Banker & Tradesman: Sept. 4, 2023

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CUs, SMALL MUTUALS FIND WINS

The Fast 50, compiled from data collected by The Warren Group, reveals the 50 fastest-growing lenders in Massachusetts.

BY NIKA CATALDO BANKER & TRADESMAN STAFF

hile the state’s regional banks face liquidity pressures and have tightened their credit standards so far this year, Massachusetts’ smaller credit unions and mutual banks saw skyrocketing growth in commercial loan volumes in the first six months of the year.

Appetite for commercial lending con-

Wtinues to be healthy in Massachusetts, said Bryan Regele, vice president of commercial lending at Webster First Federal Credit Union, given the active life science and tech sectors driving economic growth in the state.

The Fast 50, compiled from data collected by The Warren Group, publisher of Banker & Tradesman, reveals the 50 fastest-growing lenders in Massachusetts for the first six months of the year, compared to the same period a year ago.

This year’s analysis ranked Abington Bank and bankESB, both part of $4.5 billion-asset Hometown Financial Group,

and Webster First as third, fourth, and fifth fastest-growing commercial real estate lenders in the first half of 2023, respectively.

The $1.4 billion-asset Abington Bank saw a 659 percent jump in CRE loan volume, amounting to $26.84 million in the first half of 2023 versus $3.54 million the same time last year. The $1.7 billion-asset bankESB also experienced a 385 percent acceleration, registering $87.4 million in commercial loans in the first six months of 2023 from the $18.02 million the same period in 2022.

Continued on Page 10

Process

By Scott Van Voorhis | Banker & Tradesman Columnist

Timothy M. Warren Jr., Chairman of the Board

David B. Lovins, President and CEO

BANKER & TRADESMAN

ESTABLISHED 1872

Published by The Warren Group

PUBLISHING

Associate Publisher: Cassidy Norton

Managing Editor: James Sanna

Associate Editor, Commercial Real Estate: Steve Adams

Banking and Finance Reporter: Nika Cataldo

Contributing Writer: Scott Van Voorhis

Senior Customer Support Specialist: Sarah Ahlgren

Advertising Account Manager: Caitlin Bobe

Graphic Designer: William Samatis

DATA SOLUTIONS

Director of Sales & Marketing: John Bottini

Communications Manager: Mike Breed

Executive Data Solutions Account Manager: William Visconti

National Account Executive: Trang Vu

Client Service Specialist: Mike Sweeney

Sales Development Representative: Matthew Griffin

INFORMATION SERVICES

Director of Operations & Product Strategy:

Samantha Bullock

Data Operations Manager: Tammy Dandurant

Data Quality/Key Accounts Manager: Ellen Gendron

Data Quality Auditor: Katherine Snow

Key Accounts Coordinator: Amy Guenthardt

Parcel Acquisitions Coordinator: Christina Doucette

Transaction Acquisitions Coordinator: Wally Bullock

INFORMATION TECHNOLOGY

Software Development Manager: Michael Paul

Senior Applications Developer: Joe Chan

IT Technical Assistants: Matt Paul, Joey Roundtree and Tyler North

FINANCE & ADMINISTRATION

Assistant Controller: Olga Khalaydovsky Accounts Recievable Specialist: Valarie Wickey

Human Resources Generalist: Nesima Bartlett

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The Week on the Web

A ROUNDUP OF OUR MOST POPULAR STORIES FROM THE PAST WEEK

BROKERAGE LEADERS RESPOND TO NAR INVESTIGATION

• In emails to Banker & Tradesman, Jack Conway CEO and board chair Carol Bulman and Coldwell Banker Northeast Regional President Pauline Bennett expressed disappointment and outrage at the behavior described in the sexual harassment allegations against former National Association of Realtors 2023 President Kenny Parcell. Parcell denies the allegations.

• “I know this behavior exists in our world because I’ve experienced it. Certainly not overtly as reported in this article but each time we are dismissed, ignored, are the butt of sarcasm and jokes, and each time we are told that we are too sensitive, this behavior perpetuates,” Bulman said.

• “All organizations have a duty to ensure a safe and respectful workplace for all, and this is especially true for an organization that serves as one of the predominant voices for an entire industry,” Bennett said. “I encourage all dues-paying REALTORS to share their concerns with their local NAR representatives. We are all part of this organization, and our voices should be heard that there is zero tolerance for harassment.”

CRITICS DISMISS PLAN: DOWNTOWN AS ‘SPOT ZONING’

INVESTOR BREAKS ICE WITH DOWNTOWN OFFICE BUY

POSTMASTER:

& Tradesman The Warren Group 2 Corporation Way, Suite 250, Peabody, MA 01960 Phone: 617-428-5100. www.bankerandtradesman.com

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• “The [Wu] administration ran on a community-driven plan for our neighborhoods and all development in Boston, and this has become a developer-driven plan with a spot zone created of 400 feet along Washington Street for targeted and specific development projects,” resident Kimberly Trask said after BPDA planners presented the draft proposal at a webinar last month.

• The plan is designed to encourage mixed-use developments, including housing, by offering taller base building heights and density bonuses for public benefits. It divides the downtown area into four subdistricts, with base building heights of 400 feet at the northern tip of Downtown Crossing.

• Representatives of a nonprofit Revolutionary Spaces, which manages the Old South Meeting House and Old State House, said its historic sites have already required major repairs in the past decade because of wind tunnels created by nearby skyscrapers and criticized the proposed rezoning’s height increases.

EXPECTING GROWTH, NUMERATED MOVES TO A BIGGER OFFICE

• The fintech’s new corporate office is at 141 Tremont St., which Numerated said will support its projected growth as it continues to onboard more financial institutions wanting to digitally streamline originations and underwriting process.

• The fintech firm said its employees will have a hybrid work setup in the new office, and the location will also be a hosting center for customer meetings and product demonstrations.

• A Miami-based real estate investor, Azora Exan Capital, made the first plunge into Boston’s chilly office investment sales market since early 2022 with the $41 million acquisition of 7 Post Office Square from Nuveen Real Estate, which paid $38 million for the 64,246-square-foot building in 2016.

• The 7-story structure is 91 percent leased to eight tenants including anchor Fidelity Investments, which operates an investor center branch in the building’s prominent ground-floor space.

• In a statement, Azora Exan Managing Partner Ignacio Gil-Casares said the firm is seeking to buy trophy office buildings in prime locations in select markets.

TRANSIT ZONING NOT ENOUGH FOR HOUSING BOOM, REPORT ARGUES

• While the MBTA Communities zoning reform is supposed to start bearing fruit this fall and winter, a new report from the Massachusetts Housing Partnership says obstacles like unpredictable septic system rules, spurious appeals of zoning variances, stronger regional planning and an insufficient public transit system will still keep housing production lower than it needs to be to meet the state’s needs.

• The nonprofit’s leaders hope to partner with political leaders, as well as community, environmental and real estate industry groups, on specific policy changes and legislative proposals in the different priority areas, said MHP Chief of Public and Community Engagement Dana LeWinter.

• The report also notes the state has an opportunity to catalyze the adoption of modular construction techniques by setting aside a portion of state housing development tax credits for buildings that use this cheaper construction technique.

RICHARDS JOINS JLL LIFE SCIENCE TEAM

P hoto courtesy of JLL

• As brokerages compete for a share of shrinking demand for life science space, JLL Boston boosted its life science brokerage team with the addition of top Cushman & Wakefield executive Robert Richards.

• Richards departure from Cushman & Wakefield follows several other recent high-profile departures from the

firm including June’s exit of John Barros, the former Boston economic development chief who headed its Boston office since 2021.

