Banker & Tradesman, April 24, 2017

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the

financial

www.bankerandtradesman.com

WEEK OF MONDAY, APRIL 24, 2017

services

and

real

estate

weekly

for

massachusetts

A Publication of The Warren Group COMMERCIAL INTERESTS

CAREFUL, CREATIVE CREDIT

Budding Industry Faces Local Objections

CREDIT UNIONS OFFER FLEXIBILITY TO GATEWAY CITY BUYERS

Pot Shops Should Take A Leaf From Gambling Playbook

P

BY SCOTT VAN VOORHIS BANKER & TRADESMAN COLUMNIST

ot smokers and budding weed entrepreneurs are clearly still high as a kite over their big victory last November when voters passed a statewide referendum legalizing marijuana. That euphoria was on display last week as cannabis enthusiasts flocked to the local Elks Hall in Natick for an “Independence Gala,” which featured new gizmos like a “vaporization system” and lessons on how to make “candy” of the sort you definitely don’t want to give to the kids. Heck, there’s even a Northeastern Institute of Cannabis in Natick, complete with its own dean and faculty, set up to train students who hope to work in what is being billed as a growing industry in more ways than one. But if weed activists truly think they will be soon strolling down to their corner suburban pot shop to stock up on their favorite strain for the weekend or grab a few pot brownies for dessert, they surely are smoking some strong stuff.

CUs Leverage Portfolios, Relationships To Achieve Homebuying Goals 2012 RESIDENTIAL HOME SALES

WORCESTER

1,806

Continued on Page 3 FOOD AND FITNESS

Amid Retail Storm, New Formats Emerge ‘De-Malling’ Is Latest Development Strategy

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SPRINGFIELD

1,450 LOWELL

944 BROCKTON

BY STEVE ADAMS BANKER & TRADESMAN STAFF

rospects for developing brick and mortar retail are dicey as national chains shrink store footprints and shutter anchor stores amid Amazon’s ascendance. As leasing begins at Arsenal Yards in Watertown, developer Boylston Properties expects that trendy bistros and high-end fitness concepts will pick up the slack as it seeks to fill 350,000 square feet of storefronts. “Restaurants are a key component of all our retail centers today and especially something like this on the urban edge,” said Andrew LaGreca, a principal at leasing agent Wilder Cos. of Boston. “Our focus on Continued on Page 10

680 NEW BEDFORD

551 Includes all residential sales.

BY LAURA ALIX AND JIM MORRISON BANKER & TRADESMAN STAFF

I

n Massachusetts’ Gateway Cities, where borrowers’ loan applications may have more blemishes than those seen in the affluent suburbs, credit unions are often in a better position than larger lenders to help those would-be homeowners realize their goals. Indeed, credit unions have steadily increased their mortgage loan business in Massachusetts’ original Gateway Cities over the past five years, according to data from The Warren Group, publisher of Banker & Tradesman. In Worcester, for instance, credit unions as a group made 72 mortgage loans in 2012 and 147 loans last year. In Lawrence, credit unions made just six residential mortgage loans but increased that to 14 in 2016. And in Fitchburg, credit unions made 101 loans last year, compared with 62 loans in 2012. As the number of home sales rises every year, the number of loans in those communities rises as well, but credit unions lenders say their model has the strength and flexibility that is bestsuited to borrowers in Gateway communities. “I think it’s fair to say that a majority of applications that we see have some potential weakness, whether that be in Continued on Page 8

2016 RESIDENTIAL HOME SALES

WORCESTER

2,343 SPRINGFIELD

1,823 LOWELL

1,410 BROCKTON

1,474 NEW BEDFORD

1,115 Source: The Warren Group

CONTENTS Points ����������������������������������������������������������������������� 4

Banking & Lending �������������������������������������������������� 8

Classified Sections ������������������������������������������������� 13

By The Numbers ������������������������������������������������������� 6

Commercial & Industrial ���������������������������������������� 10

CRE Insider ����������������������������������������������������������� B1

In Person ������������������������������������������������������������������ 7

Residential ������������������������������������������������������������ 11

Records Section ������������������������������������������������������ C1


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