MassDevelopment Loans Boost Economic Development in Cambridge and Somerville

MassDevelopment, a quasi-public agency tasked with stimulating development and eliminating barriers to economic growth within Massachusetts, has recently provided businesses in Cambridge and Somerville with multi-million dollar loans and a multi-million dollar lease in attempts to spur development and job growth.

In Cambridge, MassDevelopment has issued $343,485,000 in bonds on behalf of the Broad Institute which will be used to build and furnish a 250,000 square foot, 12 story building which will house both laboratory space and administrative offices. The new building will be built adjacent to the Broad Institute’s existing building in Kendall Square.

In Somerville, MassDevelopment has provided a $3.5 million loan to the real estate affiliate of PSG Framing to purchase 130 Broadway and relocate to Somerville from South Boston.

MassDevelopment has also issued a $15 million lease on behalf of Hallmark Health Systems, a community-based non-profit providing health services to Boston’s northern suburbs. Hallmark Health Systems will use the proceeds from the lease to purchase medical, surgical, and patient monitoring equipment, as well as computer equipment, furnishings, and renovations.

For more updates on economic growth and development efforts in Cambridge and Somerville, please check my community blog periodically. I feel that it is important to keep the community up to date on the ways in which public officials are shaping our neighborhoods, and I welcome your feedback.

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