ANNIVERSARY BY THE NUMBERS
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R E AA LL EES ST T F AI N A INA CL I IANLF OI R NM F A O TRI M A TSI I O RE AA T ET E& & FIN NC ON NN C E S 1I 8N7C2 E
County close-up: Hampden Spotlight: Palmer
IN PERSON
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As a residential and commercial real estate agent for nearly half a century, David Wluka has been in the real estate business longer than many Realtors today have been alive.
WEEK OF MONDAY, MAY 9, 2022
BANKING & LENDING BY THE NUMBERS
WHOLE NEW BALLGAME
FENWAY’S BIGGEST CHANGES
5.7 percent The interest rate on a 30-year mortgage could top out at 5.7 percent this year. See Week on the Web on page 2. Source: National Association of Realtors
2007 Coastal Heritage Bank added solar panels to one of its branches in 2007. See Diane McLaughlin’s story on page 9. Source: Coastal Heritage Bank
ARE STILL TO COME
1 Mark O’Connell’s term as chair of the Massachusetts Bankers Association starts July 1. See Week on the Web on page 2. Source: Mass. Bankers
4.12 percent Rocket Mortgage captured 4.12 percent of the Hampden County mortgage market in March. See By the Numbers on page 6. Source: The Warren Group’s Marketshare Module
Lab towers, new ground-floor retailers and conversions of aging commercial buildings could render the Fenway neighborhood unrecognizable in coming years.
500 pages The length of the SEC’s proposed rule requiring public companies to make climate disclosures. See Diane McLaughlin’s story on page 9. Source: SEC
0 No Rocket Mortgage loan officers are among the three most prolific LOs in Hampden County. See By the Numbers on page 6. Source: The Warren Group’s Loan Originator Module
8 Eight of Massachusetts’ publicly traded banks discussed climate change in regulatory filings. See Diane McLaughlin’s story on page 9. Source: Banker & Tradesman
8 percent Fifth Third Bank captured 8 percent of the Hampden County mortgage market in March. See By the Numbers on page 6. Source: The Warren Group’s Marketshare Module
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 Development Boom Promises New Neighborhood BY STEVE ADAMS BANKER & TRADESMAN STAFF
T
he last wave of changes in Boston’s Fenway replaced beloved nightclubs and quirky retailers with luxury housing towers. The next transformation is being driven by life science developers staking claims on the territory between the Longwood Medical Area’s teaching hospitals and Kendall Square’s pharma clus-
COMMERCIAL INTERESTS
ter. Developers expect the next wave of biotech companies to fill approximately 5 million square feet of new life science buildings proposed or under construction in the Fenway. “It’s the most expensive thing to build, and only certain markets are able to do it,” said developer John Rosenthal, who’s partnering with life science specialist IQHQ on the 940,000-square-foot Fenway Center towers scheduled to begin construction above the Massachusetts Turnpike next year. “I’ve been saying it for two decades, but it’s coming to fruition.” About the only neighborhood landmark likely to go untouched is the old
Citgo sign. Even Fenway Park is due for a makeover, as a Bruno Mars concert in September debuts the new MGM Music Hall under construction behind the outfield seats. A who’s-who of major developers – including Alexandria Real Estate Equities, Related Beal, IQHQ and WS Development – are building or proposing large-scale projects potentially bringing tens of thousands of new industry jobs to the neighborhood. And a Boylston Street property approved for a 184-room hotel in 2019 is headed for a change of ownership that could result in plans for more lab space. Continued on Page 7
E S G E VA L U AT I O N S
Virtue-Signaling Gas Bans SEC’s Climate Regulations Could Kill Biotech Boom Could Ripple Through Beacon Hill Climate Bill Would Banking Sector Let Suburbs Stop Hookups By Scott Van Voorhis | Banker & Tradesman Columnist
Disclosure of Risks, Impacts Will Up Pressure on All Lenders By Diane McLaughlin | Banker & Tradesman Staff
Commercial Real Estate PAGE 3
Banking & Lending PAGE 9