Canton Fence Manufacturer Expands With MassDevelopment Bonds
October 7, 2014
FOR IMMEDIATE RELEASE
MassDevelopment has issued $3,577,470 in tax-exempt and taxable bonds on behalf of Premier Fence LLC and 1010 Turnpike LLC. Premier Fence LLC installs and sells fencing, decking, and outdoor living products for residential and commercial use. The company is using bond proceeds to build a facility off of Route 138 in Canton that will include factory, office, and showroom space. Premier Fence estimates the project will create four jobs. Webster Bank purchased the bond, which was supported by a MassDevelopment guarantee as a credit enhancement.
“We're pleased to leverage this low-cost financing on behalf of Premier Fence so the company can build a high-quality facility in Canton,” says MassDevelopment President and CEO Marty Jones. “Premier Fence will now have the room and visibility it needs to fuel its growing business.”
In business for 16 years, Premier Fence specializes in cedar, PVC, chain link, ornamental aluminum, iron, and guard rail fencing to service its residential, commercial, industrial, and municipal clients. Premier Fence maintains an A+ rating from the Better Business Bureau.
“We are excited to be constructing our new facility in Canton along with the attractive financing package MassDevelopment and Webster Bank is providing,” said Premier Fence President John Feerick. “This new facility will provide the company with a solid base for future growth with fixed long-term costs.”
MassDevelopment has partnered with manufacturers across the Commonwealth to finance projects and encourage young people to pursue manufacturing careers. In the past two years, MassDevelopment's AMP it up! campaign awarded $201,686 in grants to partnerships that developed community-based programs and activities for students. MassDevelopment also recently launched a new initiative for manufacturing innovation centers, which will help small-to medium-sized manufacturing enterprises solve technical problems that can impede growth.
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2013, MassDevelopment financed or managed 350 projects generating investment of more than $2.4 billion in the Massachusetts economy. These projects are projected to create more than 7,000 jobs and build or rehabilitate 800 residential units.