2021 TOP LENDERS SPECIAL SECTION BEGINS ON PAGE 10
ANNIVERSARY BY THE NUMBERS
PAGE 6
R E AA LL EES ST T F AI N A INA CL I IANLF OI R NM F A O TRI M A TSI I O RE AA T ET E& & FIN NC ON NN C E S 1I 8N7C2 E
County close-up: Dukes and Nantucket Spotlight: Chilmark
1 8 7 2
Denisha McDonald has made it her mission to help residents of Boston’s underserved neighborhoods build wealth through homeownership. Now she’s partnering with HYM Investment Group on a proposal that includes 40 market-rate condominiums in Roxbury.
IN PERSON
PAGE 8
WEEK OF MONDAY, APRIL 18, 2022
RESIDENTIAL REAL ESTATE BY THE NUMBERS
$15 million and $13.35 million The top two homes in this week’s Gossip Report are both in Boston’s Mandarin Oriental. See page 9. Source: The Warren Group
150 percent Home prices have outpriced inflation by 150 percent in the last 50 years. See The Housing Scene on page 4. Source: Anytime Estimate
353 percent
Chelsea officials are seeking to lure light industrial development to the Eastern Avenue corridor in their newly approved municipal harbor plan, as demand for marine-dependent uses declines.
R E C R E AT I O N A N D R E S I L I E N C E
FROM
GASOLINE ALLEY CLEANTECH CLUSTER? TO
The year-to-date median sale price of a home on Nantucket is 353 percent higher than the state median. See By the Numbers on page 6. Source: The Warren Group
#1 Paul Piccirillo of Citizens Financial Group was the No. 1 loan originator in the Cape & Islands in February. See By the Numbers on page 6. Source: The Warren Group
$149.9 billion
13 percent Demand for vacation homes is still up 13 percent from pre-pandemic levels, but demand has dropped sharply for the second month in a row. See Week on the Web, page 2. Source: Redfin
350 National Development’s final building in its Ink Block development in the South End has 350 bedrooms in 180 units. See Scott Van Voorhis’ column on page 3. Source: National Development
Ruling Clears Path for Change on Chelsea Waterfront BY STEVE ADAMS BANKER & TRADESMAN STAFF
A
ruling by the state’s top environmental official could clear the way for largescale redevelopment of the Chelsea waterfront – including a new relief valve for industrial firms being squeezed out of Boston, Somerville and Everett by housing and life science projects. This month’s state approval of the city of Chelsea’s municipal harbor plan allows
more non-marine industrial uses for properties along Chelsea Creek, and building heights up to 80 feet on InterPark’s 21-acre airport parking lot at 111 Eastern Ave. City officials envision a mixed-use development replacing the preflight lot, and are seeking to attract more light industrial projects that could pay for coastal resiliency projects and new waterfront parks. The city has not sought to rezone the area to include residential development. “Chelsea’s approach is pretty smart,” said John Walkey, director of waterfront and climate initiatives for environmental justice group GreenRoots. “It keeps some industrial uses there, it keeps jobs for local people and tax revenues, and when
the inevitable happens and it floods, you’re not having to evacuate residents from those properties.”
From Marine Economy to Clean Tech
The municipal harbor plan approved April 1 gives the city of Chelsea more flexibility to approve non-water-dependent projects and higher densities. The decision by Massachusetts Secretary of Energy and Environmental Affairs Kathleen Theoharides applies to 25 parcels on the west side of Chelsea Creek, stretching from the Andrew McCardle Bridge on Meridian Street to the Revere line. Continued on Page 7
$800 million to $1.5 billion Fully electrifying the commuter rail carries a price tag of an estimated $800 million to $1.5 billion, but state Sen. Brendan Crighton argues its money well spent for Greater Boston’s economic future. See his op-ed on page 6. Source: Sen. Brendan Crighton
COMMERCIAL INTERESTS
TOP LENDERS
A Decade in the Making, National Development Opens Final Building
Residential Lending Up 13 Percent Over the Year Prior
Moving on from Ink Block 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.
Commercial Real Estate PAGE 3
Image courtesy of Chelsea Creek Municipal Harbor Plan and Utile Design
Massachusetts saw $149.9 billion in residential lending (including refis) last year. See Top Lenders on page 10. Source: The Warren Group
2021 Another Record Year for Mortgage Lending in MA By Diane McLaughlin | Banker & Tradesman Staff
Banking & Lending PAGE 10