Banker & Tradesman: April 27, 2020

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

PAGE 6

County close-up: Essex Spotlight: Danvers

IN PERSON

PAGE 8

When Webster Five wanted to expand its customer base into the Worcester area’s growing immigrant communities, president and CEO Donald Doyle decided the bank needed a more holistic approach to diversity and inclusion.

WEEK OF MONDAY, APRIL 27, 2020

COMMERCIAL REAL ESTATE

BY THE NUMBERS

C O M B O P L AT T E R

15 percent The national retail vacancy rate could hit 15 percent. See Scott Van Voorhis’ column on page 3.

Source: Moody’s Analytics

20 Edens’ makeover of the Woburn Mall is adding 20 storefronts to the mixed-use plaza. See Jay Fitzgerald’s story on page B1.

Source: Edens Inc.

RETAILERS SHIFT ON THE FLY

60 percent Local retailers support reducing occupancy limits by 60 percent as the state reopens. See Steve Adams’ story on this page.

Source: Retailers Association of Massachusetts

8

DEEP DIPS IN REVENUE FORCE PIVOTS

Successful mall redevelopments may include up to eight different uses.

See Mark Vaughn’s column on page B4.

Source: Mark Vaughn

10 percent

BY STEVE ADAMS

Retail accounts for around 10 percent of America’s jobs. See Ori and Noam Ron’s column on page B5.

Source: U.S. Department of Labor

BANKER & TRADESMAN STAFF

M

any remaining Massachusetts restaurants are operating with skeleton crews as they attempt to match operating costs with sharply diminished revenues, and shuttered nonessential retailers are waiting for word on whether they can resume limited operations if Gov. Charlie Baker’s stay-at-home advisory expires May 4.

Government stimulus programs so far have missed the mark, retail industry groups say, leaving small merchants to build their own life rafts and search for safe harbors in the COVID-19 economic crisis.

150 The maximum headcount for a business to be protected from eviction. See Steve Adams’ story on this page.

Source: Commonwealth of Massachusetts

50 percent Only half of Massachusetts’ small retailers have received flexibility on their lease terms. See John Hurst’s column on page B4.

Source: Retailers Association of Massachusetts

Continued on Page 7

$19.35 million A Bain Capital-led partnership bought a Winchester warehouse for $19.35 million. See Week on the Web on page 2.

Source: The Warren Group

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 INTERESTS

Housing Could Be Retail’s Savior

Mixed-Use Offers a Life Preserver After COIVD-19 Tsunami

By Scott Van Voorhis | Banker & Tradesman Columnist

LINGERING EFFECTS

Shutdown Could Drag on Mass. Mortgage Market for Extended Period Federal Reserve Research Suggests 4 in 10 Homeowners at Risk of Layoff

By Diane McLaughlin | Banker & Tradesman Staff

Commercial Real Estate PAGE 3

Banking & Lending PAGE 9

2 | BANKER & TRADESMAN

APRIL 27, 2020

The Week on the Web

Timothy M. Warren Jr., CEO and Publisher David B. Lovins, President and COO

BANKER & TRADESMAN

A ROUNDUP OF OUR MOST POPULAR STORIES FROM THE PAST WEEK

Published by The Warren Group

$2.4B IN WEBSTER BANK LOANS RECEIVE MODIFICATIONS

ESTABLISHED 1872

PUBLISHING

Associate Publisher: Cassidy Norton Managing Editor: James Sanna Associate Editor, Commercial Real Estate: Steve Adams Associate Editor, Banking: Diane McLaughlin Contributing Writer: Scott Van Voorhis Audience Solution Specialist: Sarah Ahlgren Advertising Account Manager: Yasmin Nasrullah Graphic Designer: William Samatis

• Webster’s president and CEO John Ciulla said across all Webster’s commercial loan portfolio through April 16, modifications had been made for more than 300 borrowers and close to $1.6 billion of commercial loans, approximately 13 percent of the funded commercial loan portfolio. Hotels and motels saw modifications to 47 percent of its loan value, the most for any of Webster’s exposure to sectors most affected by COVID-19.

• The bank also modified over 2,000 home equity and residential loans, representing $476 million, approximately 6.5 percent of total home equity and mortgage balances. Additionally, modifications were made for 750 borrowers with $300 million in small business loans, about 17 percent of Webster’s small business loan portfolio.

• The bank’s provision for credit losses was $76 million under the new current expected credit loss accounting standard. The provision for credit losses was $8.6 million in the same period last year.

DATA SOLUTIONS

SINGLE-FAMILY, CONDO PRICES SLIPPED PAST $400K IN MARCH

Director of Sales & Marketing: John Bottini

Transaction Acquisition Coordinator: Wally Bullock

• “From open houses and appraisals to mortgage lending and job security, COVID-19 has had a significant impact on the local housing market and economy. The great irony is that all indicators were pointing to an excellent spring real estate market,” The Warren Group CEO Tim Warren said in a statement.

• There were 3,751 single-family home sales in Massachusetts last month, a 2 percent increase from March 2019 when there were 3,678 transactions. Meanwhile, the median single-family sale price increased 6.5 percent on a year-over-year basis to $402,000, up from $377,500 in March 2019, marking an alltime high for the month of March.

• Year-to-date, there have been 9,938 single-family home sales – a 2 percent increase from the first three months of 2019 – with a median sale price of $393,500, up 6.1 percent on the same basis.

• There were 1,701 condominium sales in March, compared to 1,710 sales in March 2019, a 0.5 percent decrease. Meanwhile, the median sale price spiked 19.2 percent to $429,000. This marked the third month in a row that the median statewide condo price surpassed the median single-family home price. The median condo sale price also marked an all-time high for any month.

• Year-to-date, there have been 4,628 condo sales – a 10.4 percent increase from the first three months of 2019 – with a median sale price of $412,000, a 17 percent increase on the same basis.

INFORMATION TECHNOLOGY

BAKER SIGNS EVICTION BAN BILL

Communications Manager: Mike Breed Executive Data Solutions Account Manager: William Visconti Data Solutions Account Managers: Chris Mirakian, Peter Sullivan RE Records Search Client Specialist: Jenell James Marketing Coordinator: Sara Ryerson

INFORMATION SERVICES

Director of Operations & Product Strategy: Samantha Bullock Data Operations Supervisor: Tammy Dandurant Data Vendor Coordinator: Tracey Kelley Data Quality Auditor: Ellen Gendron Acquisitions Coordinator: Linda MacDonald

Senior Applications Developer: Joe Chan Software Developers: Michael Paul, Mark Wearsch IT Systems Support Specialist: John Baldi

FINANCE & ADMINISTRATION

Controller: Gena Salvo Accounts Payable: Olga Khalaydovsky

• The moratorium will last for 120 days, or until 45 days after Gov. Charlie Baker lifts the COVID-19 state of emergency. The bill does not absolve tenants or homeowners from paying their rents or mortgages, but does protect them from paying late penalties or having non-payment show up on credit reports as long as they demonstrate that their inability to pay during the crisis is due to a hardship caused by the pandemic.

• The legislature passed the bill after House and Senate negotiators reached a compromise, and Republican Rep. Shawn Dooley agreed to stand down after blocking the bill’s passage for a day due concerns about impacts on landlords.

LONG-DISPUTED WINCHESTER SITE HAS NEW OWNER

• A long-vacant Winchester commercial property where neighbors sued to overturn a CVS Pharmacy project has been sold to a Stoneham buyer for $3.6 million. An LLC affiliated with Marchionda & Assoc., a civil engineering firm that permitted the 424-unit Reading Woods condo development, acquired the property at 20 Swanton St. from longtime owners Fashion RET on April 14.

• A group of neighbors filed suit against the town zoning board and the parcel’s previous owner, Indianapolis developer Gershman Brown Crowley Inc., arguing the project exceeded parking ratio, parking space size, landscaping and setback requirements in town zoning bylaws.

UNION CARPENTERS HALT COVID-19 SAFETY STRIKE • The head of North Atlantic States Regional Council of Carpenters has cleared its 13,000 members to return to job sites statewide starting today after a 15-day work stoppage fueled by concerns over COVID-19.

• “Though there are still concerns about COVID-19 in Massachusetts, the union believes that our contractors and members are committed to creating and maintaining a safe work environment,” Executive Secretary-Treasurer Joseph Byrne wrote in a letter to members.

BAIN BUYS WINCHESTER INDUSTRIAL PROPERTY

• A partnership between Bain Capital Real Estate and Boston-based Oliver Street Capital has paid $19.35 million for the fully leased industrial property in Winchester.

• The 180,000-square-foot warehouse on a 10-acre parcel at 45 Holton St. has 26-foot clear heights and 33 loading docks, and is occupied by Tighe Logistics Group and Archive America.

• JLL Boston represented seller JG Holt Limited Partnership.

Human Resources Manager: Linnea Blair

HERE’S WHAT YOUR PEERS WERE INTERESTED IN LAST WEEK:

Office Manager: Nicole Tower

BANKE R & TR AD ESMA N

1

Congress Buckles Down on Negotiations for More PPP Funds

2

FHFA Offers Mortgage Servicers Fix for Liquidity Issues

3

Schumer: Deal Reached on $300B More for PPP

4

Realtors Learning to Hide Banned Pocket Listings

5

Accordia, Cummings, Berkshire, Eastern Back $10M Push to Help Minority Businesses

6

Baker Signs Eviction Ban Bill

7

Baker Weighs Extending Virus Closures

8

New Pressure on Lawmakers as PPP Fund Hits Limit

9

Jobless Benefits Now Available to Realtors, Contractors

10

Baker: Economic Reopening Will Be Heavily Regulated

(ISSN 0005-5409)

Volume 201, Number 17 Published each Monday. ©2020 The Warren Group Inc., 2 Corporation Way, Suite 250, Peabody, MA 01960. All rights reserved.

No part of this publication may be reproduced without the written consent of the publisher.

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POLL RESULTS A majority of Banker & Tradesman readers say they’ll be hurt by the new eviction freeze.

Will the new eviction freeze hurt or help your business?

tenants will use it as an 59% My excuse to not pay rent.

24% Unclear at this point. make it easier to get 12% Ithelpwillfrom my lender. business was covered by 5% My prior government action.

APRIL 27, 2020

BANKER & TRADESMAN | 3

COMMERCIAL REAL ESTATE COMMERCIAL INTERESTS

Housing Could Be Retail’s Savior Mixed-Use Offers a Life Preserver After COIVD-19 Tsunami

BY SCOTT VAN VOORHIS BANKER & TRADESMAN COLUMNIST

T

raditional brickand-mortar retail was already in trouble in Massachusetts before the coronavirus crisis hit, with death of smaller, local malls in Hanover, Watertown and Worcester and the proliferation of half-vacant strip centers.

But a hurricane of an economic storm is now headed straight for some of the most successful malls in the region, with Simon Property Group, owner of Copley Place and the North Shore, South Shore, Cape Cod and Burlington malls, among several others, suddenly vulnerable in a way that just a few months ago would have seemed impossible.

Simon Properties is likely to face an array of challenges, from Macy’s decision to jettison some anchor mall locations, to an acceleration of the already-steady move towards online shopping, to an overall retail vacancy rate that could hit near 15 percent before leveling off, Moody’s Analytics notes in a new report, “The COVID-19 Pandemic and the Retail Debacle.”

And as a wave of distress washes over the region, here’s betting the future of these marquee malls may very well involve converting or demolishing retail to make room for one of Greater Boston’s scarcest commodities by far: new housing.

A Future, Suddenly Here

Local malls have been steadily going under for years now, with the ease of online shopping and the rise of regional mega-malls having relentlessly siphoned off shoppers.

And with housing scarce in markets across the country, communities on the outskirts of Philadelphia, Minneapolis, Savannah and elsewhere have been giving a green light to housing construction at smaller, struggling suburban malls.

The same trend has been happening here in Massachusetts.

Sure, there’s the Nouvelle condo high-rise at the Natick Mall – owned

by Brookfield Properties, whose continent-spanning retail portfolio now has its own challenges amid the coronavirus emergency – and some apartments at trendy, new lifestyle centers.

But the majority of retail-to-housing projects have been proposed for struggling local malls in Hanover, Woburn and Swansea that shoppers long abandoned.

However, with the coronavirus-driven economic downturn and its one-two punch of so-

Cracks were starting to show even before the crisis, with traditional anchor stores sliding into financial distress.

Under pressure from the coronavirus-driven downturn, those are poised to become gaping fissures.

As the coronavirus threatens to speed up malls’ demise, Edens’ plans for hundreds of apartments at the Woburn Mall could offer a prototype for even luxury regional retail centers.

cial distancing and reduced spending power, that may be about to change, putting some of the big malls into play as well.

Simon’s malls were performing better than many of their counterparts before the crisis, with vacancy rates in the low single digits, Moody’s noted, or about half the national average.

But Simon now finds itself with a large percentage of its malls in states like Massachusetts that have been hardest hit by the coronavirus, meaning delayed reopenings in some of its largest markets Cracks were starting to show even before the crisis, with Macy’s and other traditional department stores that had long anchored malls having slid into financial distress as more and more shoppers left for the internet.

Under pressure from the coronavirusdriven downturn, those are poised to become gaping fissures.

Luxury retailers like Nordstrom and Neiman Marcus, who had previously helped pick up the slack from the slow-motion implosions of Macy’s and Sears, are now suddenly faced with life-and-death struggles of their own, with Nordstrom warning federal regulators its financial situation may “become distressed” and Neiman reportedly nearing a bankruptcy filing.

Housing Demand Won’t Fade

Simon will face hard choices as some tenants fold and others haggle over the rent, including whether to sell part of the collection of big, upscale malls it assiduously gathered over the years.

But whether it’s under Simon Property, or another owner, the prospect of demolishing retail to make way for housing will suddenly become that much more attractive in the wake of the economic devastation wrought by the coronavirus.

Continued on Page 10

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4 | BANKER & TRADESMAN

APRIL 27, 2020

OPINION EDITORIAL

EDITORIAL CARTOON

This Crisis Demands Teamwork, Not Division

C

alls that states hit hard by the coronavirus pandemic should seek bankruptcy rather than federal assistance are irresponsible and an abandonment of cherished national principles.

Senate Majority Leader Mitch McConnell said last week that he would be unwilling to back any new federal disaster relief bills that would send help to states like Massachusetts, New York and California that face plummeting tax returns and skyrocketing public service and unemployment bills.

Deriding such assistance as a “blank check” and “free money” during an interview with conservative radio host Hugh Hewitt, the Associated Press reports, McConnell said he sees “no good reason” why laws shouldn’t be changed to allow states to file for bankruptcy, instead.

At a moment of great national need, one of the country’s most powerful politicians is rejecting sound economics that says the federal government should right now ignore any concerns about future inflation and spend whatever is necessary to get all parts of America back on its feet. So long as interest rates on Treasury bonds are this low, the risk to America’s future finances is vanishingly small.

As Banker & Tradesman went to press, Gov. Charlie Baker was petitioning the federal Department of Labor for a $1.2 billion loan to cover unemployment claims in May and June, alone.

It is clear the scale of the coronavirus crisis is so vast that attempts to keep the country afloat will consume huge chunks of state budgets that ordinarily go towards paying public health workers, bus drivers and other critical public servants whose functions are in no way luxuries. Yet states do not control their money supply and cannot effectively deficit-spend during crisis. Instead, when their rainy day funds run out they must look for help from the federal government, which can.

By floating his peculiar idea that states should seek bankruptcy protection instead of federal help, McConnell irresponsibly, cruelly rejecting the one tool available to keep this building recession from getting worse and to pay for the medical care hundreds of thousands of coronavirus patients need.

But he is also perniciously rejecting the idea that the United States is one nation, indivisible. His comments give cover to those who would split us into “real Americans” in solidly Republican regions and “fake Americans” in coastal, more liberal states like this one. Perhaps he forgets how residents of “fake America” have subsidized “real America” for decades with their federal tax dollars?

We Americans have a duty to help one another and, in this crisis, to use our immense resources to prevent as much misery as possible. We can’t let a few cruel, small-minded men like McConnell get in our way.

Letters to the editor of 300 words or less may be submitted via email at editorial@thewarrengroup.com with the subject line “Letter to the Editor,” or mailed to the offices of The Warren Group. Submission is not a guarantee of publication.

Banker & Tradesman Cassidy Norton

Associate Publisher c n o r to n @th e w a r r e n gr ou p . c om

Timothy M. Warren Jr.

Publisher T i m o t h y M. W a r r e n

Publisher 1975-1988 Keith F. Warren

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Publisher 1901-1928

THE HOUSING SCENE

Water, Water Everywhere in Homebuilding Homebuyers and Builders Have a Growing List of Options

BY LEW SICHELMAN SPECIAL TO BANKER & TRADESMAN

W

ater might not be on many homebuyers’ radar screens. But it sure is becoming a more important feature, both inside and outside the house.

At both the recent International Builders’ Show in Las Vegas and the Consumer Electronics Show, a number of water-related products drew more than passing attention. And a report from one of the housing industry’s top advisory firms found that 90 percent of the top-selling master-planned communities in the country include a “significant” water amenity.

Not only that, but in working on her year-end summary of the top MPCs, John Burns Real Estate Consulting’s research manager Devyn Bachman found what she calls some “amazing water-inspired” features.

Master-Planned Features

Crystal Lagoons tops the list. Bachman called them “easily the most discussed major master-planned community amenity in the last decade.”

These man-made bodies of water use far fewer chemicals and less energy than conventional swimming pools and can be dozens of acres in size. They’re all over the world, with 17 now planned, under construction or in operation in the U.S. If one large body of water is good, then several minibodies are better – at least, that’s what GL Homes in Florida discovered. After years of putting lakes of up to 35 acres in its communities, the builder switched to several smaller lakes of 8.5 acres or less, thereby generating more water-view lots and greater lot premiums.

At The Woodlands, outside Houston, the developer built and stocked 44 fishing ponds, most of which operate on a catch-and-release basis. And in California, Rancho Mission Viejo added age-restricted swimming pools for residents who don’t want to live in an age-restricted community, but don’t want to splash around with a bunch of kids, either.

Lazy rivers are standard now at water parks, but the one at Sunfield near Austin, Texas, goes one better. A meandering 1,000-foot-long stream carries residents through their entire amenity center: from the volleyball and basketball courts, under or around several waterfalls and into the lagoon-like pool.

And how many properties can claim their own canoe and kayak launch? Riverwalk in Rock Hill, South Carolina, not only features a launch into the calm waters of the Catawba River, but also offers courses for paddlers of any age.

On a smaller scale, for buyers who don’t want to share in the expense of maintaining a big pool complex, The Groves, near Houston, Texas, offers a splash pad, “where a kid can be a kid, no matter their age.” There’s also a stocked pond for catch-and-release fishing.

Advisory firm RCLCO ranked the top-selling MPCs, and found that Nocatee, near Jacksonville, Florida – the fourth-best-seller of the decade – has a 4-story above-

ground interactive spray playground, similar to those found at water parks. In the wading pools, water can bubble, squirt and rain down while poolgoers wade, swim, slide or play.

“It takes an innovative and strategic mindset to stay a step ahead of the competition,” says RCLCO’s Brad Hunter. “Differentiation of amenities is one way that successful developers are doing that.”

New Gadgets for Homeowners

Meanwhile, nothing water-related makes any of the numerous buyer-preference surveys, even when the question involves conserving energy or resources. But that hasn’t stopped manufacturers from coming forward with products that could one day be included in model homes.

One such product, LeakSmart, was named one of nine “Green Innovations of the Year” by Green Builder magazine. It not only detects a leak somewhere in a home’s plumbing system, a sensor sounds an alarm and shuts down the main water supply.

Unnecessary? Think again. According to one source, the typical homeowner is 10 times more likely to incur damage from a water leak than a fire. About 40 percent of damaging leaks occur inside the walls, and another 40 percent from appliances. And the damage can be costly: almost $10,000 per incident.

Two other neat products can save on the municipal water grid by taking drinkable water right out of the air. Using heat-exchange technology, units by Watergen deliver safe, fresh H20. Large Watergen units can be installed on rooftops, and smaller ones go in the kitchen.

A similar product, Zero Mass, needs only sunlight and air to make drinking water. And since the average family uses 20 liters of water daily for drinking, and 300 to 500 liters more for household uses like bathing, dishwashing and clothes-washing, every little bit helps.

Then there’s OxiCool, a clean-technology air-conditioning system that uses pure water as the only refrigerant. Opt for this, and you’ll eliminate the need for electricity, toxic gases and high pressure to air-condition your house.

Another innovator, NRCR, exhibited a condensing tankless water heater that recirculates the water until it is needed – thus eliminating waste and keeping the hot stuff closer to the outlet, where it is delivered on demand. And Nano, a high-efficiency toilet from Niagara, offers flush options using as little as 0.5 gallons of water.

Other plumbing innovations: American Standard exhibited a kitchen faucet with a dial that can measure and dispense an exact amount of water, from half a cup to 5 cups, eliminating guesswork and waste while cooking.

And Voltea has a softening filtration system that provides purified water to every faucet in the house without the use of salt or chemicals.

Lew Sichelman has been covering real estate for more than 50 years. He is a regular contributor to numerous shelter magazines and housing and housing-finance industry publications. Readers can contact him at lsichelman@aol.com.

APRIL 27, 2020

BANKER & TRADESMAN | 5

OPINION NUTTER NOTES

Government Took Out a Big ‘Bazooka’ with CARES Act Congress, Treasury and the Federal Reserve Play Roles at Critical Time

BY THOMAS J. CURRY, DANIEL W. HARTMAN, AND BLAKE C. TYLER SPECIAL TO BANKER & TRADESMAN

S Thomas J. Curry

Daniel W. Hartman

ince mid-March, nearly all states and most major municipalities imposed “stay-at-home” orders shutting down all non-essential businesses. As a result, unemployment increased dramatically with approximately 17 million Americans filing for unemployment benefits as of April 10.

In response, the federal government has taken unprecedented measures to address the economic shocks resulting from the COVID-19 pandemic. Most notably, Congress passed the Coronavirus Aid, Relief, and Economic Security, or “CARES,” Act, to provide relief for individuals and small businesses negatively impacted by the COVID-19 outbreak.

This massive $2 trillion package is nothing short of “pulling out the bazooka,” a phrase made famous by former Treasury Secretary Henry Paulson during the 2008 global financial crisis, to combat the resulting economic downturn and avoid a deep depression.

Implementation Not Easy Blake C. Tyler

Under the CARES Act, the U.S. Small Business Administration and the U.S. Department of the Treasury are charged with implementing regulations and drafting guidance for small business borrowers and lenders eager to participate in the Paycheck Protection Program, a $350 billion program designed to support small businesses and their employees during this period of national emergency.

The PPP’s immediate goal is to provide quick relief to small businesses and to encourage them to maintain employment levels by allowing lenders to make SBA guaranteed loans to eligible borrowers for up to $10 million. Eligible borrowers who appropriately allocate their PPP loan proceeds to payroll costs and certain mortgage, rent, and utilities payments can qualify for loan forgiveness. Massachusetts banks are playing an important role in getting PPP loans processed, and local lenders are hopeful that funds will soon flow to small business borrowers.

Implementing the PPP has not been easy. In response to the growing economic crisis, the SBA rolled

out this unprecedented program just one week after the CARES Act was signed into law. The aggressive timeline made it difficult for bankers and small businesses to get clear guidance from federal regulators.

Even after the SBA released an Interim Final Rule on April 2, successive FAQs and other updates issued by the Treasury and the SBA caused as much confusion as clarity. The initial $350 billion ran out quickly, although as of this writing Congress late last week approved $300 billion in additional funding.

April 8. Together, both facilities will provide $600 billion in financing to mid-sized businesses that were in good financial standing before the crisis.

The MSLP and its two facilities will provide financing for four-year loans to U.S. companies employing up to 10,000 employees or with 2019 annual revenues of less than $2.5 billion. Principal and interest payments will be deferred for one year and borrowers are permitted to prepay without penalty. Banks will be required to “have skin in the game” by retaining a five percent

To bolster the CARES Act, the Federal Reserve is using its crisis management authority under Section 13(3) of the Federal Reserve Act to provide additional liquidity to financial institutions.

To bolster the CARES Act, the Federal Reserve is using its crisis management authority under Section 13(3) of the Federal Reserve Act to provide additional liquidity to financial institutions. Under this authority, the Fed can broadly lend during times of “unusual or exigent circumstances” with approval from the Treasury.

Fed Supplies a Backstop

To mitigate potential PPP-related liquidity issues for banks, the Fed established the Paycheck Protection Program Liquidity Facility, or PPPLF. Using the PPPLF, the Fed extends credit to financial institutions originating the PPP loans and takes the loans as collateral at face value. This facility is designed to increase the effectiveness of the PPP by supplying liquidity to participating financial institutions through term financing backed by the PPP loans to small businesses.

The Fed also took immediate action under Section 13(3) to assist mid-sized businesses impacted by the COVID-19 pandemic. Certain businesses, some too large for the PPP, can obtain financing from financial institutions participating in one of two lending facilities under the CARES Act’s Main Street Lending Program, or MSLP. These facilities are called the Main Street New Loan Facility, or MSNLF and the Main Street Expanded Loan Facility, or MSELF. The MSNLF, through financial institutions, facilitates new loans to eligible businesses and the MSELF extends already existing loans as of

share in loans sold to the applicable facility.

Both borrowers and lenders should note that there are strings attached to loans under the MSLP that may make them less attractive. Borrowers must commit to make reasonable efforts to maintain payroll, retain workers, and follow restrictions imposed under the CARES Act governing compensation, stock repurchase, and dividends. Lenders cannot cancel or reduce existing lines of credit available to the borrower or use proceeds to repay or refinance pre-existing loans or lines of credit to the borrower.

Political leaders are hopeful that the CARES Act and the rapid response of federal regulators to support small and medium sized businesses will address the adverse impact of the COVID-19 pandemic on the U.S. economy. However, a rapid regulatory response does not guarantee immediate economic stabilization. To once again quote Secretary Paulson, “there’s always a light at the end of the tunnel . . . it just depends on how long the tunnel is.”

