BOSTON– Eastern Bank, America’s oldest and largest mutual bank, announced a $4.2 million construction loan to 8 Jackson Road, LLC to expand a bio-medical device manufacturing and support facility in the Devens Regional Enterprise Zone.
The property is located within the Innovation and Technology District of Devens, the area created in 1993 by the Massachusetts Legislature on what was previously Fort Devens, the U.S. Army’s New England Headquarters for 79 years.
Eastern provided a construction financing loan and line of credit to 8 Jackson Road for the purchase and development of the 43,000 square foot property in 2000. Construction of an additional 27,000 square feet is the next phase of development and is expected to be completed in Summer 2020.
“The current expansion builds upon initial financing Eastern provided to us 20 years ago when we proposed a unique venture for our role at this property as the owner, developer, and property manager,” said Bill Jackson, Managing Member of 8 Jackson Road, LLC. “We’ve enjoyed being part of a development that has grown well through the years and appreciate Eastern’s continued support of our business plans.”
The Commercial Real Estate team advising 8 Jackson Road includes Executive Vice President, Senior Commercial Banking Officer Matthew Osborne, Vice President Cathy Scherer, and Portfolio Manager Kevin Carpenter.