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THE FINANCIAL SERVICES AND REAL ESTATE WEEKLY FOR MASSACHUSETTS BY THE NUMBERS
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GOSSIP REPORT
County close-up: Bristol Spotlight: Fall River
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After five months on the market, the property in this week’s No. 3 spot sold for more than $400,000 less than the owners paid for it in 2015. There are city views from every floor, especially the third floor, at the top of the elevator.
WEEK OF MONDAY, JANUARY 22, 2018 BANKING & LENDING BY THE NUMBERS
8% Residential Mortgage Services Inc. captured nearly 8 percent of the mortgage market in Bristol County last year. See page 6 for more of the top lenders in Bristol County.
6 East Boston Savings Bank intends to open six new branches in and around Boston in 2018.
$1.6 trillion The Mortgage Bankers Association projects total U.S. mortgage originations to decrease from about $1.7 trillion in 2017 to $1.6 trillion in 2018. Source: Mortgage Bankers Association
Less than 5%
DOWNTOWN DEMAND
DEVELOPERS BULLISH ON FINANCIAL DISTRICT OFFICE GROWTH Addition, Facade-lift Would Reinvent One Post Office Square
The MBA’s chief economist predicts rates will rise in 2018, but stay below 5 percent.
BY STEVE ADAMS
Source: Mortgage Bankers Association
A
#1 First Republic Bank was the top lender of condo refi loans by volume in 2017.
12.5% All state-chartered banks in Massachusetts collectively grew commercial and industrial loans growth by 12.5 percent between Sept. 30, 2016, and Sept. 30, 2017. Source: FDIC
Deborah Jackson For the first time in its 200year history, Eastern Bank has selected a woman to lead its board of directors. Deborah Jackson has been a member of the board for 17 years.
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Repositioning of the One Post Office Square tower would include up to 265,000 square feet of additional office space, new roof decks and terraces and a 2-story rooftop beacon.
BANKER & TRADESMAN STAFF
fter taking a backseat to the Seaport in recent years, Boston’s Financial District is finally on the verge of a revival as an office development hotspot. Opportunities to reposition parking garages are driving several of the latest projects. Two developers are looking to add over 1 million square feet of office space in the central business district in anticipation of accelerating leasing demand. At the 41-story One Post Office Square tower, owner Morgan Stanley seeks to demolish the existing 6-story parking garage and build an 18-story addition including 265,000 square feet of office space atop a new automated parking system. “This will be without a doubt the most transformational redevelopment in the central business district,” said Jonathan Ginnis, design director at Gensler architects. “It’s pretty unprecedented in the Boston market.” Part of a comprehensive repositioning of the 832,000-square-foot tower built in 1980, the project would include a new glass curtain wall to replace the concrete facade, floor-to-ceiling windows and a 2-story rooftop lighting element dubbed “The LanContinued on Page 9
Of the top 10 mortgage lenders by volume in 2017, only three are headquartered in Massachusetts.
$20,000 The median nationwide down payment in the third quarter of 2017 was $20,000, a record high. Source: ATTOM Data Solutions
COMMERCIAL INTERESTS
‘GREEN’ BANKING
Trump Administration Kills Obama Administration’s Fair Housing Initiative Cole Memo Was Guidance, Not Law By Scott Van Voorhis | Banker & Tradesman Columnist
Unless otherwise noted, all data is sourced from The Warren Group’s Mortgage Market Share Module, Loan Originator Module, Statistics Module and/or proprietary database. For more information please visit www.thewarrengroup.com/business/ datasolutions.
By Bram Berkowitz | Banker & Tradesman Staff
Commercial Real Esate PAGE 3
Banking & Lending PAGE 10