Pepperell, MA – MassDevelopment has supplemented its original loan to Lexvest Chapel, LLC to provide $1.45 million in additional funding for the continued redevelopment of Pepperell Place, a 190,000-square-foot formerly vacant industrial building in Pepperell that has been converted into a business center. Lexvest Chapel, LLC is an affiliate of The Lexvest Group, LLC, a regional real estate development company spearheading the redevelopment of Pepperell Place.
In 2016, MassDevelopment provided the company with a $2.25 million loan to begin building renovations; the current transaction increases the loan amount to $3.7 million. The additional financing from MassDevelopment will enable Lexvest to complete building renovations to accommodate additional tenants. Lexvest expects this project will create 50 jobs and support 10 construction jobs.
. In developing Pepperell Place, Lexvest used proceeds from the 2016 MassDevelopment loan to begin upgrading the building systems, lobbies, and core, replace the windows and doors, complete landscaping and hardscaping, and add amenities such as a common conference room, break room, and fitness room. Since that time, Lexvest has leased more than 50 percent of the building space to various companies, including manufacturing, distribution, online-fulfillment, and service-based businesses. The building’s newest incoming tenant, 1A Auto, is a leading online retailer of auto parts and will lease more than 17,000 square feet of building space.