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MASSDEVELOPMENT
2004A N N U A L R E P O R T
Plan wisely.Build smart.
MASSDEVELOPMENT
2004A N N U A L R E P O R T
Plan wisely.Build smart.
MassDev_Annual_Cover_Final 11/24/04 12:52 PM Page 1
MassDev_Annual_Cover_Final 11/24/04 12:52 PM Page 2
Building the MassachusettsEconomy.
MassDevelopment is the state’s leading economic development authority. It combines a
private sector business approach and a public sector mission to strengthen the state’s
regional and sector economies. The organization’s seasoned professionals increase jobs and
housing in Massachusetts by providing finance, real estate and development solutions to
nonprofits, employers, developers, municipalities, and other government offices.
A Letter from the
President & CEO
Fiscal Year 2004 brought change and new chal-lenges to MassDevelopment.
Long a vital contributor to economic developmentin the Commonwealth, MassDevelopment has usedits experienced staff, financial power and communi-ty-based networking to build sound customerrelationships. Today, we continue to depend onthese basic strengths, while offering new skills andservices designed to build healthy communities acrossthe state and give our clients a competitive edge.
Thanks to strong leadership in our regional offices,we were able to administer financing for 201 proj-ects across the state totaling $1.25 billion in invest-ment. In turn, these ventures are expected to createmore than 5,500 jobs and 2,445 new housing units.
Last year, MassDevelopment also placed a strongemphasis on new products that offer increasedvalue to our customers. The agency received closeto $110 million in new federal and state resources,opening up new financing opportunities for charterschools, emerging high technology companies, andbusiness development and job creation in parts ofthe state with the highest need.
Three signature projects made great strides. A newcommunity continued to grow at Devens, attractingnational attention among developers and commu-nity planners. In Boston, 100 Cambridge Streetopened and the first tenants moved in, bringingnew life to a key neighborhood. And in Lawrence,new state and federal support brought constructionof a new gateway to the city closer to reality.
I look forward to working with you and our teamthis year. We stand ready to provide state-of-the-art financing along with real estate and urbanplanning solutions to support a strong economy inMassachusetts.
Bob CulverPresident/CEO
At MassDevelopment, our key strengths have been our ability to recognize new trends, adapt to achanging marketplace and identify new ways to grow. We relied heavily on those strengths infiscal year 2004 – positioning ourselves well for the future.
A focus on new programs last year brought in $110 million in federal and state support for charterschools, high technology companies and redevelopment projects in depressed areas acrossMassachusetts. We will use these resources to continue to be a catalyst for economic and commu-nity growth.
This year marked the appointment of Robert L. Culver as president and CEO in March. Bob’sexpertise in finance, capital planning and real estate development combined to make him an idealchoice. He is a strong leader with a passion for economic development and a desire to create newopportunities and partnerships. We look forward to his stewardship.
On that note, we would like to thank Michael Hogan for his eight years of service. His programinitiatives and experience in driving growth served us well. Special recognition also goes to DavidSlatery who stepped forward to lead MassDevelopment through a period of transition; and boardmember Benaree Pratt Wiley for her many valuable insights over the past two years.
As always at MassDevelopment, we appreciate the opportunity to serve our many customers andlook forward to new challenges in the year ahead.
Robert L. BealChairman
A Letterfrom the
Board of Directors
32
board of directors – fy 2004ROBERT L. BEAL, ChairmanPresident, The Beal Companies
DAVID F. SQUIRE, Vice ChairTrustee and Former Vice President,Brandeis University
LISA M. CAMPOLIExecutive Vice President,Meredith & Grew, Inc.
DIX DAVISVice President,Allmerica Financial, Retired
CHRISTOPHER F. EGANPresident, Carruth Capital, LLC
ROBERT FOXPresident, BradfordDevelopment Corporation
ROBERT E. GRAY IIIPresident, Gray Media
ERIC KRISSSecretary, Executive Office forAdministration and Finance
BENAREE PRATT WILEYPresident/CEO, The Partnership
BARBARA B. BERKEDirector, Department ofBusiness and Technology
A Letter from the
President & CEO
Fiscal Year 2004 brought change and new chal-lenges to MassDevelopment.
Long a vital contributor to economic developmentin the Commonwealth, MassDevelopment has usedits experienced staff, financial power and communi-ty-based networking to build sound customerrelationships. Today, we continue to depend onthese basic strengths, while offering new skills andservices designed to build healthy communities acrossthe state and give our clients a competitive edge.
Thanks to strong leadership in our regional offices,we were able to administer financing for 201 proj-ects across the state totaling $1.25 billion in invest-ment. In turn, these ventures are expected to createmore than 5,500 jobs and 2,445 new housing units.
Last year, MassDevelopment also placed a strongemphasis on new products that offer increasedvalue to our customers. The agency received closeto $110 million in new federal and state resources,opening up new financing opportunities for charterschools, emerging high technology companies, andbusiness development and job creation in parts ofthe state with the highest need.
Three signature projects made great strides. A newcommunity continued to grow at Devens, attractingnational attention among developers and commu-nity planners. In Boston, 100 Cambridge Streetopened and the first tenants moved in, bringingnew life to a key neighborhood. And in Lawrence,new state and federal support brought constructionof a new gateway to the city closer to reality.
I look forward to working with you and our teamthis year. We stand ready to provide state-of-the-art financing along with real estate and urbanplanning solutions to support a strong economy inMassachusetts.
Bob CulverPresident/CEO
At MassDevelopment, our key strengths have been our ability to recognize new trends, adapt to achanging marketplace and identify new ways to grow. We relied heavily on those strengths infiscal year 2004 – positioning ourselves well for the future.
A focus on new programs last year brought in $110 million in federal and state support for charterschools, high technology companies and redevelopment projects in depressed areas acrossMassachusetts. We will use these resources to continue to be a catalyst for economic and commu-nity growth.
This year marked the appointment of Robert L. Culver as president and CEO in March. Bob’sexpertise in finance, capital planning and real estate development combined to make him an idealchoice. He is a strong leader with a passion for economic development and a desire to create newopportunities and partnerships. We look forward to his stewardship.
On that note, we would like to thank Michael Hogan for his eight years of service. His programinitiatives and experience in driving growth served us well. Special recognition also goes to DavidSlatery who stepped forward to lead MassDevelopment through a period of transition; and boardmember Benaree Pratt Wiley for her many valuable insights over the past two years.
As always at MassDevelopment, we appreciate the opportunity to serve our many customers andlook forward to new challenges in the year ahead.
Robert L. BealChairman
A Letterfrom the
Board of Directors
32
board of directors – fy 2004ROBERT L. BEAL, ChairmanPresident, The Beal Companies
DAVID F. SQUIRE, Vice ChairTrustee and Former Vice President,Brandeis University
LISA M. CAMPOLIExecutive Vice President,Meredith & Grew, Inc.
DIX DAVISVice President,Allmerica Financial, Retired
CHRISTOPHER F. EGANPresident, Carruth Capital, LLC
ROBERT FOXPresident, BradfordDevelopment Corporation
ROBERT E. GRAY IIIPresident, Gray Media
ERIC KRISSSecretary, Executive Office forAdministration and Finance
BENAREE PRATT WILEYPresident/CEO, The Partnership
BARBARA B. BERKEDirector, Department ofBusiness and Technology
The Artists for HumanityEpicenter.More than just a building – a cultural shift.
