MassDevelopment has provided a $385,000 real estate loan and a $365,000 brownfield remediation loan to Springwood Realty Trust, which will cleanup a brownfield’s site and renovate a building at 108-114 Spring St. in Everett.
"This project is truly transformational," said MassDevelopment President and CEO Robert L. Culver. "It cleans up a brownfield’s site, hosts a green biofuels company and supports economic development by creating 25 jobs at the site. We’re pleased Springwood Realty Trust makes both green and business developments priorities in Everett."
The site’s prior owner restricted its use to industrial purposes, but did not remove enough contamination to properly complete the cleanup, according to a statement. Springwood Realty Trust will use the brownfield loan to remove the remaining contamination and install a cap to ensure compliance with Massachusetts Department of Environmental Protection regulations.
Boston Green Fuel Company, an affiliated company that recycles waste oils into "green" lubricants, will occupy the building once renovations are complete.
