News: Finance

MassDevelopment provides a $700,000 loan to Night Shift Brewing

MassDevelopment has provided a $700,000 loan to Night Shift Brewing, a microbrewery that uses unique ingredients for its small-batch beer. The company is using loan proceeds for its expansion from a 3,000 s/f facility on Charlton St. to a 16,000 s/f space at 87 Santilli Hwy. The loan will finance equipment and renovations at the new building, which will house the brewing operations and taproom. "Night Shift Brewing shows how with hard work and creativity, Massachusetts entrepreneurs can transform their passion into a profession," said MassDevelopment president and CEO Marty Jones. "We're pleased to invest in Night Shift's expansion in a Gateway City, helping the company meet demand and share its creation around the Commonwealth and beyond." Launched in March 2012 by Robert Burns, Michael O'Mara, and Michael Oxton, Night Shift Brewing sells to customers at its taproom and to liquor stores, bars, and restaurants in greater Boston. The brewery has also exported to Denmark and plans to pursue more exporting as it builds capacity. Because of Night Shift's work overseas, the loan was enhanced by a MassDevelopment export guarantee. In addition to selling beers with ingredients such as habanero peppers or cacao nibs from Somerville's Taza Chocolate, the company offers a "Barrel Society" for loyal customers, similar to community-supported agriculture farm shares. "We're incredibly excited to work with MassDevelopment on this," said Michael Oxton, one of Night Shift's three co-founders. "Our once tiny brewery is growing significantly with this change, and we can't wait to share the new taproom and brewing facility with all of our local supporters in just a few more weeks. Our production will increase dramatically with this upgrade, too, so Boston should expect to see a lot more Night Shift on the shelves and on tap in 2014." MassDevelopment, the state's finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2013, MassDevelopment financed or managed 350 projects generating investment of more than $2.4 billion in the Massachusetts economy. These projects are projected to create more than 7,000 jobs and build or rehabilitate 800 residential units.
Tags: Finance
MORE FROM Finance

Kozlowski of Newmark Capital Markets secures $115.6 million financing for two properties in CT

East Lyme, CT Newmark has arranged $115.6 million in financing on behalf of the sponsor to refinance The Cove at Gateway Commons and Sound at Gateway Commons. Newmark Capital Markets Strategies managing director Avi Kozlowski secured the financing through Freddie Mac.
READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
The focus on price per s/f compared to the  comparable sales used in the appraisal report - by Dennis Chanski

The focus on price per s/f compared to the comparable sales used in the appraisal report - by Dennis Chanski

Over the past several weeks, I have completed appraisal assignments for private clients. Interestingly, after submitting these appraisals, I received several phone calls – not to question the value, content, or any incorrect information, but rather to discuss the price per s/f compared to the comparable sales used in the report.
Reverse exchanges and the challenges of a competitive real estate market - by Michele Fitzpatrick

Reverse exchanges and the challenges of a competitive real estate market - by Michele Fitzpatrick

Our current, highly competitive real estate market poses specific challenges for investors who are considering taking advantage of a tax-deferred 1031 exchange. In this market, investors will have no problem selling their current property if priced properly, but they may find it difficult to find a suitable replacement property
Massachusetts real estate transfers  over $1 million face new tax rules as of November 1st - by Daniel Meyer

Massachusetts real estate transfers over $1 million face new tax rules as of November 1st - by Daniel Meyer

Attention to owners of real estate in the Commonwealth (and the title companies and other professionals who advise them), the Massachusetts Department of Revenue (the “DOR”) recently adopted a new “millionaire’s tax” via 830 CMR 62B.2.4
Are appraisers on the same page as the assessor? - by Richard Seman

Are appraisers on the same page as the assessor? - by Richard Seman

The purpose of this article is to address problematic or confusing issues which may help assessors and appraisers to better understand how to value real estate for tax assessment purposes.