In 2000, the state closed the SaltonstallOffice Building at 100 CambridgeStreet after asbestos fibers were discov-ered in the building.
MassDevelopment was charged withredeveloping this unused, aging 22-story office tower into a mixed-useresidential, commercial and retaildevelopment. We issued approximately$196 million in tax-exempt and tax-able bonds, provided $20 million indebt financing, and managed bothdesign and construction.
A revitalized 100 Cambridge Streetopened in January 2004. It includes a278,850-square-foot tower and 75 newresidential condominiums, 25 percent ofwhich are affordable. An additional34,539 square feet of retail space willbring new commercial life to CambridgeStreet.
The office tower lobby features apermanent public art installation. Itincludes a 20-by-60 foot wall drawingdesigned by world-renowned contem-porary artist Sol LeWitt, an originalsculpture by building architect HowardElkus, and three paintings by areateens from Boston-based Artists forHumanity.
100 Cambridge Street, Boston
Once closed. Now open.Definitely thriving.
5
Art with a mission.That’s the simplest way to describe what Artists for Humanity is all about. What exactly is thatmission? Simply put, to use employment in the arts as a way to give inner-city youth a first step towardself-sufficiency. It’s about learning, creativity, and most importantly, about building confidence.
While there is no doubt that the group’s commitment to this mission is great, it lacked the facility itneeded to take the program to the next level.
The challenge here was not limited to what the functional scope of the new facility needed to be. Aspart of Boston’s burgeoning “new” waterfront district, Artists for Humanity understood that any newdevelopment should be a positive catalyst for future growth.
The result is a new, energy-sustainable 23,500-square-foot “green” facility at 100 West Second Streetin Boston’s Fort Point Channel Arts District, known as the heart of the South Boston Waterfront.
Funded in part by a $2.8 million MassDevelopment tax-exempt bond, the building represents thecutting edge of new, green construction. It is LEED (Leadership in Energy & Environmental Design)certified and, among its innovations, includes photovoltaic energy systems for electricity.
The facility also contains state-of-the-art studios, a learning laboratory, and a 5,000-square-foot galleryfor youth-created art.
As an icon for the entire Boston arts community, this new facility creates a permanent space where thecreativity and entrepreneurship of young people can develop and flourish. We expect that’s exactlywhat will happen.
greater boston
4
SUSAN RODGERSON,Artists for Humanity, Inc.
The Artists for HumanityEpicenter.More than just a building – a cultural shift.
In 2000, the state closed the SaltonstallOffice Building at 100 CambridgeStreet after asbestos fibers were discov-ered in the building.
MassDevelopment was charged withredeveloping this unused, aging 22-story office tower into a mixed-useresidential, commercial and retaildevelopment. We issued approximately$196 million in tax-exempt and tax-able bonds, provided $20 million indebt financing, and managed bothdesign and construction.
A revitalized 100 Cambridge Streetopened in January 2004. It includes a278,850-square-foot tower and 75 newresidential condominiums, 25 percent ofwhich are affordable. An additional34,539 square feet of retail space willbring new commercial life to CambridgeStreet.
The office tower lobby features apermanent public art installation. Itincludes a 20-by-60 foot wall drawingdesigned by world-renowned contem-porary artist Sol LeWitt, an originalsculpture by building architect HowardElkus, and three paintings by areateens from Boston-based Artists forHumanity.
100 Cambridge Street, Boston
Once closed. Now open.Definitely thriving.
5
Art with a mission.That’s the simplest way to describe what Artists for Humanity is all about. What exactly is thatmission? Simply put, to use employment in the arts as a way to give inner-city youth a first step towardself-sufficiency. It’s about learning, creativity, and most importantly, about building confidence.
While there is no doubt that the group’s commitment to this mission is great, it lacked the facility itneeded to take the program to the next level.
The challenge here was not limited to what the functional scope of the new facility needed to be. Aspart of Boston’s burgeoning “new” waterfront district, Artists for Humanity understood that any newdevelopment should be a positive catalyst for future growth.
The result is a new, energy-sustainable 23,500-square-foot “green” facility at 100 West Second Streetin Boston’s Fort Point Channel Arts District, known as the heart of the South Boston Waterfront.
Funded in part by a $2.8 million MassDevelopment tax-exempt bond, the building represents thecutting edge of new, green construction. It is LEED (Leadership in Energy & Environmental Design)certified and, among its innovations, includes photovoltaic energy systems for electricity.
The facility also contains state-of-the-art studios, a learning laboratory, and a 5,000-square-foot galleryfor youth-created art.
As an icon for the entire Boston arts community, this new facility creates a permanent space where thecreativity and entrepreneurship of young people can develop and flourish. We expect that’s exactlywhat will happen.
greater boston
4
SUSAN RODGERSON,Artists for Humanity, Inc.
Avant Immunotherapeutics,
Inc.
We help expand the facilities so they can expand the possibilities.
In 1987 the Kerr Thread Company wasdestroyed by fire, and the 17 acres it satupon rendered useless.
Today, MassDevelopment is continu-ing its work with the city of Fall Riverto redevelop the site as a high techbusiness center.
The South Coast Research andTechnology Park features three parcelsfor construction, areas for parking, asubdivision road, and utility and infra-structure improvements.
The park, located in an economic targetarea, has been zoned as a research anddevelopment district, and can accom-modate approximately 200,000 squarefeet of office/lab space.
One parcel, 151 Martine Street, alreadyboasts a 58,000-square-foot building withthree technology-based tenants: UMassDartmouth’s Advanced Technology &Manufacturing Center, MicrotechnologySolutions, Inc. and newly-arrived AVANTImmunotherapeutics, Inc. Two additionalsites are slated for potential build-outs of90,000 and 50,000 square feet.
South Coast Research and Technology ParkMartine Street, Fall River
A fire. A plan.A rebirth.
It’s not about what is. It’s about what might be.That’s true for the mission of AVANT Immunotherapeutics, and true for us.
AVANT is a company dedicated to the discovery and development of products that harness the humanimmune system to prevent and treat disease.
A public company, traded on NASDAQ, AVANT’s goal is to become a leading developer of innovativevaccines that address health care needs on a global basis.
But to do that, the company needed to take a big step. That step took place in Fall River, where a $2.2million financing package from MassDevelopment helped AVANT renovate and equip a 12,000-square-foot vaccine manufacturing facility.
In addition, by locating at 151 Martine Street in MassDevelopment’s South Coast Research andTechnology Park, AVANT joins fellow tenant UMass Dartmouth in inspiring others to view the regionas a destination for technology-based business.
As for what AVANT may mean with regard to curing disease, nothing could be more inspirationalthan that.
southeast region
76
JOHN ICE,Avant Immunotherapeutics, Inc.
Avant Immunotherapeutics,
Inc.
We help expand the facilities so they can expand the possibilities.
In 1987 the Kerr Thread Company wasdestroyed by fire, and the 17 acres it satupon rendered useless.
