State Lends $3.3M For Leominster Office Building
The state's finance and development agency, MassDevelopment, announced it will loan nearly $3.3 million to a Leominster developer to purchase and rehabilitate an abandoned downtown manufacturing property.
James Whitney, who developed Southgate Business Park in Leominster several years ago, will receive a $2.68-million construction-to-permanent-mortgage loan as well as a $60,000 brownfields loan to buy and rehabilitate 98 Adams St., a five-acre property that Whitney plans to convert into a professional office building.
Whitney received a $1-million MassDevelopment loan in 2010, which he used to renovate a Spruce Street property that now houses Community HealthLink, an affiliate of UMass/Memorial Health Care.
MassDevelopment said the new project will generate 50 jobs.
Image credit: freedigitalphotos.net
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