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

1 6

NAR President Quits After Explosive Sexual Harassment Investigation

Duxbury Retreat Center Attracts Wide Interest from Developers

Legal Liability When an Algorithm Screens Tenants

Temporary Lynn Train Station Construction to Start Sept. 9

New Owner Sought for Matignon Campus in Cambridge

Critics Dismiss PLAN: Downtown as ‘Spot Zoning’

Transit Zoning Won’t Be Enough to Kick Off Housing Boom, Report Argues

Gossip Report

Personnel File - No. 343

Dorchester Bay Defense Looks at the Big Picture

P hoto by James Sanna Banker & Tradesman Staff

OPINION

With Rates Higher, Where Does that Lead the Market?

Federal Reserve Chair Jerome Powell made clear in his Jackson Hole speech last month that we’re in for an extended period of elevated interest rates. But what that means for the Massachusetts housing market has more than one answer.

Powell signaled that the central bank was likely nearing the end of its rate-hike campaign, and might even take another pause at its September meeting depending on what the economic data shows.

But inflation, while slowing, isn’t yet licked and Powell also made clear in his speech that the Federal Reserve will brook no goalpost-moving that might let it declare victory while inflation is only at the current, modest level. That means its benchmark interest rate will stay high, keeping upward pressure on the average 30-year mortgage interest rate.

The majority opinion of the real estate and mortgage experts consulted by Banker & Tradesman is that this state of affairs – and the lowest inventory levels Massachusetts has seen since the early 1980s – is likely to continue for at least the next eight to 12 months.

Mortgage rates ended last week at 7.18 percent, according to Freddie Mac, and at least one expert B&T spoke to thinks they could rise over 8 percent later this year if investor optimism over a “soft landing” for the national economy grows. This will help keep most sellers who aren’t facing death, divorce or a job relocation locked in their current homes, either because they can’t afford a bigger monthly mortgage payment or they can’t fathom trading in a 3 percent mortgage interest rate.

And with a strong state economy – unemployment is at an unbelievable 2.6 percent – that’s highly diversified among a number of different sectors, so the argument goes, and a huge number of renters in their prime homebuying years, there will still be enough buyers out there to keep prices at or around where they are.

In this scenario, the only way inventory could start to pile up and prices start to soften would be a recession that generates substantial job losses – but that strong and durable state economy makes this less likely. Indeed, the state suffered remarkably little during the Great Recession, compared to the rest of the country, for this very reason.

A minority of experts consulted for this piece, however, are optimistic that a key missing seller demographic – those trading a home they own for a bigger or smaller house that better fits their next phase of life – could become desensitized to high mortgage rates by next spring, possibly in time for the Fed to start lowering its rates. With that additional inventory and a range of low-down payment products available, like those from MassHousing and MHP, life ought to get a bit easier for all buyers, and for first-time buyers in particular.

Both arguments share a through-line, though: Nothing will get truly better until zoning and other policy changes and a drop in interest rates unlock a significant amount of new for-sale condominium and townhouse construction across the state.

Letters to the editor of 350 words or less responding to this editorial or other topics may be submitted via email at editorial@thewarrengroup.com with the subject line “Letter to the Editor.” Submission is not a guarantee of publication.

THE HOUSING SCENE

Homeowners Could Win Big from Biden Law

Major Appliances Eligible for Sizable Rebates

BY LEW SICHELMAN SPECIAL TO BANKER & TRADESMAN

Homeowners, which of these consumes more energy in your house: space heating or water heating? Either way, Uncle Sam is ready to help you pay for some energy-efficient upgrades.

The Inflation Reduction Act, signed into law by President Joe Biden a year ago, created two energy-efficiency rebate programs that could pay some, or even all, of the costs of buying Energy Star-rated appliances, adding insulation or otherwise making your home more efficient.

The rub: States will administer the programs, and each one must apply for its share of the $8.8 billion in federal funds earmarked for the rebates. And some states may opt out.

The states’ application window opened this summer, when the Department of Energy issued the program’s guidelines, and will close on Jan. 31, 2025. DoE expects the majority of states will have their programs up and running by early 2024. The rebates will be available to homeowners until Sept. 30, 2031, or until their respective state depletes its grants.

Declined funds will be redistributed to other states.

One state has already indicated it probably won’t participate. Lawmakers in Tallahassee voted to apply for Florida’s allocation – which, at roughly $346 million, is the third-largest in the country, behind California and Texas. But Gov. Ron DeSantis vetoed the measure as “woke.”

The DoE has not been officially notified, so DeSantis could still change his mind.

Some details on what homeowners stand to gain: One program, called Home Electrification and Appliance Rebates, offers up to $14,000; the other, called Home Efficiency Rebates, offers up to $8,000.

Under the former, which is available only to lowand middle-income homeowners, the rebates include $8,000 for an electric heat pump for heating and cooling; $4,000 for an electric load service center; $2,500 for wiring upgrades; up to $1,750 for a heat pump water heater; $1,600 for insulation, air sealing and ventilation; and $840 each for a heat pump clothes dryer and an electric stove, cooktop or range.

Low-income households are defined as those earning 80 percent or less of the area’s median income. Middle-income families earn 80 percent to 150 percent of the median.

Under the second program, rebates for improvements like installing energy-efficient doors and windows, smart thermostats and air conditioners are tiered, based on a household’s energy savings.

For example, low-income homeowners can get back up to $8,000 toward the cost of their projects if they cut energy usage by 35 percent. Generally, though, the rebate is capped at 80 percent of the cost for low-income earners, but states can opt to cover the remaining 20 percent. Middle- and high-income households can get up to $4,000 or $2,000, respectively, with a cap at 50 percent of the cost.

By stacking rebates with other incentives, according to an analysis by the AnnDyl Policy Group, low earners could receive more than $22,000 from the federal government. Middle-income folks could get up to $19,000, while higher earners could get $7,200. Moreover, additional incentives may be available from local utilities or other federal rebate programs.

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.

NAR Allegations Should Prompt Reflection

The details of the allegations involving the National Association of Realtors published in the New York Times should prompt every member of the association, and our society, to pause and reflect. I know this behavior exists in our world because I’ve experienced it. Certainly not overtly as reported in this article but each time we are dismissed, ignored, are the butt of sarcasm and jokes, and each time we are told that we are too sensitive, this behavior perpetuates. Together, as a society of men and women, we can take a stand by not allowing behavior that makes us uncomfortable. Don’t turn the other way, don’t smile and laugh, don’t be made to feel that you’ve overreacted.

Jack Conway is a member of NAR and we have been

for many years. We subscribe to and follow the code of ethics set forth by many amazing professionals who have come before us, and the reality is no business is immune from bad actions and poor choices.

I hope all Realtors, men and women alike, will be sad and disappointed by these allegations and proud of the courageous women who stepped forward. Then, let’s be equally courageous by not minimizing the possibility that a culture of fear and disrespect can exist. We can all do our part by making our next action, word, or behavior something our mothers, daughters and sisters would be proud of.

— Carol C. Bulman, CEO and chairman of the Board, Jack Conway

How to Sell a House in a Down Market

If Prices Start Sliding, Here’s Your Survival Strategy

BY BERNICE ROSS SPECIAL TO BANKER & TRADESMAN

Increased interest rates, soaring inflation and lack of inventory are exerting downward pressure on prices as the market continues to sputter across the country. How prepared are you to thrive in today’s housing market?

A buyers’ market where the prices are declining is the worst possible market in which to be a commissioned salesperson. Price deflation is bad for everyone. Buyers are reluctant to purchase because they fear that prices will decrease further. Sellers are unable to sell, which results in more foreclosures. Lenders end up taking back more property and brokers end up closing fewer transactions.

Massachusetts’ market isn’t there right now thanks to its impossibly low inventory levels. But if we wind up in a declining market, you’ll want to be prepared.

Price Below the Comps

Declining prices make obtaining an accurate comparative market analysis difficult. For example, assume that a seller’s property is currently worth $400,000 and they decide to list it for $420,000. If property is declining at an annual rate of 8 percent per year ($33,600) then the seller’s property 180 days ($16,800) from now is only worth $383,200.

