MassDevelopment has provided a $2 million loan through the Emerging Technology Fund to Shrewsbury's Advanced MicroSensors Corporation, a manufacturer of custom-made microsensors used in applications for cell phones, automobiles, and medical devices. Advanced MicroSensors largest application provides GPS capabilities to cell phones. The company will use the proceeds of the loan to purchase new capital equipment to upgrade its manufacturing and production capabilities. Other recent ETF closings include a $1,687,500 loan to T2 Biosystems in Lexington to purchase new equipment and facility upgrades; a $1,445,000 loan to ConforMIS, Inc. in Burlington to purchase new equipment; and a $630,000 loan to ECI Biotech in Worcester to support the company's commercialization of its first wound care product.
The ETF targets technology-based businesses that are starting or expanding manufacturing in Massachusetts. The Fund focuses on companies that are ready to transition from research and development to production, providing loans for manufacturing facilities or equipment.
MassDevelopment provided two loans - $255,000 under the Manufacturing Growth Initiative and $250,000 through the Southeast Regional Loan Fund - to Immunetics, Inc., of Boston. Loan proceeds will help finance the manufacture and launch of its BacTx® rapid test for detecting bacterial contamination in platelets. A 70 percent guarantee from MassDevelopment's Export Development Fund will support the loans. Immunetics exports to a number of destinations in Europe, Africa, Mexico, Canada, and India. Immunetics, Inc. offers state-of-the-art assay technology for infectious disease diagnosis and pathogen detection.
Westford Solar, LLC, developer of the Westford Solar Park, is building Massachusetts' largest privately-owned solar power plant on 22 acres in Westford. The $23 million, 4.5 Megawatt solar panel field will produce electricity to power more than 600 homes. MassDevelopment issued the $5.8 million QECB on behalf of Westford Solar, LLC, and Cambridge Savings Bank purchased the bond. Bond proceeds will be used for the purchase of equipment and the installation of a 2.2 Megawatt solar photovoltaic array. Another 2.2 Megawatt solar array will be added as Phase II and financed separately. Westford Solar is a partnership between Cathartes Private Investments, a private real estate developer, and Nexamp, a leading solar developer, builder, owner, and operator of distributed and utility-scale solar projects.
MassDevelopment issued a $3,062,956 Qualified Energy Conservation Bond (QECB) on behalf of Scituate Wind, LLC, to develop, finance, and operate a wind power project in Town of Scituate, which is being co-developed by Palmer Capital Corporation and Solaya Energy, LLC. The company will use bond proceeds to construct a 1500kW wind turbine on land, which Scituate Wind leases from the Town. Initial approvals were given by the Executive Office of Energy Resources and Environmental Affairs and the Executive Office of Administration and Finance to secure a QECB allocation of $1,531,478. The project also received a $1,531,478 allocation from the Plymouth County Commissioners' Office. Cambridge Savings Bank purchased the bonds.
Investment in the MGHPCC totals $89 million. In addition to NMTC equity, those funds includes $50 million in equity investments from five Massachusetts universities - Boston University, MIT, Harvard, University of Massachusetts, and Northeastern - a $24.5 million grant from the Patrick-Murray Administration, and a $2.5 million grant from both EMC, Inc. and Cisco Systems, Inc. High performance computing allows those engaged in advanced research projects to execute fast and remote computations on large batches of data. 
Also, Eastern Bank provided a $28.37 million financing package and MassDevelopment provided a $6.5 million New Markets Tax Credit financing and $3 million leveraged loan for Riverwalk Partners LLC, which is redeveloping the Riverwalk Mill complex in Lawrence. These funds will construct 210,000 square feet of new and redeveloped commercial space in two office buildings, including renovating 350 Merrimack Street and constructing a new building at 290 Merrimack Street, as part of the second phase of this project.
MassDevelopment issued $5 million in bonds on behalf of Friends of Excel Academy Charter Schools, Inc. The organization used bond proceeds from the Qualified Zone Academy Bond (QZAB) and a tax-exempt bond issue to purchase a school building and an adjacent convent building in East Boston from the Roman Catholic Archdiocese of Boston. Excel's plans call for the demolition of the existing convent, the complete renovation of the existing school building, and the construction of a 2,000-square-foot addition. Boston Private Bank & Trust Company purchased the bonds.
MassDevelopment also issued a $6 million Qualified School Construction Bond (QSCB), $1.75 million tax-exempt bond, $2 million taxable bond, and a $1,937,500 Charter School Guarantee on behalf of Sturgis Charter Public School. Bond proceeds will be used for the construction of a new high school in Hyannis. TD Bank and The Property & Casualty Initiative, LLC purchased the bonds.
MassDevelopment issues QZABs and QSCBs for school renovations in certain qualified school districts. QZABs or QSCBs can be issued as either taxable bonds with a direct subsidy from the U.S. government or as tax-credit bonds whereby the federal government provides a tax credit to the bondholder in lieu of the issuer paying interest to the bondholder, making these bonds low-interest financing. |
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