UnitedIlluminating

MassDevelopment Loan to Help Redevelop Pepperell Place

| June 7, 2016
20 Mill Street in Pepperell, MA

Pepperell Place

Pepperell, MA – MassDevelopment has provided a $2.25 million loan to Lexvest Chapel LLC for the repositioning of the 20 Mill Street property known as Pepperell Place.

Lexvest is using loan proceeds to upgrade the building systems, lobbies, and core. Exterior improvements include new windows and doors, landscaping, and hardscaping. Amenities such as a common conference room, break room, and fitness room are underway. The 190,000sf building is on 10 acres and offers space that ranges from single-office suites to 65,000sf of industrial/flex space. The loan will also finance tenant improvements to the building for the three new signed leases, which total 60,000sf of space.

The property’s redevelopment will provide space for multiple tenants seeking office, light manufacturing, or assembly and warehouse storage space. Lexvest expects this project will create 100 jobs.

Lexvest Chapel LLC is an affiliate of The Lexvest Group, a regional real estate development and investment company focused on value-add commercial and industrial opportunities and residential redevelopments.

 

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Category: All, Mixed-use

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