If they reduce their list price to $410,000, they’re now overpriced by $26,800 rather than $20,000. If the property didn’t sell when it was priced at $20,000 over market, then it’s even less like to sell when it is $26,800 over the market value, especially if prices are continuing to fall.

To avoid this trap, list the property below the comparable sales. The reason for this is simple – today’s comparable sales represent what the prices were 60 to 90 days ago. If the market is declining, then the property is actually worth less than the comparable sales suggest. Persuading your sellers to be realistic is challenging in any market. This is especially true when the market has been very good and is now transitioning into a buyer’s market. As a result, sellers often want to “test the market.” This is a huge mistake as you can see from the example above.

stead, you must be slightly below market value to sell the property. To persuade the sellers about the wisdom of this approach, show them how much they lose each month they hold their property.

Price Cuts Needs Chainsaws

Here’s how this works. Assume that a seller is paying $3,000 per month in principal, interest, taxes and insurance (PITI) and that the prices are decreasing by $1,000 per month. In this scenario, the actual cost to the seller of not being accurately priced is $4,000 per month.

In a declining market, many people are selling because they must. It may be a divorce, financial difficulties, a job transfer or some other event where the seller has no choice. An important part of providing the seller with excellent service is to understand their motivation.

While sellers’ markets are difficult for buyers because prices are constantly climbing, buyers’ markets are tough on sellers because prices are declining. If the sellers have to sell and are reluctant to accept a reasonable offer, you can ask, “Which is more important, getting on with your life or waiting for the real estate market to improve?”

BY JARED AUCLAIR SPECIAL TO BANKER & TRADESMAN

Massachusetts gained international stature in the biotech industry due to continuous investment; first through a historic $1 billion investment in 2008 by then-Gov. Deval Patrick, and later with the signing of a life science bond bill by then-Gov. Charlie Baker in 2018, which infused nearly a half billion dollars into the industry to ensure continued success.

In June, Gov. Maura Healey committed to extending the 2018 bond bill and established a $50 million MassTalent workforce program to address the need for additional workforce talent in the life sciences.

Needless to say, over the past 15 years, we have seen a meteoric rise of the industry, with over 1,000 biotech companies in the state, from startups to billion-dollar corporations, and tens of billions of dollars in Massachusetts-based salaries.

However, if Massachusetts wants to remain on top in biotech, a way to do so is to invest in biomanufacturing and think beyond the life sciences hubs of Boston and Cambridge.

Biomanufacturing is what will foster innovation, remove bottlenecks when delivering life-saving drugs to patients, and provide economic opportunity to regions and groups left out – or excluded – from this lucrative industry.

How do we make this happen? There are at least three pieces to this puzzle: People power, real estate and transportation.

Industry professionals have known for years that Massachusetts would face a shortage of people to fill jobs across the biotech sector, including biomanufacturing. The commonwealth must prioritize looking beyond Boston and Cambridge to share opportunities for careers in biotech and how to attain the training to secure them. BioConnects New England, a consortium of nine coalition members and over 40 partners, is lever-

Many sellers mistakenly believe that the initial activity on their property will continue throughout the listing period.

Nothing could be further from the truth. When they first list their property, there is pent-up demand among the current buyers who haven’t found a property. Once this initial surge ceases, showings will be limited to new buyers coming into the marketplace. Missing this initial “honeymoon period,” which normally lasts the first 21 days a property is listed, usually results in longer market time and a substantially lower price. Do everything within your power to keep sellers from making this costly mistake.

When property values are declining, reducing the price to the current market value is not sufficient. In-

If the sellers are purchasing a more expensive home, remind them that they will be making additional money on the deal. For example, the owner of a home worth $300,000 who experiences a 5 percent price decline will see a $15,000 reduction in value. If that same individual is purchasing a $600,000 home, that home will experience a $30,000 reduction in value. Thus, the seller comes out $15,000 ahead. In fact, the higher price ranges usually experience greater drops than entry level homes.

Helping your clients understand the psychology of a changing market will make the job of selling their home much easier. More importantly, it can save your clients plenty of money while also helping you to make sure your commission income stays strong.

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

aging its resources to offer upskilling and training opportunities in biomanufacturing throughout the state.

That biotech requires an advanced degree to play is a myth. In fact, many opportunities to work in biotech with a high school diploma or associate’s degree exist. And with 42,000 new biotech jobs expected by 2032, our job is to build awareness and provide an abundance of new and creative training and upskilling paths for all biotech jobs.

tation system, getting into these cities is a commuter’s nightmare.

In order for biomanufacturing to grow and continue the biotech boom in Massachusetts, it must happen outside of Greater Boston – in Gateway Cities and in western Massachusetts, where there is more real estate (and more affordable real estate), not only for living but also for working.

Lynn, as an example, was recently granted Platinum Status under MassBio’s BioReady Program and has more than 80 acres of affordable industrial property ready for development to support biotech and biomanufacturing growth.

With all of these resources available outside Boston and Cambridge, biomanufacturing can grow the concept of “life science corridors” in Massachusetts: Boston/Kendall Square (Cambridge), Worcester, Lynn/ North Shore, South Coast/New Bedford and Fall River. Biomanufacturing does require some proximity to the research and development hubs in greater Boston, but these corridors can provide easy access to the industry and a lower cost of living for workers.

Transportation Connections Critical

One of our partners at BioConnects New England, the Gloucester Marine Genomics Institute, is doing just that. Their Biotechnology Certification Program is a seven-month course of study that prepares attendees for careers as entry-level technicians in biotechnology, biomanufacturing and life science laboratories. Students of the program are offered full-time, guaranteed, paid internships for 12 weeks; wrap-around services, such as stipends for living expenses, are also offered. Upon completion of the program, all students are gifted with a laptop. Other partners are offering similar training opportunities that meet participants where they are and provide them with the tools needed to achieve a successful biotech career.

Real Estate for Growth

The median rent in Cambridge is $3,500. In Boston, it’s $3,200. The average home price in Cambridge is just under $1 million, and in Boston, it’s nearly $720,000. These prices are not sustainable for many in Massachusetts, and with congested roads and a failing transpor-

Access to these proposed corridors will be critical to expanding the biomanufacturing industry. Currently, the public transit system leaves much to be desired. Saddled with chronic delays, inconsistent schedules and breakdowns, the MBTA is often unreliable. In fact, the Federal Transit Administration mandated upgrades last year due to the state of the MBTA, which ironically added to already painful commutes.

If we are to extend biotech’s reach beyond Boston, improving transportation in many parts of the state will be a major component. Workers must be able to get from home to work without needing a car.

We have the resources to grow the biotech industry, but it will need more housing, transportation, and training to happen. We cannot rest on the incredible advancements we’ve made in research over the past few decades. We must continue to innovate and figure out ways to expand the industry, remove bottlenecks in both training and transportation, and get therapies to patients in need faster.

Jared Auclair is vice provost of research and economic development and director of bioinnovation at Northeastern University and co-lead of BioConnects New England.

In order for biomanufacturing to continue the biotech boom in Massachusetts, it must happen outside Greater Boston.

Sellers often want to “test the market.”

This is a huge mistake.

The next time you use an Old Spice-brand deodorant or other product, take a look at the ship on the company’s logo. It’s modeled after the Grand Turk, a famous privateer built in Hanover during the Revolutionary War.

RESIDENTIAL REAL ESTATE

Tuscan Village Caught Between Economy and Local Pushback

Office, Life Science and Multifamily Plans All Hit Obstacles

BY JAY FITZGERALD SPECIAL TO BANKER & TRADESMAN

The post-pandemic plans for the next phase of the giant Tuscan Village development just up Interstate 93 from Methuen and Lawrence continue to change.

Earlier this summer, developer Joe Faro proposed construction of an additional 600 housing units at the site of the former Rockingham Park Race Track in Salem, New Hampshire, as a way to offset a cutback in the amount of office space he initially envisioned at what’s now called Tuscan Village.