Today, MassDevelopment is continu-ing its work with the city of Fall Riverto redevelop the site as a high techbusiness center.
The South Coast Research andTechnology Park features three parcelsfor construction, areas for parking, asubdivision road, and utility and infra-structure improvements.
The park, located in an economic targetarea, has been zoned as a research anddevelopment district, and can accom-modate approximately 200,000 squarefeet of office/lab space.
One parcel, 151 Martine Street, alreadyboasts a 58,000-square-foot building withthree technology-based tenants: UMassDartmouth’s Advanced Technology &Manufacturing Center, MicrotechnologySolutions, Inc. and newly-arrived AVANTImmunotherapeutics, Inc. Two additionalsites are slated for potential build-outs of90,000 and 50,000 square feet.
South Coast Research and Technology ParkMartine Street, Fall River
A fire. A plan.A rebirth.
It’s not about what is. It’s about what might be.That’s true for the mission of AVANT Immunotherapeutics, and true for us.
AVANT is a company dedicated to the discovery and development of products that harness the humanimmune system to prevent and treat disease.
A public company, traded on NASDAQ, AVANT’s goal is to become a leading developer of innovativevaccines that address health care needs on a global basis.
But to do that, the company needed to take a big step. That step took place in Fall River, where a $2.2million financing package from MassDevelopment helped AVANT renovate and equip a 12,000-square-foot vaccine manufacturing facility.
In addition, by locating at 151 Martine Street in MassDevelopment’s South Coast Research andTechnology Park, AVANT joins fellow tenant UMass Dartmouth in inspiring others to view the regionas a destination for technology-based business.
As for what AVANT may mean with regard to curing disease, nothing could be more inspirationalthan that.
southeast region
76
JOHN ICE,Avant Immunotherapeutics, Inc.
Massachusetts Housing Opportunity Corporation
Not just buildings, but homes.
The Lawrence Gateway project bringspublic and private interests together tore-establish Lawrence as a center ofcommerce and culture in the MerrimackValley. And MassDevelopment continuesto be a committed partner.
Converting a 12-acre brownfield site,which is surrounded by LawrenceGeneral Hospital and underutilizedmill buildings, into a 1,217-space, fullylandscaped surface parking lot is thetask at hand. It may not sound likemuch to the uninitiated but it’s a criticalpart of a plan to create new uses for amillion square feet of available space. Apossible second phase includes addingan 800-car parking garage.
Working with the city of Lawrence andGenCorp Inc., MassDevelopment isserving as fiscal agent for the develop-ment, coordinating with abutters,devising a blueprint for disposition ofthe property prior to development andoverseeing the phasing of the design andconstruction.
Success came several steps closer inFY’04 with new funding allocationstotaling nearly $7.75 million, of which$1 million is a MassDevelopmentbrownfields grant.
Lawrence Gateway
Turning wastedspace into useful space.
9
Respect your elders.That’s what we were all taught as kids, and that’s exactly what the Massachusetts Housing OpportunityCorporation (MHOC) practices today.
Working with towns to meet their median income and senior housing needs, MHOC offers compre-hensive services from planning and site assessment to design, architecture, and construction forsenior housing.
Specifically, MHOC was looking to purchase the former Ashford Street School from the city ofMethuen to fully renovate it into 20 condominium units for residents over 55.
It was a renovation that not only needed to consider the day-to-day needs of seniors and how theyinteract with the communities they live in, but also needed to fit within cost realities that made thenew condominiums affordable.
Working with Butler Bank, where the loan originated, MassDevelopment took on a $483,000 loanparticipation in a $2.1 million construction loan. As a result, the city was able to reduce its budget gapwhile reusing an existing building for much needed affordable senior housing. The unit pricing wasabout $25,000 below market value.
True successful development goes well beyond bricks and mortar, and makes a distinctive differencein the lives of the people who use it and the community in which they reside.
We think this project is an ideal example of that.
8
GERRY WELCH,Massachusetts Housing Opportunity Corporation
northeast region
Massachusetts Housing Opportunity Corporation
Not just buildings, but homes.
The Lawrence Gateway project bringspublic and private interests together tore-establish Lawrence as a center ofcommerce and culture in the MerrimackValley. And MassDevelopment continuesto be a committed partner.
Converting a 12-acre brownfield site,which is surrounded by LawrenceGeneral Hospital and underutilizedmill buildings, into a 1,217-space, fullylandscaped surface parking lot is thetask at hand. It may not sound likemuch to the uninitiated but it’s a criticalpart of a plan to create new uses for amillion square feet of available space. Apossible second phase includes addingan 800-car parking garage.
Working with the city of Lawrence andGenCorp Inc., MassDevelopment isserving as fiscal agent for the develop-ment, coordinating with abutters,devising a blueprint for disposition ofthe property prior to development andoverseeing the phasing of the design andconstruction.
Success came several steps closer inFY’04 with new funding allocationstotaling nearly $7.75 million, of which$1 million is a MassDevelopmentbrownfields grant.
Lawrence Gateway
Turning wastedspace into useful space.
9
Respect your elders.That’s what we were all taught as kids, and that’s exactly what the Massachusetts Housing OpportunityCorporation (MHOC) practices today.
Working with towns to meet their median income and senior housing needs, MHOC offers compre-hensive services from planning and site assessment to design, architecture, and construction forsenior housing.
Specifically, MHOC was looking to purchase the former Ashford Street School from the city ofMethuen to fully renovate it into 20 condominium units for residents over 55.
It was a renovation that not only needed to consider the day-to-day needs of seniors and how theyinteract with the communities they live in, but also needed to fit within cost realities that made thenew condominiums affordable.
Working with Butler Bank, where the loan originated, MassDevelopment took on a $483,000 loanparticipation in a $2.1 million construction loan. As a result, the city was able to reduce its budget gapwhile reusing an existing building for much needed affordable senior housing. The unit pricing wasabout $25,000 below market value.
True successful development goes well beyond bricks and mortar, and makes a distinctive differencein the lives of the people who use it and the community in which they reside.
We think this project is an ideal example of that.
8
GERRY WELCH,Massachusetts Housing Opportunity Corporation
northeast region
Criterion Child
Enrichment, Inc.
In a way, we’re helping build stronger families.
When Fort Devens was closed in 1996as part of a U.S. military base realign-ment, things looked grim for a wideswath of central Massachusetts. Morethan 7,000 civilian jobs were lost.Buildings were left empty. A 4,400-acresite was left unused.
As the designated redevelopmentauthority for Devens, MassDevelopmentjoined with the surrounding communi-ties to devise a comprehensive plan thatbalanced economic growth and theenvironment. Today, Devens is home to106 families, 75 businesses, acres ofpreserved space and lots of recreationalamenities, including New England’sonly Audubon-certified golf course. Thenumber of jobs created already exceedsthe number of civilian jobs lost. Thesenew jobs are pumping $130 millionpayroll dollars into the regional econo-my annually.
Noteworthy in FY’04 was the Septembergroundbreaking for Devens Commons.This new “downtown” includes a hoteland conference center, as well as officeand retail space. It’s one more step inmaking Devens a full-service, mixed-usecommunity.
Devens
Some saw loss,we saw an opportunity.
