Polamer Precision Secures Loan for New Britain Relocation, Expansion
Polamer Precision, Inc., an aerospace components manufacturing firm based in Newington, recently announced that it has secured $9.7 million in building loans for its company relocation and expansion project at the Pinnacle Business Park in New Britain.
Construction is underway on the 150,000-square-foot facility.
The company broke ground in December, shortly after closing a land deal with the City of New Britain. PDS Engineering and Construction of Bloomfield, Conn. is the construction firm. The anticipated completion of the $9.7 million project is set for October.
Polamer secured a $4.7 million construction loan with Bank of America and a $4 million loan with Connecticut Innovations of Rocky Hill. The remaining $970,000 is being financed through Polamer Realty NB LLC. Polamer Realty NB LLC will own the property and lease to Polamer Precision.
GThe $4 million loan with Connecticut Innovations (formerly the Connecticut Development Authority, a political subdivision of the state of Connecticut) was made possible through the Connecticut Works Fund, also known as “Fund A.” This fund is used for direct loans and loan guarantees. Eligible participants include most manufacturing-related projects and any project that supports the economic base of the state through job creation, defense diversification, exporting and development of innovative products or services.
Polamer will borrow the $4 million at a fixed rate of 2 percent per annum with a maturity date of May 1, 2024. In accordance with the loan agreement, Polamer has said that it intends to employ at least 122 full time employees at the New Britain Property by March 13, 2016.