Faro, via his Tuscan Brands company, had hoped to build about 1 million square feet of office space in a cluster on the west of the site, which is centered on a manmade lake and pedestrian promenade bracketed by 4- to 6-story mixed-use buildings that combine retail with residential, hotel and office uses.

and equally sudden collapse of demand for biotech space.

“There has to be some ebb and flow to this,” he said. “Office space isn’t renting as well today. It’s tough to hold [the developer] to the original plan.”

Devine said the town is currently reviewing the latest proposals for Tuscan Village and expects a final decision this autumn.

He noted that one of the things town officials will be closely eyeing is how many affordable “workforce housing” units are among the 300 additional housing units requested by Faro.

If town officials approve Faro’s request for an additional 300 housing units, Tuscan Village could end up with about 1,200 apartments and condominiums.

What else is Tuscan looking at to fill the office-space void?

Faro, a food-product and restaurant entrepreneur as well as a real estate developer, could not be reached for comment.

underway portions of the site has been provided by Berkshire Bank, Salem Five, DCU and Brookline Bank, according to public records, with Berkshire playing a major role.

As far as making Tuscan Village a true “live, work, play” neighborhood, MGH Brigham last year opened a new 75,000-square-foot “integrated care center” at Tuscan Village, providing both primary care and specialty treatment for patients in southern New Hampshire and the Merrimack Valley.

Meanwhile, about 85 percent of Tuscan Village’s other 80,000 square feet of office space, much of it located in floors above ground-level retail outlets, has been rented out, Powers said.

But there just isn’t strong enough demand to justify building more office space at this time, he said.

As for possible life-science uses at Tuscan Village, Powers said the “demand has changed over the past 18 months” for such facilities.

However, the rise of remote working during the COVID-19 pandemic dramatically reduced demand across the region and nation. And Faro’s proposed additional housing units has met with opposition from residents, forcing him to cut his request to 300 new units following a July meeting of the local planning board. The revamped proposal would eliminate one of the extra buildings at the development’s pedestrian heart that Faro had hope to build for more housing.

In addition, Tuscan has effectively dropped its tentative plan to add life-science facilities at the site, amid a major decline in demand for biotech-related space in the Greater Boston region, that had originally been slated to replace the office space first permitted for the 170-acre Tuscan Village.

Town to Decide in Autumn

Joe Devine, assistant town manager in Salem, said construction so far – with nearly 50 percent of the overall mix-used development now built – has been an overall plus for his community of 30,000 residents, providing new jobs and housing while bolstering the town’s long-term tax base.

But he acknowledged the project has needed adjustments as a result of changing market conditions, driven mainly by pandemic-driven upheavals, such as the decline in demand for office space and the rapid surge

Michael Powers, senior vice president of leasing and development at Tuscan Brands, told Banker & Tradesman that there’s currently heavy demand for the 537 apartments already built at Tuscan Village – and that all of the site’s new 85 townhouses have been snapped up.

Build-Out Successful to Date

“They sold very quickly,” he said.

Next up: the completion this year of 240 apartments currently being built by the Texasbased Hanover Co.

Also coming this fall to Tuscan Village: The 165-room Artisan Hotel, via Marriot, along with 12,000 square feet of banquet and event space.

As for future retail and restaurants at the site, Faro has told town officials that Whole Foods is willing to open a store within Tuscan Village, assuming the additional 300 housing units are built.

According to local media reports, Capital Grille, Friendly Toast, and Tavern on the Square are expected to open soon at Tuscan Village, which already plays host to Chick-filA, LL Bean and Pottery Barn, among other national tenants.

“We’re doing very, very well signing up new tenants,” said Powers. “We’re doing quite well.”

Others doing quite well: Local banks. Hundreds of millions of dollars in construction and permanent financing for completed and

New Bedford Brokerage Acquired by Robert Paul Properties

BY JAMES SANNA BANKER & TRADESMAN STAFF

Berkshire Hathaway HomeServices Robert Paul Properties has bought a fellow BHHS affiliate serving the South Coast.

The Osterville-based brokerage, itself a division of Natick-based Commonwealth Realty Group, picked up BHHS Mel Antonio Real Estate for an undisclosed sum.

The latter brokerage had a single office in New Bedford served the entire South Coast. Prior to the acquisition, its website had listed 28 agents, a marketing coordinator, a training coordinator, five associate brokers and a managing broker in addition to Mel Antonio, the company’s founder.

“We are thrilled to welcome the talented team of professionals from Mel Antonio Real Estate into the Robert Paul Properties family.

Our shared commitment to delivering exceptional customer experiences and our mutual passion for the industry will undoubtedly lead to even greater success as we move forward together,” BHHS Robert Paul President Emily Clark said in a statement.

The 24-year-old BHHS Mel Antino office joins Robert Paul’s 12-agent, two-broker Marion office on the South Coast as the Cape Cod-focused brokerage expands its footprint.

“Mel and his team have built a strong reputation for providing their clients with the highest quality of service, experience, and support,” George Patsio, managing partner of Commonwealth Realty Group, said in a statement. “Joining these two highly reputable companies marks a significant milestone for both organizations and represents our clear commitment to providing unparalleled customer service, and resources to our valued clients.”

HOT PROPERTY

WHAT: ST. JAMES AFRICAN ORTHODOX CHURCH

WHERE: 50 CEDAR ST., ROXBURY

TENANT: ROXBURY ACTION PROGRAM

BUILT: 1910

• Nonprofit preservation group Historic Boston Inc. has sold a Roxbury church to the Roxbury Action Program for a new headquarters, office space for nonprofits and an incubator.

• The St. James African Orthodox Church church was designed by Boston architect Edward T.P. Graham for a Norwegian Evangelical congregation. In 1955, it changed hands and became the African Orthodox Church, an offshoot of Jamaican-born Black Nationalist Marcus Garvey’s Universal Negro Improvement Association.

• The property had been vacant for three years when Historic Boston bought it in 2018 from developer City Realty for $1.4 million. HBI repaired deteriorated floor structures, secured windows and doors, and replaced the roof to prevent additional water damage.

• HBI reached a sales agreement with Roxbury Action Program in 2022, pending the city of Boston’s placement of a historic preservation restriction on the property. The $1.65 million transaction closed in July.

THEY SAID IT:

“Thanks to the community’s mobilization and advocacy and HBI’s acquisition, the building is saved and protected and is positioned to be a wonderful community asset and a beautifully preserved historic place for Roxbury’s future.”

— Kathy Kottaridis, executive director, Historic Boston Inc.

THINK YOUR PROPERTY IS HOT?

Drop Steve a line at sadams@thewarrengroup.com

Architectural rendering shows a pair of additional apartment buildings, center and middle ground right, that developer Joe Faro hoped to get local permission to construct.

mage courtesy of Tighe & Bond

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.

Establishing a Gateway to Growth in Worcester

Q: What initially spurred Menkiti Group’s investment in Worcester real estate?

A:

My father, who was a professor at Wellesley College, was also what I think of as an immigrant real estate investor, who bought a few small properties in Cambridge and Somerville and Worcester. So, I originally got introduced to Worcester to help my father, and got the opportunity to meet some of the folks in local government. Over time, we saw an opportunity to bring things to life.

Q: What are Menkiti Group’s investment strategies and business model?

A:

We are very invested in Worcester and want to continue to execute on that plan, which is part of a neighborhood investment model. We like to look at cities that have strong macroeconomic and demographic fundamentals with growing populations. Main Street in Worcester has always had this negative connotation, but there’s the Theatre District near City Hall and an opportunity to extend downtown Worcester south along Main Street. That’s the type of dynamic where we like to play in, where there’s an opportunity to highlight the existing assets in a neighborhood that has historically been overlooked.

Q: How important is adaptive reuse as a part of Menkiti Group’s development strategy?

A:

It’s been a big part of the business. We also have done some new construction here in D.C. as well. We started out doing a lot of rehabs of homes and small apartment buildings and expanded into large-scale mixed-use developments.