The kids come first.That’s the point of view of Criterion Child Enrichment, Inc., an organization dedicated to helping fam-ilies with young children grow stronger.
In 20-plus years, Criterion Child Enrichment has grown from two programs in Milford andFramingham to 13 programs throughout the state of Massachusetts.
The program’s recent expansion project utilized proceeds from a $6.1 million tax-exempt bond and a$750,000 mortgage insurance guarantee, both provided by MassDevelopment.
Two new 16,000 to 17,000-square-foot facilities for childcare and early intervention programs werebuilt in Milford and South Hadley, along with a 5,100-square-foot expansion to a facility inFramingham.
Mortgage insurance provided the bondholder credit enhancement to increase the amount of the bondto 90 percent loan to value.
On the surface, we helped finance the building of much needed facilities for the program.
But the way we see it, what we really helped to build was a better quality of life for parents, their kids,and the communities they live in.
That’s why we’re in business in the first place.
central region
1110
DR. ROBERT LITTLETON AND JO-ANN OTLIN,Criterion Child Enrichment, Inc.
Criterion Child
Enrichment, Inc.
In a way, we’re helping build stronger families.
When Fort Devens was closed in 1996as part of a U.S. military base realign-ment, things looked grim for a wideswath of central Massachusetts. Morethan 7,000 civilian jobs were lost.Buildings were left empty. A 4,400-acresite was left unused.
As the designated redevelopmentauthority for Devens, MassDevelopmentjoined with the surrounding communi-ties to devise a comprehensive plan thatbalanced economic growth and theenvironment. Today, Devens is home to106 families, 75 businesses, acres ofpreserved space and lots of recreationalamenities, including New England’sonly Audubon-certified golf course. Thenumber of jobs created already exceedsthe number of civilian jobs lost. Thesenew jobs are pumping $130 millionpayroll dollars into the regional econo-my annually.
Noteworthy in FY’04 was the Septembergroundbreaking for Devens Commons.This new “downtown” includes a hoteland conference center, as well as officeand retail space. It’s one more step inmaking Devens a full-service, mixed-usecommunity.
Devens
Some saw loss,we saw an opportunity.
The kids come first.That’s the point of view of Criterion Child Enrichment, Inc., an organization dedicated to helping fam-ilies with young children grow stronger.
In 20-plus years, Criterion Child Enrichment has grown from two programs in Milford andFramingham to 13 programs throughout the state of Massachusetts.
The program’s recent expansion project utilized proceeds from a $6.1 million tax-exempt bond and a$750,000 mortgage insurance guarantee, both provided by MassDevelopment.
Two new 16,000 to 17,000-square-foot facilities for childcare and early intervention programs werebuilt in Milford and South Hadley, along with a 5,100-square-foot expansion to a facility inFramingham.
Mortgage insurance provided the bondholder credit enhancement to increase the amount of the bondto 90 percent loan to value.
On the surface, we helped finance the building of much needed facilities for the program.
But the way we see it, what we really helped to build was a better quality of life for parents, their kids,and the communities they live in.
That’s why we’re in business in the first place.
central region
1110
DR. ROBERT LITTLETON AND JO-ANN OTLIN,Criterion Child Enrichment, Inc.
OpenSquareProperties, LLC
Something old. Something new.
A decaying 126-acre former statemental hospital is taking on a new formin Northampton. MassDevelopment, inpartnership with The CommunityBuilders, is transforming the old cam-pus into a state-of- the-art commercialand residential community.
Several dozen derelict buildings arebeing demolished, making way for476,000 square feet of new and reno-vated commercial space that includesoffice, retail and light industrial uses,more than 200 residential units and 60to 80 units designated for assisted living.
FY’04 saw significant progress with an80,000-square-foot building demolitionaccomplished, local approval of subdi-vision plans for two key areas and thesale of 26 new homes at Ice HousePond, six of them at affordable prices.
As managing member of Hospital HillDevelopment, LLC, MassDevelopmentis working with city officials in theplanning, permitting, abatement, dem-olition, construction of the new infra-structure, and the marketing of thecommercial space. The CommunityBuilders handles the planning, market-ing and construction of the residentialunits.
Northhampton
A former hospitalcampus transforms.
13
History gets updated.It begins with an historic old mill building with loads of charm. Yet, charming as it was, it needed alot of work to become a 21st century home to business.
Formerly known as Lyman Mills, Open Square is a major renovation of 700,000 square feet of space.New offices, improved and expanded amenities, and significant exterior renovations were necessaryto update the property while remaining true to its historic integrity.
The project represents the beginning of a carefully planned revitalization effort for Open Square andHolyoke. It is the first step in an effort that ultimately will include new condominium units, retailstores, restaurants and a hotel.
The project was funded with a $425,000 construction/permanent mortgage loan participation fromMassDevelopment with Hampden Bank that was used to refinance and consolidate existing debt, aswell as fund the completion of the construction and renovation.
A $75,000 Brownfields Remediation Loan from MassDevelopment was used for underground storagetank removal.
The total construction/permanent mortgage loan is $1,500,000.
The result is a beautiful old building, a beautiful new building, and an important step in revitalizinga community.
12
JOHN AUBIN,Open Square Properties, LLC
west region
OpenSquareProperties, LLC
Something old. Something new.
A decaying 126-acre former statemental hospital is taking on a new formin Northampton. MassDevelopment, inpartnership with The CommunityBuilders, is transforming the old cam-pus into a state-of- the-art commercialand residential community.
Several dozen derelict buildings arebeing demolished, making way for476,000 square feet of new and reno-vated commercial space that includesoffice, retail and light industrial uses,more than 200 residential units and 60to 80 units designated for assisted living.
FY’04 saw significant progress with an80,000-square-foot building demolitionaccomplished, local approval of subdi-vision plans for two key areas and thesale of 26 new homes at Ice HousePond, six of them at affordable prices.
As managing member of Hospital HillDevelopment, LLC, MassDevelopmentis working with city officials in theplanning, permitting, abatement, dem-olition, construction of the new infra-structure, and the marketing of thecommercial space. The CommunityBuilders handles the planning, market-ing and construction of the residentialunits.
Northhampton
A former hospitalcampus transforms.
13
History gets updated.It begins with an historic old mill building with loads of charm. Yet, charming as it was, it needed alot of work to become a 21st century home to business.
Formerly known as Lyman Mills, Open Square is a major renovation of 700,000 square feet of space.New offices, improved and expanded amenities, and significant exterior renovations were necessaryto update the property while remaining true to its historic integrity.
The project represents the beginning of a carefully planned revitalization effort for Open Square andHolyoke. It is the first step in an effort that ultimately will include new condominium units, retailstores, restaurants and a hotel.
The project was funded with a $425,000 construction/permanent mortgage loan participation fromMassDevelopment with Hampden Bank that was used to refinance and consolidate existing debt, aswell as fund the completion of the construction and renovation.
A $75,000 Brownfields Remediation Loan from MassDevelopment was used for underground storagetank removal.
The total construction/permanent mortgage loan is $1,500,000.
The result is a beautiful old building, a beautiful new building, and an important step in revitalizinga community.
