Salem Five Provides Lead Financing for Acquisition of Beverly Airport
Salem, Mass., January 30, 2017 – Salem Five announced today that the bank served as the lead lender to finance the purchase of KR Diversified, Inc. d/b/a North Atlantic Air, a provider of fixed based operations at Beverly Airport. Salem Five partnered with MassDevelopment to finance the acquisition by Nicholas W. Burlingham and John M. Messenger.
Located 25 miles north of Boston, Beverly Airport is owned by the City of Beverly and Town of Danvers. The airport provides aerial access to the North Shore for private and corporate aircraft as well as recreational and instructional flying. North Atlantic Air leases land from the airport to provide fuel, maintenance and other operations infrastructure and management to the facility.
“We regularly finance aviation deals across the country so it was a natural fit for us to take the lead on this transaction in our North Shore community,” said Gordon R. Massey, senior vice president at Salem Five. “We are proud to work with MassDevelopment to finance an acquisition that ensures the growth of the Beverly Airport is in line with the continued growth of our region.”
“MassDevelopment is pleased to partner with Salem Five bank on this Beverly Airport project,” said MassDevelopment President and CEO Marty Jones. “The continuation of airport operations will provide North Shore businesses and residents with committed, quality service for years to come.”
The owner-operators of North Atlantic Air, industry veterans Burlingham and Messenger, plan to renovate and expand the airport in the future.
Salem Five Bancorp is the parent bank holding company of Salem Five (www.salemfive.com), a mutual institution founded in 1855. Salem Five aims to make money less complicated and thereby make customers’ lives simpler and easier by offering sophisticated retail and commercial banking products, personalized service and innovative technology. Salem Five is one of the largest Massachusetts-headquartered banks with $5 billion in assets and 36 retail branches in Essex, Middlesex, Norfolk and Suffolk counties and southern New Hampshire. Divisions include Salem Five Mortgage Company, which has financed more homes than any other Massachusetts bank; Salem Five Financial which offers financial and retirement income planning, portfolio review and money management; and Salem Five Insurance Agency, which provides personal and commercial insurance. Salem Five deposits are insured through the FDIC and DIF. Salem Five Mortgage Company’s NMLS # is 4662. Equal Housing Lender. Securities are offered through LPL Financial, member FINRA/SIPC. Life insurance products are offered through LPL Financial or its licensed affiliates. Insurance and investment products are not FDIC insured, not bank guaranteed, may lose value, not a deposit, and not insured by any federal government agency.