Thomas J. Curry and Jason J. Cabral are partners in Nutter’s corporate and transactions department.

Daniel W. Hartman is an associate in Nutter’s litigation department. Curry is former U.S. comptroller of the currency and all are members of the firm’s banking and financial services group.

R E A L E S TAT E C O A C H

COVID-19 Is Scary. Here are Four Ways to Fix That America – and Your Business – Is in Unknown Territory

BY BERNICE ROSS SPECIAL TO BANKER & TRADESMAN

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e’re in unknown territory in terms of how long COVID-19 will last, exactly how many people have already contracted the virus, as well as how it will impact our business and financial well-being. Fear is a normal reaction. Here are four steps to take to manage any fear you may be experiencing and to get back to enjoying your life as much as possible.

Turn off major network and cable news shows.

Get your news online and in measured doses, but not by watching YouTube videos. Seeing pictures of everyone masked up, of hospitals and drive-through testing and hearing newscasters repeatedly describing the latest bad news jacks up your fear level. You’re much less likely to experience fear and stress when you’re reading words rather than watching a video.

My favorite source for objective online news is TheDonut.co. They always have a “Dose of Positive,” plus their reporting is strictly fact-based. Editorial opinions are clearly labeled, “Far Left, Center Left, Neutral, Center Right, Far Right.”

Engage in extreme self-care. To strengthen your immune system and avoid becoming ill, eat well, get extra sleep, drink plenty of water, exercise, and engage in activities that you make you laugh or smile. Each of these activities causes your body to release beta endorphins, key neurotransmitters that form part of your body’s first line of defense.

Research has also revealed that music can also reduce stress by lowering Cortisol levels. The song “Weightless” by Marconi Union, was ranked as “the most relaxing song ever.” In fact, one study showed that “Weightless” not only reduced Cortisol levels, it also reduced anxiety by 65 percent while also lowering heart rate and blood pressure as well.

Very simply, the world is a treacherous place. You can choose let fear dominate your life or you can take steps to manage the fear and live your life to the fullest extent possible.

While reaching for comfort food is a natural reaction in times of crisis, avoid eating to calm your nerves.

Protect your body by eating foods that support your energy and good health.

Take all non-essential items off your to-do list.

Focus only on what matters most and put everything else aside for the next few weeks. Make sure everyone in your household does this as well. Today, less is more.

When you are facing a pandemic, your first obligation is doing everything possible to keep your loved ones healthy. The world will still be there with all its other problems when COVID-19 dies down.

Step outside, bask in the sunshine, and enjoy the beauties of springtime. Care for your garden or hit the hike and bike trail. Seeing the trees and flowers blooming reminds you that life is cyclical and that the issues we’re facing now will eventually be in back of us.

Go out of your way to be courteous and kind.

Challenging times call for us to be at our best and to go even one step further. When everyone is feeling the stress, minor things can trigger major reactions. Do your best to avoid adding any additional stress on top of what people are already experiencing.

Dr. Paul Pearsall’s research with heart transplant patient, has shown that laughing 100 times a day is the best way to ward off heart disease and cancer. Laughter floods your body with beta endorphins, a key neurotransmitter that blocks pain, strengthens your immune system, and makes you feel good.

By the same token, when you smile at someone and they smile back, their smile releases beta endorphins in their system making them feel better. It’s the equivalent of giving them a virtual hug.

Very simply, the world is a treacherous place. You can choose let fear dominate your life or you can take steps to manage the fear and live your life to the fullest extent possible.

Bernice Ross is a nationally syndicated columnist, author, trainer and speaker on real estate topics. She can be reached at bernice@realestatecoach.com.

6 | BANKER & TRADESMAN

APRIL 27, 2020

BY THE NUMBERS COUNTY CLOSE-UP

ESSEX

STATISTICAL SNAPSHOT MEDIAN SALES PRICE

SPOTLIGHT Danvers

YEAR INCORPORATED 1757

Danvers counts two Olympians as native daughters: Team USA forward Meghan Duggan (2010, 2014 and 2018 Winter Olympics) and Jenny Thopmson a competitive swimmer, anesthesiologist and one of the most decorated competitors in Olympic history. Thompson took a total of 12 medals, including 8 gold medals, in the 1992, 1996, 2000 and 2004 Summer Olympics.

TOTAL AREA 14.1 square miles POPULATION 27,400 DENSITY 1,898 people per square mile TAX RATES Residential: Commercial:

TOTAL NUMBER OF HOUSING UNITS 10,931

SALES VOLUME

Community

Jan.-Mar. 2020

Change from 2019

Amesbury

$409,750

15.91%

28

-9.68%

Andover

$642,450

9.07%

54

10.2%

Beverly

$500,500

-2.53%

46

9.52%

Boxford

$715,000

22.48%

23

4.55%

Danvers

$494,750

3.4%

46

-14.81%

Essex

$565,000

0%

13

333.33%

Georgetown

$439,000

7.07%

19

11.76%

Gloucester

$420,000

-2.1%

27

-47.06%

Groveland

$399,750

-3.13%

8

-42.86%

Hamilton

$602,500

2.12%

16

-40.74%

500000 $500,000

Haverhill

$380,000

16.56%

80

-13.04%

$450,000 450000

Ipswich

$577,000

20.21%

27

0%

$400,000 400000

Lawrence

$307,500

13.89%

36

-5.26%

$350,000 350000

Lynn

$400,000

14.29%

108

-12.9%

Lynnfield

$624,500

-6.37%

22

-4.35%

$300,000 300000

Manchester

$757,000

-14.7%

14

250%

Marblehead

$706,500

14.88%

41

0%

Merrimac

$355,000

-9.55%

5

-61.54%

Methuen

$348,000

-0.57%

92

13.58%

Middleton

$638,000

10.96%

13

-13.33%

Nahant

$679,500

39.81%

4

-20%

Newbury

$637,500

20.85%

16

33.33%

Newburyport

$628,750

6.57%

30

-18.92%

North Andover

$600,000

5.45%

37

0%

Peabody

$490,000

15.29%

59

-9.23%

$13.06 $20.77

Jan.-Mar. Change from 2020 2019

“There actually is a Marianne. She wasn’t my girlfriend.”

— Tom Scholz, of the band Boston, whose lead singer Brad Delp was from Danvers

MEDIAN SALES PRICES

$250,000 250000 $200,000 200000

2012 ’12

2013 ’13

2014 ’14

2015 ’15

2016 ’16

2017 ’17

2018 ’18

• All sales thru March YTD

• Source: The Warren Group

SALE VOLUME

1200 1100

1,100

27.77%

12

-7.69%

Rowley

$495,000

18.56%

10

25%

1,000

Salem

$470,000

7.86%

44

15.79%

Salisbury

$365,000

-0.68%

17

41.67%

900

Saugus

$460,000

4.31%

47

-25.4%

800 800

Swampscott

$555,000

-1.94%

37

117.65%

700 700

Topsfield

$528,500

-9.58%

12

50%

Wenham

$690,000

23.04%

7

-36.36%

600

West Newbury

$625,000

6.38%

8

33.33%

Essex County

$470,000

9.3%

1,058

-3.82%

1000 900

Rank

Lender

% of Market Share

1

Quicken Loan Inc.

6.13%

2

Cross Country 5.46% Mortgage Inc.

3

Guaranteed Rate Inc.

5.13%

Rankings and Mortgage Market Share stats include purchase and refinance mortgages for all residential properties through March 2020 Market share percentage based on volume of mortgages • Source: The Warren Group

TOP 3 LOAN ORIGINATORS

600

500 500

2020 ’20

TOP 3 MORTGAGE LENDERS

1,200

$623,500

2019 ’19

Essex Massachusetts

• Graph based on single-family home sales of $1,000 and above, excluding condominiums and foreclosure deeds

Rockport

• Statistics based on single-family home sales of $1,000 and above, excluding condominiums and foreclosure deeds • Source: The Warren Group

2011 ’11

Rank

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 ’11

’12

’13

’14

’15

’16

’17

’18

’19

• All sales thru March YTD

• Graph based on single-family home sales of $1,000 and above, excluding condominiums and foreclosure deeds • Source: The Warren Group

’20

Lender

Organization

1

Elena E. Campbell

Residential Mortgage Services Inc.

2

Shant Banosian

Guaranteed Rate Inc.

3

Michael S. Bornstein

New Fed Mortgage Corp.

Ranked by volume of loans through March 2020 • Source: The Warren Group

TOP 10 EXISTING HOME SALES Street Address Community

Buyer Seller

Date Price

1

341 Ocean Ave. Marblehead

Christopher W. Pingree Pingree Charles W Est

1/31/2020 $3,250,000

2

26 Proctor St. Manchester

Caitlin Connolly-Eppes Bruce A. Kaneb RET

3

53 High Road Newbury

4 5

Rank

Street Address Community

Buyer Seller

Date Price

6

8 Gail Ave. Hamilton

8 Gail Avenue RT Robert R. Gould

2/28/2020 $2,375,000

3/20/2020 $3,200,000

7

8 Trevino Circle Andover

James L. Xaros CA INT

1/28/2020 $2,150,000

Ashley L. Lilly Tara Patrican

1/15/2020 $2,900,000

8

6 Stafford Road Lynnfield

Janelle Dineen Paula A. Groussis

3/12/2020 $1,899,000

5 Eustis Road Marblehead

Kristin D. Fazio Lee D. Roberts

2/18/2020 $2,825,000

9

27 Spray Ave. Marblehead

Gary Weisberg Spray Avenue RT

1/30/2020 $1,750,000

1 Lanthorn Lane Beverly

Christian Connors Margaret Monagle

1/6/2020 $2,400,000

10

9 Pickett St. Marblehead

Lisa M. Bagaco-Lewis Elena Arthur

2/3/2020 $1,625,000

• Statistics from Jan.-March 2020 • New Construction Excluded • Source: The Warren Group

Rank

APRIL 27, 2020

BANKER & TRADESMAN | 7

COMMERCIAL REAL ESTATE C O M B O P L AT T E R

Retail Occupancy Limits Likely to Remain Continued from Page 1 “I probably did more business on one Saturday night of normal service than a whole month of takeout and delivery and it’s strangling me, to say the least,” said Michael Aldi, owner of Dryft restaurant at the 500 Ocean Ave. apartment complex on Revere Beach.

Things would be even worse without the built-in clientele from the 305 apartment units upstairs, said Aldi, whose business has functioned as a sort of provisional room service during the stay-at-home advisory.

Revenues Down 60 Percent

Retail groups are lobbying on behalf of state or federal legislation providing business interruption insurance coverage, similar to that passed after the 9/11 attacks, to cushion members’ finances. In the meantime, The Retailers Association of Massachusetts is monitoring the potential timeline for relaxing of non-essential business shutdowns.

A member survey completed last week found that 70 percent of respondents favored reopening on May 4, with guidelines for 6-foot social distancing and occupancy limits reduced to 40 percent as in other countries whose own epidemics have ebbed. Overall, members’ revenues appear to be down approximately 60 percent, RAM President Jon Hurst said.

“We’re looking for some step-by-step measures for small businesses to start to serve their customers, even if the doors are still locked,” Hurst said.

Small retailers received some protection when Gov. Baker signed legislation last week temporarily halting residential and commercial evictions, but even that measure has its limits. Businesses that are publicly traded, have more than 150 employees or operate in other states are not protected, Hurst noted.

“There are a lot of mom-and-pop restaurants that have locations on the North Shore and New Hampshire, or in Fall River but also Rhode Island,” he said. “That just ignores some realities of New England, so that was a disappointment. But at least it sends a message and creates a little more leverage [with landlords].”

Flexible Strategies Buy Time

In Hudson, the owners of a trio of popular downtown establishments pivoted to take-out items ranging from ice cream to make-yourown-cocktail kits, but still are pulling in just half of their typical revenues.

Michael Kasseris, an owner of Rail Trail Flatbread Co., New City Microcreamery and Less Than Greater Than speakeasy, compared the transition to starting a new business from scratch. Entryways and traffic patterns had to be redesigned to accommodate social distancing, and point-of-sale and ordering systems were modified to reflect the abbreviated menu and business model. The company has rehired about 40 staff between the three locations.

“We’re in constant communication with all of our landlords, telling them where we’re at every day and playing it by ear. They are very supportive and we’re trying to make it work, but all options are on the table,” Kasseris said.

Like many restaurant operators, Dryft’s Aldi has pared his menu to high-volume items like pizza that translate well to off-site consumption, while jettisoning the raw bar and some seafood items. The abbreviated menu has average prices of $15, roughly half the restaurant’s norm before Massachusetts banned indoor dining last month. About eight of the original 50 employees remain, some dedicated to a new delivery service to nearby neighborhoods.

In Hudson, the owners of a trio of popular downtown establishments pivoted to take-out items ranging from ice cream to make-your-owncocktail kits, but still are pulling in just half of their typical revenues.

What’s in Massachusetts’ Eviction Moratorium?

N

o ‘Non-Essential’ Evictions: Residential landlords and landlords of small businesses and nonprofits can’t evict a tenant who isn’t able to pay rent due to the coronavirus or the recession it’s caused.

Tenants and Mortgagors Must Still Pay: The law is explicit in saying tenants and mortgagors are still obligated to make their normal payments if they are able.

Tenants Must Document Struggles: To be protected under the act, tenants must give their landlords notice within 30 days of a rent deadline that they can’t pay rent due to economic hardships caused by the pandemic. The state Executive Office of Housing and Economic Development is tasked in the law with developing forms for this purpose.

No Notices to Quit: Landlords can’t send tenants notices or requests to vacate a unit.

Tenant advocates lobbied for the inclusion of this provision because, they said, such notices can make a tenant unfamiliar with state law think they have to move out in the middle of the pandemic.

No Late Fees or Credit Reports: Landlords are barred from charging tenants late fees for missed rent payments if they show they were economically hurt by the pandemic.

Both landlords and mortgage-holders are barred from reporting missed mortgage or rent payments to credit reporting agencies.

Paying for Repairs: Landlords are allowed to dip into the money a tenant has paid upfront for the final month’s rent in order to pay their own mortgages, utility bills or for repairs or other maintenance on the property. However, they must notify their tenant in writing if they do this and they still have to apply the full amount of the last month’s rent payment to its original purpose and pay the tenant all the interest they would have accrued if the money went untouched.

Forbearance for Residential Loans: Anyone who bought a property with a residential loan, whether they are a landlord or a homeowner, is entitled to up to 180 days of forbearance on their mortgage under similar terms renters receive under the law.

Retail revenues appear to be down approximately 60 percent in Massachusetts due to COVID-19 restrictions, and sales are expected to remain low when non-essential businesses reopen.

Boston-based Redgate, developer of 500 Ocean Ave., is supporting Dryft with promotions tied to tenant move-ins, said Kyle Warwick, a Redgate principal. The restaurant does not pay base rent during the complex’s leaseup period which began in November, and received a substantial tenant allowance for buildout, Warwick noted. The availability of patio space originally approved for 200 seats should be a benefit in the outdoor dining season. But the makeshift new business model remains precarious, he acknowledged.

“Going to a takeout model is not ideal for most restaurants,” Warwick said. “It’s not

their business plan, and they are trying to modify it on the run and it’s hard to make money.”

Landlord-tenant agreements with shared risk may become more common in the postCOVID era, RAM’s Hurst said.

“There may need to be some leases renegotiated based more upon sales. Most small businesses aren’t in that world,” he said. “In order to spread the pain, it seems like everyone should have some skin in the game including the landlords and banks.”

Email: sadams@thewarrengroup.com

HOT PROPERTY Each week, Banker & Tradesman commercial real estate reporter Steve Adams spotlights a commercial real estate property in Massachusetts notable for its high deal activity, unique design or one-of-a-kind special features.

WHAT: NEWTON PAVILION WHERE: 88 EAST NEWTON ST., BOSTON OWNER: MASSACHUSETTS DIVISION OF CAPITAL ASSET MANAGEMENT AND MAINTENANCE BUILT: 1978

• A vacant former hospital building on the Boston Medical Center campus has been converted into a temporary quarantine shelter containing 304 non-acute beds for the homeless in response to the COVID-19 pandemic.

• The S/L/A/M Collaborative’s Boston studio and Gilbane Building Co. led the technical planning, design and construction of the temporary shelter at the facility, which has been inactive since October 2018.

• BMC will manage operations for the temporary facility, and patient care will be administered by their clinical staff. The total reoccupied project area makes up approximately 166,500 square feet spanning eight floors. The project scope included reactivation and upgrades to building systems including life safety, HVAC, fire protection, plumbing, fire protection, medical gasses and electrical equipment.

• Following the Army Corps of Engineers review and approval of the occupancy plan, Gilbane mobilized on-site to deliver the project ahead of schedule.

THEY SAID IT:

“The project team understood from day one that reinvigorating the space and systems of a ‘mothballed hospital would require expertise, proactivity, coordination and flexibility. From the commonwealth to the subcontractors, I’ve never seen a purer example of unyielding technical collaboration and speed to serve the most vulnerable populations at a more critical time in our community.”

— Gabriel Comstock, lead healthcare planner and design architect, SLAM Boston Studio

THINK YOUR PROPERTY IS HOT? Drop Steve a line at sadams@thewarrengroup.com

8 | BANKER & TRADESMAN

APRIL 27, 2020

IN PERSON

A Holistic Approach to Diversity and Inclusion

Q: Why did you decide to commit to the CEO Action for Diversity and Inclusion pledge?

A:

This has been an ongoing journey for the bank. We started our diversity and inclusion conversations several years ago. I think we’ve been very successful in adjusting the culture to be more inclusive and having a more diverse culture here at the bank. It’s important for the organization, but in my mind, it has to start right from the top.

And by the top I mean myself as the president and CEO of Webster Five and also the board. I’ve had numerous conversations with the board that this is an important initiative for the bank, and they completely agree. This pledge makes a statement not just to the employees, but it makes a statement to our customers and it makes a statement to the community.

It’s also important because studies have shown that it’s just a good business practice.

If you have a diverse employee base, you get better solutions. For example, if you’re trying to develop a new product or some new technology, and you’re sitting around in a room to figure out strategy or tactical plans, if you have the whole group from the same economic background, same race, same age, you’re going to get a very different solution than if you had a more diverse employee group that came from different backgrounds.

Q: What else will the pledge accomplish?

A:

If you’re trying to develop products and services for the community that you serve, which obviously we do, then I think it’s better to have an employee base that reflects the community that you’re working in. The Worcester area is growing. The population and communities that we serve are becoming more diverse. They’re looking for financial solutions or products that best fit their needs. The employees and the customers and the community – they all intertwine. Having a diversity and inclusion culture, I think, really is the best practice from a business perspective and also from the standpoint that it’s just the right thing to do.

We’re pretty proud of what we’ve accomplished so far, but like I said it is a journey. It’s not something that you just issue a memo and say, “Ok, we’re going to be more diverse and inclusive.” It takes hard work, it takes training, and it takes a pledge of everybody right from the top – myself and the board and all the employees – to commit to that initiative. It’s something that we’ve been working on, and as it evolved, making the pledge continues to solidify the initiative that we’re trying to accomplish here.

Q: Were there barriers to making these changes?

A:

From a workforce standpoint I would say, no. We’ve been very transparent, and the employees have been very honest with us that they feel that this is the right thing to do.

It’s been all-in from an employee base.

From a customer base, it’s the issue of developing trust with certain groups. I think if you talk to any CEO of a bank, one of the challenges with regards to developing relationships with first-generation immigrants is developing trust. A lot of the groups don’t have trust in financial institutions. A lot of them don’t have banking relationships. They get paid on a weekly basis with a check, they bring that check to a check-cashing business, and they’re paying a pretty significant fee. If they had an account at a bank with direct deposit, they wouldn’t have to pay any fees.

DONALD DOYLE Title: President and CEO, Webster Five Age: 59 Industry experience: 35 years

BY DIANE MCLAUGHLIN BANKER & TRADESMAN STAFF

W

hen Webster Five wanted to expand its customer base into the Worcester area’s growing immigrant communities, president and CEO Donald Doyle decided the bank needed a more holistic approach to diversity and inclusion. He created a 15-person committee to promote diverHaving a diversity and sity internally and develop external initiatives for reaching out to the inclusion culture, I think, community. Earlier this year, Doyle really is the best practice joined more than 900 other presidents and CEOs nationwide in the from a business perspective CEO Action for Diversity and Inand also from the clusion pledge, which also includes Berkshire Bank, State Street, Bank standpoint that it’s just the of America, JPMorgan Chase and right thing to do.

KeyBank.

Doyle spoke with Banker & Tradesman in March about the pledge, which requires CEOs to support open dialogue around diversity and inclusion, collaborate with other companies on the initiative, implement unconscious bias training in the organization and share diversity and inclusion plans with the board of directors.

We have an outreach program to develop relationships with some of the key players that are in high standing with some of these groups. It could be a local attorney that represents a particular group. It could be a real estate agent that maybe has strong relationships with a particular group. It could be someone who’s involved with a nonprofit that’s providing services. Those are the types of people that we have been developing relationships with, so they can develop a trust with Webster Five and then in turn refer us to those potential clients.

It isn’t something you just snap you’re fingers at and it’s going to change overnight. It’s a lot of hard work. But it’s fun too because you’re developing relationships with individuals and organizations that maybe in the past you would not have reached out to.

Q: The pledge requires training related to unconscious biases.

How did employees react to that training?

A:

We went through the training and then the instructor went around the room and asked, “What did you take away from this?” Some people had biases that they didn’t realize, so it was healthy for them to recognize it and to include that in their day-to-day lives, not just at the bank but externally as well. And I think they appreciated the fact that they now feel comfortable that they can have an uncomfortable conversation talking about it here at the bank. Part of our overall training is to make people feel comfortable that they can have these uncomfortable conversations. It was great to learn some things, but it was, I think, a good training from the standpoint of both recognizing our biases and creating an environment where you feel comfortable that we can talk about it.

DOYLE’S FIVE FAVORITE TRAVEL DESTINATIONS:

1

Paris, France

2

Florence, Italy

3

London, England

4

Dublin, Ireland

5

Hawaii

APRIL 27, 2020

BANKER & TRADESMAN | 9

BANKING & LENDING LINGERING EFFECTS

Shutdown Could Drag on Mass. Mortgage Market for Extended Period Federal Reserve Research Suggests 4 in 10 Homeowners at Risk of Layoff

BY DIANE MCLAUGHLIN BANKER & TRADESMAN STAFF

A

s suddenly as the economy shut down in March and unemployment levels spiked, any recovery will likely occur in phases, experts say.

And with the possibility of high unemployment continuing, the mortgage industry could see effects from the coronavirus pandemic lasting a year or longer.

While parts of the United States have started taking steps to reopen their economies, Massachusetts is considered to still be in the surge phase of the virus. Gov. Charlie Baker joined a consortium of Northeast states to develop plans for allowing businesses to reopen. But in a press conference April 21, Baker said his current focus was on stopping the spread of COVID-19, adding that he would work with government officials and business leaders on a safe approach to reopening the economy.

“The goal going forward, here, is going to be to establish prerequisites for when we believe it is safe and appropriate to open the doors, and then make rules and regulations

and requirements and capacity to monitor around how businesses in Massachusetts can operate safely,” Baker said.

The sudden spike in unemployment has already – and not unexpectedly – affected monthly mortgage and rent payments.

A survey by the Federal Reserve in 2018 showed that 40 percent of U.S. households could not cover a $400 emergency expense.

Other studies show that anywhere from 50 percent to 78 percent of people live paycheck to paycheck.

Research released on April 22 by the Federal Reserve Bank of Boson’s New England Public Policy Center points to possible consequences for the mortgage industry.

According to the research, 68 percent of Massachusetts homeowners have mortgages, and 42 percent of homeowners live in a household with at least one person working in an occupation at risk for a layoff during the coronavirus pandemic.

Among Massachusetts renters, 97 percent have a cash rental payment due each month, with 37 percent of rental households having at least one member and 22 percent having all members working in a job that is at risk of being laid off.

The NEPPC study estimated that 17 percent of Massachusetts homeowners and 35 percent of renters could miss monthly mort-

Seventeen percent of Massachusetts homeowners and 35 percent of renters could miss monthly mortgage or rental payments without government aid.

Government aid is currently propping up the state and national economies, but experts fear a slower economic rebound could put the mortgage industry under stress.

gage or rental payments without government aid. These missed payments could total $338 million for mortgages and $410 million for rental payments.

But even government aid might not be enough to help people meet their payments, said Ruth Dillingham, a long-time mortgage lending and real estate professional who now has a consulting firm based on Cape Cod. With some workers, including those in seasonal industries, having multiple jobs – and some pay reported on W-2 forms and others on 1099s – unemployment assistance might not reflect previous income levels, affecting payment ability.

At least for now, Massachusetts residents will remain in their homes thanks to recent state legislation putting a moratorium on evictions and foreclosures.

Federal Help May Not Suffice

Federal and state aid, including unemployment assistance and direct payments authorized by the CARES Act, could lower those missing payments to between 3 and 5 percent for homeowners and 9 and 14 percent for renters, according to the study.

Missed payments by renters could also affect mortgages, since a smaller landlord might have loans on both rental units and their own residence.

Continued on Page 10

GOSSIP REPORT 1

4

NANTUCKET

Address: 26 West Chester St., Nantucket Price: $4,150,000 Buyer: 26 West Chester RT Seller: Blackberry Properties LLC Agent: Lee Real Estate Size: 4,838 square feet on 0.49 acres Sold: 4/14/2020

2,5

Tucked away behind a screen of lush hedges and open-grown trees, the third house in this week’s Gossip Report provides a private oasis a short walk from downtown Nantucket. The unassuming home, clad in weathered wood shingles, conceals cozy but well-appointed rooms.

