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REAL ESTATE NEWS: EDA Helps Finance Real Estate Transaction, Creates Jobs
A generic drug manufacturer will maintain its growing business and add 25 jobs in the Mercer County community as a result of a financing package from the New Jersey Economic Development Authority (EDA) and Fleet Bank that enabled Comito Associates LLC to sell its facility to a real estate investor who recognized the value of doing business with the Authority.
The EDA provided a nearly $279,000 participation in an $841,626 Fleet Bank, N.A. loan to Comito, through the Authority's Statewide Loan Pool for Business program that combines EDA and bank lending. The EDA portion of the loan was made at an initial interest rate of 3%, which will be adjusted quarterly.
Comito Associates utilized the combined financing in a $1.935 million transaction to purchase a 32,000 square foot building on Nottingham Way. The building is being leased on a long-term basis to Medco Labs, Inc., a manufacturer of generic pharmaceuticals. Established in 2001, Medico expects to increase employment by 25 jobs within two years.
Copyright Mercer County Chamber of Commerce Oct 01, 2003
Provided by ProQuest Information and Learning Company. All rights Reserved
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