Q: How challenging are the prospects for obtaining condominium financing for future projects?

A:

It’s very market-specific. The financing environment right now is challenging across the board for every type of project, given where interest rates have gone. Everybody is adjusting to a new normal. One thing that’s a big conversation in Worcester is excitement about wanting to see more for-sale condominiums downtown. That’s currently challenging. The prices on a per-square-foot basis are not at a market level that would support rehabs or new construction. The way that has been financed in rentals is the use of historic tax credits and other programs like [the Housing Development Incentive Program] that have been critical to housing production in the Gateway Cities. Those are much more complicated to bring to bear in a for-sale project. All of our work in downtown Worcester has been in a [federal] Opportunity Zone. In all of our work in both D.C. and Worcester, we’ve leveraged either Opportunity Zone financing, New Market tax credits, historic tax credits and some of the local and state programs.

Q: What are the highest rents you’ve seen achieved in Worcester?

A:

Title: Founder and CEO, The Menkiti Group

Age: 46

Industry experience: 20 years

BY STEVE ADAMS BANKER & TRADESMAN STAFF

For two decades, The Menkiti Group has successfully found opportunities in emerging neighborhoods in the Washington, D.C. region, where it’s developed more than 3 million square feet of real estate. Now its founder and CEO, Somerville native Bo Menkiti, is focusing on Worcester as the company’s next growth focus. Menkiti’s father, the late Wellesley College professor Ifeanyi Menkiti, purchased a vacant historic building at 6-8 Chatham St. in Worcester in 2015, and Menkiti Group completed the 24-unit Chatham Lofts apartments in 2021. In August, the firm achieved a milestone in its highest-profile project in Massachusetts to date, when the Worcester Redevelopment Authority selected it to redevelop the former Denholm & McKay department store property across from City Hall as a 233-unit apartment complex.

MENKITI’S FIVE FAVORITE BOOKS: 1

“What Happened to You,”

by Bruce D. Perry and Oprah Winfrey

“The Advantage,” by Patrick Lencioni 3

We’ve seen rents in Worcester starting to approach the $3 per foot range, which is an interesting place where you start to see the new construction costs start to be financeable, depending upon where interest rates are. That’s kind of the tipping point, where the rents can support new construction. When we entered Worcester, rents were 40 percent below Boston, and that has changed a little bit, but it’s still a significantly more affordable market than Boston, which is drawing a lot of folks to that market. There’s considerable amenities and an educated population.

Q: What were MassDevelopment’s goals for the 526 Main St. property that Menkiti Group acquired in July?

A:

526 Main St. is an exciting project from a neighborhood development and catalyzation perspective. It was part of their Transformative Development Initiative and as you move south on Main Street from downtown Worcester, it has historically been underinvested in. This was occupied by a pawn shop, and it just kind of set the tone about how people perceived that section. The goal was to bring something that could animate the street level. We’ll bring back the first-floor retail, and the second story will have some coworking and shared office space that will bring together the small businesses and entrepreneurs and the creative class we’re seeing in Worcester. We’ll have a Worcester maker retail space that will highlight the different goods made in Worcester.

Q: How can your company support other minority-owned development companies and narrow racial disparities in the industry?

A: We’ve been building out our capital platform to support diverse women and minority-owned developers in doing projects around the country. We’ve been taking the learnings and capital our organization has, and using that to support the growth of proven, scale-ready women and minority businesses and have a social impact side to what they are doing in communities. It’s usually structured as a joint venture co-investment. We have not yet publicly announced the projects, but the focus will be on the East Coast and over into Texas.

“The Psychology of Money,” by Morgan Housel 4

“Creating a World without Poverty: Social Business and the Future of Capitalism,”

by Muhammad Yunus

5

“Before a Common Soil,” by Ifeanyi Menkiti

That’s the type of dynamic where we like to play in, where there’s an opportunity to highlight a neighborhood that has historically been overlooked.

Somerville Mangles Union Square Project Process

Hamilton Co. Must Seek US2 Approval for Independent Lab Project

BY SCOTT VAN VOORHIS BANKER & TRADESMAN COLUMNIST

But if 50 years or a century from now, historians look back at how the region’s life sciences and tech boom went bust after showing so much promise, they may very well point the finger at the Massachusetts phenomenon of local control gone wild.

Confronted with soaring demand for new labs, homes and apartments, cities and towns across the Boston area were simply unable to get out of their own way, tying up new development projects with endless red tape and reviews, those future historians would likely conclude.

Fast-growing life science and tech companies eventually decamped for Texas, Florida and other sunnier climes, drawn by lower housing costs and more growthfriendly economies, they’ll note.

To see a current example of local bureaucracy run amok, one need look no further than Somerville, where city officials are giving the run-around to a promising proposal for a new lab building along with much-wanted park and civic space.

The developer, family-owned commercial and residential firm The Hamilton Co., wants to build a 4-story research, lab and office building in Somerville’s Union Square that would include

a 13,000-square-foot public park and new retail and restaurant space along Somerville Avenue.

Another 6,500 square feet of space facing the new park would be reserved for civic space, such as a new city library branch.

Having lined up some solid neighborhood support, Hamilton formally submitted its development plans to Somerville officials this spring, with hopes of winning approval for its plans over the next 12 to 18 months.

Two Big Problems

In a strange turn of events, though, the developer’s hopes for a predictable review process and a construction launch in the not-toodistant future have been dashed.

At a meeting with the Somerville Planning Board in June, Jameson Brown, the company’s chair and CEO, was informed that he would also have to win not just the city’s approval, but also a green light from Union Square Station Assoc., the corporate master developer appointed a decade ago to oversee the redevelopment of the area.

Let’s just say there may be a couple of small problems with this.

For starters, the master developer, more often known as US2, does not own the Union Square site in question here, a stretch of buildings along Somervile Avenue called the Union Square South Block.

The Hamilton Co. is the owner of the Union Square block, free and clear.

Second, deputizing a private sector entity like US2, a Chicago-based partnership between Magellan Development and Mesirow

MIT Unveils Designs for Gateway to Volpe Property

BY STEVE ADAMS BANKER & TRADESMAN STAFF

The next office-lab building in Massachusetts Institute of Technology’s Volpe Center redevelopment will occupy a prominent corner in Kendall Square, bringing new retailers and a 1-acre park to a site long closed off to the public.

Designed by architects NBBJ and Dream Collaborative, the 16-story, 407,893-squarefoot building project at 25 Broadway will border a new park at the corner of Broadway and Third Street.

MITIMCo, MIT’s investment management arm, has not identified tenants for the 12,645-square-foot ground floor space, but said it’s seeking “active retailers that will com-

plement the level of energy expected” in the neighborhood.

The new Third Street Park is billed as the Volpe Center redevelopment most important contribution to Kendall Square’s public realm, featuring a tree-lined central lawn intended for large events and a 2,000-square-foot pavilion at the northeast corner.

Building C1 is one of eight buildings approved by special permit in the masterplanned Kendall Square development, but is subject to design review by the Cambridge Planning Board.

MIT won the bidding war for the longsought-after federal property, home to a U.S. Transportation Department office, in 2017 when it agreed to pay $750 million for the 14acre site at 55 Broadway.

Financial, to take on what is essentially a government planning role raises all sorts of potential conflicts of interest.

One need look no further than the development of Boston’s Seaport, which saw a number of clashes over years between different developers and property owners with differing visions, to understand some of the unwieldly dynamics at play here.

Claim: US2 Slow-Walked Talks

Now add to that the fact that US2 has not exactly covered itself in glory when it comes to the redevelopment of Union Square, with building proposals and construction having moved at a snail’s pace over the past decade.

True to form, US2 has not exactly rushed to capitalize on Hamilton Co.’s development idea, with Jameson, Hamilton’s chief, arguing discussions with the master developer have led nowhere.

