovate a 116,000-square-foot building in Lee and acquire new drug manufacturing equipment.
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Cumar
Cumar is one of New England’s leading manufacturers of fine architectural stone. The company wanted to expand its Everett manufacturing facility but lacked adequate resources.
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DAHlicious
Yogurt manufacturer DAHlicious was able to move into and equip a 5,000-square-foot facility in Leominster.
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Fancypants Baking Company
Fancypants Bakery makes specialized cookies for clients like Whole Foods and SuperTarget. To take advantage of exploding demand, the company needed a larger space and new equipment.
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Fleet Machine Co.
Fleet Machine, an advanced manufacturing company located in Gloucester, needed funds to purchase a CNC horizontal machining center.
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Fusion Optix
MassDevelopment provided a $1.5 million Emerging Technology Fund loan to Fusion Optix, a Woburn company that develops, manufactures, and sells energy-efficient lighting products.
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Great Marsh Brewing Company
Great Marsh Brewing Company is using a $5 million tax-exempt bond issued by MassDevelopment to build and equip a brewery at 99 and 103 Main Street in Essex.
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Greentown Labs
With assistance from MassDevelopment, Somerville’s Greentown Labs expanded its ability to create and support relationships between startup companies and local manufacturers.
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Jacqueline’s Gourmet Cookies
Ready to expand, this Salem bakery needed funds to purchase equipment and make improvements.
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Pilot Precision Products
DuMONT Minute Man® Industrial Broaches and Hassay Savage merged to become one manufacturing entity: Pilot Precision Products. With the help of a $2.8 million tax-exempt bond, its owner was able to purchase 2.87 acres of land and construct and equip a new 24,000-square-foot manufacturing facility in Deerfeld.
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Pro Pel Plastech, Inc.
Providing recycled plastic for plastics manufacturers throughout New England, Pro Pel needed a loan to install a solar panel system on the roof of its manufacturing facility.
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Southbridge Associates, LLC
Southbridge Associates owns the Southbridge Business Center and needed funds to refurbish a building for a growing tenant.
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Valley Venture Mentors
A Manufacturing Futures Fund grant allowed a Springfield-based incubator to launch a professional training program for Massachusetts manufacturers.
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Municipalities
Apollinaire Theatre Company
A grant from MassDevelopment’s TDI Cowork Program helped the Apollinaire Theater Company fit out storefront space, revitalizing Chelsea’s creative economy.
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City of Gardner
MassDevelopment provided $490,475 from the Brownfields Redevelopment Fund to rehabilitate the former Orpheum Theater Block, which Gardner city officials had identified as a priority for redevelopment in the city’s 2011 Downtown Urban Renewal Plan.
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City of Holyoke
Aegis Energy Services, a local manufacturer, will expand its operations on the rehabilitated site of a former paper factory in Holyoke.
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City of New Bedford
MassDevelopment partnered with New Bedford to produce a baseline economic assessment and strategic development plan for the city’s downtown.
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City of Taunton
MassDevelopment worked with the City of Taunton on an urban design and financial analysis plan that aims to enhance the economic viability of Downtown Taunton and change perceptions that the area is unsafe.
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Dudley Greenville LLC
Dudley Greenville LLC is using tax-exempt financing to build affordable, multifamily housing in Roxbury’s Dudley Square.
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Malden / Everett TAP
Malden and Everett needed to figure out how to overcome industrial mixed-use development issues and launch economic growth.
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Nokode Holdings
A predevelopment loan to Nokode Holdings for architectural and engineering studies led to a mill renovation in Lowell.
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Northeast Arc
An innovative new café in Peabody’s Transformative Development District is creating jobs for people with physical and intellectual challenges, thanks to a TDI placemaking grant.
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Town of Orange
MassDevelopment partnered with the civic crowdfunding platform Patronicity to provide a matching grant to the Town of Orange to build a pocket park.
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Town Shrewsbury
The Town of Shrewsbury received a $50,000 real estate technical assistance award for a study focusing on its town center. The study outlined a series of strategies to strengthen the commercial district.
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Village Hill Northampton
MassDevelopment continues to oversee the development of Village Hill Northampton, a 126-acre master-planned community based on New Urbanist principles.
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Nonprofits
Cape Abilities
Cape Abilities, a human services nonprofit in Hyannis, provides individuals with disabilities with job placement, training, life skills, and residential programming. Using MassDevelopment loan funds, the agency was able to buy and renovate a group home in Barnstable.
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College of Our Lady of the Elms
The College needed funds to build a 22,000-square-foot facility, renovate an administrative building, and refinance an existing bond.
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Cooperative Production, Inc.
Cooperative Production, Inc. is a nonproft organization that is dedicated to assisting individuals with developmental and other disabilities, including brain injuries.
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Dean College
To accommodate its growing student body, Dean College turned to MassDevelopment for assistance to create more housing and retail space.
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The Dimock Center
MassDevelopment provided Boston’s Dimock Center with an $11 million New Markets Tax Credit allocation to finance the renovation of its detoxification center for alcohol and substance abuse recovery. The renovation will add 12 beds to the Center and allow it to serve 1,000 more clients annually.
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Harbor Health Services
Harbor Health Services used a $12,940,540 MassDevelopment financing package to transform a former temple building in Brockton into a 27,000-square-foot space for the organization’s Program of All-Inclusive Care for Elders.
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Holyoke Medical Center
MassDevelopment issued a $15 million tax-exempt bond and provided a $10 million New Markets Tax Credit allocation to help finance a two-story addition to Holyoke Medical Center (HMC). HMC estimated the project would create 25 permanent jobs and 70 construction jobs.
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More Than Words
More Than Words, a nonprofit social enterprise, prepares vulnerable youth to be responsible, productive members of the community by empowering them to run a bookselling business.
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Merrimack Valley YMCA, Inc.
MassDevelopment helped the Merrimack Valley YMCA double the size of its Andover facility for new health programs and equipment.
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Perkins School for the Blind
Perkins, located in Watertown, works to enrich the lives and futures of children who are visually impaired, blind, deafblind, or have additional disabilities. To advance its mission of fostering access and inclusion through education, the school needed funds for a range of vital updates and improvements.
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Sturgis Charter Public School
Ranked #1 in the state, Sturgis Charter Public School needed financing to build a second facility to meet growing student demand but could not get more help from its bank alone.
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The Home for Little Wanderers
The Home for Little Wanderers offers vital services to help vulnerable families and children and needed a low-cost way to expand its campus in Walpole, fund new programs, and hire new teachers.
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Way Finders
A $6.96 million tax-exempt bond is helping Way Finders buy land in Springfeld and build a new community impact housing center and administrative headquarters at the former Peter Pan Bus Lines station.
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William James College
MassDevelopment issued an $18.4 million tax-exempt bond on behalf of William James College in Newton, allowing the college to expand its campus and create 15 permanent jobs.
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