News: Front Section
Posted: February 1, 2019
MassDevelopment issues $8.77 million tax-exempt bond to J&V Realty Trust - TD Bank purchases bond
Middleton, MA MassDevelopment has issued an $8.775 million tax-exempt bond to J&V Realty Trust, a related entity of manufacturer Salem Metal, Inc., which will use bond proceeds to purchase an 88,400 s/f industrial building under construction at 177 North Main St. Salem Metal, which currently operates at 21 Lonergan Rd., will move into the new facility and use about 70,000 s/f for its manufacturing activities. J&V Realty Trust will lease the remaining 18,400 s/f to a third party. TD Bank purchased the bond.
“Over the past forty-plus years, Salem Metal and its family-run team of precision craftsmen have manufactured first-rate products for their clients and built a reputation for steadfast, quality customer service,” said MassDevelopment president and CEO Lauren Liss. “MassDevelopment is proud to leverage tax-exempt bond financing to help this manufacturer continue to grow in Massachusetts.”
“It was a pleasure working with MassDevelopment in securing a tax-exempt bond to help finance our new state-of-the-art facility,” said Salem Metal president Jason Vining. “We look forward to Salem Metal’s continued growth and success in the years ahead and appreciate the state’s efforts in supporting small business.”
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2018, MassDevelopment financed or managed 384 projects generating investment of more than $4.1 billion in the Massachusetts economy. These projects are estimated to create or support 10,994 jobs and build or rehabilitate 830 housing units.
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