Pepperell office complex receives $4.5M MassDevelopment loan
August 5, 2020 : Worcester Business Journal, by Monica Busch
MassDevelopment, the state’s finance and development agency, announced Wednesday it has provided a $4.5-million loan to Lexcest Chapel, LLC of Shirley for the continued redevelopment of Pepperell Place, bringing the total financing provided by the agency to $8.2 million.
Pepperell Place is a 190,000-square-foot building in Pepperell, formerly the vacant Bemis Bag building. It is now a multi-tenanted business center, according to MassDevelopment. Part of the $4.5 million will be used to refinance the property.
More than a dozen companies have leased the space since 2016, including Masy Systems, Celltreat Scientific Products, Bio-Techne, and 1A Auto.
“That Pepperell Place, nearly vacant only four years ago, has a 98% occupancy rate today is a win for this revitalization effort and for economic development in North Central Massachusetts,” said MassDevelopment President and CEO Lauren Liss, in a statement.
Previous funding from MassDevelopment has been used to upgrade the building’s interior and exterior, replace windows and doors, as well as improving mechanical systems. In 2016, MassDevelopment provided a $2.25-million loan to help the Lexvest Group buy the building and begin renovations, and in 2018 provided an additional $1.45 million to help the company complete core building renovations and accommodate additional tenants.