1,3 2

BOSTON

Address: 451 Marlborough St. #RE, Boston Price: $3,662,500 Buyer: Jennifer L. Gregorio and William R. Hinshaw Seller: 451 Marlborough Res E T Agent: Eric Tam, Compass Size: 2,922 square feet Sold: 4/8/2020

3

NANTUCKET

Address: 76 North Liberty St., Nantucket Price: $3,300,000 Buyer: Elizabeth Q. Sheeler and Timothy D. Sheeler Seller: Dalita L. Harmon Size: 2,687 square feet on 0.44 acres Sold: 4/10/2020

4

NEWTON

Address: 106 Old Orchard Road, Newton Price: $3,260,000 Buyer: David J. Souza and Tatyana A. Souza Seller: Xinbei Chen and Yufeng Tang Agent: Michael Carucci, Gibson Sotheby’s Size: 7,422 square feet on 0.52 acres Sold: 4/10/2020

5

BOSTON

Address: 48 Union Park #1, Boston Price: $3,150,000 Buyer: John D. Desprez and Morgan Desprez Seller: Highline Union LLC Agent: Rob Kilgore, Compass Size: 2,299 square feet Sold: 4/8/2020

10 | BANKER & TRADESMAN

APRIL 27, 2020

COMMERCIAL REAL ESTATE PA N D E M I C P R I C I N G

Latent Demand Keeps Agents from Lowering Prices Sellers’ Agents Trust Supply Constraints Will Prevent Big Drop 6.5 percent to $402,000, according to The Warren Group, publisher of Banker & TradesSPECIAL TO BANKER & TRADESMAN man. This, even as 60 percent of NAR survey s the coronavirus pandemic settled respondents reported buyers delaying home into Massachusetts last month, the purchases for a couple of months, and another city of Medford got to work on an 12 percent postponing the process indefiemergency order prohibiting the in-person nitely. showings of homes. The order challenged Even in the Boston area, with its strong real estate agents to convey a property’s look, single-family home sales, real estate – at least feel and vibe virtually – and buyers to marry for now – has become purely a need-driven technology with imagination as they decided endeavor. Gone are the dabblers hoping for their housing future. top dollar; only highly motivated sellers and Shortly after the order took effect April buyers remain.

1, Santana Properties Team, affiliated with They’re motivated enough that early this Keller Williams Cambridge, deployed the month, the local housing market began virtual tools in their arsenal, from a three-di“slowly recovering from a low level of activmensional virtual walkity to a moderate level through to a property of activity,” said Fred video.

Alibrandi, an agent with “We were able to Douglas Elliman Real sell the house in the Estate. first week, [with] a He’s not the only one. great offer to the seller, According to Brooklinewithout the buyer ever based Coldwell Banker going into the house,” Sales Associate Lexi Hudson Santana, the Crivon, her recently team’s leader and devellisted properties have opment specialist, said. taken a little longer to Just a few weeks ago, sell than they would such a transaction was have pre-coronavirus, nearly unthinkable, but “there are multiple but the pandemic has bids for those trophy slimmed local housproperties,” in towns ing stock and changed with typically strong how people are selling markets.

– Hudson Santana, team leader, and buying. Sellers are The exception to this Santana Properties Team wary of potential buycould be condominiers’ germs, and social ums. While The Warren distancing has altered showings and put a halt Group reported a 0.5 percent year-over-year to open houses. drop in condo sales closed in March 2020, When the great pause began in earnest 18 percent fewer condos went under agreearound March 12, the Boston-area real-estate ment than last March, according to the Masmarket reacted reflected that quickly. Many sachusetts Association of Realtors, marking poised to list their homes opted instead to the first such sales downturn since November wait it out, while active listings declined.

2018.

“We had a lot of clients that, because of the Hudson noted that investors are bigger uncertainty, decided to immediately remove buyers in the condominium market than their properties from the market,” Santana they are in the single-family market, and that said. “They weren’t telling me they didn’t “as soon as this coronavirus thing happened, want to sell anymore. It was more, ‘I don’t all the commercial lenders stopped lending.” know what’s going on; let’s pull it [off the Some properties that were under agreement market].” went back on the market, with some buyers walking away from their deposits, he said.

BY HEATHER BEASLEY DOYLE

A

“We had a lot of clients that, because of the uncertainty, decided to immediately remove their properties from the market. They weren’t telling me they didn’t want to sell anymore. It was more, ‘I don’t know what’s going on; let’s pull it [off the market].”

Sellers Pull Back, Condos Suffer

This reflects national trends captured in a National Association of Realtors survey conducted April 12-13, in which 57 percent of respondents reported that at least one seller they work with was delaying selling their home for “a couple of months.” Seventeen percent reported that sellers are continuing the process in a remote-only fashion, and 10 percent said at least one of their clients is indefinitely postponing their home’s sale.

But some have bought nonetheless: Singlefamily home sales in Massachusetts increased by 2 percent last month from March 2019, while median single-family home prices rose

Limited Discount Anticipated

For the most part, underlying confidence in the Boston-area housing market remains strong. Alibrandi said he’s yet to reduce a price over the past month, and Crivon sees this as a good time for buyers.

Advising her clients, Crivon is “factoring in a little bit of a discount right now,” and anticipates prices dropping by perhaps 3 percent. She also noted that while offers remain strong, “some sellers think that a buyer is going to buy at any price, and they just won’t. It’s been like that for the last couple of years…. Even if there is scarce inventory.”

Government Aid May Not Be Enough Continued from Page 9 Even when the economy does reopen, social distancing guidelines could leave businesses serving fewer customers, Dillingham told Banker & Tradesman, which in turn would require fewer workers. And those who took forbearance opportunities will need to consider impacts on the loan down the road, depending on the forbearance agreement with the lender.

Dillingham said she is looking at effects on the economy and mortgage lending for perhaps as long as 18 months. She said poli-

cymakers, government agencies and lenders have been working to help borrowers and recognize that most had the ability to repay loans before the crisis hit.

“Everybody’s just trying to do the right thing,” Dillingham said. “But you just keep hitting that wall that if there’s no income for three months, how are you going to get back on your feet?”

Material from State House News Service was used in this report.

Email: dmclaughlin@thewarrengroup.com

Greater Boston’s shortage of housing could ultimately keep prices from falling very far during the economic downturn expected to continue even after the coronavirus pandemic abates.

Crivon also suggested a “very humble” social media touch right now, given the fears at play. Given those fears, and with virus containment still paramount, virtual tools such as video tours will remain critical to marketing – and to offering as much information and as many visuals, so that agents and clients can decide if an in-person showing is a worthwhile risk.

Alibrandi included scaleable, downloadable property layouts on the list of virtual musthaves, and pointed to the consultative seller’s agent as a non-digital essential. Agents deeply familiar with the communities and properties they’re selling, whether through previous sales or professional relationships, can provide insight into property details and possibilities.

“It kind of precedes and clearly augments all the other visuals,” he said.

Looking ahead, not even the most-informed, data-driven real estate agents, knows for certain how the pandemic and its economic fallout will shape Boston-area home sales.

Crivon anticipates more job loss in professional sectors, while Alibrandi’s hunch is that the current downturn is less fundamentally concerning than the 2001 and 2008 recessions. They both agree with Hudson’s succinct conclusion, which keeps them from pricing properties lower in and near Boston: “There’s clearly way more demand than inventory.”

Email: editorial@thewarrengroup.com

NAR: No Evidence of Panic-Selling

T

he National Association of Realtors says its weekly flash survey of its members shows no sign homesellers still on the market are panicked and lowering prices in a hurry.

Nearly 3 in 4 of the 2,915 Realtors who answered the survey – conducted nation-wide on April 19 and 20 – said their clients haven’t reduced listing prices to attract buyers. Of the sellers who are dropping their home’s price, most are only doing so by less than 5 percent with a smaller number dropping their price between 5 percent and 10 percent.

“Consumers are mostly abiding by stay-inshelter directives, and it appears the current decline in buyer and seller activity is only temporary, with a majority ready to hit the market in a couple of months,” NAR Chief Economist Lawrence Yun said in a statement. “The hous-

ing market faced an inventory shortage before the pandemic. Given that there are even fewer new listings during the pandemic, home sellers are taking a calm approach and appear unwilling to lower prices to attract buyers during the temporary disruptions to the economy.”

NAR asked members how the coronavirus outbreak has impacted the residential and commercial real estate markets.

The survey found 87 percent of respondents reported some decline in buyer interest in their market, with 40 percent reporting buyer interest has halved. For the buyers that remain, 64 percent of Realtors who took the survey said buyers they work with are expecting a drop in prices in their market with the largest share – 24 percent – expecting a 5 percent to 10 percent drop.

COVID-19 Will Speed Up Malls’ Demise Continued from Page 3 Demand for brick-and-mortar real estate was already on the wane before the crisis hit, and the epidemic and its economic fallout are likely to speed that trend up dramatically.

By contrast, demand for housing isn’t going anywhere anytime soon, While this downturn will likely result in a decline in home sales, and possibly a big one at that, prices are traditionally “sticky” on the way down, as the late, great Wellesley College economist Chip Case was wont to say, so forget about any big collapse.

And whatever the coronavirus’ short-term economic fallout, the Boston area faced a massive shortfall of hundreds of thousands of homes, apartments and condominiums before the crisis, and that shortage isn’t going anywhere.

If anything, that shortage will only grow worse as demand is bottled up and projects are derailed by this crisis.

The looming troubles at the region’s biggest malls present an historic opportunity for new housing development, and lots of it, in a region where developable land is scarce and most new residential projects are hotly contested by NIMBY local politicians and homeowners.

They don’t make new land around here anymore, but millions of square feet of developable space can be found at the Boston area’s largest malls.

No, this is not something that will happen overnight, even with this unprecedented crisis; it’s a trend that could take another decade or so to play out, if it does at all.

But as the coronavirus turns the world as we know it upside-down, and what would have seemed outlandish just a few months ago suddenly doesn’t seem so far-fetched.

Scott Van Voorhis is Banker & Tradesman’s columnist; opinions expressed are his own. He may be reached at sbvanvoorhis@hotmail.com.

APRIL 27, 2020

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THIS MONTH: RETAIL SPACE | NEXT MONTH: HOTELS & HOSPITALITY

INSIDE TRACK

Photo courtesy of Taurus Investment Holdings

New Owner Plans Sustainability Upgrades to Concord Property APRIL 27, 2020

A BANKER & TRADESMAN COMMERCIAL REAL ESTATE SPECIAL SECTION

R E T R E AT I N G R E TA I L

TROUBLE IN STORE

A subsidiary of Boston-based Taurus Investment Holdings will retrofit a 410,296-square-foot office building in Concord for sustainability following a $74.5 million acquisition.

Located at 300 Baker Ave., the property is 93 percent occupied by 13 tenants including Emerson Hospital, Welch’s Foods Inc. and Lexia Learning.

Taurus’ RENU Communities subsidiary plans to use the property as a flagship project involving retrofits to its energy systems to attain carbon-neutral performance, according to a statement by Christopher Gray, chief technology officer of RENU Communities.

The seller, an affiliate of Novaya Real Estate Ventures, acquired the property in December 2016 for $64.5 million.

Newmark Knight Frank brokered the transaction. MetLife provided $56.3 million in debt financing.

Photo courtesy of the BPDA

BPDA Tenants Can Seek Rent Deferment

Businesses that lease space in Boston Planning & Development Agency properties can seek to defer rent from April through June if they’ve been financially suffering from the effects of the COVID-19 crisis.

BPDA directors on Thursday authorized the measure for tenants of its 13 million-squarefoot real estate portfolio, including the Charlestown Navy Yard, China Trade Building and the Raymond L. Flynn Marine Park in South Boston. BPDA lease and license fixed-rent revenues totaled nearly $21 million in fiscal 2019.

Requests will be approved on a case-by-case basis for tenants who were current on their rent through March 2020.

Deferments will be approved on a case-by-case basis subject to BPDA board approval, with the term and amount determined after a financial analysis.

The BPDA said it may seek to extend the measure behind June if necessary.

INSIDE Retail Relief Landlords Can’t Bail Out Tenants by Themselves Page B4 New Playbook Bold Action Needed to Save Retail Industry Page B5

Department Stores, Luxury Brands and Mom-and-Pops Under Siege

BY JAY FITZGERALD SPECIAL TO BANKER & T R A D E S M A N

T

he shutdown of huge swaths of the economy due to the coronavirus emergency is impacting every corner of the commercial real estate world in Greater Boston, particularly the retail sector.

And certain components within retail – including enclosed shopping malls, soon-to-open new developments and high-end retail districts like Boston’s Seaport and Newbury Street – could face particularly challenging times ahead in keeping or attracting tenants, industry executives say.

In many ways, the current coronavirus crisis, with its shutdowns of nonessential businesses across the state and nation, is acting as an “amplifier” and “accelerator” of previous trends within

retail, with large brick-and-mortar department stores struggling for survival against online competitors, said Jeff Arsenault, a principal at Avison Young Global.

nounced layoffs of Massachusetts employees.

“For retailers not doing well before the coronavirus crisis, this is going to hasten their demise,” Arsenault said.

Besides previously experimenting with new types of retail tenants prior to the coronavirus crisis, some retail property owners had embarked on total retrofits and repositionings of retail properties.

Arsenault and others point to published reports that J.C. Penney and Neiman Marcus, among other large retail mainstays of malls, are close to bankruptcy filings as the coronavirus mayhem burdens their troubled finances. Chains such as Wagamama, Primark, Sephora, Destination XL and DSW all recently an-

All this could put further pressure on some mall owners across the Greater Boston region, many of whom were reeling prior to the current COVID-19 and economic emergencies.

Ted Chryssicas, executive managing director of retail at Newmark Knight Continued on Page B6

B1

B2 | BANKER & TRADESMAN | CRE INSIDER

APRIL 27, 2020

Jesse Baerkahn TITLE:

Founder and president, Graffito SP AGE:

39 INDUSTRY EXPERIENCE:

21 years

Advising Retailers on Survival Strategies

BY STEVE ADAMS BANKER & TRADESMAN STAFF

Q: What was your vision and business model for Graffito SP?

this impacts the scaling up from a staffing perspective. The major pain points are occupancy limits, labor and supply chain. For example, are distributors in a position to supply the goods restaurants need? Recovery will touch design, too. How many kitchens are designed for line cooks to be 6 feet apart from one another? In the front of house, how will people queue for pick-up? With all of these things there’s going to be a lot of in the moment problemsolving. There’s also going to be an immediate need to update consumers regularly on changes. Are you open for lunch? Dinner?

What about delivery? Can more than four people sit together inhouse? Consumers for their own safety are going to want clear communications. That’s going to be a burden for restaurants on top of all else, and how do they do it in the right tone?

A:

Our vision has always been to serve as valuable, informed translators between local actors – chefs, retailers, nonprofits, makers – and large neighborhood-scale developers. While we do deals often with national and regional tenants, it’s the local tenants that add the most value to our urban neighborhoods. Our reach has expanded from these retail transactions and the builtform to the public realm, touching urban design, placemaking, programming and branding. It’s really hard to get these neighborhoods to their full potential without these various elements.

Q: What are some of the common threads in retailers’ discussions with landlords in the COVID-19 era?

Retail brokerage is evolving beyond the traditional matchmaking between landlords and tenants, encompassing placemaking and public realm strategies. Jesse Baerkahn founded Graffito SP in 2007 to work with Kendall Square landlords on attracting distinctive retail tenants to the onceforbidding streetscape of the biotech hub. The Boston-based brokerage is advising on some of the region’s biggest future developments, including the Suffolk Downs redevelopment in East Boston and The Chiofaro Cos.’ Pinnacle proposed skyscraper at Central Wharf. Since the onset of the COVID-19 pandemic, Graffito has taken a highprofile role on social media detailing the decisions facing retail tenants and landlords.

A lot of retailers are going to be saddled with more debt and until we have a vaccine there is no telling how consumers will respond And even then, it’s hard to predict how spending patterns will change looking a few years out post-recession.

A:

Q:Will the traditional retail lease need to be restructured?

A:

Q: What retail categories are remaining resilient and which are most vulnerable?

Q:This was shaping up as the year of the food hall in Boston. How does that model co-exist with social

FIVE FAVORITE CURRENTLY CLOSED RESTAURANTS BAERKAHN MISSES MOST:

A:

1. Amateras Ramen, Leather District

There’s a dance landlords play with their lenders and partners, a similar dance tenants play with their creditors and suppliers, and through it all the tenants and landlords have to find common ground given their respective obligations and circumstances. There’s a lot of shared pain here at the moment, but still upside to be found when parties can look forward together.

All of this is playing out in real time. The toolbox for landlords that want to grant relief is deferrals, restructuring, rent reduction and abatements. Some are going to defer rent into 2021, and other landlords are going to defer rent to the back of the term. So, even with a simple concept like deferment, there are different approaches. It’s the smarter landlords though that are realizing things aren’t getting much prettier for many, many months. And it’s the smarter tenants that are being fully transparent and collaborative with their landlords.

A:

We’re seeing the most resiliency in the essentials: grocery, pharmacy and household goods, pet supplies and liquor. Those are the five that come to mind. “Most vulnerable” right now is a very long list. Call it every retailer that is not “essential" and depends on in-store purchases. Restaurants, fitness, beauty, wellness, fashion and apparel, all the typical Main Street businesses.

Q:change How do you expect that restaurant formats will in the recovery?

A:

The ramp-up and reopenings will be really interesting. It’s a given at this point that occupancy counts are going to be reduced by public authorities in the near term. Revenues will be lower, and

In the short term, yes. We are in a situation where revenues will be down significantly for retailers in 2020. That’s going to affect the rent a tenant can pay. Then there are the medium-term issues – call it 2021 to 2023. A lot of retailers are going to be saddled with more debt and until we have a vaccine there is no telling how consumers will respond And even then, it’s hard to predict how spending patterns will change looking a few years out post-recession. Retailers will need to pivot quickly to survive, and leases do need to be tweaked to accommodate for this. For example, if tenants are locked into super narrowly tailored uses provisions, it’s harder to pivot. This is where the small, local, owner-operated businesses and mom-and-pops have an advantage. They can pivot faster. The formulaic businesses that resist change are going to have the hardest time.

distancing?

Not so well. Certainly the food hall model will be challenged.

Challenges will be similar to the uphill battle we’ll see with live sporting events and performance venues. Just like these uses, food halls will need to have really clear and strict policies around occupancy counts, cleaning protocols and the use of shared and common spaces. The challenge though is that these places all rely on high volumes and compression of people into tight spaces, so the business model will be stressed for sure. The good news though is that many of the food halls set to reopen or open anew in Boston are well located. Just like everyone else they’ll need to be creative, pivot, and think strategically about shifting approaches for things like take-away and delivery.

2. Revival Kitchen & Cafe, Alewife 3. George Howell Coffee Co., Newtonville 4. Branchline, Watertown 5. Cafe Sushi, Harvard Square

APRIL 27, 2020

BANKER & TRADESMAN | CRE INSIDER | B3

LAW OF THE LAND COMEBACK CLAUSE

COVID-19 Ignites Interest in ‘Frustration of Purpose’ Offers Potential Strategy for Struggling Retailers

BY CHRISTOPHER R. VACCARO SPECIAL TO BANKER & TRADESMAN

B

ecause of selfisolation and government restrictions triggered by the coronavirus pandemic, many commercial tenants, especially retailers and restaurants, cannot operate profitably. Lease defaults are inevitable unless landlords make concessions.

Landlords, of course, face their own challenges. They remain responsible for debt service, real estate taxes and operating costs. Mike Margolis, an attorney who represents a nationwide retailer, understands this tension.

“Most landlords are willing to defer rent, but not abate it, while most non-essential retailers will have extreme operating losses during this period unless they fall under a stimulus program or can obtain loan forgiveness,” Margolis said.

Commercial leases usually include “force majeure” clauses that excuse parties from performing non-monetary obligations during national disasters or civil unrest. But force majeure clauses generally offer no relief from tenant rent obligations. Nevertheless, the somewhat obscure legal doctrine known as frustration of purpose, may be available to distressed tenants who cannot get accommodations from their landlords.

The frustration of purpose defense is similar to the impossibility defense, but it does not require that performance of the contract be impossible. It originated in the 1903 English case Krell v. Henry, also known as the “coronation case.” In Krell, the defendant rented a flat along the procession route for King Edward VII’s coronation, agreeing to pay 25 pounds in advance and 50 pounds. The coronation was postponed because of the king’s illness, rendering the contract valueless to the defendant. The flat owner sued the defendant for the unpaid 50 pounds. The English appeals court ruled in favor of the defendant, noting that the postponement defeated the purpose of the contract and relieved the defendant of his obligation.

Like many English legal doctrines, the frustration of purpose defense crossed the Atlantic to North America, but it is rarely successful in Massachusetts. For example, in Baetjer v. New England Alcohol Co., an Everett distiller agreed to purchase shipments of molasses from a Puerto Rican supplier in 1942, when the United States was engaged in World War II. After the distiller accepted delivery in Puerto Rico, an enemy submarine sank the merchant ship carrying the molasses. The distiller withheld payment for the shipment. The Massachusetts Supreme Judicial Court refused to apply the frustration of purpose doctrine to excuse the distiller from paying for the lost shipment, because the submarine attack was predictable during wartime.

In lease disputes, tenants who invoke the frustration of purpose defense rarely prevail. However, a 2000 decision of the Massachusetts Appellate Division of the District Court offers a glimmer of hope to tenants.

Just What Is It?

The frustration of purpose defense, and its close relative the impossibility defense, originated over 100 years ago in England. In the 1863 English case Taylor v. Caldwell, concert promoters leased a music hall that accidentally burned down before the scheduled events. The promoters sued the music hall owners for breach of contract. The hall owners argued that they should be excused from their obligations, because it was impossible to make the destroyed music hall available. The court agreed with the hall owners, and ruled against the promoters.

A Question of Knowable Risks

When courts weigh the merits of the frustration of purpose defense, they consider whether supervening circumstances that frustrated a party’s purpose were unforeseeable, or instead were known risks assumed by the party. The SJC adopted this approach in its 1991 decision of Chase Precast Corp. v. John J. Paonessa Co. “Where, after a contract is made, a party’s principal purpose is substantially frustrated without his fault by the occurrence of an event the non-occurrence of which was a basic assumption on which the con-

Now Available Online Banker & Tradesman now offers commercial real estate records online, as well as in its monthly CRE Insider special sections.

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https://bit.ly/2OntR7Q to explore transactions statewide.

In light of the COVID-19 crisis, landlords and tenants should consider adding language in lease firms addressing their rights if another pandemic occurs.

tract was made, his remaining duties to render performance are discharged, unless the language or the circumstances indicate the contrary.”

In lease disputes, tenants who invoke the frustration of purpose defense rarely prevail. However, a 2000 decision of the Massachusetts Appellate Division of the District Court offers a glimmer of hope to tenants. In Saab v. Norton Family, Inc., the Lowell building commissioner closed a tenant’s restaurant because the building had structural problems. The tenant’s lease prohibited the tenant from making structural changes to the building. The landlord sued the tenant for unpaid rent, but without success. The appellate division ruled that the frustration of purpose

defense excused the tenant from paying rent under the circumstances.

The coronavirus crisis was not foreseeable. Yet it is unknown how courts will view the frustration of purpose defense if invoked by tenants who cannot pay rent because of the crisis. Margolis warns that “if certain tenants cannot push the needle to have landlords share some burden, the frustration of purpose defense will be tested.” Going forward, landlords and tenants should add language to their lease forms, addressing what happens if another pandemic occurs.

Christopher R. Vaccaro is a partner at Dalton & Finegold in Andover. His email address is cvaccaro@dfllp.com.

For a complete list of commercial property sales that have closed in the past month, see our full monthly review, starting on page B7.

200 Smith St, Waltham........................... $320,000,000

324 Clark St, Worcester.......................... $13,000,000

101 Federal St, Boston.......................... $242,500,000

55 Technology Dr, Lowell......................... $12,975,000

955 Massachusetts Ave, Cambridge..... $101,250,000

1 Kiddie Dr, Avon...................................... $11,637,500

16-20 Westland Ave, Boston.................... $24,000,000

381 Columbia St, Cambridge................... $11,100,000

43 Holton St, Winchester......................... $19,350,000

290 William F Mcclellan Hwy, East Boston....$10,500,000

Use: Office Bldg-General B: LS The Post LLC S: 200 Smith Nwalp Property Date: 04/01/20 Total Assessed Value (2019): $54,122,100 Lot Size: 1592554sf

Use: Office Bldg-General B: CP 75-101 Federal LLC S: 75-101 Fed Owner LLC Date: 03/13/20 Total Assessed Value (2019): 200,482,500 Lot Size: 19883sf

Use: Office Bldg-General B: 955 Massachusetts Ave LLC S: DWF 5 955 Massachusetts Mtg: Webster Bank $30,375,000 Date: 03/19/20 Total Assessed Value (2019): $43,611,600 Lot Size: 29485sf Prior Sale: $66,000,000 (06/17)

Use: Apartment Bldg - 9 + Units B: Serone Westland LLC S: John A Coppola Tr, Tr for Chandler T 2 Mtg: Hunt Mortgage $13,200,000 Date: 03/27/20 Total Assessed Value (2019): $13,956,000 Lot Size: 7920sf

Use: Industrial Warehouse B: Atlantic Oliver 45 Holton S: JG Holt LP Mtg: HarborOne Bank $13,896,000 Date: 03/20/20 Total Assessed Value (2020): $6,806,000 Lot Size: 287496sf

Use:Industrial Office Building B: Lowfield Realty Group S: Worcester Investment Grp Mtg: Cornerstone Bank $10,400,000 Date: 03/27/20 Total Assessed Value (2019): $5,100,900 Lot Size: 261360sf Prior Sale: $2,025,000 (10/11)

Use:Industrial Office Building B: Legacy Tech LLC S: 55 Technology Drive LLC Mtg: Woodmen Of The World $8,750,000 Date: 03/27/20 Total Assessed Value (2019): $5,329,800 Lot Size: 312327sf Prior Sale: $7,552,500 (03/17)

Use:Industrial Office Building B: Krupa&LZK Properties LLC S: Quitri 3 LLC Date: 03/19/20 Total Assessed Value (2020): $3,027,300 Lot Size: 307098sf Prior Sale: $2,125,000 (11/09)

Use:Apartment Bldg - 4-8 Units B: Columbia Village LLC S: Martins Family LLC Mtg: TD Bank NA $1,800,000 Date: 03/31/20 Total Assessed Value (2019): $2,594,700 Lot Size: 6900sf

Use:Trucking Terminal B: CV 290 Mcclellan LLC S: 290 Mcclellan Highway LLC Date: 04/07/20 Total Assessed Value (2019): $3,307,500 Lot Size: 122847sf

B4 | BANKER & TRADESMAN | CRE INSIDER

APRIL 27, 2020

WORK IN PROGRESS

As Malls Evolve, So Must Zoning

BY MARK VAUGHAN SPECIAL TO BANKER & TRADESMAN

M

uch has been reported over the past few years of the struggles of the retail real estate industry, with stories seemingly each week regarding national retailers eiMark Vaughan ther closing stores or filing for bankruptcy, forcing many shopping center owners to deal with unwanted vacancies.

