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2016 ANNUAL PROPERTY TRANSFERS DIRECTORY Call 617.896.5388 or email datasolutions@thewarrengroup.com Est ab li s h e d 1 8 7 2
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WEEK OF MONDAY, JANUARY 9, 2017
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A Publication of The Warren Group STARTING FROM SCRATCH COMMERCIAL INTERESTS
BROOKLINE BUCKS
APARTMENT TOWERS
FDIC Opens Doors To De Novos Overhead, Compliance Costs Remain Obstacles To Entry
T
he FDIC has opened its doors to new de novo bank applications, but those in the know aren’t expecting a flood of new bank applications like you might have seen in the good ol’ days. A little more than 1,000 new community banks were chartered between 2000 and 2008, and 634 of those institutions were still operating and holding $214 billion in total loans and leases as of September 2015, the agency said in research it published last summer. De novo formation virtually ground to a halt during the Great Recession, and between 2011 and mid-2016, the FDIC received just 10 applications for deposit insurance for de novo banks. Last year, the agency received eight applications for deposit insurance for de novo institutions, of which two were approved and six were still pending at the year’s end, the FDIC said. Over the past year, the regulator has released guidance for organizers seeking deposit insurance for de novo institutions Continued on Page 10
Fears Of Influx Of School Children Unfounded, Data Shows
BY SCOTT VAN VOORHIS BANKER & TRADESMAN COLUMNIST
Y
BY LAURA ALIX BANKER & TRADESMAN STAFF
BEYOND KENDALL
ou’d think Las Vegas billionaire Steve Wynn wanted to level Coolidge Corner and install a giant casino from the overwrought letters and comments that have lately poured into the local papers from some of Brookline’s leading citizens. One town meeting member warned of a wave of “carpetbagging” opportunists on the loose, while a Brookline selectwoman warned the town faces a looming “disaster.” “Say goodbye to Coolidge Corner,” one resident cryptically announced at recent public meeting. It’s not a casino or a mall that has Brookline on edge, but rather that other grave threat from which local officials across the Bay State have done their best to spare us all – the humble apartment building. A flurry of proposed apartment projects, including a glass and steel luxury high-rise planned for Coolidge Corner, has stoked fears that Brookline’s school system, already in the midst of an enrollment boom, will see even more families with young children move to town. Now admittedly, there are a large number of new apartment projects. Developers are scrambling to get their proposals in because Brookline is close to meeting the requireContinued on Page 3
Brookline Single-Family $1.6 million Brookline Condominium $1.6 million Brookline Apartment $2,500 per month Single-family and condo median prices year-to-date through November 2016 Rent rate average for all units in 2016 Sources: The Warren Group, Rainmaker Insights
CONTENTS
In Person ������������������������������������������������������������������ 7
Banking & Lending ������������������������������������������������ 10
Points ����������������������������������������������������������������������� 4
Residential �������������������������������������������������������������� 8
Classified Sections ������������������������������������������������� 11
By The Numbers ������������������������������������������������������� 6
Commercial & Industrial ������������������������������������������ 9
Records Section ������������������������������������������������������ B1
Seaport, Alewife Pitch Life Science Space Industry Clusters Expanding Outside East Cambridge
F
BY STEVE ADAMS BANKER & TRADESMAN STAFF
or life science companies in expansion mode, the usual alternative to high-cost, vacancy-starved Kendall Square has been suburban office parks off Route 128. Now seasoned developers such as Davis Cos. and Related Beal are betting that market conditions are ripe to enlarge life science clusters in Boston’s Seaport District, Cambridge’s Alewife and inner-ring suburbs. “You’re going to start to see some of the early-stage companies go to the Watertowns and the Seaports of the world, which we haven’t seen in the past,” said Mark Winters, executive managing director for Newmark Continued on Page 9