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THE FINANCIAL SERVICES AND REAL ESTATE WEEKLY FOR MASSACHUSETTS BY THE NUMBERS
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County close-up: Essex Spotlight: West Newbury
IN PERSON
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With more than 35 years of experience, Brian Renstrom knows the ins and outs of the M&A business, including how firms can make themselves more attractive to buyers. That doesn’t just mean through growth and earnings, but also how a company positions itself regarding technology, cybersecurity and preparation.
WEEK OF MONDAY, FEBRUARY 4, 2019
RESIDENTIAL REAL ESTATE BY THE NUMBERS
AGAINST THE TIDE
40 years The first new homes built in 40 years in downtown Framingham are revitalizing the neighborhood. See Mayor Yvonne Spicer’s column on page 10. Source: Yvonne Spicer
0.42 percent The spread between mortgage rates given to borrowers with subpar and super FICO scores in a new study. See Ken Harney’s column on page 4. Source: Lending Tree
920
UNION POINT FACES ANOTHER DAY OF RECKONING
The number of housing units built in South Weymouth’s troubled Union Point, of a possible 3,300. See Steve Adam’s story on page 1. Source: Southfield Redevelopment Authority
$1.9 million Scott Wolas swindled 24 real estate investors out of $1.9 million before fleeing in 2016. See Week on the Web on page 2 for more. Source: Office of the U.S. Attorney for Massachusetts
$8.46 million The mortgage on the top property in this week’s Gossip Report. See page 7. Source: The Warren Group
23.85 percent Home prices have risen by almost 24 percent from 2017 to 2018. See By the Numbers on page 6. Source: MBTA
17.7 percent More than one in six loans in Elie Mae’s December report were made to borrowers with FICO scores below 700. See Ken Harney’s column on page 4. Source: Ellie Mae
6 The number of bedrooms in a historic lightship renovated as a private home or charter yacht for sale in Boston. See Week on the Web on page 2. Source: Douglas Eliman
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.
Looming Change of Ownership No Cure-All for Air Base BY STEVE ADAMS BANKER & TRADESMAN STAFF
L
Star Communities isn’t the first company to come up short trying to crack the code of what’s needed to attract commercial development at Union Point, the 1,450-acre former naval air station in South Weymouth. It likely won’t be the last. Boston-based lender Washington Capital Management has scheduled a foreclosure
auction on Thursday for many of the undeveloped residential parcels, which have potential to house more than 3,300 housing units on 115 acres. A redevelopment authority that oversees the property could vote next month to remove Raleigh, North Carolina-based LStar as master developer. Bad market timing, public mismanagement and allegations of financial misconduct by LStar executives have set back attempts to turn the World War IIera dirigible station into an economic engine creating thousands of jobs on the South Shore. Even if a new developer steps in, Union Point faces headwinds from the growing
preference of companies for urban locations, said David Begelfer, an real estate consultant and recently retired CEO of commercial developers’ group NAIOPMassachusetts. “It’s a dream to think this is going to turn around overnight with a new developer coming in and you’re going to build it out in five years,” Begelfer said. “This isn’t the Seaport District.” The base was decommissioned in 1997, but it wasn’t until 2016 that the property got a commitment from its first major commercial tenant in Dutch robotics firm Prodrive Technologies. Continued on Page 9
COMMERCIAL INTERESTS
E F F I C I E N C Y R AT I O
Objections Over Edison Project Clash With Developer’s Cozy Ties
Bank Uses Cost Discipline, ‘Baby Steps’ to Keep Expenses Low
CLF Has Picked a Losing Battle By Scott Van Voorhis | Banker & Tradesman Staff
Commercial Real Estate PAGE 3
Hingham Institution for Savings’ Efficiency Ratio Turns Heads By Bram Berkowitz | Banker & Tradesman Staff
Banking & Lending PAGE 7