Now, with many traditional retail shopping malls already trying to adjust to the shift of consumers to e-commerce and its impact on brick-and-mortar retail, the COVID-19 pandemic has obviously caused further disruption to the industry, the implications of which may be felt for some time.

As these shopping centers look to reinvent themselves to respond to ever shifting consumer shopping habits and the additional fallout of the pandemic, it presents a unique opportunity for many communities to work collaboratively with mall owners to adopt flexible and innovative zoning which can be utilized to reposition these assets for redevelopment.

With most malls and shopping centers typically located at prime spots on main roadways, near highway interchanges, with utilities and infrastructure already in place, quite often these parcels represent some of the most prized and highly valued taxable properties in a community. As a result, flexible zoning which can allow developers to quickly respond to market demands is not only critical to allow these retail centers to adapt and evolve, but also can prove essential for a municipality look-

ing to maintain its commercial tax base in order to provide essential services for residents and offset the residential tax burden.

For these retail centers to be successfully redeveloped, it is often necessary that zoning allows for a broad range of uses as well as a relaxation of certain height and other dimensional limitations which, while perhaps appropriate for a retail business zone, may not address the realities of alternative uses often required to create a thriving mixed use redevelopment. Successful mall redevelopments typically may include office, lab, residential, hotel, health care, fitness and entertainment.

Amenities Foster Marketability

Once an afterthought for malls traditionally anchored by department stores, restaurants have now become the anchors to drive foot traffic, extend customer dwell time at a mall, and thereby benefit other retailers.

“Experiential retail,” where store visits can provide a distinctive interactive experience, is also key. Think of the specialty grocer that offers cooking classes with a wine and beer tasting bar or the fitness apparel store that offers yoga and fitness classes – anything that can entice consumers to visit and experience their offerings.

With respect to other non-retail uses, office, hotel, residential and other uses have become key ingredients to help provide a vibrant mixed-use experience while at the same time diversifying the municipal tax base. And consider how those

Image courtesy of DAIQ Architects/Spine3D

Alternate Uses Clash with Land-Use Regulations

Retail properties such as Simon Property Group’s Burlington Mall are replacing traditional anchors such as department stores with restaurant and entertainment tenants, but such nods to changing consumer patterns often require changes to local zoning bylaws.

non-retail uses also in turn benefit from the proximity of on-site retail, fitness and restaurants – all providing an amenity-rich environment which helps foster the marketability and thereby increases the value of those assets as well.

Often the underlying retail zoning may not allow for the height, floor area and other density requirements typically required by office, lab, residential and hotel uses. With traditional retail usually only single story with expansive building footprints, the underlying zoning may not allow for the verticality necessary for mixed use.

The upcoming months and year will be a critical period for many retail centers, as they look to rebound, and in some cases just survive.

Reconsider Parking Minimums

Moreover, minimum parking requirements may also need to be relaxed to reflect shared and complimentary parking arrangements, rather than each discrete use having to stand alone to satisfy parking. This frees up valuable areas that can instead be utilized for green space, public realm areas and outdoor community gath-

ering spaces for year-round seasonal programming, from summer farmer’s markets to winter ice skating.

And while traffic is always an impact that needs to be assessed, studies have shown that mixed-use projects, where uses have different peak hour travel patterns complementing each other by fostering more internal trips and pedestrian connectivity, can help to create less of a strain on the surrounding roadway network.

The upcoming months and year will be a critical period for many retail centers, as they look to rebound, and in some cases just survive. At the same time, it presents an opportunity for forward thinking communities to position themselves for these continued shifts in retail, by considering zoning initiatives which can address this needed flexibility. While no one may be able to predict exactly what the ultimate make up of these centers may be as there is no “one size fits all” answer, those owners and communities that can work together on creative and responsive zoning will better position themselves for future success.

Mark Vaughan is a senior partner at Riemer & Braunstein LLP and a member of the firm’s land use and real estate law practice areas.

SWIPE RIGHT

Landlords Can’t Bail Out Tenants by Themselves Small Business Feel Outsized Burden of COVID Crisis

BY JON HURST SPECIAL TO BANKER & TRADESMAN

T

housands of small businesses across Massachusetts were forced to close their doors by government mandate in response to the COVID-19 pandemic. Now, they Jon Hurst face the possibility of never opening those doors again. Unable to continue operations, incoming revenue for these businesses has either been completely cut off or significantly reduced.

And yet their financial obligations continue to mount, including rent which is the largest fixed cost for most businesses, and it’s due every month. Government action and cooperation between tenants and property owners on rent relief is needed now to put these small businesses in the best position to reopen their doors once this emergency is over.

To date, small businesses have been focusing on protecting the well-being of

their workforce. Restrictions on operations have forced small businesses owners to make tough decisions to reduce hours, furlough workers and lay off staff due to the lack of revenue to make payroll. Fortunately, various state and federal programs have been created for individuals, businesses and state governments, to help provide payroll relief and assist in the retention of workers.

Yet, programs to provide similar relief to cash-strapped businesses on rent have yet to materialize, leaving small businesses at the mercy of their landlords to provide flexibility voluntarily. Some landlords have already waived or reduced rent and many tenants have rent abatement terms in their lease agreements that should kick in now. However, a recent survey of the RAM membership indicated that only 50 percent of small businesses have successfully requested and received voluntary flexibility on rent from their landlord.

With half of our small businesses currently without recourse, the time is now for the adoption of a state-wide rent relief program to maximize the possibility of

However, a recent survey of the RAM membership indicated that only 50 percent of small businesses have successfully requested and received voluntary flexibility on rent from their landlord.

Main Street retailers that define the character of Massachusetts’ 351 cities and towns are teetering on the brink of ruin without a state program providing rent relief.

survival for all impacted small businesses.

It would also ensure that existing workforce relief investments have not been made in vain in the event a small business taking advantage of them closes for good.

Inequitable Distribution of Burden

This is also an issue of fairness. This pandemic affects all of us, yet through no fault of their own, a disproportionate economic burden has been placed on our small businesses. By sharing this burden among tenants, landlords, banks and local governments a more equitable distribution can be achieved, giving everyone a chance of making it through this crisis. In doing so, we all will also benefit from a more robust and resilient economic recovery.

Failure to take action however will result in dark store fronts and empty Main Street properties. In turn, for each small business closed for good, there will be a property owner unable to make a mortgage payment, pay property taxes or other expenses, and a reduction in property tax revenue for local governments already

stretched thin by this pandemic. Simply put, the economic burden currently borne by small businesses will ultimately shift to those we are now asking for help, but the revenue sources they need to meet their obligations, their tenants, will no longer be available.

The businesses most at risk are those that provide character and define our Main Streets. They are one-of-a-kind establishments that make each of our 351 cities and towns in Massachusetts unique, provide important employment opportunities to our neighbors, families and friends, and support our communities. It is now time for us as a commonwealth to provide support to them.

Massachusetts should take the lead nationally in providing rent relief to our struggling small businesses so they are prepared to reopen their doors and put people back to work when the time comes.

Jon Hurst is the president of the Retailers Association of Massachusetts.

APRIL 27, 2020

BANKER & TRADESMAN | CRE INSIDER | B5

N E W P L AY B O O K

Bold Action Needed to Save Retail Industry

BY ORI RON AND NOAM RON SPECIAL TO BANKER & TRADESMAN

A

s the Massachusetts state of emergency evolved and restaurant closures loomed, we at Hudson Group tried to act early amid vast uncerOri Ron tainty. We called our retail tenants to begin what has become a continuous dialogue about forgiving or deferring rents, SBA loan applications and insurance claims – all the Noam Ron while establishing contingency plans with our lenders.

We’ve been leaning on industry leaders.

Friends like Jesse Baerkahn at Graffito are writing extensively about tenant planning and PPP realities, while Josh Bowman at Sherin and Lodgen helped craft the Business Interruption Insurance bill and opined on rent relief considerations.

Spoiler alert: The bipartisan federal economic relief package does not apply to most retailers and falls way short when it does. And there is no playbook for tenantlandlord discussions.

Yes, allowing cities to extend property tax deadlines to June 1 helps, and easing unemployment guidelines is a win. But a proposed $10 million small business loan program feels like rearranging deck chairs on the Titanic.

Our advice to landlords? Do the right thing. Help your tenants who need it most and use this opportunity to better understand their core business and the challenges that lie ahead. Simply demanding rent is not only foolish and selfish, it’s bad business.

We know that retail is critical despite being deemed “nonessential.” The sector accounts for more than 10 percent of U.S. jobs, second only to healthcare. Stores generate billions of dollars in rent for landlords, ad sales for local media outlets and sales taxes for state and local governments. Oh, and they anchor our vibrant communities.

have not seen a determined push on the economic front. Massachusetts is witnessing repeated financial losses of enormous scale.

Yes, allowing cities to extend property tax deadlines to June 1 helps and easing unemployment guidelines is a win. But a proposed $10 million small business loan program feels like rearranging the deck chairs on the Titanic. Now the time to abandon concern for budget deficits and get the commonwealth on the road to recovery.

Why, in the middle of a pandemic, does the administration insist on collecting meals taxes and billing unemployed workers for excise taxes on cars they barely drive?

What must occur for the Baker administration to deploy the heavy artillery in it's arsenal? Do we need 500,000 people in default or 25 percent unemployment in order to act?

Continued on Page B6

Photo courtesy of Hudson Group

Economic Chain Breaking Under COVID-19 Strain

Measures such as mandated mortgage forbearance, temporary suspension of meals, sales, property and excise taxes and required interest-only mortgage payments could cushion the effects of the COVID-19 crisis on the Massachusetts retail industry.

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Permanent Closures, Lasting Damage

Landlords are a small piece of this complex puzzle. When retailers shuttered, the integrity of our interconnected economic chain crumbled. We’ve all come to realize the psychological impacts, as we slouch in our pajamas, the white light of the fridge staring back at us. Devoid of human contact, we’re regressing to our cranky and hungry, primitive selves.

The role of retail in an economic recovery is paramount. Permanent closures will translate to irreparable damage and prolonged unemployment. This is not a May rent issue nor a restaurant closure issue.

We’re in the midst of the most transformational moment in global history since the World Wars and the Great Depression.

Combat is the only applicable metaphor.

While we commend the Baker administration’s efforts on public health, we

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B6 | BANKER & TRADESMAN | CRE INSIDER

APRIL 27, 2020

R E T R E AT I N G R E TA I L

Continued from Page B1 Frank in Boston, said many property owners were already experimenting with new types of retail tenants – from restaurants to fitness clubs to entertainment-related tenants – to help pick up the slack from the past loss of major retail tenants.

“There were a lot of new shops opening up, new players, not cookie-cutter chains,” he said. “Then, this came along.”

Besides this experimentation, some retail property owners had embarked on total retrofits and repositionings of retail properties.

Developer Edens Inc.’s makeover of the old Woburn Mall is adding up to 20 new storefronts, a theater complex and hundreds of apartments in a mixed-use project known as Woburn Village.

Edens executives could not be reached for comment. Real estate brokers privately say Edens may face challenges ahead, but they expect the well-respected company, which also owns Boston’s South Bay mixed-use development, to make Woburn Village work, precisely because it had previously committed to the more diversified “live, work, play” development concept.

In the long-term, other mixed-used projects with retail components should also fare well, if and when the economy reopens, largely because they have built-in clientele living in nearby residential units or working in office buildings, industry executives agree.

Luxury Concepts Look Vulnerable

Peter Montesanto, a principal at SRS Real Estate Partners in Waltham, said any retail property with “value-driven” tenants should also perform better than others, if only because the economy may not rebound fast and consumers may be hesitant about spending.

“People are going to be keeping a lot of their money under mattresses,” said Montesanto.

Rendering courtesy of The Architectual Team

Value-Driven Brands Could Be Rare Safe Harbor in Retail

High-end retailers, independently owned shops and national chains all are seeking a path to profitability in a struggle that has implications for Greater Boston commercial landlords.

As a result, value retailers like Target, Walmart, TJX, Marshalls and BJ’s Wholesale should be able to weather the storm – and their landlords will be in better position to weather the storm as a result.

Landlords with anchor grocery store and pharmacy tenants should also feel fortunate, industry players said.

But higher-end apparel stores, sit-down restaurants, jewelry stores and car dealerships may suffer once a reopening occurs – and their landlords may suffer along

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with them, Montesantso said.

“You may see a big fallout in this category,” said Montesanto.

Privately, some are closely watching how specific higher-end retail and restaurant districts perform in coming months, such as Boston’s Newbury Street and the booming Seaport District.

Though he declined to talk about specific entities and geographic areas, SRS’s Montesanto said he’s heard talk of some higher-end sit-down restaurants simply not re-opening if the shutdown lasts too long. Already one high-end steakhouse, Fleming’s in Back Bay, closed permanently thanks to the pandemic. And even if most restaurants do open soon, they’ll likely still have to operate with some social-distancing restrictions, such as limits on the number of patrons who can eat at establishments at one time.

And then there are questions about smaller retail-shop and restaurant operators in general.

“Larger stores have deeper pockets,” said Robert Sheehan, vice president of research at KeyPoint Partners. “But I think this is all going to hurt mom-and-pop [operations] the most, even more than national chains.”

Sheehan said the big question is whether the $2 trillion federal rescue plan approved by Congress will help many businesses, not to mention consumers, stay afloat.

‘So Many Unknowns’

Even if the economy partially reopens soon and even if retail operators snag some federal stimulus funds, there could still be social distancing restrictions applied to retail stores and restaurants, as well as hesitation by consumers to frequent establishments, he warned.

“There are just so many unknowns,” Sheehan said of the future of retail in general. “It’s so early in the game. There’s no basis for any opinion I can give you at this time. This is all a new thing.”

Peter Considine, a partner at the Dartmouth Co., says “everyone is reaching out to each other” – tenants, landlords and lenders – in an attempt to gauge what’s happening and what might happen moving forward.

Considine said it’s conceivable that rental prices may take a hit if many retail shops and restaurants close for good, expanding the supply of space available on the market at a time when demand is falling.

One positive for the retail sector: Greater Boston generally wasn’t oversupplied with new retail space before the coronavirus crisis hit, said Newmark’s Chryssicas. “There’s not a lot of new supply coming online,” he said.

And the lack of new supply could help in stabilizing prices moving forward, Chryssicas said.

Like others, Avison Young’s Arsenault said that all retailers are now in “unchartered territory” and that no one really knows where the retail sector is headed in coming months.

“Everyone is tapping the brakes,” he said. “Everyone is being cautious.”

Email: jayfitzmedia@gmail.com

Tax, Mortgage Relief Continued from Page B5 The urgent measures needed now should include mandated mortgage forbearance, temporary suspension of taxes (meals, sales, property and excise) and ordering lenders to allow temporary, interest-only mortgage payments while waiving prepayment penalties.

Regretfully, rather than forcing banks to act, as is the case in New York, New Jersey and California, the Division of Banks is issuing toothless letters wherein Massachusetts merely “encourages financial institutions to work with affected customers and communities.” This type of meekness ensures that hundreds of thousands of individuals and small business owners have no choice but to wage individual battles with lenders. Why not shield them at this critical moment?

The coming weeks will determine the trajectory and magnitude of our economic casualties. If the administration insists on “business as usual” regarding taxes and debt, the ensuing financial onslaught will destroy our recovery, indiscriminately wiping out innocent residents, small businesses and workers.

Massachusetts deserves a flag-raising, an Iwo Jima moment. This is the last call for the administration to pull out all the stops or else risk a total collapse of the economic system. À la guerre comme à la guerre.

Ori Ron and Noam Ron lead the Hudson Group, a boutique, privately-owned real estate development firm based in Boston.

Abington

97 Central St, Abington................................ $519,900 Use:Res Potentially Dvlpble Land (131) B: Patrick Caggiano S: James P Rourke Tr, Tr for CJ Central RT Mtg: Service Credit Union $249,900 Date: 03/25/20 Total Assessed Value (2019): $150,600 Lot Size: 39185sf Prior Sale: $135,000 (09/18)

Acton

179 Great Rd U:107, Acton.......................... $309,600 Use:Office Condo Unit (343) B: Devita Enterprises LLC S: Gerald Eaton Mtg: Cambridge Svgs Bk $154,800 Date: 03/23/20 Total Assessed Value (2020): $233,200 Prior Sale: $170,000 (03/00)

Agawam

Marlene Dr Lot:3, Agawam............................

Avon

Blackstone

Use:Industrial Office Building (402) B: Krupa&LZK Properties LLC S: Quitri 3 LLC Date: 03/19/20 Total Assessed Value (2020): $3,027,300 Lot Size: 307098sf Prior Sale: $2,125,000 (11/09)

Use:Res Potentially Dvlpble Land (131) B: Robert A Ricci & Joseph Soave S: Statewide Properties LLC Date: 03/26/20 Total Assessed Value (2020): $1,900 Lot Size: 3468sf Prior Sale: $50,000 (03/20)

Bedford

Use:Res Potentially Dvlpble Land (131) B: Statewide Properties LLC S: Ernest Boisvert Ex, Ex for Boisvert Rita Est Date: 03/25/20 Total Assessed Value (2020): $1,900 Lot Size: 3468sf

1 Kiddie Dr, Avon.........................................$11,637,500

4-6 Alfred Cir, Bedford............................... $2,700,000 Use:Office Bldg-General (340) B: Quicksilva Properties LLC S: Forestcents LLC Mtg: Needham Bk $2,606,000 Date: 03/23/20 Total Assessed Value (2019): $1,430,600 Lot Size: 83958sf Prior Sale: $1,470,000 (06/99)

$29,000

Use:Res Potentially Dvlpble Land (131) B: Brian P Machos & Christine M Machos S: Thomas E Marmo & Antoinette Marmo Date: 03/23/20 Total Assessed Value (2019): $25,900 Lot Size: 43560sf

Bellingham

231 Maple St, Bellingham............................ $575,000

Amesbury

Use:Industrial Warehouse (401) B: TMC Holdings&Dev LLC S: George C Funari Tr, Tr for Landmark RT Mtg: MountainOne Bk $1,150,000 Date: 03/23/20 Total Assessed Value (2020): $718,900 Lot Size: 116305sf

Use:Office Condo Unit (343) B: Grizzly Rock Properties S: Carolyn E Ramm Tr, Tr for 4910 RET Date: 03/11/20 Total Assessed Value (2020): $167,400 Prior Sale: $94,000 (06/15)

Use:Retail-Equipment (321) B: Empire 26 N Main St LLC S: Michael J Griffith Mtg: Eastern Bank $592,000 Date: 03/16/20 Total Assessed Value (2020): $721,800 Lot Size: 191664sf Prior Sale: (03/18)

53 Main St U:53, Amesbury.......................... $125,000

73 Main St U:73, Amesbury...........................

Use:Retail Condo (345) B: N&H Realty LLC S: Eric Correnti Tr, Tr for JTA RT Date: 04/07/20 Total Assessed Value (2020): $100,500 Prior Sale: $79,000 (03/13)

$98,000

26 N Main St, Bellingham............................. $740,000

Berlin

100 River Rd W, Berlin................................. $425,000

Amherst

236 N Pleasant St, Amherst......................... $475,000 Use:Retail-Department Store (322) B: J Curtis Shumway & Jacalyn S Sexton S: Gray Street LLC Date: 04/01/20 Total Assessed Value (2020): $406,200 Lot Size: 7238sf Prior Sale: $362,500 (06/09)

Use:Mixed Use-Prim Res & Comm (013) B: Selvin E Ruano-Monroy S: Berlin Village LLC Mtg: Residential Mtg Svcs $428,304 Date: 03/13/20 Total Assessed Value (2020): $781,400 Lot Size: 236230sf Prior Sale: $1,550,000 (01/05)

Beverly

107 Dodge St, Beverly................................. $675,000

Andover

6 Windsor St, Andover................................. $941,500 Use:Office Bldg-General (340) B: Surette Realty LLC S: AP Beck-Andover Realty Mtg: Enterprise Bk & Tr Co $545,600 Date: 03/13/20 Total Assessed Value (2020): $711,200 Lot Size: 11250sf Prior Sale: $635,000 (09/09)

Use:Office Bldg-General (340) B: North Ventures Inc S: Harts Hill LLC Date: 04/03/20 Total Assessed Value (2020): $434,000 Lot Size: 22982sf Prior Sale: $350,000 (01/19)

Water St, Beverly......................................... $850,000 Use:Parking Lot (337) B: Tuck Point Marina LLC S: Tuck Point Marina Corp Date: 04/03/20 Total Assessed Value (2020): $69,400 Lot Size: 3264sf

Arlington

13 Winter St, Arlington............................... $2,500,000

Billerica

Use:Apartment Bldg - 4-8 Units (111) B: Lakeland Capital 13 Wintr S: Maggie Ash LLC Mtg: Hingham Inst for Svgs $1,875,000 Date: 03/25/20 Total Assessed Value (2020): $2,044,700 Lot Size: 12261sf Prior Sale: $1,080,000 (05/12)

737 Boston Rd, Billerica............................. $1,600,000

Ashland

97 Pheasant Rd, Billerica............................ $595,000

Use:Auto Repair (332) B: CP Now Realty LLC S: John J Skehan Tr, Tr for Skehan RT Mtg: Enterprise Bk & Tr Co $800,000 Date: 03/18/20 Total Assessed Value (2020): $1,257,300 Lot Size: 33000sf

12 Pond St, Ashland.................................... $1,100,000 Use:Restaurant/Bar (326) B: Deborah A Zammuto Tr, Tr for 43 Newbern Avenue RT S: Qyang P Diep & Kim C Diep Date: 03/13/20 Total Assessed Value (2020): $959,400 Lot Size: 7405sf Prior Sale: $850,000 (11/05)

Use:Mixed Use-Prim Res & Comm (013) B: Anderson S Campos & Adaluce S Campos S: Michael S Bradford Mtg: Cross Country Mtg Inc $560,500 Date: 04/02/20 Total Assessed Value (2020): $609,300 Lot Size: 115434sf Prior Sale: $365,000 (09/09)

Athol

1356 Main St, Athol...................................... $224,500 Use:Mixed Use-Prim Res & Comm (013) B: Nicholas Cochrane & Francislley Holzmeister S: Kevin J Mack Tr, Tr for K J Mack RT Date: 04/01/20 Total Assessed Value (2020): $338,600 Lot Size: 57499sf Prior Sale: $325,000 (01/98)

C

Attleboro

7 Colonial Way, Attleboro............................ $599,000 Use:Res Potentially Dvlpble Land (131) B: Candida A Decoudreaux Tr, Tr for Victor&C Decoudreaux T S: Martte&Sons Inc Date: 04/07/20 Total Assessed Value (2019): $55,600 Lot Size: 16200sf

130 James St, Attleboro............................... $540,000 Use:Apartment Bldg - 4-8 Units (111) B: Evgeniy Kuntsevskiy S: Xi Cai & Ming T Tang Mtg: Luxury Mtg Corp $405,000 Date: 03/16/20 Total Assessed Value (2019): $417,200 Lot Size: 14280sf Prior Sale: $412,500 (08/04)

25 Townsend Rd, Attleboro.......................... $535,000 Use:Manufacturing Building (400) B: 25 T Realty LLC S: R H Cheney Inc Mtg: Anthony J Colageo $556,525 Date: 03/16/20 Total Assessed Value (2019): $393,600 Lot Size: 40000sf

Auburn

275 Oxford St N, Auburn.............................. $460,000 Use:Mixed Use-Prim Res & Comm (013) B: 2026 Cafe LP S: 275 Oxford St RT Inc Mtg: Rockland Tr Co $348,750 Date: 03/12/20 Total Assessed Value (2020): $304,000 Lot Size: 22360sf Prior Sale: $267,500 (11/10)

21 Ethel St, Blackstone................................

21 Ethel St, Blackstone................................

Blandford

80 Russell Stage Rd, Blandford....................

18 Wings Neck Rd, Bourne.......................... $720,150 $80,000

$50,000

$47,000

Use:Chapter 61 Forest (601) B: Mark Boomsa & Maureen Boomsa S: Gregory K Bergland Date: 04/01/20 Total Assessed Value (2020): $870 Lot Size: 328878sf Prior Sale: $33,000 (05/00)

Boston

10 Claremont Park, Boston........................ $3,600,000 Use:Apartment Bldg - 4-8 Units (111) B: 10 Claremont Park LLC S: New England Conservatory Mtg: Dedham Inst for Svgs $4,150,000 Date: 03/16/20 Total Assessed Value (2019): $1,745,500 Lot Size: 1980sf Prior Sale: $4,050,000 (04/19)

101 Federal St, Boston...............................242,500,000 Use:Office Bldg-General (340) B: CP 75-101 Federal LLC S: 75-101 Fed Owner LLC Date: 03/13/20 Total Assessed Value (2019): 200,482,500 Lot Size: 19883sf

75 Harrison Ave, Boston............................. $4,500,000 Use:Mixed Use-Prim Comm & Resd (031) B: 75 Harrison Ave LLC Tr, Tr for Hudson INT S: Billy Y Chin Tr, Tr for 75 Harrison Ave T Mtg: Hingham Inst for Svgs $3,150,000 Date: 03/20/20 Total Assessed Value (2019): $935,000 Lot Size: 1313sf

572 Tremont St U:572, Boston.................... $1,520,000 Use:Retail Condo (345) B: APS Tremont Realty LLC S: Andrew E Seletsky Tr, Tr for 572 Tremont Street T Date: 03/23/20 Total Assessed Value (2019): $534,000 Lot Size: 2080sf

