Chartpak Invests $1.8M in Third Facility
Northampton Manufacturer Buys Building, Expands, Adds Jobs with Help from MassDevelopment Bond
August 25, 2021
Matthew Mogavero, 857-248-0868
Paige Bravin, Eric Properties LLC, 516-521-9083
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NORTHAMPTON, Mass. – MassDevelopment has issued a $1,798,720 tax-exempt bond on behalf of Eric Properties LLC, an affiliate of the manufacturing company Chartpak, Inc., which will use proceeds to buy an 82,058-square-foot manufacturing building at 120 River Rd. in Northampton’s Leeds Village. Eric Properties will lease most of the building to Chartpak, Inc., with the remaining space leased to two unrelated manufacturing companies. This facility will provide Chartpak, Inc., which already operates two existing facilities in Northampton, with additional manufacturing space needed to accommodate increased sales. Chartpak expects to create an additional 10 new jobs in the next three years. Country Bank for Savings purchased the bond, which MassDevelopment enhanced with a guarantee.
“Massachusetts has a strong manufacturing legacy, and the Baker-Polito Administration is committed to helping manufacturers of all kinds continue to thrive here,” said Housing and Economic Development Secretary Mike Kennealy, who serves as the chair of MassDevelopment’s Board of Directors. “Low-cost financing from MassDevelopment allows these companies to expand their operations and provide high-quality jobs across the Commonwealth.”
“We are so happy that Chartpak will be growing jobs and expanding their business in Western Massachusetts, especially after the economic impact of the global pandemic,” said MassDevelopment President and CEO Dan Rivera. “MassDevelopment is proud to play a small supporting role in Chartpak’s success.”
Chartpak, Inc. was founded in Connecticut in 1949 as a graphic arts supply manufacturer for architects, graphic artists, engineers, and draftsmen. The company moved to Northampton in the 1950s and featured a product line that included graphic tape, vinyl lettering, illustration markers, and other manual drafting tools and supplies. Chartpak was purchased by Steven Roth in 1993 and the company made significant investments in acquisitions, machinery, and employees to transform the company and develop products for artists and creative individuals. Today, Chartpak manufactures products for the fine art, stationery, craft and hobby, and fine writing instrument market.
“The MassDevelopment organization consists of an incredible group of people who are dedicated to helping businesses obtain the necessary low-cost financing in order to support its growth,” said Chartpak, Inc. President Steven Roth. “They are a team of practical people that recognize the daily demands that business owners face while they are simultaneously expending efforts to obtain financing. They were sensitive to our timing constraints, educated us on the benefits of an Industrial Revenue Bond, explained the process and kept us informed on a timely basis. MassDevelopment complimented our relationship with our lending institution, Country Bank. Country Bank was extremely supportive and proactive in cooperating with MassDevelopment by executing the requested financing through the purchase of the related Industrial Revenue Bond.”
MassDevelopment, the state’s development finance agency and land bank, works with businesses, nonprofits, banks, and communities to stimulate economic growth across the Commonwealth. During FY2020, MassDevelopment financed or managed 341 projects generating investment of more than $2.69 billion in the Massachusetts economy. These projects are estimated to create or support 10,871 jobs and build or preserve 1,787 housing units.