Lexvest Chapel LLC, an affiliate of The Lexvest Group, has received MassDevelopment financing to upgrade a property in Pepperell.

Lexvest, a regional real estate development and investment company focused on value-add commercial and industrial opportunities and residential redevelopments, owns 20 Mill St., known as Pepperell Place, and will use the $2.25 million in loan proceeds to upgrade the building’s systems, lobbies and core amenities.

Exterior improvements include new windows and doors, landscaping and hardscaping. Amenities such as a common conference room, break room and fitness room are underway. The 190,000-square-foot building is on 10 acres and offers space that ranges from single-office suites to 65,000 square feet of flex space.

The loan will also finance tenant improvements to the building for the three new signed leases, which total 60,000 square feet of space.

Two tenants of Pepperell Place are relocating from Shirley’s Phoenix Park to expand their operations. Occupants are expected to move in this summer.

“MassDevelopment is pleased to continue working with The Lexvest Group to redevelop this important property,” MassDevelopment President and CEO Marty Jones said in a statement. “These improvements and upgrades will attract tenants and companies to Pepperell, providing new opportunities for jobs and economic activity in north-central Massachusetts.”

Lexvest expects this project will create 100 jobs.