$5.3 million bond helps fund expansion

MassDevelopment recently issued a $5.3 million tax-exempt industrial development bond to assist an Everett company with an expansion project. The bond was issued on behalf of Cubi Realty LLC, a real estate holding affiliate of Cumar, a manufacturer of fine architectural stone. Cumar will use the proceeds to purchase and renovate 72,000 square feet of space in an industrial building on Norman Street. The company currently occupies and leases 40,000 of the 72,000 square feet, and its manufacturing space will expand into the remaining 32,000 square feet. The project is expected to create 15 jobs. “Without MassDevelopment’s help, we would not be able to put the resources necessary towards funding this expansion,” Angelo Ivo Cubi, Cumar’s owner, said in a statement. “We are eager to start the renovations and get our new manufacturing facility up and running.” MassDevelopment is the state’s finance and development agency.