12
JOHN AUBIN,Open Square Properties, LLC
west region
greater bostonBridge LoanStop HandGun Violence, Inc.Dorchester, $95,000
BrownfieldsRedevelopmentFund LoanJamaica Plain Cohousing, LLCJamaica Plain, $500,000
Rollins Square Realty TrustBoston, $100,000
BrownfieldsSite AssessmentClyde Street Acquisitions, LLCSomerville, $45,618
Gill Pond Realty Trust -Chestnut Woods ApartmentsNorwood, $25,000
Greater Boston Food BankBoston, $46,000
HarborCOV, Inc.Chelsea, $30,000
Homeowner's Rehab, Inc.Trolley SquareCambridge, $41,000
Homeowner's Rehab, Inc.Cambridge, $35,000
Mitchell Properties, LLCBoston, $40,000
Nuestra Comunidad CDCRoxbury, $41,100
Robert J. SlatteryHull, $16,000
Sachem Realty Co.Waltham, $29,500
Urban Edge HousingCorporation - Roslindale FieldRoslindale, $37,900
Vigor RealtyEverett, $10,000
Capital Financing 501Lasell CollegeNewton, $4,000,000
Maimonides SchoolBrookline, $7,500,000
Development LoanGarden of PeaceBoston, $1,000,000
MATCH ProgramMorville House ApartmentsLimited PartnershipBoston, $14,250,000
Robert L. Fortes HouseLimited PartnershipRoxbury, $3,600,000
MortgageInsurance GuaranteeJARCOL, LLCMalden, $170,000
Wayside Youth & FamilySupport Network, Inc.Framingham, $300,000
Real Estate LoanA Hirsch Realty, LLCMattapan, $1,575,000
Immunetics, Inc.South Boston, $125,000
JARCOL, LLCMalden, $765,000
Tax-Exempt501 (c)(3)BondArtists for Humanity, Inc.Boston, $2,800,000
Bentley CollegeWaltham, $30,100,000
Boston College High SchoolBoston, $23,860,000
Brandeis UniversityWaltham, $25,385,000
Criterion Child Enrichment, Inc.Framingham, $958,000
Dana Hall SchoolWellesley, $22,505,000
Dimock Community Health CenterRoxbury, $8,445,000
Epiphany SchoolDorchester, $3,095,000
Franklin W. OlinCollege of EngineeringNeedham, $159,110,000
International Institute of Boston,Inc.Boston, $5,710,000
Judge Baker Children's CenterBoston, $9,750,000
Lesley UniversityCambridge, Boston, $26,000,000
Milton AcademyMilton, $26,265,000
President and Fellowsof Harvard CollegeAllston, Cambridge, $92,235,000
South Boston HarborAcademy Charter SchoolDorchester, $6,083,000
Thayer AcademyBraintree, $20,000,000
The Neighborhood HouseCharter SchoolDorchester, $13,194,000
Wentworth Instituteof TechnologyBoston, $54,000,000
Tax-ExemptFor-Profit HousingFC 100 Landsdowne Street, LLCCambridge, $45,000,000
Midway Studios Associates, LLCBoston, $15,155,000
Tax-Exempt IndustrialDevelopment Bond LeaseT.J. Katsiroubas & Sons, Inc.Roxbury, $2,800,000
15
AssetsCash and Cash Equivalents $ 62,419,275Investments 174,791,278Loans Receivable, Net 85,730,834Interest Receivable 1,502,464Accounts Receivable and Other Assets 27,906,664Predevelopment Projects in Progress 8,700,817Financing Costs 12,494,027Assets Held for Sale 21,848,635Fixed Assets, Net 209,319,846
Total Assets $604,713,840
LiabilitiesAccounts Payable and Accrued Expenses $ 16,863,685Bonds and Notes Payable 262,125,202Project Escrows 7,719,076Deferred Revenue 3,722,213
Total Liabilities $290,430,176
Total Equity $314,283,664
Total Liabilities and Equity $604,713,840
massdevelopmentconsolidated balance sheet 2004
14
greater bostonBridge LoanStop HandGun Violence, Inc.Dorchester, $95,000
BrownfieldsRedevelopmentFund LoanJamaica Plain Cohousing, LLCJamaica Plain, $500,000
Rollins Square Realty TrustBoston, $100,000
BrownfieldsSite AssessmentClyde Street Acquisitions, LLCSomerville, $45,618
Gill Pond Realty Trust -Chestnut Woods ApartmentsNorwood, $25,000
Greater Boston Food BankBoston, $46,000
HarborCOV, Inc.Chelsea, $30,000
Homeowner's Rehab, Inc.Trolley SquareCambridge, $41,000
Homeowner's Rehab, Inc.Cambridge, $35,000
Mitchell Properties, LLCBoston, $40,000
Nuestra Comunidad CDCRoxbury, $41,100
Robert J. SlatteryHull, $16,000
Sachem Realty Co.Waltham, $29,500
Urban Edge HousingCorporation - Roslindale FieldRoslindale, $37,900
Vigor RealtyEverett, $10,000
Capital Financing 501Lasell CollegeNewton, $4,000,000
Maimonides SchoolBrookline, $7,500,000
Development LoanGarden of PeaceBoston, $1,000,000
MATCH ProgramMorville House ApartmentsLimited PartnershipBoston, $14,250,000
Robert L. Fortes HouseLimited PartnershipRoxbury, $3,600,000
MortgageInsurance GuaranteeJARCOL, LLCMalden, $170,000
Wayside Youth & FamilySupport Network, Inc.Framingham, $300,000
Real Estate LoanA Hirsch Realty, LLCMattapan, $1,575,000
Immunetics, Inc.South Boston, $125,000
JARCOL, LLCMalden, $765,000
Tax-Exempt501 (c)(3)BondArtists for Humanity, Inc.Boston, $2,800,000
Bentley CollegeWaltham, $30,100,000
Boston College High SchoolBoston, $23,860,000
Brandeis UniversityWaltham, $25,385,000
Criterion Child Enrichment, Inc.Framingham, $958,000
Dana Hall SchoolWellesley, $22,505,000
Dimock Community Health CenterRoxbury, $8,445,000
Epiphany SchoolDorchester, $3,095,000
Franklin W. OlinCollege of EngineeringNeedham, $159,110,000
International Institute of Boston,Inc.Boston, $5,710,000
Judge Baker Children's CenterBoston, $9,750,000
Lesley UniversityCambridge, Boston, $26,000,000
Milton AcademyMilton, $26,265,000
President and Fellowsof Harvard CollegeAllston, Cambridge, $92,235,000
South Boston HarborAcademy Charter SchoolDorchester, $6,083,000
Thayer AcademyBraintree, $20,000,000
The Neighborhood HouseCharter SchoolDorchester, $13,194,000
Wentworth Instituteof TechnologyBoston, $54,000,000
Tax-ExemptFor-Profit HousingFC 100 Landsdowne Street, LLCCambridge, $45,000,000
Midway Studios Associates, LLCBoston, $15,155,000
Tax-Exempt IndustrialDevelopment Bond LeaseT.J. Katsiroubas & Sons, Inc.Roxbury, $2,800,000
15
