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MassDevelopment New Markets, LLC
Boston MACDFI Awards for MassDevelopment New Markets, LLC
NMTC (2009) - $55,000,000
MassDevelopment New Markets LLC (MDNM) will use its NMTC allocation to provide: (i) senior loans to non real-estate businesses for the acquisition/rehabilitation of operating facilities; and (ii) senior and subordinated debt to real estate businesses including mixed-use developments, light industrial and commercial properties as well as community facilities and medical/health centers. Senior and subordinated debt will have below-market interest rates as well as more flexible underwriting terms. Through redevelopment of key community properties and lending to businesses, MDNM will help to revitalize blighted properties, encourage small business expansion and create quality jobs.
NMTC (2008) - $30,000,000
MassDevelopment New Markets, LLC (MDNM) will support financing in low-income communities throughout Massachusetts by providing 1) senior loans to businesses for the acquisition/rehabilitation of operating facilities and/or equipment purchases; and 2) senior and subordinated debt to real estate projects, including mixed use developments, light industrial and commercial properties, community facilities and medical/health centers. Many of the targeted projects are in highly distressed Brownfield areas. Both senior debt and subordinated debt will have lower interest rates and more flexible underwriting terms, including higher loan-to-value ratios, longer interest only periods and nontraditional forms of collateral.
NMTC (2003) - $70,000,000
MassDevelopment New Markets LLC will utilize its NMTC allocation to offer flexible, nontraditional loans for business investments in low-income communities; and to finance four specific real estate redevelopment projects that are on brownfields sites and are of critical importance to four of the most deeply distressed communities in the state. Products will fill gaps where traditional sources of capital are not available, and will include: (1) participations in loans made by local community development groups that could not be made without this additional capital; (2) financing for used equipment purchases by local manufacturers who cannot afford to buy new; (3) long-term working capital loans to fill the gap in traditional lending packages, which should help companies gain access to more traditional sources of capital; (4) employee buy-outs to save jobs; and (5) belowmarket rates and higher loan-to-value ratios.
Other Community Development Financial Institutions in Massachusetts
ACCION USA
Boston
AI Wainwright LLC
Boston
BCLF Ventures II, LLC
Boston
Institute for Community Economics
Springfield
Jobs for Fall River, Inc.
Fall River
Local Enterprise Assistance Fund
Brookline
MHIC, LLC
Boston
NOAH Community Development Fund, Inc.
East Boston
UECDF Corporation
Roxbury
WCHR Securities, Inc.
Worcester
YouthBuild Loan Fund
Somerville
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