Banker & Tradesman: Jan. 28, 2019

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2018 ANNUAL PROPERTY TRANSFERS DIRECTORY

Call 617.896.5388 or email datasolutions@thewarrengroup.com

THE FINANCIAL SERVICES AND REAL ESTATE WEEKLY FOR MASSACHUSETTS BY THE NUMBERS

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County close-up: Dukes Spotlight: Gosnold

Jennifer Christakes runs JLL’s New England property management group, which oversees a 35-million-square-foot portfolio including iconic buildings such as Boston’s One Financial Center office tower.

IN PERSON

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WEEK OF MONDAY, JANUARY 28, 2019

COMMERCIAL REAL ESTATE BY THE NUMBERS

$65 million The amount of the construction loan from New York’s Square Mile Capital required to get a 10-story, market-rate apartment tower built in downtown Lynn. See Steve Adams’ story on page 1 for more. Source: Procopio Cos.

37.5 The acreage of an over-55 residential development in Framingham which columnist Scott Van Voorhis says raises ethical questions about age restrictions in a time of limited housing supply. See page 3 for more. Source: Brendon Properties

BEYOND BOSTON

LUXURY TOWER IS TEST OF LYNN HOUSING MARKET

1,200 The number of seats in a downtown Fitchburg theater which Fitchburg State University is renovating into an “Ideas Center” and performing arts space. See page 1 of CRE Insider for more. Source: Fitchburg State University

$3,000 Courtesy Image / Procopio Cos.

Asking rent for some of the apartments in Procopio Cos.’ under-construction tower in downtown Lynn. See Steve Adams’ story on page 1 for why Procopio and others are bullish on the working-class city. Source: Procopio Cos.

200 The number of staff JLL regional manager Jennifer Christakes has to manage the company’s complex, 100-property portfolio in southern New England. See In Person on page 8. Source: JLL

City Encourages Tower Construction Downtown BY STEVE ADAMS BANKER & TRADESMAN STAFF

$2.7 billion East Boston Savings Bank grew its assets by $2.7 billion in the last five years, in part thanks to expanding its commercial lending business. See Bram Berkowitz’s story on page 9. Source: FDIC

2018 The year UMass Lowell’s TURI Lab was finished, an adaptive reuse project in Lowell’s Boot Mill complex. See Hot Property on page 7. Source: The Architectural Team

510,00 The square footage State Street will be leasing in the Pelli Clarke Pelli-designed tower planned for Bullfinch Crossing, on the site of Boston’s Government Center garage. See Week on the Web on page 2 for more. Source: State Street

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.

S

augus-based real estate developer Procopio Cos. waited until 2016 before cautiously making its firstever investment in the city of Lynn, completing a 42-unit apartment complex called Needhams Landing.

“We didn’t put too much money into it because we didn’t know if the market was there,” Principal Michael Procopio said, noting that the bare-bones amenities package was highlighted by a common laundry room. “But we had a sneaking suspicion that Lynn was very underserved in terms of market-rate housing.” The successful lease-up of Needhams Landing – with some studio apartments renting for over $4 per square foot – confirmed the vitality of the Lynn rental market. It laid the groundwork for

Procopio’s latest multifamily venture, a $80 million-plus high-rise that’s under construction less than a block from the MBTA Commuter Rail station. The 259-unit tower named The Caldwell will contain 100 percent market-rate apartments listed for over $2,000 per month – and some asking more than $3,000 – when it opens in mid-2021. New York private equity giant Carlyle Group is a limited partner, reflecting Wall Street’s confidence in Gateway Cities’ transit-oriented development. Continued on Page 7

COMMERCIAL INTERESTS

STOCK BANK SALES

Proposed Framingham Building Raises Ethical Questions

East Boston Savings Bank and Brookline Bank Are Possible Candidates

By Scott Van Voorhis | Banker & Tradesman Columnist

By Bram Berkowitz | Banker & Tradesman Staff

Over-55 Developments Help After Bank-Buying Spree In 2018, Some by Harming Many More New Purchases Are Eyed

Banking & Lending PAGE 3

Banking & Lending PAGE 9


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