AssetsCash and Cash Equivalents $ 62,419,275Investments 174,791,278Loans Receivable, Net 85,730,834Interest Receivable 1,502,464Accounts Receivable and Other Assets 27,906,664Predevelopment Projects in Progress 8,700,817Financing Costs 12,494,027Assets Held for Sale 21,848,635Fixed Assets, Net 209,319,846
Total Assets $604,713,840
LiabilitiesAccounts Payable and Accrued Expenses $ 16,863,685Bonds and Notes Payable 262,125,202Project Escrows 7,719,076Deferred Revenue 3,722,213
Total Liabilities $290,430,176
Total Equity $314,283,664
Total Liabilities and Equity $604,713,840
massdevelopmentconsolidated balance sheet 2004
14
16 17
Piantedosi Baking Co., Inc.Malden, $2,600,000
Tax-ExemptNonprofit HousingSophia Snow Rest Home, Inc.Roslindale, $10,610,000
Real EstateDevelopment
Condominium SalesBowdoin PlaceBoston, $20,730,696
Project100 Cambridge StreetBoston, $217,341,927
TOTAL PROJECTS GREATER BOSTONREGION – 50$879,009,741
southeast regionBrownfieldsRedevelopmentFund LoanM275 – LLCFall River, $440,000
BrownfieldsSite AssessmentAttleboro RedevelopmentAuthority - Cookson ProjectAttleboro, $50,000
Attleboro RedevelopmentAuthority - Cookson ProjectAttleboro, $500,000
DattcoFair Haven, $28,800
Development LoanAttleboro RedevelopmentAuthorityAttleboro, $92,475
Equipment LoanAvant Immunotherapeutics, Inc.Fall River, $1,104,000
Micro LoanNew Bedford EconomicDevelopment CouncilNew Bedford, $1,250,000
MortgageInsurance GuaranteeLacerta Group, Inc.Mansfield, $340,102
Predevelopment AssistanceEconomic DevelopmentFinance CorporationBrockton, $25,000
HallKeen, LLCNew Bedford, $25,000
Public Entity ProgramSouth Shore Charter SchoolNorwell, $2,000,000
Tax-Exempt501 (c)(3)BondInstitute for Developmental Disabilities, Inc.Freetown, $2,185,000
Latham Centers, Inc.Brewster, Harwich, Yarmouthport,South Yarmouth, $1,739,000
Sea Education Association, Inc.Falmouth, $1,091,000
Thomas Chew MemorialBoys & Girls ClubFall River, $2,000,000
YMCA South CoastWareham, Mattapoisett,Dartmouth, New Bedford,$4,500,000
Tax-Exempt IndustrialDevelopment BondLacerta Group, Inc.Mansfield, $3,060,921
Real Estate Development
Lease Revenue151 Martine StreetFall River, $354,526
ProjectSouth Cost Research &Technology Park/151 Martine StreetFall River, $22,395,321
TOTAL PROJECTSSOUTHEASTREGION – 19$43,181,145
northeast regionBrownfieldsRedevelopmentFund LoanGloucester MaritimeHeritage CenterGloucester, $100,000
Hardluck Realty TrustHaverhill, $90,000
Parking for Amesbury, LLCAmesbury, $500,000
Station Place LLCGloucester, $150,000
Station Place, LLCGloucester, $150,000
BrownfieldsSite AssessmentArchitectural Heritage FoundationLawrence, $25,000
KGR Realty, LLCLawrence, $17,000
Mount Vernon LLCLowell, $20,475
Myrtle Square LLCGloucester, $20,000
Oxford RemediationLawrence, $1,000,000
Victory Plastics InternationalHaverhill, $12,500
Capital Financing 501Phillips AcademyAndover, $4,000,000
Equipment LoanPeter James Manufacturing, LLCIpswich, $150,000
Ex-Im BankUmbrella PolicyAmes Textile CorporationLowell, $500,000
Renco CorporationManchester, $100,000
GuaranteeRTW Realty TrustPeabody, $250,000
Berman Properties, LLCSalem, $190,000
Victory Plastics RealtyHaverhill, $500,000
Predevelopment AssistanceAssisted Living Center, Inc.Salisbury, $16,000
Massachusetts HousingOpportunities CorporationMethuen, $25,000
Public Entity ProgramNorthshoreEducation ConsortiumBeverly, $5,750,000
Real Estate LoanBaystate Heritage TrustLawrence, $900,000
Busy Bend CorporationWoburn, $500,000
Gloucester MaritimeHeritage CenterGloucester, $250,000
Massachusetts HousingOpportunities CorporationMethuen, $483,000
Salem State CollegeAssistance CorporationSalem, $900,000
Station Place LLCGloucester, $350,000
Station Place, LLCGloucester, $350,000
Tax-Exempt501 (c)(3)BondMiddlesex SchoolConcord, $10,570,000
Pingree School, TheHamilton, $6,000,000
St. John's Preparatory SchoolDanvers, $15,000,000
Tax-ExemptFor-Profit HousingSalem Heights PreservationAssociates Limited PartnershipSalem, $18,000,000
Tax-Exempt IndustrialDevelopment Bond45 Industrial ParkwayAssociates, LLCWoburn, $3,550,000
Ark-Les CorporationGloucester, $2,200,000
Cedar's Mediterranean Foods, Inc.Haverhill, $5,830,000
Fantini BakeryHaverhill, $2,000,000
Soundown CorporationSalem, $1,700,000
Tax-ExemptIndustrial DevelopmentBond RefundingTechgraphics, Inc.Lawrence, $1,285,000
Tax-ExemptNonprofit HousingNew EnglandDeaconess AssociationConcord, $20,720,000
Term Working CapitalLawrence GatewayHaverhill, $250,000
Real Estate Development
Lease RevenueCape Ann Fisheries CenterGloucester, $466,546
Jodrey State PierGloucester, $451,122
ProjectLawrence GatewayLawrence, $23,540,000
TOTAL PROJECTSNORTHEASTREGION – 43$128,861,643
central regionBrownfieldsRedevelopmentFund LoanBetween the Bridges Realty TrustWorcester, $200,000
Gateway Park, LLCWorcester, $350,000
16 17
Piantedosi Baking Co., Inc.Malden, $2,600,000
Tax-ExemptNonprofit HousingSophia Snow Rest Home, Inc.Roslindale, $10,610,000
Real EstateDevelopment
Condominium SalesBowdoin PlaceBoston, $20,730,696
Project100 Cambridge StreetBoston, $217,341,927
TOTAL PROJECTS GREATER BOSTONREGION – 50$879,009,741
southeast regionBrownfieldsRedevelopmentFund LoanM275 – LLCFall River, $440,000
BrownfieldsSite AssessmentAttleboro RedevelopmentAuthority - Cookson ProjectAttleboro, $50,000
Attleboro RedevelopmentAuthority - Cookson ProjectAttleboro, $500,000
DattcoFair Haven, $28,800
Development LoanAttleboro RedevelopmentAuthorityAttleboro, $92,475
Equipment LoanAvant Immunotherapeutics, Inc.Fall River, $1,104,000
Micro LoanNew Bedford EconomicDevelopment CouncilNew Bedford, $1,250,000
MortgageInsurance GuaranteeLacerta Group, Inc.Mansfield, $340,102