78 Tyler St, Boston...................................... $2,000,000 Use:Religious Property (960) B: Chinese Economic Dev Cncl S: Roman Cath Archb Of Bosto Date: 04/01/20 Total Assessed Value (2019): $1,750,700 Lot Size: 1721sf

16-20 Westland Ave, Boston.......................$24,000,000 Use:Apartment Bldg - 9 + Units (112) B: Serone Westland LLC S: John A Coppola Tr, Tr for Chandler T 2 Mtg: Hunt Mortgage $13,200,000 Date: 03/27/20 Total Assessed Value (2019): $13,956,000 Lot Size: 7920sf

Use:Marina (384) B: Scallop Bay Marina LLC S: Julie A Goulart Tr, Tr for Isabel F Cunningham T Date: 03/26/20 Total Assessed Value (2020): $1,506,100 Lot Size: 80586sf

18 Wings Neck Rd, Bourne.......................... $721,150 Use:Marina (384) B: Scallop Bay Marina LLC S: Brenda Barlow-Purdy Tr, Tr for Franklin E Barlow NT Date: 03/26/20 Total Assessed Value (2020): $1,506,100 Lot Size: 80586sf

Boxboro

1120 Burroughs Rd, Boxboro...................... $925,000 Use:Res Potentially Dvlpble Land (131) B: Michael Albert 2nd & Bridget Albert S: FTB Homes LLC Mtg: Direct Credit Union $740,000 Date: 03/18/20 Total Assessed Value (2019): $484,500 Lot Size: 76439sf

Codman Hill Rd, Boxboro............................. $312,500 Use:Other Exempt (990) B: William J Hryniewich Tr, Tr for Rhino North RT S: Joanne Loring Tr, Tr for Codman Hill Co T Date: 03/26/20 Total Assessed Value (2019): $7,070,600 Lot Size: 405108sf

278 Codman Hill Rd, Boxboro...................... $312,500 Use:Mixed Use-Prim Comm & Other (030) B: William J Hryniewich Tr, Tr for Rhino North RT S: D L Loring Inc Mtg: Eastern Bank $500,000 Date: 03/26/20 Total Assessed Value (2019): $822,500 Lot Size: 435604sf

Boylston

590 Main St, Boylston.................................. $185,000 Use:Auto Supply (331) B: 590 Properties LLC S: Lionel J Bernard Date: 04/03/20 Total Assessed Value (2019): $191,700 Lot Size: 26136sf Prior Sale: $120,000 (12/01)

48 Perry Rd, Boylston.................................. $200,000 Use:Res Potentially Dvlpble Land (131) B: Iristhorpe Developers LLC S: Barnard Hill Estates LLC Date: 03/31/20 Total Assessed Value (2019): $91,700 Lot Size: 51326sf

Braintree

326 West St, Braintree................................ $670,000 Use:Mixed Use-Prim Res & Comm (013) B: Khare W Wilson & May M Aye S: Messina Residential Props Mtg: Santander Bank NA $536,000 Date: 03/26/20 Total Assessed Value (2020): $572,000 Lot Size: 40820sf

Brewster

1990 Main St, Brewster............................... $825,000 Use:Office Bldg-General (340) B: Westerly Holdings LLC S: G Howard Hayes Mtg: Cape Cod Five Cent Bk $620,000 Date: 03/19/20 Total Assessed Value (2020): $627,900 Lot Size: 80150sf

Bourne

Bridgewater

Use:Non-residential Condo (349) B: Eastwood LLC S: Cranberry Highway Realty Date: 03/26/20 Total Assessed Value (2020): $141,200 Lot Size: 30544sf Prior Sale: $95,000 (01/13)

Use:Non-residential Condo (349) B: Cary S Gottschalk Tr, Tr for Carberry RT S: Cary S Gottschalk Tr, Tr for Sleeping Dog RT Date: 03/25/20 Total Assessed Value (2019): $177,700 Prior Sale: $179,900 (01/04)

152 Cranberry Hwy U:3, Bourne.................. $100,000

258 Main St U:3, Bourne...............................

$60,000

Use:Office Condo Unit (343) B: Cape Claude LLC S: Michael E Daley & June M Daley Date: 03/30/20 Total Assessed Value (2020): $55,700 Lot Size: 88862sf Prior Sale: $130,000 (09/17)

10 Bedford Park U:5, Bridgewater.............. $100,000

14 Summer St, Bridgewater........................ $270,375 Use:Mixed Use-Prim Comm & Resd (031) B: Da Bar LLC S: Bayview Loan Servicing Date: 03/31/20 Total Assessed Value (2019): $518,900 Lot Size: 18099sf Prior Sale: $292,000 (10/19)

About Our Commercial Sales Data

ommercial Sales Monthly Review provides a recap of commercial, industrial and other income-producing property sales that have appeared in the previous four weekly issues of Banker & Tradesman. This reference is an easy-to-use listing of these hardto-find sales, compiled by The Warren Group, B&T’s parent company.

Included in these listings are residential developable land, residential properties with more than three units and many mixed-use parcels. The residential developable land properties are included in the list because they are often sources of income for developers. Similarly, multi-unit residential units are deemed to be income-producers as opposed to purely places of residence for the owner.

Mixed-use parcels are included because they often have non-residential features.

Because property use designations are culled from assessors’ records and not from the deed to the property, this section includes only those communities where we have the assessor’s property file – the

communities The Warren Group calls COMPreport towns, which now includes all Massachusetts communities except for Great Barrington and Hancock.

What You Will Find The records are organized alphabetically by town and street name. In addition to the property address, buyer, seller, lender, mortgage amount, lot size and prior sale data that were detailed when these sales were originally published in the Official Records section of Banker & Tradesman, the records in this recap also include the filing date, building area (when available) and total assessed value. The fiscal year of the assessment is also noted.

How the Data Is Compiled

After a sale transaction is entered into the The Warren Group database, the address is compared to the addresses in the assessor’s property file. Whenever a match occurs, The Warren Group takes the details from the property record and

creates the enhanced sales records published here. If The Warren Group cannot be sure of matching the correct records, it does not match them at all. If it is unable to identify an unmatched sale’s property-use class, that sale will not be included in this recap.

As The Warren Group processes the assessor’s files, it checks that propertyuse codes are used consistently across all towns. To this end, The Warren Group sometimes translates a code that one town has created for its own purpose into a code that has the same meaning in the The Warren Group system. There are some instances where The Warren Group has created its own codes to supplement the Massachusetts Department of Revenue codes. This is generally done for multi-use parcels where assessors have assigned their own supplemental codes for greater specificity. In turn, when The Warren Group processes the assessor’s files, it applies its own code to standardize the use code applied to these properties.

©2020 The Warren Group Inc. All rights reserved. No part of this publication may be reproduced without the written consent of the publisher.

B8

APRIL 27, 2020

Brighton

Chelsea

1794 Bridge St U:8A, Dracut........................ $145,000

159 Cherry St, Fall River............................. $505,000

Use:Apartment Bldg - 4-8 Units (111) B: 44 Cummings Rd LLC S: Bradford A Spencer Tr, Tr for 44 Cummings RT Mtg: Hingham Inst for Svgs $1,000,000 Date: 03/30/20 Total Assessed Value (2019): $2,408,500 Lot Size: 4867sf Prior Sale: $1,385,000 (03/11)

Use:Gas/Service Station (334) B: Rachid Moumade Tr, Tr for Rachid Moumade RET S: 979 Broadway LLC Mtg: Rockland Tr Co $735,000 Date: 03/19/20 Total Assessed Value (2020): $61,100 Lot Size: 1178sf Prior Sale: $500,000 (06/04)

145 Newbury St, Dracut............................... $315,000

89 Globe Mills Ave, Fall River...................... $900,000

44 Cummings Rd, Brighton......................... $3,400,000

Brockton

642 Crescent St, Brockton.......................... $600,000 Use:Auto Repair (332) B: Lensam LLC S: Monro Inc Mtg: Misc Other $480,000 Date: 03/23/20 Total Assessed Value (2020): $516,700 Lot Size: 24455sf Prior Sale: $560,000 (10/98)

979 Broadway, Chelsea.............................. $1,050,000

Chicopee

363 Chicopee St, Chicopee......................... $160,000 Use:Auto Sales (330) B: Trajen LLC S: Wayne L Pare Sr & Florence Bank Foreclosure Deed Date: 03/16/20 Total Assessed Value (2020): $134,600 Lot Size: 13545sf

553 Forest Ave, Brockton............................ $525,000 Use:Retail-Service (325) B: Joaquim Penha Jr S: Gino A Iolli Tr, Tr for Gino A Iolli T Mtg: Gino A Iolli $475,000 Date: 03/20/20 Total Assessed Value (2020): $365,600 Lot Size: 10006sf

1181 Main St, Brockton............................... $540,000 Use:Mixed Use-Prim Comm & Resd (031) B: Clinton St LLC S: Lil Man Realty LLC Mtg: Mechanics Cp Bk $405,000 Date: 03/25/20 Total Assessed Value (2020): $433,100 Lot Size: 14366sf Prior Sale: (06/18)

1041 N Main St, Brockton............................ $154,000

365 Chicopee St, Chicopee......................... $105,000 Use:Mixed Use-Prim Comm & Resd (031) B: GTK Properties LLC S: Wayne L Pare & Florence Bank Mtg: New Valley B & T $84,000 Foreclosure Deed Date: 04/01/20 Total Assessed Value (2020): $372,600 Lot Size: 19084sf

66 Dwight St, Chicopee................................ $712,000 Use:Mixed Use-Prim Res & Comm (013) B: Blackrock BNG Group LLC S: Anthony D Maloni & Cynthia J Maloni Mtg: Greenfield Cp Bk $569,600 Date: 03/11/20 Total Assessed Value (2020): $216,900 Lot Size: 1854sf Prior Sale: $495,000 (12/05)

Use:Retail-Service (325) B: Saltos Liquors&Food LLC S: Marcelino Alves & Maria F Alves Mtg: Eastern Bank $133,750 Date: 03/23/20 Total Assessed Value (2020): $160,900 Lot Size: 2535sf Prior Sale: $185,000 (09/07)

3 Emery St, Chicopee.................................. $315,000

Burlington

1066 Granby Rd, Chicopee.......................... $270,000

Use:Apartment Bldg - 4-8 Units (111) B: J&M Premier Properties S: Emery Street LLC Mtg: Monson Svgs Bk $252,000 Date: 03/27/20 Total Assessed Value (2020): $332,500 Lot Size: 20125sf Prior Sale: $95,000 (06/01)

20 Terry Ave, Burlington............................. $3,100,000 Use:Industrial Warehouse (401) B: TKD Realty LLC S: Maalo LLC Date: 03/27/20 Total Assessed Value (2020): $1,742,900 Lot Size: 52272sf Prior Sale: $1,325,000 (10/03)

420 Mckinstry Ave, Chicopee...................... $202,500

Cambridge

381 Columbia St, Cambridge......................$11,100,000 Use:Apartment Bldg - 4-8 Units (111) B: Columbia Village LLC S: Martins Family LLC Mtg: TD Bank NA $1,800,000 Date: 03/31/20 Total Assessed Value (2019): $2,594,700 Lot Size: 6900sf

Use:Office Bldg-General (340) B: 955 Massachusetts Ave LLC S: DWF 5 955 Massachusetts Mtg: Webster Bank $30,375,000 Date: 03/19/20 Total Assessed Value (2019): $43,611,600 Lot Size: 29485sf Prior Sale: $66,000,000 (06/17)

85 Andover St U:3, Danvers........................ $1,060,000

1020 Turnpike St U:11A, Canton.................. $820,000 Use:Non-residential Condo (349) B: Ambassador Pool Distribtr S: Peter Sherman Tr, Tr for Sherman RT Mtg: HarborOne Bank $500,000 Date: 03/30/20 Total Assessed Value (2020): $643,900

Lelandville Rd, Charlton................................

Use:Retail Condo (345) B: Gennaro F Cataldo Tr, Tr for Cataldo-Andover Street RT S: Peter Pantazelos Tr, Tr for 85-87 Andover Street RT Mtg: East Boston Svgs Bk $795,000 Date: 03/27/20 Total Assessed Value (2019): $559,500

Dartmouth

1363 N Hixville Rd, Dartmouth..................... $215,000 $75,000

Use:Chapter 61 Forest (601) B: Malden Real Estate Dev S: Suzanne Lyons Tr, Tr for Griffith Compound RT Date: 03/27/20 Total Assessed Value (2019): $66,630 Lot Size: 69753sf

Charlton

Use:Auto Repair (332) B: DW Com Prop LLC S: Russell G Centerbar & Lynne E Centerbar Mtg: Easthampton Svgs Bk $195,000 Date: 03/17/20 Total Assessed Value (2020): $331,400 Lot Size: 25175sf

Danvers

Canton

7 Lakeview St, Carver...................................

Use:Sand Quarry (410) B: Amys Landscaping LLC S: Chicopee Acquisitions LLC Date: 03/26/20 Total Assessed Value (2020): $165,900 Lot Size: 307098sf

1492 Memorial Dr, Chicopee....................... $390,000

955 Massachusetts Ave, Cambridge..........101,250,000

Carver

Use:Office Bldg-General (340) B: 1066 Granby Road LLC S: WGW Assoc Date: 04/06/20 Total Assessed Value (2020): $340,100 Lot Size: 13861sf Prior Sale: $185,000 (10/02)

Rhode Island Ave, Dartmouth.......................

$50,000

Use:Res Potentially Dvlpble Land (131) B: T Reardon Builders Inc S: Jutt Anne M Est & Simonne L Coderre Date: 04/03/20 Total Assessed Value (2020): $73,300 Lot Size: 78408sf

202 Depot St, Dennis................................... $625,000

Use:Auto Repair (332) B: Robert C Manthorne S: Lamountain Construction Date: 03/18/20 Total Assessed Value (2020): $250,300 Lot Size: 21780sf

Use:Mixed Use-Prim Comm & Resd (031) B: Dennis Oyster Co Hldgs S: Bicoastal Properties LLC Mtg: Rockland Tr Co $500,000 Date: 03/18/20 Total Assessed Value (2020): $485,700 Lot Size: 13068sf Prior Sale: $285,000 (05/05)

15 Sea St U:15, Dennis................................. $250,000

Chatham

1532 Main St, Chatham............................... $1,699,000 Use:Apartment Bldg - 4-8 Units (111) B: Chatham Apartments LLC S: 1532 Main Street LLC Mtg: Cape Cod Five Cent Bk $1,368,500 Date: 03/27/20 Total Assessed Value (2020): $589,300 Lot Size: 18468sf Prior Sale: $989,500 (02/13)

Use:Non-residential Condo (349) B: Valerie L Baker S: Thomas M Taylor Mtg: Cape Cod Five Cent Bk $225,000 Date: 03/20/20 Total Assessed Value (2020): $139,800 Prior Sale: $644,000 (03/18)

26 Shipmate Dr, Dennis............................... $165,000

Chelmsford

197 Billerica Rd, Chelmsford...................... $850,000 Use:Industrial Devlpble Land (440) B: Four Realty LLC S: Kinloch Retail LLC Date: 03/16/20 Total Assessed Value (2020): $360,200 Lot Size: 83200sf Prior Sale: $560,000 (10/18)

Use:Commercial Devlpble Land (390) B: Eagle Eye Farm LLC S: Winn Willard Tr, Tr for Winn Willard T Date: 03/17/20 Total Assessed Value (2020): $178,200 Lot Size: 20038sf

Dorchester

554-562 Columbia Rd, Dorchester............. $4,800,000

7 Technology Dr, Chelmsford..................... $1,900,000 Use:Office Bldg-General (340) B: Nepba Property&Dev LLC S: Gu-Guide LP Date: 04/02/20 Total Assessed Value (2020): $2,228,100 Lot Size: 100624sf Prior Sale: $270,000 (11/98)

Use:Mixed Use-Prim Comm & Resd (031) B: 554 Columbia Road LLC S: Mariana Realty Corp Date: 04/03/20 Total Assessed Value (2019): $2,246,000 Lot Size: 7588sf

Douglas

74 Main St, Douglas..................................... $700,000

114 Turnpike Rd, Chelmsford..................... $1,615,000

Use:Commercial Devlpble Land (390) B: Ray B Whitehead S: New England Realty Ventrs Date: 03/31/20 Total Assessed Value (2020): $154,600 Lot Size: 232828sf Prior Sale: $800,000 (11/13)

Dracut

2-18 Vinal Sq, Chelmsford.......................... $1,775,000 Use:Commercial Use (397) B: SEG Management LLC S: J&C Management LP Mtg: Lowell Five Cent Svgs $1,420,000 Date: 04/01/20 Total Assessed Value (2020): $2,279,900 Lot Size: 75359sf

$47,000

Use:Res Potentially Dvlpble Land (131) B: David Vermette Tr, Tr for 777 RT S: Robert J Mello Date: 03/27/20 Total Assessed Value (2019): $15,100 Lot Size: 71438sf

Dennis

21 Southbridge Rd, Charlton....................... $350,000

Use:Educational Property (940) B: 114 Chelmsford LLC S: Merrimack Education Ctr Date: 03/12/20 Total Assessed Value (2020): $1,690,800 Lot Size: 82328sf Prior Sale: $1,325,000 (01/99)

Use:Mixed Use-Prim Res & Comm (013) B: Jessica L Oliveira S: Arnaldo S Oliveira Mtg: Residential Mtg Svcs $309,906 Date: 04/01/20 Total Assessed Value (2019): $339,300 Lot Size: 415848sf Prior Sale: $250,000 (06/19)

1255 Bridge St, Dracut................................ $550,000 Use:Bank Building (341) B: 1255 Bridge Street LLC S: TD Bank NA Mtg: Enterprise Bk & Tr Co $412,500 Date: 03/11/20 Total Assessed Value (2019): $638,500 Lot Size: 29233sf

Use:Retail Condo (345) B: Brisyd LLC S: Dracut Sports LLC Mtg: TD Bank NA $116,000 Date: 03/13/20 Total Assessed Value (2019): $130,600 Prior Sale: $125,000 (12/10)

Use:Other Exempt (990) B: CIL Realty Of Mass Inc S: Lifelinks Inc Mtg: TD Bank NA $1,118,442 Date: 03/20/20 Total Assessed Value (2019): $311,600 Lot Size: 10000sf

Dunstable

493 Main St, Dunstable................................ $393,750 Use:Mixed Use-Prim Res & Comm (013) B: David Piscatelli S: HSBC Bank USA NA Tr Date: 03/30/20 Total Assessed Value (2020): $733,000 Lot Size: 87120sf Prior Sale: $949,140 (10/19)

East Boston

256-258 Bremen St, East Boston............... $3,450,000

Use:Apartment Bldg - 9 + Units (112) B: Sharpe Airport Bremen LLC S: Bremen Gove Development 2 Date: 03/31/20 Total Assessed Value (2019): $2,828,000 Lot Size: 6400sf Prior Sale: $360,000 (07/11)

309-311 Sumner St, East Boston................ $1,990,000 Use:Apartment Bldg - 4-8 Units (111) B: War Canoe Red LLC S: Webster Street Condos LLC Mtg: Leader Bank NA $990,000 Date: 03/16/20 Total Assessed Value (2019): $855,000 Lot Size: 2466sf Prior Sale: $287,450 (11/15)

290 William F Mcclellan Hwy, East Boston.$10,500,000 Use:Trucking Terminal (314) B: CV 290 Mcclellan LLC S: 290 Mcclellan Highway LLC Date: 04/07/20 Total Assessed Value (2019): $3,307,500 Lot Size: 122847sf

East Longmeadow

200 N Main St U:11, East Longmeadow....... $130,000 Use:Office Condo Unit (343) B: Cap Holdings LLC S: Willam A Townsend & Frances R Townsend Mtg: Polish National CU $104,000 Date: 03/16/20 Total Assessed Value (2019): $122,200 Prior Sale: $111,450 (05/17)

264 N Main St U:12, East Longmeadow........

Use:Office Condo Unit (343) B: Alohomora LLC S: Quercus Properties LLC Mtg: Children Uw Sergei Se $95,000 Date: 03/25/20 Total Assessed Value (2019): $72,700 Prior Sale: $65,000 (10/12)

$95,000

Use:Mixed Use-Prim Res & Comm (013) B: Shaskank R Holavanalli & Neha Shivakumar S: First Cherry Street LLC Mtg: Webster Bank $375,000 Date: 03/17/20 Total Assessed Value (2020): $327,300 Lot Size: 5410sf Prior Sale: $480,000 (01/06)

Use:Manufacturing Building (400) B: Ashworth Mill LLC S: 89 Globe Mills LLC Mtg: Westfield Bank $1 Date: 03/24/20 Total Assessed Value (2020): $684,100 Lot Size: 132681sf Prior Sale: $800,000 (09/05)

655 Grinnell St, Fall River............................ $257,250 Use:Apartment Bldg - 4-8 Units (111) B: Quintal Investments LLC S: Bank New York Mellon Tr Date: 03/12/20 Total Assessed Value (2020): $185,300 Lot Size: 4367sf Prior Sale: $392,354 (05/17)

287 Hartwell St, Fall River........................... $890,000 Use:Apartment Bldg - 4-8 Units (111) B: Triple Hart LLC S: Jeremiah J Donovan Tr, Tr for Hartwell Street RT Mtg: Eastern Bank $327,899 Date: 03/31/20 Total Assessed Value (2020): $315,900 Lot Size: 8168sf

137 Horton St, Fall River............................. $375,000 Use:Apartment Bldg - 4-8 Units (111) B: Nicholas A Cipriano S: David Ramunno Mtg: Baycoast Mortgage Co $343,406 Date: 03/24/20 Total Assessed Value (2020): $263,400 Lot Size: 4158sf

244 Montaup St, Fall River.......................... $320,000 Use:Apartment Bldg - 4-8 Units (111) B: Brittany V Brown S: Alexander F Cordeiro Mtg: Residential Mtg Svcs $293,040 Date: 03/31/20 Total Assessed Value (2020): $352,800 Lot Size: 7155sf Prior Sale: $345,000 (03/18)

870 Pine St, Fall River................................. $610,000 Use:Apartment Bldg - 9 + Units (112) B: Joshua S Ferreira S: Nasser Real Estate Corp Mtg: BayCoast Bank $424,000 Date: 03/13/20 Total Assessed Value (2020): $594,700 Lot Size: 32129sf

45 Stewart St, Fall River.............................. $267,000 Use:Apartment Bldg - 4-8 Units (111) B: Steve Botelho S: Gualter Amarelo Mtg: Nationstar Mtg $262,163 Date: 03/30/20 Total Assessed Value (2020): $166,900 Lot Size: 3750sf Prior Sale: $149,500 (06/16)

Falmouth

84 Davis Straits, Falmouth.......................... $410,000

Easton

Use:Office Bldg-General (340) B: EAE RT LLC S: MDMRG Realty LLC Date: 03/11/20 Total Assessed Value (2019): $466,600 Lot Size: 8500sf

Use:Manufacturing Building (400) B: David Howe S: Sandra B Zeitsiff Tr, Tr for Bay RT Date: 03/19/20 Total Assessed Value (2020): $1,043,300 Lot Size: 98010sf

Use:Mixed Use-Prim Comm & Resd (031) B: Benjamin F Mezzacappa S: Mary E Campbell Date: 03/27/20 Total Assessed Value (2019): $558,100 Lot Size: 24210sf

Use:Industrial Undevlpble Land (442) B: Robert J Berg Tr, Tr for DAT NT S: Patricia A Barbato Tr, Tr for Tap RT Date: 03/31/20 Total Assessed Value (2020): $19,500 Lot Size: 42627sf

Use:Inn/Resort (302) B: Ian Cotterell Tr, Tr for 321 Grand Ave RT S: Gerald L Bailey & Elizabeth A Bailey Date: 04/03/20 Total Assessed Value (2019): $1,291,300 Lot Size: 5625sf

Erving

Use:Mixed Use-Prim Comm & Resd (031) B: Zohaib Shahid Tr, Tr for AZK RT S: Robert C Crocker Sr & Judith A Crocker Mtg: Rockland Tr Co $400,000 Date: 03/27/20 Total Assessed Value (2019): $367,600 Lot Size: 10595sf Prior Sale: $180,000 (10/00)

227 Bay Rd, Easton...................................... $563,000

29 Depot Ave, Falmouth.............................. $1,100,000

28 Eastman St, Easton................................. $500,000

321 Grand Ave, Falmouth........................... $1,550,000

20 French King Hwy, Erving..........................

$60,000

Use:Restaurant/Bar (326) B: Anthony F Manzi S: James VanHouten Date: 03/17/20 Total Assessed Value (2020): $202,100 Lot Size: 18636sf Prior Sale: $30,000 (06/17)

Essex

67 Main St, Essex......................................... $649,000 Use:Mixed Use-Prim Res & Comm (013) B: Paul J Clarimundo Tr, Tr for 67 Main Street RT S: Dana A Guarnera Date: 04/03/20 Total Assessed Value (2020): $562,200 Lot Size: 9148sf

Everett

88 Dartmouth St, Everett............................. $750,000 Use:Apartment Bldg - 4-8 Units (111) B: Vinicius C Araujo & Leticia Silva S: Robin E Kelly & Colin A Kelly Mtg: United Wholesale Mtg $562,500 Date: 03/12/20 Total Assessed Value (2020): $777,000 Lot Size: 5881sf

192-196 Elm St, Everett.............................. $1,050,000

Use:Mixed Use-Prim Res & Comm (013) B: 192-196 Elm Street LLC S: Mary E Reed Tr, Tr for Teresa RT Mtg: Norwood CooperativeBk $840,000 Date: 04/01/20 Total Assessed Value (2020): $913,900 Lot Size: 4805sf

301 Elm St, Everett...................................... $900,000 Use:Mixed Use-Prim Comm & Resd (031) B: Pineda Property Mgmt LLC S: Philip A Genualdo Mtg: Eastern Bank $712,500 Date: 03/26/20 Total Assessed Value (2020): $687,200 Lot Size: 6443sf

Fall River

146 18th St, Fall River................................. $175,000

174 Sandwich Rd, Falmouth........................ $900,000

Fitchburg

217 Mechanic St, Fitchburg........................ $220,000 Use:Apartment Bldg - 4-8 Units (111) B: Dominic Pespisa S: Rrivers LLC Date: 04/07/20 Total Assessed Value (2020): $213,900 Lot Size: 5014sf Prior Sale: $65,000 (11/08)

579 South St, Fitchburg............................... $550,000 Use:Mixed Use-Prim Comm & Resd (031) B: Tegra Properties LLC S: Mark Gionet Mtg: Mark Gionet $250,000 Date: 03/12/20 Total Assessed Value (2020): $223,100 Lot Size: 167120sf Prior Sale: $120,000 (07/14)

881 South St, Fitchburg............................... $730,000 Use:Office Bldg-General (340) B: Elcevich LLC S: Elizabeth C Mclaughlin Tr, Tr for Russell Hill RT Date: 03/31/20 Total Assessed Value (2020): $506,100 Lot Size: 47698sf

259 Water St, Fitchburg.............................. $235,900 Use:Mixed Use-Prim Res & Comm (013) B: Luis M Eusebio S: Dawsonia LLC Mtg: Residential Mtg Svcs $231,626 Date: 03/30/20 Total Assessed Value (2020): $172,100 Lot Size: 4742sf Prior Sale: $175,000 (03/18)

Framingham

945 Concord St, Framingham..................... $3,820,000

Use:Bank Building (341) B: ICC Investments LLC S: Saint Anthony Padua FCU Date: 03/17/20 Total Assessed Value (2020): $297,200 Lot Size: 12558sf

Use:Office Bldg-General (340) B: 945 Concord LP S: Jumbo Capital Framingham Mtg: Eastern Bank $2,200,000 Date: 03/27/20 Total Assessed Value (2020): $2,630,300 Lot Size: 49876sf Prior Sale: $1,946,890 (12/10)

Use:Mixed Use-Prim Res & Comm (013) B: Thao T Nguyen S: Antonio Costa Prop Mgmt Date: 04/07/20 Total Assessed Value (2020): $258,800 Lot Size: 6037sf Prior Sale: $50,000 (09/13)

Use:Apartment Bldg - 9 + Units (112) B: Payne Properties LLC S: Sean P Mcgrath Tr, Tr for Mount Juliet RT Mtg: Metro Credit Union $1,360,000 Date: 03/23/20 Total Assessed Value (2020): $1,249,300 Lot Size: 12009sf Prior Sale: $325,000 (01/98)

657 Bedford St, Fall River........................... $395,000

45 Leland St, Framingham.......................... $1,700,000

©2020 The Warren Group Inc. All rights reserved. No part of this publication may be reproduced without the written consent of the publisher.

