Marblehead, Massachusetts -- National Grand Bank of Marblehead said 23 Nov that it has provided a $630 000 loan, enhanced by a $140 000 MassDevelopment mortgage insurance guarantee, to 90 Newburyport Turnpike Realty Trust, the real-estate affiliate of Atlantic Industrial Models and Marblehead Engineering.
Atlantic Industrial Models provides computer numerical control machining, urethane resin casting, and contract design and manufacturing service to its customers, while Marblehead Engineering manufactures small machine tools used by both Atlantic Industrial Models and its customers. According to the bank, the companies have outgrown their current space and will move to a new location in Rowley, which will allow them to expand.
"The partnership allows Atlantic Industrial Models to acquire space for expansion while preserving its capital," said Bambi Kokinos of National Grand Bank, in the bank's announcement, noting that the customer is a growing business as well as a long-time user of the bank.
"The Commonwealth's manufacturing sector benefits from having hands-on, technology-savvy companies like Atlantic Industrial Models and Marblehead Engineering grow their businesses," said MassDevelopment president and ceo Marty Jones.
Founded in 1978, Atlantic Industrial Models and Marblehead Engineering have evolved from a small industrial engineering model shop to become a supplyier to design firms nationwide.