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MassDevelopment loans $1.45M for Pepperell factory redevelopment

August 8, 2018
Courtesy | MassDevelopment
Courtesy | MassDevelopment
Pepperell Place is being transformed into a business center.

The redevelopment of a 190,000-square-foot Pepperell industrial building got another big boost from MassDevelopment, which has supplemented its original $2.25-million loan with another $1.45 million.

The project, Pepperell Place, includes the redevelopment of a formerly vacant industrial building into a business center. Lexvest Chapel, LLC, an affiliate of Shirley-based Lexvest Group, is the recipient of the funds.

The additional financing will allow Lexvest to complete building renovations to accommodate more tenants for the project, which began in 2016.

Lexvest upgraded the building's systems, lobbies, core, windows, doors and added a common conference room, break room and fitness room.

The building is more than 50-percent leased to various companies including. The newest tenant, 1A Auto, will lease more than 17,000 square feet of space.

This project is expected to create 50 new jobs and support 10 construction jobs.

"MassDevelopment and Vice President of Commercial Lending Roy Angel have been an instrumental finance partner providing the necessary funding to help us redevelop Pepperell Place and bring jobs back to Pepperell," said The Lexvest Group President and CEO Eric Shapiro.

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