APRIL 27, 2020

B9

21 Winthrop St, Framingham....................... $910,000 Use:Apartment Bldg - 4-8 Units (111) B: R&M Ventures LLC S: 8 Futuro Properties LLC Mtg: First Republic Bk $637,000 Date: 03/12/20 Total Assessed Value (2020): $741,000 Lot Size: 8002sf Prior Sale: $720,000 (11/17)

17 Emma Rose Cir, Haverhill....................... $547,900 Use:Res Potentially Dvlpble Land (131) B: Michael R Coppola & N L Valentino-Coppola S: JR Builders Inc Mtg: Wells Fargo Bank $344,900 Date: 03/26/20 Total Assessed Value (2020): $321,300 Lot Size: 49236sf

101 Hilldale Ave, Haverhill........................... $420,000

Franklin

Use:Other Exempt (990) B: Jeffrey S Shaffer & Susan Costello S: Brendon Properties Brkvw Date: 04/07/20

Use:Mixed Use-Prim Res & Comm (013) B: Nicholas Murphy S: 101 Hilldale Avenue LLC Date: 03/27/20 Total Assessed Value (2020): $330,100 Lot Size: 5036sf Prior Sale: $105,000 (01/16)

Use:Mixed Use-Recreation & Comm (083) B: Lewis Street Realty LLC S: Daniel W Morse Tr, Tr for Wadsworth Farm RT Mtg: Rockland Tr Co $610,750 Date: 03/19/20 Total Assessed Value (2020): $25,457 Lot Size: 1073493sf

Use:Office Bldg-General (340) B: 160 Summer Street LLC S: Lois Christiansen Tr, Tr for Esce RT Date: 03/31/20 Total Assessed Value (2020): $366,000 Lot Size: 15799sf

Freetown

Holbrook

11 Riverstone Way U:11, Franklin............... $648,955

Spring St, Franklin....................................... $117,000

14 Adams Ave, Freetown............................. $389,900 Use:Mixed Use-Prim Res & Comm (013) B: Brianna M Delsanto & Robert D Galvin S: Darby L Davis Mtg: Shamrock Home Loans $336,183 Date: 03/26/20 Total Assessed Value (2020): $299,200 Lot Size: 22913sf Prior Sale: $350,000 (06/19)

28 Weymouth St, Holbrook......................... $5,200,000

110 S Main St, Gardner................................ $170,000 Use:Fraternal Organization (353) B: 110 South Main St LLC S: Columbians Inc Of Gardner Date: 04/01/20 Total Assessed Value (2020): $283,100 Lot Size: 18370sf

Use:Apartment Bldg - 9 + Units (112) B: 28 Weymouth LLC S: EGD Properties 1 LLC Mtg: Eastern Bank $900,000 Date: 04/01/20 Total Assessed Value (2020): $2,056,700 Lot Size: 60984sf

Holyoke

461-463 Appleton St, Holyoke..................... $880,000

Grafton

49 N Main St, Grafton................................... $635,000 Use:Retail-Service (325) B: BCD 49 N Main LLC S: Madone Realty LLC Mtg: UniBank for Savings $508,000 Date: 03/19/20 Total Assessed Value (2020): $514,700 Lot Size: 28491sf

Use:Apartment Bldg - 9 + Units (112) B: Stephen J Bosco S: Appleton Exchange LLC Date: 04/02/20 Total Assessed Value (2020): $1,337,500 Lot Size: 8250sf Prior Sale: $1,390,000 (01/18)

158 Elm St, Holyoke..................................... $100,000

Greenfield

240 Federal St, Greenfield......................... $5,130,000 Use:Retail-Service (325) B: Triple Net Greenfield LLC S: RCK Greenfield LLC Date: 03/17/20 Total Assessed Value (2019): $2,009,500 Lot Size: 55617sf Prior Sale: $5,710,000 (10/05)

Use:Bowling Alley (370) B: Iglesia De Dios Inc S: David L Shompie Tr, Tr for Joda RT Date: 03/19/20 Total Assessed Value (2020): $226,100 Lot Size: 7320sf

21-31 Essex St, Holyoke.............................. $900,000

Groton

6-A Lilac Cir, Groton.................................... $443,900 Use:Res Potentially Dvlpble Land (131) B: Hanee Thaor S: D Bruce Wheeler Tr, Tr for Academy Hill RT Mtg: Bristol Cnty Svgs Bk $399,510 Date: 03/17/20 Total Assessed Value (2019): $14,100

Use:Mixed Use-Prim Res & Comm (013) B: B&LG Realty LLC S: Fisette Realty Corp Mtg: Leader Bank NA $1,425,000 Date: 03/31/20 Total Assessed Value (2020): $484,500 Lot Size: 4360sf

650 High St, Holyoke.................................... $433,500

Groveland

921 Salem St, Groveland............................. $750,000 Use:Retail-Service (325) B: James R Hadad 2nd Tr, Tr for Skyebridge RT S: Terry L Clifford Tr, Tr for Caf-E 97 RT Mtg: Salem FiveCts Svgs Bk $600,000 Date: 03/16/20 Total Assessed Value (2020): $633,600 Lot Size: 69696sf Prior Sale: $643,606 (07/13)

Use:Apartment Bldg - 4-8 Units (111) B: High Street Apartments S: 650 High Street LLC Date: 04/07/20 Total Assessed Value (2020): $346,700 Lot Size: 4705sf Prior Sale: $330,000 (02/17)

Hopedale

2 Condon Way, Hopedale............................. $250,000

Hadley

42 West St, Hadley....................................... $611,250 Use:Office Bldg-General (340) B: Trysquare LLC S: 42 West Street Hadley LLC Date: 03/13/20 Total Assessed Value (2019): $423,500 Lot Size: 7200sf Prior Sale: $510,000 (06/18)

Use:Industrial Devlpble Land (440) B: 2 Condon Way LLC S: Triple Step Realty Co LLC Date: 04/06/20 Total Assessed Value (2020): $195,100 Lot Size: 70619sf Prior Sale: $197,900 (03/18)

Hopkinton

71 Frankland Rd, Hopkinton....................... $4,350,000

Halifax

416 Plymouth St, Halifax............................. $352,000

Use:Retail-Service (325) B: Halifax Park Plaza LLC S: Vector South LLC Date: 03/11/20 Total Assessed Value (2020): $2,128,500 Lot Size: 1250564sf Prior Sale: $3,000,000 (02/08)

Hanover

768 Washington St, Hanover....................... $440,000 Use:Retail-Department Store (322) B: William R Gustafson Jr Tr, Tr for 768 Washington Street RT S: Cheryl Gerrish Tr, Tr for SPG RT Mtg: Bridgewater Svgs Bk $330,000 Date: 03/11/20 Total Assessed Value (2020): $421,600 Lot Size: 18295sf Prior Sale: $206,000 (10/98)

Harwich

527 Main St U:12, Harwich........................... $225,000 Use:Non-residential Condo (349) B: Sam Speakman LLC S: David J Rome Mtg: Cape Cod Five Cent Bk $180,000 Date: 04/01/20 Total Assessed Value (2020): $223,700 Prior Sale: $181,000 (03/10)

721 Main St, Harwich................................... $450,000 Use:Retail-Service (325) B: 721 Harwich LLC S: Alan S Rogers & Deborah L Rogers Mtg: Alan Scott Rogers $250,000 Date: 03/31/20 Total Assessed Value (2020): $339,100 Lot Size: 13068sf Prior Sale: $416,000 (06/06)

397 Route 28, Harwich................................ $625,000 Use:Commercial Warehouse (316) B: 397 Main Street LLC S: Mollie O Inc Date: 04/01/20 Total Assessed Value (2020): $583,300 Lot Size: 136778sf

Use:Office Bldg-General (340) B: Seaboard Solar Holdings S: Liberty Mutuals Ins Co Date: 03/20/20 Total Assessed Value (2020): $8,659,300 Lot Size: 1315512sf

6 Walcott St, Hopkinton............................... $510,000 Use:Office Bldg-General (340) B: Hopkinton Town Of S: Joseph D Marquedant Tr, Tr for Walcott Street RT Date: 04/03/20 Total Assessed Value (2020): $339,100 Lot Size: 16239sf Prior Sale: $125,000 (09/15)

Hudson

47 Apsley St, Hudson....................................

$56,000

Use:County/Municipality Property (930) B: Wysk LLC S: Hudson Town Of Date: 03/13/20 Total Assessed Value (2020): $98,700 Lot Size: 9798sf

561 Main St, Hudson................................... $1,350,000 Use:Manufacturing Building (400) B: 561 Main Street LLC S: S&S Hudson T LLC Mtg: TD Bank NA $800,000 Date: 03/27/20 Total Assessed Value (2020): $683,000 Lot Size: 73181sf

Hyannis

183 Iyannough Rd, Hyannis........................ $1,200,000

10 Kearney Sq U:100, Lowell...................... $1,150,000

111 Pierce Ave, Lakeville............................ $539,900 Use:Other Quarry (413) B: Timothy Rose & Ana Leal S: Malloch Construction Co Mtg: United Wholesale Mtg $539,900 Date: 03/11/20 Total Assessed Value (2019): $448,300 Lot Size: 353140sf Prior Sale: $510,000 (06/18)

156 Rhode Island Rd, Lakeville................... $450,000 Use:Auto Repair (332) B: T Sikorski Realty LLC S: Rilc LLC Date: 03/23/20 Total Assessed Value (2019): $220,100 Lot Size: 130548sf

Lancaster

381 Main St, Lancaster................................ $400,000 Use:Educational Property (940) B: C&J Property Holdings Inc S: Atlantic Union College Date: 03/25/20 Total Assessed Value (2020): $466,000 Lot Size: 191664sf

85 Prescott St, Lancaster............................ $235,000 Use:Educational Property (940) B: Rayssa C Pechejosvski S: Atlantic Union College Mtg: Radius Financial Grp $227,950 Date: 04/01/20 Total Assessed Value (2020): $183,500 Lot Size: 5663sf

Lanesboro

35 N Main St, Lanesboro.............................. $475,000

Use:Office Condo Unit (343) B: Karim Salem S: LZ Kearney Square Corp Date: 03/31/20 Total Assessed Value (2019): $553,000

242 Liberty St, Lowell.................................. $532,000 Use:Apartment Bldg - 4-8 Units (111) B: Richard V Biagini & Luana M Mazon S: John R Constantine & Jeannine T Constantine Mtg: ABSM $399,000 Date: 03/24/20 Total Assessed Value (2019): $406,500 Lot Size: 8000sf

11 Locust St, Lowell..................................... $342,000 Use:Charity Property (950) B: Keith Bradley & Kara Guttadauro S: Lifelinks Inc Mtg: Mortgage Research Ctr $349,866 Date: 03/19/20 Total Assessed Value (2019): $289,200 Lot Size: 8000sf

1765 Middlesex St, Lowell.......................... $9,083,803 Use:Retail-Department Store (322) B: 1765 Middlesex St Owner S: Rusty&Beth Holdings LLC Mtg: TD Bank NA $4,000,000 Date: 03/25/20 Total Assessed Value (2019): $2,168,700 Lot Size: 64188sf

49 Pleasant St, Lowell................................. $505,000 Use:Apartment Bldg - 4-8 Units (111) B: Jason R Brown S: Michael C Wetherbee Mtg: Fairway Ind Mtg $495,853 Date: 03/25/20 Total Assessed Value (2019): $349,300 Lot Size: 2428sf Prior Sale: $265,000 (11/10)

Use:Mixed Use-Prim Comm & Resd (031) B: Liberty Market Properties S: Nancy A Gomes & Michael L Zaccaria Mtg: Nancy A Gomes $215,300 Date: 03/11/20 Total Assessed Value (2019): $615,800 Lot Size: 100188sf

17 Rock St, Lowell....................................... $362,500

Lawrence

22 Rock St, Lowell....................................... $290,748

94-100 Railroad St, Lawrence..................... $475,000

Use:Industrial Warehouse (401) B: Dimitrios J Zorbas & Jeffrey Crowley S: James M Betty Tr, Tr for Sheila A Betty IRT Date: 03/30/20 Total Assessed Value (2019): $236,200 Lot Size: 8597sf

Use:Apartment Bldg - 4-8 Units (111) B: Arias Realty LLC S: Elsa G Arias & Rafael V Arias Mtg: Elsa G Arias $400,000 Date: 04/01/20 Total Assessed Value (2020): $411,800 Lot Size: 10000sf

Use:Apartment Bldg - 4-8 Units (111) B: MTGLQ Investors LP S: Luke C Chiotelis & MTGLQ Investors LP Foreclosure Deed Date: 03/16/20 Total Assessed Value (2019): $404,600 Lot Size: 4500sf Prior Sale: $150,000 (06/99)

Use:Apartment Bldg - 9 + Units (112) B: Lex Apartments On Salem S: Lawrence Salem St LLC Mtg: Jeanne DArc CU $937,500 Date: 03/12/20 Total Assessed Value (2020): $730,700 Lot Size: 4657sf Prior Sale: $850,000 (06/13)

Use:Industrial Office Building (402) B: Legacy Tech LLC S: 55 Technology Drive LLC Mtg: Woodmen Of The World $8,750,000 Date: 03/27/20 Total Assessed Value (2019): $5,329,800 Lot Size: 312327sf Prior Sale: $7,552,500 (03/17)

246-258 Salem St, Lawrence...................... $1,250,000

55 Technology Dr, Lowell............................$12,975,000

2-4 Thorndike St, Lawrence........................ $525,000

102 Westford St, Lowell............................... $440,000

97 Winthrop Ave, Lawrence......................... $300,000

Lunenburg

Use:Apartment Bldg - 4-8 Units (111) B: Winston Almanzar & Rafael Mejia S: Joseph Shelzi Tr, Tr for 2-4 Thorndike Street T Mtg: Align CU $420,000 Date: 03/20/20 Total Assessed Value (2020): $624,100 Lot Size: 3950sf Prior Sale: $195,000 (03/11)

Use:Auto Repair (332) B: Mohmanal LLC S: Monro Inc Date: 03/23/20 Total Assessed Value (2020): $338,800 Lot Size: 14170sf Prior Sale: $280,000 (10/98)

Lee

165 Housatonic St, Lee................................ $655,000 Use:Motel (301) B: Garden Management Inc S: Gangama Inc Date: 03/23/20 Total Assessed Value (2020): $1,010,000 Lot Size: 233046sf

925 Pleasant St, Lee.................................... $385,000 Use:Office Bldg-General (340) B: Justin C Soules & Ashley M Soules S: Thomas E Touponce & Jeffrey S Braim Mtg: Lee Bank $269,500 Date: 03/13/20 Total Assessed Value (2020): $301,900 Lot Size: 63162sf

Lenox

55 Pittsfield Rd U:1, Lenox......................... $1,035,000

Use:Retail Condo (345) B: TL 745D Inc S: Lenox Commons Holdings Mtg: Lenox Commons Holding $665,000 Date: 03/23/20 Total Assessed Value (2019): $3,078,300 Lot Size: 2799601sf Prior Sale: $500,000 (12/06)

Leominster

123 Adams St, Leominster............................

$60,000

Use:Mixed Use-Prim Comm & Resd (031) B: Scott P Tocci S: Tocci Paul J Est & Lorna M Tocci Mtg: Norman Brooks $60,000 Date: 03/24/20 Total Assessed Value (2020): $132,200 Lot Size: 8160sf

43 Cotton St, Leominster..............................

$40,000

Use:Res Potentially Dvlpble Land (131) B: Bary J Cosimi Tr, Tr for 43 Cotton Street RT S: Whitney Development Inc Date: 04/01/20 Total Assessed Value (2020): $32,100 Lot Size: 7090sf Prior Sale: $10,000 (07/15)

168 Spruce St, Leominster.......................... $290,000

Use:Apartment Bldg - 4-8 Units (111) B: Hanh Kien & Trong Sieng S: Vesna Nuon Mtg: Salem Five Mtg Co $330,000 Date: 03/27/20 Total Assessed Value (2019): $440,200 Lot Size: 6200sf Prior Sale: $100,000 (08/99)

425 W Townsend Rd, Lunenburg...................

$60,000

Use:Res Potentially Dvlpble Land (131) B: John Harrison Tr, Tr for 425 W Townsend Rd RT S: Lee Cooper Mtg: Resource Capital LLC $320,000 Date: 03/13/20 Total Assessed Value (2020): $95,500 Lot Size: 29621sf

Lynn

40-48 Central Sq, Lynn............................... $3,400,000 Use:Office Bldg-General (340) B: CRP&PE Central Sq Owner S: Forty Central Square LLC Date: 04/07/20 Total Assessed Value (2020): $789,600 Lot Size: 21590sf Prior Sale: $280,000 (11/12)

200 Lewis St, Lynn...................................... $1,500,000 Use:Apartment Bldg - 9 + Units (112) B: Darlene Gallien S: Fogarty Thomas E Est & Christopher J Fogarty Mtg: Cape Ann Svgs Bk $1,010,000 Date: 04/01/20 Total Assessed Value (2020): $1,400,600 Lot Size: 10150sf

33 Richard St, Lynn...................................... $379,900 Use:Other Exempt (990) B: Osamudiamen C Osazuwa S: Neighborhood Dev Assoc Mtg: Mtg Equity Partners $360,905 Date: 04/02/20 Total Assessed Value (2020): $254,700 Lot Size: 4013sf

4 Rockdale Ave, Lynn................................... $497,000 Use:Charity Property (950) B: Raguel Laurent & Georgette C Siewe S: Bridgewell Inc Mtg: United Wholesale Mtg $480,412 Date: 03/11/20 Total Assessed Value (2020): $478,900 Lot Size: 8477sf

Lynnfield

220 Broadway U:104, Lynnfield................... $360,000 Use:Office Condo Unit (343) B: Paul J Scott Tr, Tr for PJS Properties T S: Custom Properties LLC Mtg: East Boston Svgs Bk $288,000 Date: 04/01/20 Total Assessed Value (2020): $300,700 Prior Sale: $320,000 (03/14)

Malden

1236 Eastern Ave, Malden.......................... $1,750,000

Use:Apartment Bldg - 4-8 Units (111) B: Dominic Pespisa S: Rrivers LLC Date: 04/07/20 Total Assessed Value (2020): $212,100 Lot Size: 3563sf Prior Sale: $199,000 (10/02)

Use:Industrial Warehouse (401) B: Murphy Avakian Realty LLC S: Antonio Addonizio Tr, Tr for Addonizio RT Mtg: E Cambridge Svgs Bk $1,800,000 Date: 03/24/20 Total Assessed Value (2020): $1,116,100 Lot Size: 14597sf

394 South St, Hyannis.................................. $535,000

Lowell

2 Harbor St, Manchester............................. $900,000

Jamaica Plain

Use:Office Bldg-General (340) B: Natural Beauty Skin LLC S: Mom Chan & Tha Chan Mtg: Enterprise Bk & Tr Co $285,000 Date: 03/19/20 Total Assessed Value (2019): $396,200 Lot Size: 24813sf Prior Sale: $270,000 (08/17)

Use:Restaurant/Bar (326) B: WJP Realty Partners LLC S: RF&RM LLP Date: 03/11/20 Total Assessed Value (2020): $1,440,100 Lot Size: 44867sf Prior Sale: $1,960,000 (05/15) Use:Mixed Use-Prim Res & Comm (013) B: Benjamin P Yeransian S: Deanna W Yeransian Tr, Tr for John Yeransian RT Mtg: Wells Fargo Bank $428,000 Date: 03/24/20 Total Assessed Value (2020): $474,100 Lot Size: 28314sf

1104 Broadway, Haverhill............................ $210,000 Use:Religious Property (960) B: Allyson Dawkins & Douglas Dawkins S: Bradford Christian Acadmy Date: 03/13/20 Total Assessed Value (2020): $193,100 Lot Size: 90169sf Prior Sale: $140,000 (06/17)

14 Technical Park Dr, Holbrook.................. $615,000 Use:Fraternal Organization (353) B: New Birth Evangelical Bap S: Building Assn Fr Francis Mtg: Eastern Bank $492,000 Date: 03/12/20 Total Assessed Value (2020): $424,200 Lot Size: 51836sf

Gardner

Haverhill

160 Summer St, Haverhill............................ $445,000

Lakeville

8-10 Perkins St, Jamaica Plain.................. $1,860,000 Use:Mixed Use-Prim Res & Comm (013) B: Perkins Street Realty LLC S: Michael E Coblyn Tr, Tr for Coblyn NT Mtg: First Republic Bk $1,302,000 Date: 03/12/20 Total Assessed Value (2019): $806,000 Lot Size: 5490sf

219 Chelmsford St, Lowell........................... $380,000

116 Fletcher St, Lowell................................ $420,000 Use:Industrial Warehouse (401) B: Dimitrios J Zorbas & Jeffrey Crowley S: Edward Kelly Sheet Metal Date: 03/30/20 Total Assessed Value (2019): $304,300 Lot Size: 4210sf

Manchester

Use:Mixed Use-Prim Comm & Resd (031) B: Mak Hldg Services LLC S: Eleanor Zuberek Tr, Tr for David J Bush T Date: 04/06/20 Total Assessed Value (2020): $1,100,400 Lot Size: 13500sf

Marlborough

45-47 Bolton St, Marlborough..................... $200,000 Use:Mixed Use-Prim Res & Comm (013) B: Marlborough City Of S: Bolton-Goodale LLC Date: 03/11/20 Total Assessed Value (2020): $199,200 Lot Size: 11843sf Prior Sale: $80,000 (09/14)

©2020 The Warren Group Inc. All rights reserved. No part of this publication may be reproduced without the written consent of the publisher.

