Banker & Tradesman: March 30, 2020

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Turn to page B1 for Banker & Tradesman’s monthly coverage of all things commercial real estate.

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

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County close-up: Barnstable Spotlight: Barnstable

IN PERSON

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While working at a software firm that helped community banks and credit unions manage Dodd-Frank requirements, Mike Kennedy heard from executives who were looking for niche market opportunities to grow deposits and remain competitive against larger banks and fintech providers.

WEEK OF MONDAY, MARCH 30, 2020

COMMERCIAL REAL ESTATE BY THE NUMBERS

AGAINST THE GRAIN

14 The number of units in a pilot mass timber building planned in Roxbury. See Steve Adams’ story on this page. Source: Placetailor

65 percent Winthrop Center will use 65 percent less energy than a comparable building. See Joseph Larkin’s column on page B6. Source: Millennium Partners

2 weeks A new apartment building in Newton was built in 2 weeks. See Arthur Klipfel’s column on page B7. Source: Oaktree Development

MODEL C TESTS

TIMBER CONSTRUCTION POTENTIAL

18 stories The International Building Code will allow cross-laminated timber buildings this tall next year. See Steve Adams’ story on this page. Source: International Code Council

$200,000

8 stories Cross-laminated timber is cheaper than steel and concrete in buildings taller than 8 stories. See Steve Adams’ story on this page. Source: Colin Booth

3 Boston’s Housing Innovation Lab is trying to reimagine the triple-decker. See Insider Insights on page B2. Source: Taylor Cain

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.

Demonstration Project Could Prove Financial Case BY STEVE ADAMS BANKER & TRADESMAN STAFF

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t’s been a catch-22 dilemma for developers trying to build multifamily housing in notoriously high-cost Boston. Wood-frame construction is the least expensive building technique, but building codes limit structures to 6 stories. Steel and concrete con-

struction is the standard for more profitable mid- and high-rise buildings, but their material costs cancel out the financial benefits except in the highest-rent neighborhoods. At a trash-strewn vacant lot in Roxbury’s Fort Hill section, Boston designbuild firm Placetailor and architects Generate Technologies think they’ve come up with a solution. The firms are preparing to seek final approval for the Model C, a 14unit multifamily project using cross-laminated timber and passive house designs to maximize energy efficiency while control-

ling development costs. “There’s a lot of interest in Boston because it’s a very progressive city,” said John Klein, CEO of Generate Technologies. “The architects and engineers and contractors are interested in new technology. Right now there’s just a handful of projects, but it’ll be much more prevalent in five years.” The 5-story demonstration project would act as a test case as state officials prepare to consider building code changes allowing timber buildings up to 18 stories.

COMMERCIAL INTERESTS

RESCUE RESOURCES

Governor’s Calm Leadership Stands in Contrast to Other Leaders

Crisis Could Challenge Some Fintechs’ Funding

By Scott Van Voorhis | Banker & Tradesman Columnist

By Diane McLaughlin | Banker & Tradesman Staff

Charlie Baker Offers Breath Alternative Lenders Seek Larger of Fresh Air During Crisis Role in COVID-19 Response

For more information please visit www.thewarrengroup.com/business/ datasolutions.

Continued on Page 7

Oregon Forest Resources Institute photo / CC BY 2.0

A real estate attorney faced a $200,000 judgement in a recent case. See Christopher Vaccaro’s column on page B3. Source: U.S. District Court

Commercial Real Estate PAGE 3

Banking & Lending PAGE 9


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