Predevelopment AssistanceEconomic DevelopmentFinance CorporationBrockton, $25,000
HallKeen, LLCNew Bedford, $25,000
Public Entity ProgramSouth Shore Charter SchoolNorwell, $2,000,000
Tax-Exempt501 (c)(3)BondInstitute for Developmental Disabilities, Inc.Freetown, $2,185,000
Latham Centers, Inc.Brewster, Harwich, Yarmouthport,South Yarmouth, $1,739,000
Sea Education Association, Inc.Falmouth, $1,091,000
Thomas Chew MemorialBoys & Girls ClubFall River, $2,000,000
YMCA South CoastWareham, Mattapoisett,Dartmouth, New Bedford,$4,500,000
Tax-Exempt IndustrialDevelopment BondLacerta Group, Inc.Mansfield, $3,060,921
Real Estate Development
Lease Revenue151 Martine StreetFall River, $354,526
ProjectSouth Cost Research &Technology Park/151 Martine StreetFall River, $22,395,321
TOTAL PROJECTSSOUTHEASTREGION – 19$43,181,145
northeast regionBrownfieldsRedevelopmentFund LoanGloucester MaritimeHeritage CenterGloucester, $100,000
Hardluck Realty TrustHaverhill, $90,000
Parking for Amesbury, LLCAmesbury, $500,000
Station Place LLCGloucester, $150,000
Station Place, LLCGloucester, $150,000
BrownfieldsSite AssessmentArchitectural Heritage FoundationLawrence, $25,000
KGR Realty, LLCLawrence, $17,000
Mount Vernon LLCLowell, $20,475
Myrtle Square LLCGloucester, $20,000
Oxford RemediationLawrence, $1,000,000
Victory Plastics InternationalHaverhill, $12,500
Capital Financing 501Phillips AcademyAndover, $4,000,000
Equipment LoanPeter James Manufacturing, LLCIpswich, $150,000
Ex-Im BankUmbrella PolicyAmes Textile CorporationLowell, $500,000
Renco CorporationManchester, $100,000
GuaranteeRTW Realty TrustPeabody, $250,000
Berman Properties, LLCSalem, $190,000
Victory Plastics RealtyHaverhill, $500,000
Predevelopment AssistanceAssisted Living Center, Inc.Salisbury, $16,000
Massachusetts HousingOpportunities CorporationMethuen, $25,000
Public Entity ProgramNorthshoreEducation ConsortiumBeverly, $5,750,000
Real Estate LoanBaystate Heritage TrustLawrence, $900,000
Busy Bend CorporationWoburn, $500,000
Gloucester MaritimeHeritage CenterGloucester, $250,000
Massachusetts HousingOpportunities CorporationMethuen, $483,000
Salem State CollegeAssistance CorporationSalem, $900,000
Station Place LLCGloucester, $350,000
Station Place, LLCGloucester, $350,000
Tax-Exempt501 (c)(3)BondMiddlesex SchoolConcord, $10,570,000
Pingree School, TheHamilton, $6,000,000
St. John's Preparatory SchoolDanvers, $15,000,000
Tax-ExemptFor-Profit HousingSalem Heights PreservationAssociates Limited PartnershipSalem, $18,000,000
Tax-Exempt IndustrialDevelopment Bond45 Industrial ParkwayAssociates, LLCWoburn, $3,550,000
Ark-Les CorporationGloucester, $2,200,000
Cedar's Mediterranean Foods, Inc.Haverhill, $5,830,000
Fantini BakeryHaverhill, $2,000,000
Soundown CorporationSalem, $1,700,000
Tax-ExemptIndustrial DevelopmentBond RefundingTechgraphics, Inc.Lawrence, $1,285,000
Tax-ExemptNonprofit HousingNew EnglandDeaconess AssociationConcord, $20,720,000
Term Working CapitalLawrence GatewayHaverhill, $250,000
Real Estate Development
Lease RevenueCape Ann Fisheries CenterGloucester, $466,546
Jodrey State PierGloucester, $451,122
ProjectLawrence GatewayLawrence, $23,540,000
TOTAL PROJECTSNORTHEASTREGION – 43$128,861,643
central regionBrownfieldsRedevelopmentFund LoanBetween the Bridges Realty TrustWorcester, $200,000
Gateway Park, LLCWorcester, $350,000
Development LoanCable Mills, LLCWilliamstown, $200,000
Equipment LoanGPG, Inc.Wilbraham, $500,000
Micro LoanFirehouse CaféAdams, $50,000
MortgageInsurance GuaranteeDRK Leasing, Inc.Chicopee, $75,000
North Orchard Realty, LLCPittsfield, $315,000
Predevelopment AssistancePioneer Valley MilkMarketing CooperativeGreenfield, $30,000
Real Estate LoanMaria FerrerHolyoke, $117,000
Massachusetts Museum ofContemporary Art, Inc.North Adams, $200,000
Massachusetts Museum ofContemporary Art, Inc.North Adams, $200,000
New Marlborough TownshipVolunteer Fire Company, Inc.New Marlborough, $76,045
Open Square Properties, LLCHolyoke, $425,000
Springfield BusinessDevelopment CorporationSpringfield, $500,000
Tapley CourtSpringfield, $321,920
Tax-Exempt501 (c)(3)BondCriterion Child Enrichment, Inc.South Hadley, $2,177,000
Dunbar Community CenterSpringfield, $1,200,000
ServiceNet, Inc.Northampton, Williamsburg,Greenfield, Easthampton, Chicopee,Sunderland, Amherst, Athol, Orange, Montague, $ 2,672,500
The Trustees ofHampshire CollegeAmherst, $16,805,000
YMCA of Greater SpringfieldSpringfield, $6,000,000
Tax-Exempt Environmental BondWaste Management of MA, Inc.West Boylston, South Hadley, Chicopee, $15,000,000
Tax-ExemptNonprofit HousingNew EnglandDeaconess AssociationNorthampton, $ 8,775,000
Real Estate Development
Building SaleAdams Visitors CenterAdams, $205,410
ProjectAdams - Jones BlockAdams, $3,686,344Adams - Visitor CenterAdams, $3,103,963
Northampton State HospitalNorthampton, $56,200,000
Development ServicesAdams - Greylock GlenAdams, $500,000
Land SaleThe Community BuildersNorthampton, $390,000
TOTAL PROJECTSWEST REGION – 32$125,620,182
18
New Garden Park, LLCWorcester, $350,000
Stafford, LLCWorcester, $250,000
Brownfields Site AssessmentAKM EnvironmentalClinton, $25,000
Hi Gear Products, Inc.Hudson, $25,000
Stafford, LLCWorcester, $50,000
Upton Development Group, Ltd.Upton, $50,000
Development LoanDevens Development, LLCDevens, $ 856,250
Devens Development, LLCDevens, $1,000,000
Worcester BusinessDevelopment CorporationShrewsbury, $200,000
GuaranteeBiomedical Research Models, Inc.Worcester, $125,000
MortgageInsurance GuaranteeCriterion Child Enrichment, Inc.Milford, $750,000
Gateway Park, LLCWorcester, $500,000