B10

APRIL 27, 2020

433-459 Boston Post Rd W, Marlborough... $650,000

94 Clark St, New Bedford............................ $220,000

419 Lincoln St, Marlborough....................... $710,000

194 Davis St, New Bedford.......................... $360,000

Use:Commercial Devlpble Land (390) B: OFLC Development LLC S: Adrian LLC Mtg: Adrian LLC $617,500 Date: 03/27/20 Total Assessed Value (2020): $404,200 Lot Size: 68389sf Prior Sale: $330,000 (04/12) Use:Manufacturing Building (400) B: 419 Lincoln LLC S: Eugene H Mongeau Tr, Tr for 9M RT Mtg: Bank of New England $500,000 Date: 03/27/20 Total Assessed Value (2020): $653,400 Lot Size: 36378sf

Marshfield

14 Old Colony Ln U:14, Marshfield...............

Use:Industrial Condominum (450) B: Gleaming Aero LLC S: Grace Mcguire Date: 03/13/20 Total Assessed Value (2020): $45,800 Prior Sale: $36,000 (07/18)

19 Old Colony Ln U:19, Marshfield...............

Use:Industrial Condominum (450) B: Gleaming Aero LLC S: Aircove LLC Date: 03/13/20 Total Assessed Value (2020): $38,400 Prior Sale: $27,188 (07/12)

27 Old Colony Ln U:27, Marshfield...............

Use:Industrial Condominum (450) B: Gleaming Aero LLC S: Kenneth Dye Date: 03/13/20 Total Assessed Value (2020): $37,700 Prior Sale: $32,000 (09/08)

Use:Apartment Bldg - 4-8 Units (111) B: Danish Red LLC S: Glenn R Newell Date: 03/20/20 Total Assessed Value (2019): $248,300 Lot Size: 3798sf

242 Davis St, New Bedford.......................... $300,000 $39,000

$37,000

$38,000

Use:Office Bldg-General (340) B: 551 Plain Street LLC S: Hines Shell Realty LLC Mtg: Coastal Heritage Bank $318,750 Date: 03/16/20 Total Assessed Value (2020): $532,700 Lot Size: 36117sf

6 Eastman Pl U:1C, Melrose........................ $118,690

Use:Office Condo Unit (343) B: Peter Scarlatos Tr, Tr for Katerena FT S: William C Huntress 3rd Tr, Tr for Marion RT Date: 03/31/20 Total Assessed Value (2020): $30,500

Use:Mixed Use-Prim Res & Comm (013) B: David Sousa S: Brabl LLC Mtg: Webster Bank $217,000 Date: 03/12/20 Total Assessed Value (2019): $223,200 Lot Size: 4269sf Prior Sale: $122,500 (05/13)

34 Mcgurk St, New Bedford......................... $239,900 Use:Apartment Bldg - 4-8 Units (111) B: John Afonso Tr, Tr for J&J Properties RT S: Alex C Aguiar Tr, Tr for Aguiar FT Mtg: Bristol Cnty Svgs Bk $191,000 Date: 03/31/20 Total Assessed Value (2019): $205,500 Lot Size: 3202sf Use:Apartment Bldg - 4-8 Units (111) B: Ronald Oliveira S: Manuel L Brum Date: 04/03/20 Total Assessed Value (2019): $222,000 Lot Size: 6460sf Prior Sale: $132,500 (05/01) Use:Apartment Bldg - 4-8 Units (111) B: Ian M White Tr, Tr for 20 Princeton Street RT S: Ronald Oliveira Tr, Tr for Princeton Street RT Mtg: Webster Bank $225,000 Date: 03/11/20 Total Assessed Value (2019): $273,700 Lot Size: 3358sf Prior Sale: $285,000 (06/05)

2015 Purchase St, New Bedford.................. $350,000 $43,326

Use:Apartment Bldg - 4-8 Units (111) B: Lymari Acevedo S: Manuel B Almeida Mtg: Residential Mtg Svcs $332,500 Date: 03/16/20 Total Assessed Value (2019): $231,400 Lot Size: 5480sf Prior Sale: $265,000 (04/16)

147 Rockdale Ave, New Bedford................. $280,000

Methuen

20 Calumet Rd, Methuen............................ $2,600,000 Use:Other Exempt (990) B: Merrimack Vly Senior Hsng S: Merrimack Valley Hsng Svc Mtg: MA Housing Fin Auth $7,920,000 Date: 03/25/20 Total Assessed Value (2020): $3,538,600 Lot Size: 160736sf

Use:Auto Sales (330) B: Saed Dib Tr, Tr for 470 Dartmouth Street RT S: 470 Dartmouth Street LLC Date: 04/06/20 Total Assessed Value (2019): $190,800 Lot Size: 7793sf

775 S 1st St, New Bedford........................... $333,000

Middleboro

101 Oak St, Middleboro.............................. $1,125,000 Use:Apartment Bldg - 4-8 Units (111) B: Jbl Properties LLC S: Oak Street Apartment LLC Mtg: Cape Cod Five Cent Bk $862,500 Date: 03/17/20 Total Assessed Value (2020): $470,100 Lot Size: 16650sf Prior Sale: $800,000 (10/07)

Use:Apartment Bldg - 4-8 Units (111) B: Ryan P Adkisson S: Kevin E Welch Date: 04/03/20 Total Assessed Value (2019): $192,500 Lot Size: 3450sf Prior Sale: $85,000 (07/08)

10 Salisbury St, New Bedford...................... $600,000

10 Rock St, Middleboro............................... $410,000 Use:Mixed Use-Prim Res & Comm (013) B: Johnnoy Dennisser S: Gregory S Cook & Lorri N Petrowski-Cook Mtg: Residential Mtg Svcs $435,490 Date: 03/20/20 Total Assessed Value (2020): $314,700 Lot Size: 13939sf

Use:Apartment Bldg - 4-8 Units (111) B: Ian M White Tr, Tr for 10 Salisbury Street RT S: Ronald Oliveira Tr, Tr for Salisbury Street RT Mtg: David R Ferreira Jr $60,000 Date: 03/11/20 Total Assessed Value (2019): $235,700 Lot Size: 2962sf Prior Sale: $435,000 (09/03)

288-292 Union St, New Bedford.................. $339,000

Millbury

238 Millbury Ave, Millbury........................... $200,000 Use:Retail-Department Store (322) B: BPS Properties LLC S: Patrick S Bullis Tr, Tr for Von Scheele RT Mtg: VonScheele RT $160,000 Date: 03/27/20 Total Assessed Value (2020): $276,900 Lot Size: 13234sf

Use:Mixed Use-Prim Res & Comm (013) B: Bulent Yilmaz S: Jorgimar LLC Mtg: Webster Bank $237,300 Date: 03/31/20 Total Assessed Value (2019): $275,600 Lot Size: 2718sf Prior Sale: $180,000 (08/02)

Newbury

96 Newburyport Tpke, Newbury................... $950,000

Millis

936 Main St, Millis........................................ $525,000 Use:Mixed Use-Prim Res & Comm (013) B: Apollodore Realty LLC S: Sharon L Nelles Tr, Tr for YJI FT Mtg: Avidia Bank $420,000 Date: 04/01/20 Total Assessed Value (2020): $358,300 Lot Size: 11761sf

Use:Retail-Department Store (322) B: Moose Mountain Properties S: Betsy P LLC Tr, Tr for BP RT Mtg: Inst Svgs Newburyport $950,000 Date: 03/16/20 Total Assessed Value (2019): $890,900 Lot Size: 89734sf

Newburyport

102 State St U:F, Newburyport.................... $390,000

Montague

100 2nd St, Montague.................................. $250,000 Use:Apartment Bldg - 4-8 Units (111) B: Crystalyn A Russell S: Shawn Johnson & Mary E Johnson Mtg: Mortgage Networks Inc $200,000 Date: 04/02/20 Total Assessed Value (2020): $168,800 Lot Size: 4400sf Prior Sale: $153,000 (10/05)

Use:Office Condo Unit (343) B: BFG Properties LLC S: Webber Family Realty LLC Date: 04/03/20 Total Assessed Value (2020): $267,500 Prior Sale: $225,000 (02/13)

Newton

197 Webster St, Newton............................. $7,000,000

Needham

230 Hillside Ave, Needham.......................... $875,000 Use:Mixed Use-Prim Comm & Resd (031) B: 230 Hillside Ave LLC S: Vincent A Brown Mtg: Needham Bk $610,000 Date: 03/17/20 Total Assessed Value (2019): $803,600 Lot Size: 9148sf

Use:Apartment Bldg - 9 + Units (112) B: Webster Commons LLC S: Chatham Park LLC Mtg: Dee Development LLC $6,000,000 Date: 03/18/20 Total Assessed Value (2020): $4,529,200 Lot Size: 45725sf Prior Sale: $670,000 (08/98)

North Adams

139 Ashland St, North Adams...................... $180,000

New Bedford

43 7th St, New Bedford................................ $430,000 Use:Apartment Bldg - 4-8 Units (111) B: C&L Properties New Bedfrd S: Whaling City Properties Mtg: Webster Bank $322,500 Date: 03/12/20 Total Assessed Value (2019): $386,200 Lot Size: 7035sf Prior Sale: $396,000 (02/18)

9 Beetle St, New Bedford...............................

47-A&B Durfee St, New Bedford.................. $310,000

20 Princeton St, New Bedford..................... $300,000

Melrose

6 Eastman Pl U:1D, Melrose.........................

Use:Apartment Bldg - 4-8 Units (111) B: Ian M White Tr, Tr for 242 Davis Street RT S: Ronald Oliveira Tr, Tr for Princeton Street RT Mtg: Webster Bank $225,000 Date: 03/11/20 Total Assessed Value (2019): $219,200 Lot Size: 3668sf Prior Sale: $285,000 (06/05)

201-203 Myrtle St, New Bedford................. $200,000

551 Plain St, Marshfield.............................. $425,000

Use:Office Condo Unit (343) B: Cynthia Hickey Tr, Tr for Unit 1C NT S: William C Huntress 3rd Tr, Tr for Marion RT Date: 03/31/20 Total Assessed Value (2020): $80,000 Prior Sale: $84,000 (03/07)

Use:Apartment Bldg - 4-8 Units (111) B: Kevin Lima S: Augusto C Netto Tr, Tr for Mega Group RT Date: 03/30/20 Total Assessed Value (2019): $198,400 Lot Size: 4491sf Prior Sale: $90,000 (02/14)

13-15 Eagle St, North Adams....................... $114,500

$8,012

Use:Commercial Warehouse (316) B: Ian Decosta S: Susan Benoit Date: 03/19/20 Total Assessed Value (2019): $76,800 Lot Size: 4308sf

Use:Restaurant/Bar (326) B: Se E Oh S: Thomas W Rumbolt Tr, Tr for Red Marker NT Mtg: Red Marker NT $50,000 Date: 03/19/20 Total Assessed Value (2020): $274,000 Lot Size: 8960sf Prior Sale: $50,000 (01/20) Use:Retail-Service (325) B: Modestino Conte & Dexter Eames S: Whitney L Suters & Monique L Suters Date: 03/31/20 Total Assessed Value (2020): $126,100 Lot Size: 3524sf Prior Sale: $64,000 (03/04)

36 Porter St, North Adams........................... $225,400 Use:Apartment Bldg - 4-8 Units (111) B: Christophe Brunski S: Marc Newton Mtg: Fidelity Cp Bk $180,000 Date: 03/16/20 Total Assessed Value (2020): $162,900 Lot Size: 7788sf Prior Sale: $200,000 (11/05)

North Andover

Flagship Dr, North Andover........................ $1,300,000

Use:Industrial Devlpble Land (440) B: DWT Holdings LLC S: Fariborz Maseeh Tr, Tr for Intellisense NT Date: 04/06/20 Total Assessed Value (2020): $762,000 Lot Size: 176854sf

33 Walker Rd U:1E, North Andover...............

Use:Office Condo Unit (343) B: Lacey Diorio S: Ratte Construction Co Inc Date: 03/13/20 Total Assessed Value (2020): $42,200 Prior Sale: $44,000 (01/09)

$54,000

North Attleboro

530 John L Dietsch Blvd, North Attleboro... $1,275,000 Use:Manufacturing Building (400) B: EVH Realty LLC S: Greenwood Property Mgmt Mtg: Washington Tr Co $1,950,000 Date: 03/24/20 Total Assessed Value (2019): $1,011,200 Lot Size: 136343sf Prior Sale: $1,200,000 (01/12)

530 John L Dietsch Blvd, North Attleboro... $1,325,000 Use:Manufacturing Building (400) B: EVH Realty LLC S: Maxim Investment Assc LLC Date: 03/24/20 Total Assessed Value (2019): $1,011,200 Lot Size: 136343sf Prior Sale: $1,200,000 (01/12)

8 Maddy Ln, North Attleboro........................ $200,000 Use:Res Potentially Dvlpble Land (131) B: Infinity Homes LLC S: RC Builders LLC Mtg: Rockland Fed CU $440,000 Date: 03/12/20 Total Assessed Value (2019): $5,300 Lot Size: 20000sf

491 Mount Hope St, North Attleboro........... $375,000

Use:Office Bldg-General (340) B: 491 WJS LLC S: Michael D Bedard Mtg: Michael Bedard $375,000 Date: 04/01/20 Total Assessed Value (2019): $251,700 Lot Size: 5946sf Prior Sale: $150,000 (10/15)

135 N Washington St, North Attleboro........ $220,000 Use:Retail-Department Store (322) B: 135 North Washington LLC S: John B Lomasney Tr, Tr for Lomasney NT Mtg: Norwood CooperativeBk $577,500 Date: 03/13/20 Total Assessed Value (2019): $299,900 Lot Size: 9736sf Prior Sale: $172,000 (12/02)

Northampton

547 Easthampton Rd, Northampton............ $595,000 Use:Industrial Devlpble Land (440) B: Meetinghouse Realty Invst S: Robert D Raymond Date: 03/27/20 Total Assessed Value (2020): $135,600 Lot Size: 354143sf Prior Sale: $82,949 (05/13)

10 Hawley St, Northampton........................ $1,260,000

Use:Entertainment-Other (369) B: Oconnell Hawley LLC S: Roman Cath Bishop Of Spri Date: 03/17/20 Total Assessed Value (2020): $450,000 Lot Size: 80586sf

Northborough

375 Davis St, Northborough........................ $1,550,000 Use:Apartment Bldg - 4-8 Units (111) B: Roman Property Management S: June E Oroman Tr, Tr for Davis Street RT Mtg: Central One FCU $800,000 Date: 03/13/20 Total Assessed Value (2020): $985,500 Lot Size: 270508sf

5 Goddard Rd, Northborough....................... $300,000 Use:Industrial Devlpble Land (440) B: L H Wheeler Jr Excavation S: New England Power Co Mtg: James W Flanders $280,000 Date: 03/12/20 Total Assessed Value (2020): $362,300 Lot Size: 101364sf

916 Pleasant St U:1, Norwood..................... $275,000 Use:Industrial Condominum (450) B: Matthew Herman S: Peter M Killelea Date: 03/27/20 Total Assessed Value (2020): $298,100

1066-1068 Washington St, Norwood........... $380,000 Use:Restaurant/Bar (326) B: Norwood Golden Bull Corp S: KSY LLC Mtg: Eastern Bank $285,000 Date: 03/18/20 Total Assessed Value (2020): $244,900 Lot Size: 3239sf Prior Sale: $240,000 (08/14)

Orange

235 Hayden St, Orange.................................

$50,000

Use:Commercial Devlpble Land (390) B: Gary Barnett S: Ar Sandri Inc Date: 04/06/20 Total Assessed Value (2020): $87,600 Lot Size: 130680sf

39-41 Pleasant St, Orange.......................... $240,000 Use:Apartment Bldg - 4-8 Units (111) B: M Jemms Orange I LLC S: James H Hurt Date: 03/18/20 Total Assessed Value (2020): $196,600 Lot Size: 13068sf Prior Sale: $87,000 (01/14)

Osterville

182 Osterville West Barnstabl, Osterville... $647,000 Use:Mixed Use-Prim Res & Comm (013) B: Westbay Development Inc S: Pour La Table LLC Mtg: Emerald Funding Inc $300,000 Date: 03/23/20 Total Assessed Value (2020): $429,700 Lot Size: 85813sf Prior Sale: $595,000 (11/18)

Peabody

26 Washington St, Peabody......................... $400,000 Use:Religious Property (960) B: Center Church S: New Eng Annual Conference Mtg: Heritage Inv Svcs Fun $340,000 Date: 03/26/20 Total Assessed Value (2020): $528,600 Lot Size: 14950sf

Pepperell

18 Bacon St, Pepperell................................ $575,900 Use:Res Potentially Dvlpble Land (131) B: Bolen Ouk & Chantiriny Lim S: Hugh E Mcgovern & George R Mcgovern Jr Mtg: eMortgage Management $460,720 Date: 03/19/20 Total Assessed Value (2019): $51,100 Lot Size: 40424sf

15 Jersey St, Pepperell................................ $459,900 Use:Res Potentially Dvlpble Land (131) B: Elizabeth A Harrison S: Pro Homes LLC Mtg: Movement Mtg LLC $344,925 Date: 03/17/20 Total Assessed Value (2019): $91,600 Lot Size: 16984sf Prior Sale: $140,000 (10/18)

41 Lomar Park U:10&11, Pepperell..............

$65,000

41 Lomar Park U:12&14, Pepperell..............

$65,000

Use:Industrial Condominum (450) B: Michael J Kozubal Jr Tr, Tr for KPB RT S: Lomar Park LLC Date: 04/01/20 Total Assessed Value (2019): $189,700

Use:Industrial Condominum (450) B: Michael J Kozubal Jr Tr, Tr for KPC RT S: Lomar Park LLC Mtg: Phyllis Gervais $64,250 Date: 04/01/20 Total Assessed Value (2019): $207,300

41 Lomar Park U:7, Pepperell..................... $130,000 Use:Industrial Condominum (450) B: Just In Stone Design Inc S: Lomar Park LLC Date: 04/02/20 Total Assessed Value (2019): $136,900

Petersham

Hardwick Rd, Petersham............................. $150,000 Use:Hiking Trails (801) B: John A Baker S: Jenne L Mcginnis & Oscar P Lacawsan Date: 03/19/20 Total Assessed Value (2019): $14,400 Lot Size: 461736sf

Pittsfield

149 2nd St, Pittsfield.....................................

$8,000

84 Border St, Northbridge........................... $180,000

Use:Retail-Service (325) B: JEKL Buildings LLC S: Wesaline Gadson Tr, Tr for Gadson RT Date: 03/25/20 Total Assessed Value (2020): $41,300 Lot Size: 5027sf

284 Church Ave, Northbridge...................... $150,000

Use:Office Bldg-Medical (342) B: Myrna Rubin Tr, Tr for Joseph Rubin FT S: Family Practice LLC Date: 03/18/20 Total Assessed Value (2020): $1,099,200 Lot Size: 45302sf Prior Sale: $174,950 (07/98)

Northbridge

Use:Retail-Department Store (322) B: 01588 LLC S: Village Variety LLC Mtg: Eastern Bank $152,000 Date: 03/24/20 Total Assessed Value (2020): $82,900 Lot Size: 2840sf Prior Sale: $180,000 (03/19)

Use:County/Municipality Property (930) B: Robert Weishaus S: Morrissette Lucien R Est & Vanessa Gniadek Date: 04/06/20 Total Assessed Value (2020): $256,700 Lot Size: 15058sf

2418-2420 Providence Rd, Northbridge..... $380,000 Use:Apartment Bldg - 4-8 Units (111) B: Lisa Jano & Perry Jano S: Bellingham MA Self Storge Mtg: Hometown Equity Mtg $313,500 Date: 03/13/20 Total Assessed Value (2020): $318,500 Lot Size: 20021sf

Northfield

60 Main St, Northfield.................................. $310,000 Use:Mixed Use-Prim Comm & Resd (031) B: Aida LLC S: Kimberly A Farmer Mtg: Greenfield Cp Bk $248,000 Date: 03/13/20 Total Assessed Value (2020): $302,800 Lot Size: 6345sf Prior Sale: $238,300 (03/00)

Norwood

27 Morse Ave, Norwood............................... $711,000 Use:Res Potentially Dvlpble Land (131) B: Andrew Blaeser & Elizabeth Blaeser S: Thomas J Powers Tr, Tr for 0 Morse Avenue RT Mtg: Wells Fargo Bank $568,800 Date: 03/17/20 Total Assessed Value (2020): $103,900 Lot Size: 6331sf Prior Sale: $515,000 (08/18)

20 Elm St, Pittsfield.................................... $2,100,000

476 Fenn St, Pittsfield..................................

$27,500

Use:Apartment Bldg - 4-8 Units (111) B: Duta Real Estate LLC S: Robert M Lloyd & Nadine N Lloyd Mtg: Robert Lloyd $22,500 Date: 03/20/20 Total Assessed Value (2020): $116,100 Lot Size: 5070sf Prior Sale: $113,000 (11/16)

31 Wendell Ave, Pittsfield............................ $385,000 Use:Mixed Use-Prim Res & Comm (013) B: 31 Wendell Avenue LLC S: Whitehall Building LLC Mtg: Whitehall Building $374,500 Date: 04/02/20 Total Assessed Value (2020): $409,800 Lot Size: 16470sf Prior Sale: $530,000 (04/06)

Plainville

30 Man Mar Dr, Plainville........................... $2,700,000 Use:Retail-Department Store (322) B: Suman Estates LLC S: O&M Inc Mtg: Avidia Bank $2,120,000 Date: 03/17/20 Total Assessed Value (2020): $2,387,600 Lot Size: 56628sf Prior Sale: $200,000 (04/03)

4 Turtle Brook Rd, Plainville........................ $675,000 Use:Res Potentially Dvlpble Land (131) B: Jada H Shepard S: Mirimichi Land Invests Mtg: Salem Five Mtg Co $506,250 Date: 03/16/20 Total Assessed Value (2020): $67,600 Lot Size: 40019sf

©2020 The Warren Group Inc. All rights reserved. No part of this publication may be reproduced without the written consent of the publisher.

APRIL 27, 2020 6 Wilkens Dr U:104, Plainville......................

B11 $66,000

Use:Office Condo Unit (343) B: 6 Wilkins Drive 104 LLC S: Roland Gray 3rd Tr, Tr for Susan L Haynes 2002 IRT Date: 03/27/20 Total Assessed Value (2020): $64,000

Salem

43 Oak St, Somerville................................. $2,650,000

199 Mendon Rd, Sutton................................ $150,000

Use:Retail-Service (325) B: Southwick Street LLC S: Angelo Kostoulas Mtg: North Shore Bank $170,000 Date: 04/01/20 Total Assessed Value (2020): $306,000 Lot Size: 3054sf Prior Sale: $345,000 (02/17)

South Boston

Swampscott

45 Bridge St, Salem..................................... $340,000

23 Witherell Pl, Plainville............................ $247,501 Use:Mixed Use-Prim Comm & Resd (031) B: R Scott Erickson S: US Bank NA Tr Date: 03/27/20 Total Assessed Value (2020): $389,300 Lot Size: 33106sf Prior Sale: $252,000 (07/18)

89 Margin St, Salem.................................... $1,560,000

Plymouth

26 Plaza Way Lot:26-28, Plymouth............. $1,550,000 Use:Commercial Devlpble Land (390) B: PVG Plymouth LLC S: Colony Place Development Mtg: Merrimac Valley FCU $9,450,000 Date: 03/19/20

Use:Retail-Service (325) B: Savoy Truffle LLC S: Robert Dunham Tr, Tr for 89 Margin Street RT Date: 03/12/20 Total Assessed Value (2020): $651,400 Lot Size: 25104sf Prior Sale: $425,000 (08/02)

Salisbury

26 Bayberry Ln, Salisbury.............................

Provincetown

416 Commercial St, Provincetown............. $1,150,000 Use:Mixed Use-Prim Res & Comm (013) B: Edward M Stuart & Gary Cormier S: Gerald Giardelli Mtg: Cape Cod Five Cent Bk $862,500 Date: 03/13/20 Total Assessed Value (2020): $1,269,700 Lot Size: 4704sf

Use:Res Potentially Dvlpble Land (131) B: Salisbury Town Of S: Mannix Joseph E Est & Nicole Ousler Date: 03/19/20 Total Assessed Value (2020): $29,200 Lot Size: 13576sf

41 Jak Len Dr, Salisbury...............................

Quincy

503 Hancock St, Quincy.............................. $1,230,000 Use:Apartment Bldg - 4-8 Units (111) B: NQ 3 Development LLC S: Wai L Wong Tr, Tr for 503-505 Hancock Street RT Mtg: Bank of Canton $11,059,240 Date: 03/17/20 Total Assessed Value (2019): $766,100 Lot Size: 7351sf Prior Sale: $510,000 (11/03)

$50,000

$40,000

Use:Retail-Service (325) B: 1445 Hancock Realty LLC S: Demetrios Vardakostas Tr, Tr for Bostonia NT Date: 04/01/20 Total Assessed Value (2019): $1,385,400 Lot Size: 9985sf Prior Sale: $1,050,000 (12/09) Use:Apartment Bldg - 4-8 Units (111) B: Saif Naji S: Robert F Connors Mtg: Guaranteed Rate Inc $693,750 Date: 03/12/20 Total Assessed Value (2019): $655,500 Lot Size: 3880sf Use:Apartment Bldg - 4-8 Units (111) B: Miles James Real Estate S: Louise J Lydon & Paul F Lydon Mtg: Rockland Tr Co $750,000 Date: 04/02/20 Total Assessed Value (2019): $638,400 Lot Size: 8260sf

158 Anawan St, Rehoboth............................ $170,000 Use:Nature Study (803) B: Minh T Tran & Huong T Tran S: Michael Bigney Date: 03/26/20 Total Assessed Value (2020): $46,800 Lot Size: 363290sf Prior Sale: $45,000 (10/00)

Use:Retail Condo (345) B: Wish Property Holdings S: Colleen P Higham & Thomas Higham Mtg: Cape Cod Five Cent Bk $100,000 Date: 03/23/20 Total Assessed Value (2020): $83,100 Prior Sale: $85,000 (06/07)

Use:Office Bldg-General (340) B: Sandwich Development LLC S: Paul G Dugan Tr, Tr for Dugan FT Mtg: Main Street Bank (MA) $495,000 Date: 04/01/20 Total Assessed Value (2020): $340,600 Lot Size: 12197sf

69 Calumet St, Revere................................. $812,000 Use:Apartment Bldg - 4-8 Units (111) B: Shanli Liu & Sidun Li S: Thomas A Zulon Jr & Liliana B Zulon Date: 04/03/20 Total Assessed Value (2020): $575,000 Lot Size: 2400sf Prior Sale: $290,000 (09/08) Use:Office Bldg-General (340) B: Luxe Freedom Plaza Corp S: Michelle Mongiello Tr, Tr for Frank P Mongiello T Date: 04/07/20 Total Assessed Value (2020): $502,000 Lot Size: 4132sf

207 Squire Rd, Revere................................. $440,000 Use:Office Bldg-General (340) B: Luxe Freedom Plaza Corp S: Albert J Mongiello Tr, Tr for MJM T Date: 04/07/20 Total Assessed Value (2020): $502,000 Lot Size: 4132sf

770 Washington Ave U:1, Revere................. $130,000 Use:Office Condo Unit (343) B: Pamela Sargent S: Washington Place Condo Date: 03/11/20 Total Assessed Value (2020): $143,200

Use:Industrial Devlpble Land (440) B: DC Masonry Inc S: CW RE Hollister LLC Date: 03/13/20 Total Assessed Value (2019): $96,900 Lot Size: 44867sf Prior Sale: $230,000 (08/19)

Use:Mixed Use-Prim Comm & Resd (031) B: Hilltown Lodge LLC S: Caldwell Richard Est & Faith C Caldwell Date: 04/01/20 Total Assessed Value (2020): $520,200 Lot Size: 1655280sf