In a letter to Somerville’s City Council, Jameson warned of the perils of giving what amounts to another developer – in this case, US2 – veto power over other proposed projects in Union Square.

Such a move, he wrote, would wind up “reducing the City Council, the Planning Board and the [Inspectional Services Department] to mere tools of a single developer and the Redevelopment Authority at the expense of the expense of the community and other landowners.”

Greater Boston needs more lab space and more housing. The last thing it needs is another layer of bureaucracy standing in the way of decent projects, and a corporate, self-interested one at that.

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

Maybe Greater Boston’s best days are still to come.

The Hamilton Co. is the owner of the Union Square block, free and clear.

A rendering shows Union Square master developer US2’s redevelopment plan for the neighborhood. The parcels which The Hamilton Co. proposed to build on are at the center, closest to the viewer.

THE FAST 50 RANKS THE 50 fastest-growing loan providers in Massachusetts, including mortgage and financial companies, banks, credit unions and other financial institutions. Rankings compare the number and volume of loans from Jan. 1 through June 30, 2022, to the number and volume from the same timeframe in 2023. Rankings include purchase and non-purchase loans. Commercial rankings had a minimum of three loans and a minimum of $1 million in loan volume. Residential rankings had a minimum of five loans and a minimum of $2 million in volume in 2022 and 2023. Residential includes one- to four-families and condominiums. All rankings are statewide. All data is sourced by The Warren Group from public records, which may contain errors. For more information please contact Data Solutions at 617-896-5365.

Smaller Lenders Buck Cooling Market

Continued from Page 1

Hometown Financial Group CEO Matthew Sosik said bankers at both Abington Bank and bankESB were successful in putting longterm customer relationships to work and had not focused on transactional accounts, while Abington Bank also benefitted from talent acquired when it purchased Envision Bank, which helped drove more loans into the group.

Multifamily Beats Out Office

Despite the dampened commercial office space due to remote work setups, Sosik said, CRE lending remains afloat due to the bright prospects in multifamily investment properties catered to the biotech sector.

“The remote work paradigm from the pandemic jolted the office sector very quickly, which drove demand down. An example is if you have 50,000-square-foot of office space and heading into the pandemic, you now need only 10,000 square feet, and that’s 40,000-square-foot gap that will automatically go on the market,” Sosik said. “But on the bright side…We’re seeing long-term owners say, ‘OK, we’re not going to fight this new shift and we’re going to repurpose our space and resources for the next decade.’”

Regele, of Webster First, said the credit union also saw good demand for its commercial real estate loans. Warren Group data shows Webster First commercial loans jumped

FAST50

by 362 percent to $30.8 million in the first half of the year compared to $6.67 million in the six-month period the previous year.

“There’re still opportunities for commercial lending in regards to development projects and purchases. Refinancing opportunities have certainly gone down due to the function of the interest rate market today…but a lot of the opportunities has to do with the strides that this state has made in creating high-paying jobs in biotech and tech-heavy sectors,” Regele said.

“Commercial lending is less sensitive to interest rates compared to residential consumer lending. With residential and consumer lending, [borrowers] may delay moving or purchasing a new car based on the interest rates. Whereas in commercial lending, if the project or the purchase still makes sense from a dollar-and-cents standpoint right there, [the borrower] is still going to make money even though the rate is higher. They will still go forward with the purchase,” he added.

CUs Found an Opening

Regele noted that his and other credit unions were well-positioned to capitalize on the current demand for commercial loans as bigger banks slowed their lending due to liquidity concerns and higher funding costs.

According to the Warren Group data, Webster First doubled the number commercial loans it made in the first half of 23, from 9 to

18, making it the sixth-fastest-growing lender in this category in the state.

Webster First was efficient in its networking and conversion of prospects to loans. Being member-focused, Webster First has always approached each member’s situation in a unique and personalized way, according to the member’s specific needs, Regele said.

“We have a network of centers of influence that will refer people to us, and a lot [of our customers] were referred through word of mouth. They eventually see how easy we are to do business with, from cradle to closing. We are high-touch, very responsive, very communicative and that really goes a long way in today’s market, especially when a lot of the large regional [banks and credit unions] are kind of pulling back due to liquidity issues that they’re faced with,” he said.

A majority of Webster First’s commercial loan portfolio is composed of investment properties such as apartment buildings .

Webster First is one of the larger credit unions in Massachusetts with $1.2 billion in assets and broad customer reach with 14 branches in four counties: Worcester, Suffolk, Middlesex, and Essex.

Heading towards the end of the year until 2024, Hometown Financial’s Sosik foresees interest rates will “stay higher for longer,” which he expects to put more stress on CRE lending and markets.

Rates to Pressure Lending in ’24

“We expect stress in the commercial real estate markets essentially because of rates staying higher for longer, and because valuations in CRE are driven by rates of return,” the Hometown Group CEO said.

“If the rate of return required by the investor rises, the price falls. That’s a risk if you’re a lender and CRE pricing is potentially going to be stressed, if it’s not already being stressed to a point. But we think that if rates stay higher for longer, that stress increases and so we’re just going to watch the light on that and how that relates to our ability not just to generate new loans into 2024, but also managing the portfolio,” he added.

Sosik said that the acceleration in headline interest rates resulted in industry-wide outstanding loan rate hovering around 7 percent.

Email: ncataldo@thewarrengroup.com

As the state’s largest banks tightened lending standards or reduced their lending, smaller banks and credit unions found paths to rapid lending growth.

BANKING & LENDING

“We are high-touch, very responsive, very communicative and that really goes a long way in today’s market.”

– Bryan Regele, vice president of commercial lending, Webster First FCU

COMMERCIAL VOLUME OF LOANS

Cape Lawmakers Make Pitch for Commuter Rail Service

BY CHRIS LISINSKI STATE HOUSE NEWS SERVICE

You’ve heard of the soon-to-launch South Coast Rail and the long-sought EastWest Rail into the western reaches of the state. But how about what we’ll call the Cape Connector?

A group of lawmakers from Cape Cod and the islands want to make their region the next destination for regular passenger rail service, pitching it as a way to relieve locals from crushing traffic congestion and the greenhouse gas emissions that come with it.

Democratic Reps. Dylan Fernandes of Falmouth and Kip Diggs of Barnstable and Republican Rep. Steve Xiarhos of Barnstable filed legislation (HD 4555) that would instruct the MBTA to launch commuter rail service between South Station and Buzzards Bay within one year.

That route already accommodates the Cape Flyer, which runs on summer weekends from Boston through Buzzards Bay to stops on the Cape, so supporters believe sufficient infrastructure is already in place.

Unlike the Cape Flyer, however, lawmakers behind the bill want to launch an option that would provide more predictable and regular service for the region’s residents rather than what Fernandes dubbed “another tourist train.”

“It’s time for commuter rail to come to the Cape and islands and be accessible for Cape and island residents,” Fernandes said in an interview. “There’s nearly 300,000 people that live here, millions of people that travel here every year, and we need increased rail access to the region for economic opportunity reasons, for congestion reasons that are a big deal down here, and if we want to do our part to combat climate change, that’s a part of it as well.”

Under the legislation, the MBTA would be required to operate at least three morning peak trips and three evening peak trips along the route to Buzzards Bay each weekday.

With No Tax Relief in Sight, Biz Groups Worried About ‘Complacency’

The proposal would build on the ongoing South Coast Rail project, which is expected to begin running service later this year from New Bedford and Fall River to Boston along the existing Middleborough/Lakeville Line.

Fernandes said running regular service to Buzzards Bay would require “minimal investment,” describing what’s needed as “not so much dollar funding as it is political will.”

In the longer term, the legislation calls for the MBTA and the state Department of Transportation to study the feasibility of running year-round daily rail service connecting Boston to Falmouth, Bourne, Barnstable, Yarmouth and Sandwich.

Some rails already exist on the Cape side of the canal, Fernandes said, but they are not graded for the higher speeds typically associated with commuter rail travel, so more investment would be needed.

