Banker & Tradesman November 9, 2015

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www.bankerandtradesman.com

WEEK OF MONDAY, NOVEMBER 9, 2015

financial

services

and

real

estate

weekly

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massachusetts

A Publication of The Warren Group

Continuing

SHOVEL READY

DOUBLING DOWN ON DTX Tower Plan Resurfaces With A Twist BY STEVE ADAMS BANKER & TRADESMAN STAFF

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fter acquiring a block of low-rise retail and office buildings at Boston’s Downtown Crossing in the previous decade, New York-based Midwood Investment & Management called timeout rather than try to build its 28story apartment tower during the recession. After missing one real estate cycle, it bided its time, waiting to proceed on a major development. Now, with luxury condominium projects in Boston selling out months ahead of completion, it’s ready to proceed. The latest mega development proposal would bring a fifth tower topping 60 stories to the city skyline, in a neighborhood that’s been on an extended hot streak. While Midwood executives aren’t commenting yet, the company is expected to formally begin permitting for a highrise at least as tall as the 685-foot Millennium Tower Boston early next year. Real estate sources say market conditions are favorable for another signature project in Downtown Crossing, which has scored a succession of high-profile development projects for high-end office space, luxury residences and destination retail. “This was a Class B property that (Midwood) bought not just to maintain,” said David Begelfer, CEO of commercial real estate development group NAIOP Massachusetts. “The play was clearly for the future, and they are taking advantage of that right now.” Midwood President John Usdan told The Boston Herald in 2012 that he wasn’t sold on the neighborhood’s turnaround yet, despite Millennium Partners’ ambitious plans across the street. “Call me when you see some shovels,” Usdan suggested at the time. Three years later, the 442-unit Millennium is nearly sold out, with over $800 million in sales volume ahead of next

Downtown Boston Condo Tower Boom Millennium Boston Tower

685 feet 442 condos Status: Completion in mid-2016 One Bromfield St.

700 feet (estimated) Condos, luxury apartments, retail Developer: Midwood Investment & Development Status: Preliminary design 533 Washington St.

300 feet 30 stories 100,000 square feet 94 condos, office space, restaurant Developer: 533 Rafi Holdings LLC Status: Proposed

Education

Turning The Tables Mentoring More Than Good Community Relations BY LAURA ALIX BANKER & TRADESMAN STAFF

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ne Saturday afternoon while Belmont Savings Bank President and CEO Bob Mahoney was watching a baseball game on television, the phone rang. It was an MIT graduate he’d mentored, asking if he could meet to present Mahoney with a gift, a thank-you for helping him get a job. Sure, let’s set up a time, Mahoney told the young man. “No, I’m on your street now,” he responded. “Can I stop by?” Mahoney, who studied chemistry in college, estimated that he probably mentors between 50 and 70 college students a year, many of them through UMass Amherst’s iCons (Integrated Concentration in Science) program. Mahoney’s involvement in the iCons program isn’t a one-off; it’s part of a pervasive ideology in the banking industry to help nurture and develop emerging talent – both inside and outside the field. Sometimes it’s one or two bankers who take it upon themselves to tweak resumes, practice interviewing skills and call in favors, Continued on Page 11

171 Tremont St.

Height: 237 feet 20 stories 19 condos Developer: 171 Tremont St. LLC (Dabbah family and David Raftery) Status: Proposed

KNOW BEFORE YOU CLOSE

First Wave Of Closings Under TRID Go Smoothly Lenders Say Preparedness And Communication Are Crucial BY JIM MORRISON BANKER & TRADESMAN STAFF

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CONTENTS

Residential �������������������������������������������������������������� 8

Records Section ������������������������������������������������������ B1

Points ����������������������������������������������������������������������� 4

Commercial & Industrial ������������������������������������������ 9

By The Numbers ������������������������������������������������������� 6

SPECIAL SECTION

Banking & Lending ������������������������������������������������ 11

In Person ������������������������������������������������������������������ 7

Classified Sections ������������������������������������������������� 13

Continuing

Education

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he first round of real estate transactions under the new TRID mortgage regulations have begun trickling in, and early reports are surprisingly positive, given the amount of anxiety leading up to the Oct. 3 implementation. Loan originators report that they like the simplified, new loan estimate and closing documents and that transactions are going smoothly thanks to a lot of advance preparation. But, they say, real estate agents need more education on the new regulations. Shant Banosian, manager of Guaranteed Rate in Waltham, said his office closed 10 deals under TRID in October. He said each deal went off without a hitch – because his Continued on Page 8


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