Lowell, MA – MassDevelopment has issued a $4.6 million tax-exempt bond for Plenus Group Inc., a family-owned manufacturer of soups, sauces, and gourmet frozen foods based in Lowell.
MassDevelopment enhanced the financing with a mortgage guarantee and an export guarantee.
Plenus Group is using bond proceeds to buy and renovate the site it currently occupies in Lowell, and to expand with a 16,195sf addition. The company will also use proceeds to buy and install new manufacturing equipment for this facility.
Middlesex Savings Bank purchased the bond.