Residents of Martha’s Vineyard and Nantucket, as well as the tourists who flock to the islands each year, could also reap benefits from the expanded service, according to Fernandes.

The Cape Cod Commission and MassDOT published a 118-page study in 2021 examining passenger rail service to the region.

On an annual basis, the report estimated that connecting Boston and Buzzards Bay with 14 trips per day would eliminate the need for about 295,000 motor vehicle trips – a figure that Fernandes’s office estimated is “enough to drive around Earth over 600 times.”

“The demographics here have changed considerably just in the past decade. Now, just around 50 percent of the workers here travel over the bridge[s] to come to work on the Cape and islands, and so there’s now bridge traffic year-round,” Fernandes said. “Anything we can do to have fewer cars on the Cape and make it give residents more transportation options to choose from – people want that and, honestly, I think they deserve it.”

GOSSIP REPORT

BOSTON 1

Address: 1 Huntington Ave. #PH1802, Boston

Price: $6,500,000

Buyer: 1 Huntington Ave 1802 NT

Seller: Kathryn M. Conway and Timothy J. Conway

Size: 2,864 square feet

Agent: Beth Dickerson, Gibson Sotheby’s Sold: 8/18/2023

2

BY SAM DRYSDALE STATE HOUSE NEWS SERVICE

Some of the powerful players in Massachusetts’ business community are getting impatient for long-promised, and long-delayed, tax relief as August stretches on without action.

The Greater Boston Chamber of Commerce and the Massachusetts Society of CPAs released a joint statement Tuesday urging lawmakers to “quickly finalize the first step in strategic tax reform that will benefit residents, families, businesses, and the economy.”

“Massachusetts is moving in the wrong direction on tax policy compared to other states,” the Chamber and MassCPAs said. “At least 10 states reduced their personal income tax rate on January 1, 2023, including three that switched to a flat income tax, while Massachusetts was the only state to increase income taxes. Moreover, no less than five states

reduced their corporate income tax rate in 2023. Competitive tax policies are a pillar for other states that are aggressively campaigning to attract businesses and talent, while Massachusetts is falling behind.”

Politicians first promised that they would deliver tax cuts last year, but backed down when unexpected rebates owed to taxpayers diverted $3 billion out of state coffers. Gov. Maura Healey came into office in January with pledges to steer tax relief across the finish line, and the House and Senate advanced revived and revised proposals.

Lawmakers left a $581 million placeholder in the fiscal year 2024 state budget to cover the expected impact of a relief package, yet no tax code changes have taken effect as the specific reform details remain mired in Democrat-led negotiations.

Legislative leaders have not signaled when they plan to return to formal business after a long stretch of inactivity in August, when many lawmakers take vacations.

What’s Tuscan Village’s Next Step?

Continued from Page 7

While not completely ruling out life science tenants in the future, Powers said “we don’t have anything in the pipeline” related to the industry.

What else is Tuscan looking at to fill the office-space void? Powers didn’t give specifics, but he said developers are mulling additional medical and even higher education uses at the sprawling site.

He expressed confidence an agreement can be reached with the town of Salem for what will ultimately be included in the next phases of the Tuscan Village build-out.

“The town has been very collaborative,” he said.

Devine, Salem’s assistant town manager, also appeared confident that final details will be worked out.

But he said talks aren’t just about what type of buildings and tenants will end up in Tuscan Village.

It’s also about “mitigation costs” associated with the ongoing massive redevelopment project, such as police and fire coverage to facilities that are already up and running at Tuscan Village.

He noted that Faro has already pledged $3 million to pay for public safety needs until Tuscan Village is fully developed – and paying the full amount of property taxes originally envisioned at the start of the project four years ago.

The town of Salem has also hired a consulting firm to study exactly how much extra mitigation funds Salem may need moving forward, he added.

Email: jayfitzmedia@gmail.com

1,2,3,5 4

Selling for the first time since 2017, the penthouse at the tippy top of the 1 Huntington luxury tower also tops this week’s Gossip Report. The 18th floor perch gives its owners a commanding view of Back Bay from the private terrace. The listing extolls the sellers’ renovation of a unit that was initially delivered in 1999 – a renovation that grossed $2,269.55 per square foot.

BOSTON 3 5 BOSTON

Address: 1 Dalton St. #4203, Boston

Price: $6,350,000

Buyer: Diane Cataldo

Seller: Brian D. Kelly

Size: 2,226 square feet

Agent: Gabrielle Baron, William Raveis Sold: 8/15/2023

4

BOSTON BROOKLINE

Address: 17 West Cedar St., Boston

Price: $6,170,000

Buyer: Joseph S. Berman and Sharon B. Cantor

Seller: Amy E. Russo

Size: 3,824 square feet

Agent: Rose Coyman, Coldwell Banker - Brookline Sold: 8/18/2023

Address: 37 Circuit Road, Brookline

Price: $4,500,000

Buyer: Caitlin G. Tingue and Charles H. Tingue

Seller: Christine S. Ament and David J. Ament

Size: 5,382 square feet on 0.35 acres

Agent: The Kennedy Lynch Gold Team, Hammond Real Estate Sold: 8/15/2023

Address: 240 Devonshire St. #5412, Boston

Price: $4,275,000

Buyer: Agarwal Management T

Seller: Mcaf Winthrop LLC

Size: 1,989 square feet

Agent: Elise Bain, MP Boston Sold: 8/17/2023

to take place in front of 70 Winter Street. 20,434+/-SF of land. Property being sold in the entirety. Two buildings: 85 Harding Street, comprised of 9 Condominium Units and common areas, which includes 70 Winter Street. Terms of sale: A deposit of $100,000 by certified or bank check will be required at the time & place of the sale. Deposit must be increased to 10% of bid price within 10 business days of the sale & balance of the bid price must be paid within 30 days. Sale and bidding procedures subject to bankruptcy court approval. All interested parties should contact Michael Saperstein at MSaperstein@pesco.com or our office at 617-227-6553 for more information or to access the Property. Neither Auctioneer nor Trustee make any representations as to the accuracy of the information contained herein. Hon. Chris J. Panos, Bankruptcy Judge, Chapter 11, In Re: W Lofts Development, LLC, Case No. 23-40157-CJP. John O. Desmond, Trustee, By Attorney Kate E. Nicholson, Nicholson P.C, Cambridge, MA.

& Tradesman

TO OUR CUSTOMERS

The Warren Group and Banker & Tradesman sincerely appreciate your patience over the past two years. The majority of registries and courts are now open and Banker & Tradesman has resumed its previous collection to print schedule. There are still some data collection issues as individual offices may have to temporarily close. We will collect that information as soon as it is available and include it here in the records section. Please call 617-896-5367 or email customerservice@thewarrengroup.com if you have any questions.