Predevelopment AssistanceMassachusetts HousingOpportunities CorporationSterling, $25,000
Real Estate LoanGateway Park, LLCWorcester, $1,650,000
Gateway Park, LLCWorcester, $750,000
Lori LandryAthol, $350,000
McPherson, Inc.Ayer, $1,050,000
McPherson, Inc.Ayer, $600,000
New England Mold Realty TrustSterling, $625,000
Stafford, LLCWorcester, $250,000
Tax-Exempt501 (c)(3) RefundingOak MeadowMontessori School, Inc.Littleton, $3,020,000
Tax-Exempt501 (c)(3)BondCriterion Child Enrichment, Inc.Milford, $3,030,000
Cushing AcademyAshburnham, $27,000,000
Eagle Hill Foundationof Massachusetts, Inc.Hardwick, $8,000,000
Worcester Polytechnic InstituteWorcester, $15,000,000
Tax-Exempt IndustrialDevelopment BondAtlas Box & Crating CompanySutton, $4,050,000
PV Realty Company, LLCLeominster, $3,500,000
Term Working CapitalEglomise DesignDevens, $200,000
Working CapitalCo-GuaranteeAdvanced Vacuum Systems, Inc.Ayer, $225,000
Real Estate Development
Infrastructure InvestmentDevens InfrastructureDevens, $4,225,017
Land SaleDevens CommonDevens, $3,000,000
Lease RevenueDevens Leasing (27 Tenants)Devens, $911,726
TOTAL PROJECTSCENTRALREGION – 60$82,192,993
west regionBrownfieldsRedevelopmentFund LoanCable Mills, LLCWilliamstown, $70,000
Open Square Properties, LLCHolyoke, $75,000
BrownfieldsSite AssessmentInternationalContainer CompanyHolyoke, $21,000
Main Street PropertyManagement, LLCChicopee, $20,000
Scott's Auto BodyWare, $9,000
Capital Financing 501The Trustees ofHampshire CollegeAmherst, $5,700,000
19
Development LoanCable Mills, LLCWilliamstown, $200,000
Equipment LoanGPG, Inc.Wilbraham, $500,000
Micro LoanFirehouse CaféAdams, $50,000
MortgageInsurance GuaranteeDRK Leasing, Inc.Chicopee, $75,000
North Orchard Realty, LLCPittsfield, $315,000
Predevelopment AssistancePioneer Valley MilkMarketing CooperativeGreenfield, $30,000
Real Estate LoanMaria FerrerHolyoke, $117,000
Massachusetts Museum ofContemporary Art, Inc.North Adams, $200,000
Massachusetts Museum ofContemporary Art, Inc.North Adams, $200,000
New Marlborough TownshipVolunteer Fire Company, Inc.New Marlborough, $76,045
Open Square Properties, LLCHolyoke, $425,000
Springfield BusinessDevelopment CorporationSpringfield, $500,000
Tapley CourtSpringfield, $321,920
Tax-Exempt501 (c)(3)BondCriterion Child Enrichment, Inc.South Hadley, $2,177,000
Dunbar Community CenterSpringfield, $1,200,000
ServiceNet, Inc.Northampton, Williamsburg,Greenfield, Easthampton, Chicopee,Sunderland, Amherst, Athol, Orange, Montague, $ 2,672,500
The Trustees ofHampshire CollegeAmherst, $16,805,000
YMCA of Greater SpringfieldSpringfield, $6,000,000
Tax-Exempt Environmental BondWaste Management of MA, Inc.West Boylston, South Hadley, Chicopee, $15,000,000
Tax-ExemptNonprofit HousingNew EnglandDeaconess AssociationNorthampton, $ 8,775,000
Real Estate Development
Building SaleAdams Visitors CenterAdams, $205,410
ProjectAdams - Jones BlockAdams, $3,686,344Adams - Visitor CenterAdams, $3,103,963
Northampton State HospitalNorthampton, $56,200,000
Development ServicesAdams - Greylock GlenAdams, $500,000
Land SaleThe Community BuildersNorthampton, $390,000
TOTAL PROJECTSWEST REGION – 32$125,620,182
18
New Garden Park, LLCWorcester, $350,000
Stafford, LLCWorcester, $250,000
Brownfields Site AssessmentAKM EnvironmentalClinton, $25,000
Hi Gear Products, Inc.Hudson, $25,000
Stafford, LLCWorcester, $50,000
Upton Development Group, Ltd.Upton, $50,000
Development LoanDevens Development, LLCDevens, $ 856,250
Devens Development, LLCDevens, $1,000,000
Worcester BusinessDevelopment CorporationShrewsbury, $200,000
GuaranteeBiomedical Research Models, Inc.Worcester, $125,000
MortgageInsurance GuaranteeCriterion Child Enrichment, Inc.Milford, $750,000
Gateway Park, LLCWorcester, $500,000
Predevelopment AssistanceMassachusetts HousingOpportunities CorporationSterling, $25,000
Real Estate LoanGateway Park, LLCWorcester, $1,650,000
Gateway Park, LLCWorcester, $750,000
Lori LandryAthol, $350,000
McPherson, Inc.Ayer, $1,050,000
McPherson, Inc.Ayer, $600,000
New England Mold Realty TrustSterling, $625,000
Stafford, LLCWorcester, $250,000
Tax-Exempt501 (c)(3) RefundingOak MeadowMontessori School, Inc.Littleton, $3,020,000
Tax-Exempt501 (c)(3)BondCriterion Child Enrichment, Inc.Milford, $3,030,000
Cushing AcademyAshburnham, $27,000,000
Eagle Hill Foundationof Massachusetts, Inc.Hardwick, $8,000,000
Worcester Polytechnic InstituteWorcester, $15,000,000
Tax-Exempt IndustrialDevelopment BondAtlas Box & Crating CompanySutton, $4,050,000
PV Realty Company, LLCLeominster, $3,500,000
Term Working CapitalEglomise DesignDevens, $200,000
Working CapitalCo-GuaranteeAdvanced Vacuum Systems, Inc.Ayer, $225,000
Real Estate Development
Infrastructure InvestmentDevens InfrastructureDevens, $4,225,017
Land SaleDevens CommonDevens, $3,000,000
Lease RevenueDevens Leasing (27 Tenants)Devens, $911,726
TOTAL PROJECTSCENTRALREGION – 60$82,192,993
west regionBrownfieldsRedevelopmentFund LoanCable Mills, LLCWilliamstown, $70,000
Open Square Properties, LLCHolyoke, $75,000
BrownfieldsSite AssessmentInternationalContainer CompanyHolyoke, $21,000
Main Street PropertyManagement, LLCChicopee, $20,000
Scott's Auto BodyWare, $9,000
Capital Financing 501The Trustees ofHampshire CollegeAmherst, $5,700,000
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massdevelopment2004
• 201 projects
• $1.25 billioninvestment
• 5,517 new jobs
• 6,563 retained jobs
• 2,445 housing units
MassDev_Annual_Cover_Final 11/24/04 12:52 PM Page 2
160 Federal Street, Boston, MA 02110 800.445.8030 www.massdevelopment.com
MassDev_Annual_Cover_Final 11/24/04 12:52 PM Page 4