Boyce Technologies Pearson Place Headquarters

Bigger, Better, Stronger: Repurposing an Industrial Asset Expands Advanced Manufacturing Plant’s Capacity

Financing-Incentives Solution for Industrial and Corporate Headquarters

ThinkForward served as Economic Incentives Consultant

CLIENT/PROJECT

Advanced Manufacturing
100,000 SF
Long Island City

FINANCING

$17.5M Bank Financing
$2.6M NYS tax incentives
$2M NYC Industrial Dev. Agency Incentives
Closed April 2016
Total Project: $35M

SUPPLEMENTARY DATA

50 high-tech machines
400-person capacity Wellness café
Fitness center

AGENCIES

NYC Industrial Dev. Agency
Empire State Dev.
LIC Partnership
Queens Chamber of Commerce

COLLABORATORS

Bridgehampton
National Bank (funder)
Small Business Administration (funder)
Windel Marks
(borrower counsel)
Hawkins Delafiled
(IDA counsel)
Certilman Balin
(bank/SBA counsel)

Funding Solutions to Consolidate & Remain in NY

Boyce Technologies represents the future in North America for electronic design, advanced manufacturing, and integration. Boyce designs, manufacturers, and sells security and communications equipment for the mass transit market. The company is experiencing exceptional growth, generating more than $50M in annual revenue.

Boyce’s continued success is dependent on its advanced manufacturing capabilities. Expanding operations locally represents a commitment to New York.

ThinkForward developed a funding strategy consisting of multiple strategies. Initially, we reduced upfront project costs and streamlined operating costs by securing incentives from the New York City Industrial Development Agency. Capital improvements were further made possible through a $1M cash grant, plus $1.6M in tax credits from Empire State Development, New York State’s economic development arm. Ultimately, this support was complemented by $17.5M in cost-effective financing through a commercial bank and the Small Business Administration’s 504 program.

Consolidation Results in Increased Hiring

Boyce’s newly renovated, 100,000 square-foot facility houses an expanded team capable of designing new products faster, creating full prototypes in-house, and quadrupling the company’s current capacity. The gut renovation and new addition to a complex of industrial buildings resulted in one integrated manufacturing facility and corporate headquarters.

This was not your average capital improvements project. It involved merging the structural systems of several adjoining, yet technically separate, buildings, and a series of complicated modifications: façade redesign, additions, and extensive internal renovations.

Now with sufficient space to grow its team, Boyce has added jobs at every level, from entry to professional, and encompassing the full complement of engineers and technical staff. For example, the new R&D department (10,000 SF of dedicated space), accommodates a revitalized team focused on developing innovative prototypes and bringing them to production “at speeds unheard of in this industry.” Similarly, Boyce’s augmented manufacturing and production teams now utilize “best-in-class” machines and equipment and all to the benefit of our client’s customers and an economic boom to the New York region.

Expansion Leads to New Opportunities

ThinkForward’s funding strategy helped ensure that Boyce could become one of the best-equipped engineering and advanced manufacturing facilities in the Northeast. The project achieved a company goal of securing the capabilities to “push the boundaries of technological innovation.” By approaching the project on multiple levels, such as reducing upfront project costs while addressing operational inefficiencies, ThinkForward measurably increased the potential for achieving all of Boyce’s stated objectives. We leveraged our relationships within government agencies and commercial banks, further augmenting the pool of potential funding sources: tax incentive programs, cash grants, and tax credits, as well as cost-effective financing.

Boyce consolidated their operations under one, state-of-the-art roof, resulting in the procurement of new business, including a major contract with a leading telecommunications company.

Boyce is now better equipped to meet increased production demands for a variety of advanced manufacturing projects. In addition, the new facility has hospitality offices and secure-storage areas for equipment and materials, therefore, ensuring the success of major long-term projects and cementing relationships with valued customers.

"The ThinkForward team expertly guided us through every stage of the planning and execution of our new advanced manufacturing plant, from the acquisition of the property to construction and equipment."

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