Malden Realty Corporation to Upgrade Facility, Retain Jobs With Help From $475K MassDevelopment Loan
June 21, 2010
Kelsey Abbruzzese, MassDevelopment, 617-330-2086
MassDevelopment has provided a $475,000 commercial mortgage loan to CGK Realty Corporation of Malden, a single-purpose real estate entity that leases its 13,000-square-foot manufacturing facility at 205 Maplewood Street to an affiliate, BCD Metal Products, Inc. This loan will help finance planned facility improvements that include faÃ§ade and heating system upgrades. With this affordable long-term financing, the company will retain 30 jobs and create two new jobs.
â€œThe manufacturing sector plays a large role in the Massachusetts economy, and we're pleased this loan will help CGK improve its facility and keep people at work,â€ said MassDevelopment President and CEO Robert L. Culver.
Loans proceeds will also help CGK Realty refinance existing debt. Founded in 1935, BCD Metal Products is a family-owned company that manufactures aircraft engine parts for the aerospace industry.
â€œWe had a positive experience working with MassDevelopment,â€ said BCD Metals President Karin J. Carlson. â€œIt was apparent that MassDevelopment understands the needs of small businesses.â€
MassDevelopment, the state's finance and development authority, works with businesses, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2009, MassDevelopment financed or managed 229 projects statewide representing the investment of nearly $1.2 billion in the Massachusetts economy. These projects are supporting the creation of 1,488 new housing units and 8,232 jobs: 3,362 permanent and 4,870 construction-related.