Shirley

3 Main St, Shirley........................................ $1,125,000

Roslindale

46 Belgrade Ave, Roslindale....................... $1,725,000 Use:Auto Repair (332) B: Belgrade Triangle LLC S: Casto Robert C Est & Janet M Casto Date: 03/11/20 Total Assessed Value (2019): $432,900 Lot Size: 7487sf

635-641 Hyde Park Ave, Roslindale........... $1,000,000

Use:Apartment Bldg - 9 + Units (112) B: MSR 3 Main Shirley LLC S: Lara Realty LLC Mtg: Enterprise Bk & Tr Co $843,750 Date: 03/31/20 Total Assessed Value (2020): $717,300 Lot Size: 17859sf Prior Sale: $600,000 (11/04)

Shrewsbury

Use:Restaurant/Bar (326) B: 635 Hyde Park Ave LLC S: 100 Percent Delicias Food Mtg: Newton Funding LLC $1,300,000 Date: 03/12/20 Total Assessed Value (2019): $552,500 Lot Size: 9166sf Prior Sale: $450,000 (01/15)

6 Ivy Path, Shrewsbury................................ $125,000

Roxbury

Somerset

Use:Res Potentially Dvlpble Land (131) B: Blair Enterprises Inc S: Stately Homes Inc Date: 03/17/20 Total Assessed Value (2019): $51,500 Lot Size: 20000sf

3-5 S Whitney St, Roxbury.......................... $2,000,000 Use:Apartment Bldg - 4-8 Units (111) B: South Whitney Development S: Joshua D Wild Tr, Tr for Whitney South NT Mtg: Webster FiveCent Svgs $4,782,000 Date: 03/30/20 Total Assessed Value (2019): $1,066,500 Lot Size: 5564sf Prior Sale: $1,450,000 (11/17)

933 County St, Somerset............................. $370,000 Use:Retail-Service (325) B: Orn Plaza LLC S: Simons Jeffrey W Est & Robin L Simons Date: 03/16/20 Total Assessed Value (2019): $246,800 Lot Size: 11326sf

Rutland

Somerville

Use:Res Potentially Dvlpble Land (131) B: Megan E Mercure S: Birce Estates Inc Mtg: Central One FCU $300,000 Date: 03/13/20 Total Assessed Value (2020): $6,600 Lot Size: 15000sf

Use:Apartment Bldg - 9 + Units (112) B: 35-41 Laurel Street LLC S: Anna R Cavallo Date: 04/03/20 Total Assessed Value (2020): $1,933,600 Lot Size: 10667sf

53 Woodside Ave, Rutland........................... $413,344

154 Marcy St, Southbridge...........................

$65,900

Use:Retail-Department Store (322) B: N M Baron Las Villas LLC S: 625 Carew Street LLC Mtg: Capstar Bank $3,650,000 Date: 04/02/20 Total Assessed Value (2020): $3,071,700 Lot Size: 79061sf Prior Sale: $6,526,339 (03/14)

Hollister Rd, Seekonk.................................. $175,000

35 Laurel St, Somerville............................. $1,105,000

Swansea

80 High Hill Rd, Swansea............................. $470,000 Use:Res Potentially Dvlpble Land (131) B: Adam P Crisafulli & Britney C Crisafulli S: Dream Homes LLC Date: 04/03/20 Total Assessed Value (2020): $87,800 Lot Size: 13504sf

Taunton

1 Lawton Ave, Taunton................................. $400,000 Use:Auto Repair (332) B: Ltlbrute LLC S: Timothy P Dixon Mtg: Webster Bank $360,000 Date: 04/01/20 Total Assessed Value (2020): $97,300 Lot Size: 15682sf Prior Sale: $155,000 (11/15)

212 Plain St, Taunton................................... $465,000

Tewksbury

Scituate

Seekonk

Use:Mixed Use-Prim Res & Comm (013) B: Chantal R Janvrin Tr, Tr for Janvin NT S: Gail R Tardif & Gerald D Tardif Date: 03/24/20 Total Assessed Value (2020): $266,000 Lot Size: 5000sf Prior Sale: $170,000 (12/01)

Use:Office Bldg-General (340) B: Racheal H Caouette S: Southbridge RE LLC Date: 04/02/20 Total Assessed Value (2020): $129,100 Lot Size: 10194sf Prior Sale: $48,500 (04/15)

60 Hamilton St, Southbridge........................ $157,000

Use:Gas Station (333) B: Sham Petroleum LLC S: Arya Petroleum Corp Date: 04/01/20 Total Assessed Value (2020): $535,300 Lot Size: 28484sf Prior Sale: $400,000 (03/13)

Use:Office Bldg-Medical (342) B: Blue Dog Properties LLC S: Barbara A Hopey Tr, Tr for Bach RT Mtg: Bank of America NA $960,000 Date: 04/01/20 Total Assessed Value (2020): $1,264,100 Lot Size: 25800sf

304 Essex St, Swampscott........................... $154,300

Use:Res Potentially Dvlpble Land (131) B: Seibau C Biayemi & Ahmed Haidara S: Aspen Properties Holdings Mtg: Bank of America NA $465,000 Date: 03/13/20 Total Assessed Value (2020): $390,100 Lot Size: 130680sf Prior Sale: $439,900 (05/05)

Use:Commercial Warehouse (316) B: HRP Saugus LLC S: 140 Salem Turnpike St LLC Date: 03/16/20 Total Assessed Value (2020): $448,900 Lot Size: 139392sf Prior Sale: $1,300,000 (12/09)

Use:Bank Building (341) B: Petro Realty Corp S: Hingham Instn For Savings Mtg: Hingham Inst for Svgs $240,000 Date: 03/20/20 Total Assessed Value (2020): $643,100 Lot Size: 4637sf

Use:Chapter 61 Forest (601) B: Daniel J Mcgilloway S: Angelo Pizzarella Date: 04/02/20 Total Assessed Value (2019): $3,780 Lot Size: 2112660sf Prior Sale: $100,000 (03/20)

Use:Retail-Equipment (321) B: Bayview Loan Servicing S: Jeannine M Morin & M&T Bank Foreclosure Deed Date: 04/07/20 Total Assessed Value (2020): $155,800 Lot Size: 20356sf

Springfield

904 Mohawk Trl, Shelburne......................... $310,000

Use:Office Condo Unit (343) B: Pamela Sargent S: Washington Place Condo Date: 03/11/20 Total Assessed Value (2020): $114,500

93 Guelphwood Rd, Southbridge................. $115,000

Saugus

Shelburne

770 Washington Ave U:2, Revere................. $110,000

Use:Mixed Use-Prim Comm & Resd (031) B: Sandra Demers S: Janet E Buhlmann Tr, Tr for Edna M Bresnahan IRT Mtg: Mortgage Networks Inc $254,479 Date: 03/18/20 Total Assessed Value (2020): $294,700 Lot Size: 15682sf Prior Sale: $319,000 (09/11)

Use:Commercial Building (347) B: Anthony Ferraro & Scarlett G Ferraro S: Richard E Marcin & Shirley A Marcin Mtg: Southbridge CU $52,270 Date: 03/17/20 Total Assessed Value (2020): $58,600 Lot Size: 1441sf

53 New Driftway, Scituate.......................... $1,212,050

207 Squire Rd, Revere................................. $400,000

Southampton

Use:Mixed Use-Prim Comm & Resd (031) B: 604 Route 6A LLC S: Wagner Mary E Est & Eileen M Wagner Date: 03/19/20 Total Assessed Value (2020): $398,100 Lot Size: 135036sf

400 Gannett Rd, Scituate............................. $360,000

Revere

Use:Apartment Bldg - 4-8 Units (111) B: Volnay LLC S: 510 E Broadway LLC Mtg: South Shore Bank $1,365,000 Date: 03/18/20 Total Assessed Value (2019): $1,208,000 Lot Size: 3740sf Prior Sale: $1,200,000 (12/19)

Southbridge

140 Salem Tpke, Saugus............................. $2,540,000

Rehoboth

510 E Broadway, South Boston................... $1,500,000

Sandwich

604 Route 6A, Sandwich.............................. $325,000

3 Sagamore Ave, Quincy.............................. $875,000

Use:Office Condo Unit (343) B: Alana C Rusin & William G Rusin 3rd S: Fort Point Enterprises Mtg: Winchester Svgs Bk $800,000 Date: 03/18/20 Total Assessed Value (2019): $686,000 Lot Size: 2595sf Prior Sale: $678,000 (10/10)

220 College Hwy, Southampton................... $247,600

134 Route 6A, Sandwich.............................. $435,000

289 Highland Ave, Quincy............................ $925,000

326 A St U:2C, South Boston....................... $1,450,000

Use:Res Potentially Dvlpble Land (131) B: Salisbury Town Of S: David S Pritchard Tr, Tr for Jack Rabbit RT Date: 04/02/20 Total Assessed Value (2020): $109,100 Lot Size: 397199sf Prior Sale: $35,000 (05/10)

4 Merchants Rd U:2, Sandwich.................... $130,000

1445-1453 Hancock St, Quincy.................. $2,540,000

Use:Apartment Bldg - 4-8 Units (111) B: Brynn B Jafry & Syed A Jafry S: We Close The Deal LLC Mtg: Hingham Inst for Svgs $1,855,000 Date: 03/26/20 Total Assessed Value (2020): $2,118,900 Lot Size: 4594sf Prior Sale: $1,010,000 (12/15)

491 Allen St, Springfield.............................. $475,000

625 Carew St, Springfield........................... $6,050,000

162 Eastern Ave, Springfield....................... $425,000 Use:Day Care Center (352) B: 162 Eastern LLC S: Eastern Avenue Invests Date: 03/16/20 Total Assessed Value (2020): $434,200 Lot Size: 13447sf

892-898 Main St, Springfield....................... $350,000 Use:Retail-Service (325) B: Harsh A Patel S: Virginai E Golemba Mtg: Citizens Bank $280,000 Date: 03/16/20 Total Assessed Value (2020): $395,100 Lot Size: 5702sf Prior Sale: $300,000 (05/06)

495 Woburn St, Tewksbury......................... $8,900,000

Use:Research & Dvlpmnt Facility (404) B: EIP 495 Woburn Street LLC S: NIP Owner 4 LLC Mtg: Northern Bk & Tr $13,475,000 Date: 03/13/20 Total Assessed Value (2020): $1,482,100 Lot Size: 1343390sf Prior Sale: $13,387,294 (01/12)

515 Woburn St, Tewksbury......................... $8,000,000 Use:Industrial Office Building (402) B: EIP 515 Woburn Street LLC S: NIP Owner 4 LLC Mtg: Pentucket Bank $6,300,000 Date: 03/13/20 Total Assessed Value (2020): $6,273,300 Lot Size: 379407sf

Truro

271 Shore Rd, Truro.................................... $1,000,000 Use:Mixed Use-Prim Comm & Resd (031) B: Happy Days LLC S: Joseph M Days & Cynthia A Days Mtg: Joseph M Days $850,000 Date: 03/19/20 Total Assessed Value (2020): $815,200 Lot Size: 54614sf

Upton

16 Caden Ct, Upton...................................... $576,875 Use:Other Exempt (990) B: Charles P Digloria Jr & Nina C Digloria S: Pulte Homes Of New Eng Date: 03/31/20 Total Assessed Value (2020): $394,200 Lot Size: 2326975sf

Uxbridge

25 Maslows Way, Uxbridge.......................... $584,500 Use:Res Potentially Dvlpble Land (131) B: Scott D Rainville & Jennifer L Rainville S: TTK Real Estate LLC Mtg: Residential Mtg Svcs $467,600 Date: 03/12/20 Total Assessed Value (2019): $32,400 Lot Size: 64033sf

Wales

120 Orchard St, Springfield......................... $281,000

2 Monson Rd, Wales..................................... $177,000

Use:Apartment Bldg - 4-8 Units (111) B: Angeljoy Co LLC S: 716 Spring Valley LLC Mtg: Freedom Credit Union $224,800 Date: 03/12/20 Total Assessed Value (2020): $261,000 Lot Size: 14170sf Prior Sale: $280,000 (05/18)

Use:Mixed Use-Prim Res & Comm (013) B: Thomas Trafford S: JTL Construction LLC Date: 03/24/20 Total Assessed Value (2020): $219,900 Lot Size: 19602sf Prior Sale: $150,000 (12/09)

Stoneham

Waltham

Use:Apartment Bldg - 4-8 Units (111) B: Scott J Viselli & Cristina M Viselli S: 13 Pomeworth Street LLC Mtg: Mid-Island Mortgage C $886,000 Date: 03/31/20 Total Assessed Value (2020): $720,300 Lot Size: 11661sf

Use:Office Bldg-General (340) B: Dakota Partners LLC S: Studio 205 At Wentworth Mtg: Brookline Bank $608,140 Date: 03/24/20 Total Assessed Value (2019): $2,253,400 Lot Size: 45433sf Prior Sale: $2,000,000 (10/12)

13 Pomeworth St, Stoneham...................... $1,320,000

Stoughton

180 Campanelli Pkwy, Stoughton............... $7,100,000 Use:Industrial Warehouse (401) B: Biv-180 Campanelli Pkwy S: Dennis Miller & John Rudicus Date: 03/27/20 Total Assessed Value (2020): $3,949,100 Lot Size: 178596sf Prior Sale: $4,237,500 (11/15)

Sudbury

105 Boston Post Rd, Sudbury..................... $5,125,000 Use:State Agency Property (910) B: Herb Chambers 83 Boston S: Massachusetts Comm DOT Date: 03/24/20 Total Assessed Value (2020): $1,637,800 Lot Size: 146797sf

554 Boston Post Rd, Sudbury..................... $2,900,000 Use:Mixed Use-Prim Res & Comm (013) B: 554 BPR LLC S: Anne Stone Date: 03/17/20 Total Assessed Value (2020): $544,100 Lot Size: 229921sf

Sutton

30 Burbank Rd, Sutton................................. $550,000 Use:Mixed Use-Prim Res & Comm (013) B: Burbank Road Management S: Richard J Lukason & Lucy M Lukason Date: 04/06/20 Total Assessed Value (2019): $322,500 Lot Size: 84942sf

235 Bear Hill Rd, Waltham.......................... $2,900,000

27-29 Felton St, Waltham............................ $500,000 Use:Parking Lot (337) B: Fabio Varano & Anacarolina Varano S: Beverlee A Vanaria Tr, Tr for Lee-Ang RT Mtg: Village Bank $325,000 Date: 03/11/20 Total Assessed Value (2019): $193,400 Lot Size: 10629sf Prior Sale: $1,500,000 (11/08)

200 Smith St, Waltham...............................320,000,000 Use:Office Bldg-General (340) B: LS The Post LLC S: 200 Smith Nwalp Property Date: 04/01/20 Total Assessed Value (2019): $54,122,100 Lot Size: 1592554sf

24-26 Taylor St, Waltham............................ $843,168 Use:Apartment Bldg - 4-8 Units (111) B: Wilmington T NA Tr S: James C Martorilli & Wilmington T NA Foreclosure Deed Date: 03/19/20 Total Assessed Value (2019): $525,400 Lot Size: 5009sf

Ware

9-17 Canal St, Ware..................................... $165,500 Use:Apartment Bldg - 4-8 Units (111) B: J R Real Estate LLC S: Jeffrey VonDauber Date: 03/27/20 Total Assessed Value (2020): $137,100 Lot Size: 5698sf Prior Sale: $175,000 (02/18)

©2020 The Warren Group Inc. All rights reserved. No part of this publication may be reproduced without the written consent of the publisher.

B12

APRIL 27, 2020

18-20 Vigeant St, Ware.................................

$63,000

Use:Apartment Bldg - 4-8 Units (111) B: Carlos Fragoso-Serrazina & Monica Reis-Serrazina S: FNMA Date: 03/17/20 Total Assessed Value (2020): $136,300 Lot Size: 6400sf Prior Sale: $110,398 (03/19)

Use:Shopping Ctr/Mall (323) B: Walgreen Eastern Co Inc S: PJC Realty MA Inc Date: 04/02/20 Total Assessed Value (2020): $1,606,200 Lot Size: 75359sf Prior Sale: $1,300,000 (10/18) Use:Shopping Ctr/Mall (323) B: Ware Equity Partners LLC S: Walgreen Eastern Co Inc Date: 04/02/20 Total Assessed Value (2020): $1,606,200 Lot Size: 75359sf Prior Sale: $1,300,000 (10/18)

Westborough

Woburn

Use:Mixed Use-Prim Res & Comm (013) B: Denise A Barton S: Patrick W Ryan & Sharon Ryan Mtg: Salem Five Mtg Co $428,800 Date: 03/13/20 Total Assessed Value (2020): $519,500 Lot Size: 50721sf Prior Sale: $517,000 (09/19)

Use:Office Condo Unit (343) B: 21 Chestnut Green LLC S: Members Mortgage Co Inc Date: 03/27/20 Total Assessed Value (2020): $205,100 Prior Sale: $207,000 (03/17)

Westfield

691 Russell Rd, Westfield............................ $320,000

Wareham

45 Main St U:C3, Wareham.......................... $131,500 Use:Office Condo Unit (343) B: Molt Elec Corp S: Try British LLC Date: 04/06/20 Total Assessed Value (2020): $136,000 Prior Sale: $260,000 (05/19)

Use:Apartment Bldg - 4-8 Units (111) B: Gebop LLC S: Jazab LLC Mtg: Aldenville CU $256,000 Date: 04/01/20 Total Assessed Value (2019): $283,000 Lot Size: 21000sf Prior Sale: $305,001 (08/05)

Whitman

985 Temple St, Whitman.............................. $324,900

2 Plymouth Rd, Wareham............................ $365,000 Use:Other Exempt (990) B: Jay Patel & Krishna Patel S: Comprehensive Mental Hlth Mtg: Zillow Home Loans $346,750 Date: 04/02/20 Total Assessed Value (2020): $275,000 Lot Size: 34800sf Prior Sale: $137,500 (05/00)

Use:Mixed Use-Prim Comm & Resd (031) B: Jeannie M Rhinehart S: Nesor Temple Street LLC Mtg: Redfin Mtg $315,153 Date: 03/13/20 Total Assessed Value (2019): $335,700 Lot Size: 10054sf Prior Sale: $275,000 (02/19)

Williamsburg

3 Main St, Williamsburg............................... $150,000

24 Sandwich Rd, Wareham.......................... $750,000 Use:Commercial Warehouse (316) B: Susan Greeley Tr, Tr for 24 Sandwich Rd RT S: William A Mclean Jr Date: 03/13/20 Total Assessed Value (2020): $809,300 Lot Size: 67518sf

Use:Retail-Service (325) B: Oakfield Properties LLC S: WIP Inc Date: 03/11/20 Total Assessed Value (2019): $173,200 Lot Size: 8712sf

Williamstown

66 Jerome Dr, Williamstown........................ $300,000

Webster

13-15 Deslauriers Ave, Webster.................. $260,000 Use:Apartment Bldg - 4-8 Units (111) B: 13-15 Deslauriers Ave LLC S: 13 Deslaurier LLC Date: 04/03/20 Total Assessed Value (2020): $180,300 Lot Size: 11195sf Prior Sale: $145,000 (01/11)

Use:Educational Property (940) B: Lars Reinhard & Calye Reinhard S: Williams College Mtg: Greylock FCU $285,000 Date: 03/09/20 Total Assessed Value (2020): $655,800 Lot Size: 28750sf

290 Pine Cobble Rd, Williamstown.............. $422,500 Use:Educational Property (940) B: Gregory B Phelan & Joann Y Phelan S: Williams College Date: 03/13/20 Total Assessed Value (2020): $329,100 Lot Size: 30013sf Prior Sale: $410,500 (10/17)

2548 State Highway Route 6, Wellfleet....... $475,000 Use:Office Bldg-General (340) B: Westerly Holdings LLC S: G Howard Hayes Mtg: Cape Cod Five Cent Bk $380,000 Date: 03/19/20 Total Assessed Value (2020): $371,600 Lot Size: 34412sf Prior Sale: $212,500 (02/14)

Use:Apartment Bldg - 9 + Units (112) B: WB Sterling LLC S: Mark L Kerrigan Tr, Tr for JMK Sterling Place RT Mtg: Southbridge CU $908,000 Date: 03/25/20 Total Assessed Value (2020): $743,600 Lot Size: 63174sf

9 Maynard St, Westborough........................ $536,000

139 West St, Ware....................................... $680,000

63 Shore Rd U:14, Winchester..................... $160,000 Use:Office Condo Unit (343) B: Peggy S Fong Tr, Tr for Peggy S Fong RET 2 S: David P Errico Tr, Tr for Winco RT Date: 03/17/20 Total Assessed Value (2020): $144,600 Prior Sale: $145,000 (05/14)

77-79 Sterling Pl, West Boylston................ $1,135,000

139 West St, Ware...................................... $1,300,000

Wellfleet

West Boylston

Winchester

43 Holton St, Winchester............................$19,350,000 Use:Industrial Warehouse (401) B: Atlantic Oliver 45 Holton S: JG Holt LP Mtg: HarborOne Bank $13,896,000 Date: 03/20/20 Total Assessed Value (2020): $6,806,000 Lot Size: 287496sf

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10 Cedar St U:21, Woburn........................... $205,000

80 Elm St, Woburn....................................... $615,000 Use:Religious Property (960) B: Jay Couturier & Dominique Couturier S: Roman Cath Archb Of Bosto Date: 04/02/20 Total Assessed Value (2020): $1,009,800 Lot Size: 33690sf

Worcester

41 Bowdoin St, Worcester........................... $850,000 Use:Apartment Bldg - 4-8 Units (111) B: Getr LLC S: Bowdoin Investments LLC Date: 03/12/20 Total Assessed Value (2019): $363,200 Lot Size: 3345sf Prior Sale: $60,000 (06/14)

324 Clark St, Worcester.............................$13,000,000 Use:Industrial Office Building (402) B: Lowfield Realty Group S: Worcester Investment Grp Mtg: Cornerstone Bank $10,400,000 Date: 03/27/20 Total Assessed Value (2019): $5,100,900 Lot Size: 261360sf Prior Sale: $2,025,000 (10/11)

275 Grafton St, Worcester........................... $900,000 Use:Mixed Use-Prim Res & Comm (013) B: Great Land LLC S: Diamond Inn Rough Realty Date: 03/20/20 Total Assessed Value (2019): $371,800 Lot Size: 4186sf Prior Sale: $350,000 (09/14)

348 Grafton St, Worcester........................... $250,000

Date: 03/11/20 Total Assessed Value (2019): $216,800 Lot Size: 11851sf Prior Sale: $295,000 (09/18)

115 Lakewood St, Worcester....................... $327,000 Use:Apartment Bldg - 4-8 Units (111) B: Chap Chap LLC S: Carmella J Sloan & Edson J Sloan Mtg: Eastern Bank $245,000 Date: 03/12/20 Total Assessed Value (2019): $231,300 Lot Size: 8921sf Prior Sale: $300,000 (06/04)

10 Lancaster St, Worcester......................... $620,000 Use:Apartment Bldg - 4-8 Units (111) B: JHS LLC S: Amerigo Zamarro Jr Tr, Tr for Zamarro Brothers T Mtg: Charles River Bank $930,000 Date: 03/24/20 Total Assessed Value (2019): $317,600 Lot Size: 6350sf

14 Lancaster St, Worcester......................... $620,000 Use:Apartment Bldg - 4-8 Units (111) B: JHS LLC S: Carmine A Zamarro Tr, Tr for Zamarro Brothers T Mtg: Charles River Bank $930,000 Date: 03/24/20 Total Assessed Value (2019): $330,200 Lot Size: 6361sf

488 Pleasant St, Worcester......................... $650,000 Use:Office Bldg-Medical (342) B: Worcester Medical One LLC S: Med Center West Realty Mtg: Zions First NB $520,000 Date: 04/01/20 Total Assessed Value (2019): $391,900 Lot Size: 15390sf

25 Standish St, Worcester.......................... $1,355,000 Use:Apartment Bldg - 9 + Units (112) B: Premier Investment Props S: John Manzaro LLC Mtg: Webster First FCU $1,084,000 Date: 03/17/20 Total Assessed Value (2019): $884,900 Lot Size: 14000sf

780 W Boylston St, Worcester..................... $225,000 Use:Parking Lot (337) B: West Boylston Investments S: GM Realty Inc Date: 03/19/20 Total Assessed Value (2019): $271,200 Lot Size: 25632sf Prior Sale: $2,425,000 (11/01)

Wrentham

234 South St, Wrentham.............................. $430,000 Use:Mixed Use-Prim Res & Comm (013) B: Patrick Flynn & Meryn Flynn S: Myles A Mchugh & Anne E Mchugh Date: 03/20/20 Total Assessed Value (2020): $313,500 Lot Size: 50660sf

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Use:Office Bldg-General (340) B: Shamrock Apartment&Bldg S: Kenneth H Stonge Tr, Tr for Stonge FT Date: 03/13/20 Total Assessed Value (2019): $206,600 Lot Size: 3710sf Prior Sale: $180,000 (10/01)

81 Hamilton St, Worcester.......................... $665,000 Use:Mixed Use-Prim Res & Comm (013) B: Premier Investment Props S: Denise Pelkey Tr, Tr for 81-83 Hamilton Street RT Mtg: Webster First FCU $370,000 Date: 04/01/20 Total Assessed Value (2019): $371,200 Lot Size: 7500sf Prior Sale: $225,000 (05/00)

5 Jacques St, Worcester.............................. $339,500 Use:Industrial Warehouse (401) B: All Points Development S: 5 Jacques Street LLC

Yarmouth

30 Ansel Hallet Rd, Yarmouth..................... $1,200,000 Use:Commercial Devlpble Land (390) B: J Bruce Macgregor Tr, Tr for Sunrise NT S: 30 AH LLC Date: 03/24/20 Total Assessed Value (2019): $291,400 Lot Size: 48949sf Prior Sale: $725,000 (02/16)

8 N Main St, Yarmouth................................. $180,000 Use:Commercial Warehouse (316) B: Frank L Cadwell S: Shay D Assad Mtg: Shay D Assad $150,000 Date: 03/20/20 Total Assessed Value (2019): $155,600 Lot Size: 4356sf

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