Cassidy Norton Associate Publisher, The Warren Group

July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July ’22 ’23

6500

5500

0 1000 2000 3000 4000 5000 6000 7000 July June May Apr. Mar. Feb. Jan. Dec. Nov. Oc t Sept. Aug. July 3500

MASSACHUSETTS MARKET STATISTICS Number of Sales Change Prior Year 7,500 6,500 5,500 4,500 3,500 q Statistics based on single-family home sales of $1,000 q Source: The Warren Group

4500

7500 July July July July July July

July July July July July July ’18 ’19 ’20 ’21 ’22 ’23

REAL ESTATE RECORDS CREDIT RECORDS

B11 Franklin 08/18/23 B11 Hampden 08/18/23 B13 Hampshire 08/18/23 B13 Middlesex North 08/18/23 B14 Middlesex South 08/18/23 B18 Nantucket 08/18/23 B18 Norfolk 08/18/23 B20 Plymouth 08/18/23 B22 Worcester 08/18/23 B25 Worcester North 08/18/23 B26 Voluntary Bankruptcies B26 Chapter 13 Bankruptcies B26 Chapter 11 Bankruptcies B26 Federal Tax Liens

B2 Suffolk 08/18/23 B4 Barnstable 08/18/23 B6 Berkshire Middle 08/18/23 B6 Berkshire North 08/18/23 B7 Berkshire South 08/18/23 B7 Bristol Fall River 08/18/23 B7 Bristol North 08/18/23 B8 Bristol South 08/18/23 B8 Dukes 08/18/23 B8 Essex North 08/18/23 B9 Essex South 08/18/23

B26 State Tax Liens B27 Attachments B27 Petitions to Foreclose B28 Foreclosure Sales

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Property Tax Appeals Property Tax Appeals and Abatement Applications Real Property or Personal Property Representation in all municipalities in Massachusetts, New Hampshire and Maine Christopher Maffucci, Esq. Maffucci@casneredwards.com 303 Congress Street, Boston, MA 02210 617-426-5900 • 617-426-8810 (fax)

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BANKER & TRADESMAN

How to Read The Real Estate Records

The information appearing in this newspaper is taken from deed and mortgage documents filed at each of the twenty-one registries of deeds in the state. All property transfers with a sales price of at least $100 and all term-mortgage documents are collected.

Whenever possible, we combine the separate deed and mortgage documents so that we can present one complete record of the street address, purchase price, lender and mortgage amount. When we cannot link a deed with a mortgage (and vice versa) each transaction appears individually.

Real estate records are organized alphabetically by registry, then town, then by street name within a subhead (Real Estate Sales, Foreclosure Deeds, or Mortgages.) The exception is Suffolk Registry and the City of Boston which appear first.

L The statistics at the beginning of each town are for all single-family home sales with a purchase price of $100 and above from January through the most recent complete calendar month.

L The amount appearing on the same line as the street address is the purchase price from the deed. We print “No Amt Given” when the amount did not appear on the document we review. “No Street Given” appears in place of the street address when it was not available. The volume, page of the deed and filing date appear for all sales.

The mortgage lender and the amount of the mortgage used to purchase the property are shown. Any second mortgage (Mtg2) filed at the same time as the deed will also appear here.

L In communities where we have a file of all properties from the assessor’s office, we provide additional property details when available. This is done by exactly matching the address and seller name from the new sales record with the address and owner name found in the property file. No descriptive data appears whenever there is any doubt that the two records are the same property.

The “Use” is based on the code the assessor assigns to each building on a parcel. Whenever there is more than one use code or more than one building on a parcel, we flag these as “Multi-use” and “Multibldg” respectively.

L These deeds transfer title to the lender after the mortgage is foreclosed (unless there is a higher bidder at the auction.) The amount in these transactions is usually the amount of the outstanding mortgage that was foreclosed.

••Year-to-Date (YTD) statistics for all singlefamily home transactions within our price range criteria.

▶ REAL ESTATE SALES

315 MAIN ST U:15. $98,000

Pleasant Towers Condo

B:John Doe & Mary Smith

S:Jane Jones & Thomas Jones Mtg:Main Street Bank $70,000 Mtg2:Seller $8,400

Prior Sale:$93,000 (11/90)

• The first two buyer (B) names and seller (S) names listed on the deed are shown.

• Prior sale data (back to 1982) appears only when the address of the new sale matches exactly with the address of the older sale in our database.

▶ REAL ESTATE SALES

32 ELM ST $175,000

B:John Doe & Mary Smith

S:Jane Jones & Thomas Jones Mtg:Main Street Mtg Co $140,000

Use:3 Bdrm Colonial, Lot:6459sf

Prior Sale:$170,000 (9/89)

• “Use” distinguishes residential homes from land sales and commercial sales.

• For residential homes, the number of bedrooms and house style appear when available.

• The lot size (Lot) is shown in square feet.

Charlestown

▶ FORECLOSURE DEEDS

43 MAIN ST $142,200

B:Main St Bank

S:John Smith & Main St Bank Prior Sale:$190,000 (11/85)

• The prior sale shows the original price paid for the property.

Please note: The information contained in this newspaper is taken from public records. While every precaution is taken, no responsibility is assumed for errors or omissions. Readers should confirm any information before taking action.

Interested in Mortgage-Only Transactions?

Our online records offer a much deeper look into local markets.

L Navigate to bankerandtradesman.com

L Log in to your account

L Click on Real Estate Records under the Real Estate Transactions tab

And get busy putting our mortgage records to work!

Wellfleet

Berkshire Registry

Middle District

Patricia M. Harris, Register Court House, 44 Bank Row Pittsfield, MA 01201 Telephone: (413) 443-7438

Fax: (413) 448-6025

www.berkshiremiddledeeds.com

Pittsfield

Yarmouth

Berkshire Registry

Northern District

Lanesboro

Williamstown

New Marlboro

Bristol Registry

Northern District

B: James B Vicente-Roberts & Elijah S Vicente-Roberts S: Ocean View Invs LLC

Attleboro

Bristol Registry

Fall River District

North Attleboro

Raynham

Jutin Medeiros & Alyssa Lafianza S: Nancy Hill & Crystal Hill Book/Page: 14763/261,

Alltrust CU $317,600 Use: 3 Bdrm Ranch, Lot: 10495sf

SODOM RD $430,000

B: Brian P Barbosa & Jessica L Costa S: Antone & Norma Sylvia Ft & Antone Sylvia Jr Tr

14766/162,

MIlestone Mtg Solutio $408,500

3 Bdrm Ranch, Lot:

Tisbury

Rehoboth

Book/Page: 14765/305, Date: 08/18/23

Mtg: Fall River Five Cents $542,000

14 W BALON WAY $210,000

B: Riley Homes LLC

S: Richard Calderson & Elizabeth Homen

Book/Page: 14766/147, Date: 08/18/23

West Tisbury

Bristol Registry Southern District

Dukes Registry

Paulo C. DeOliveira, Register Box 5231, Edgartown, MA 02539 Telephone: (508) 627-4025

Fax: (508) 627-7821

Aquinnah

Essex Registry

Acushnet

CIR $2,000,000

B: Native Land Conservancy I

S: Karen D Burke Tr, Tr for 27 Aquinnah Circle Nt

Book/Page: 1662/124, Date: 08/18/23 Use: Restaurant/bar, Lot: 152460sf

Prior Sale: $1,290,000 (08/16)

8 HARPOON HOLW $1,600,000

B: Gary J Haley

S: Timothe Litt

Chilmark

Andover

Edgartown

Salisbury

Saugus

Franklin Registry

Workers Credit Union $300,000

Use: Residential Developable Land, Lot: 40476sf

131 VERDE DR $574,500

B: Jason Kopec & Courtney Kopec

S: Greenfield Kmw LLC

Book/Page: 8205/197, Date: 08/16/23

Mtg: Total Mtg Svcs $150,000

Use: 4 Bdrm Colonial, Lot: 141365sf

▶ FORECLOSURE DEEDS

231 HOPE ST $27,900

B: Wicked Deals LLC

S: John F Sayers & Nationstar Mortgage LLC

Book/Page: 8205/258, Date: 08/16/23 Mtg: Jay N Michelman $50,000 Use: 2-Family Two Family, Lot: 38507sf

Montague

B: Alycar Investments LLC

S: James L Mayrand & Joanne L Mayrand

Book/Page: 8205/335, Date: 08/16/23

Mtg: Tailor Rdg REIT

Charlemont

Topsfield

Colrain

Wenham

Conway

Shutesbury

Agawam

Westfield

Hampshire Registry

Mary Olberding, Register 60 Railroad Avenue Northampton, MA 01060

(413) 584-3637 Fax: (413) 584-4136 www.hampshiredeeds.com or www.masslandrecords.com

Amherst

Easthampton

Northampton

Plainfield

Westhampton

South Hadley

Elaine M Roberts

Book/Page: 14933/192, Date: 08/14/23

Mtg: Greenfield Cp Bk $452,000

Type: Adj

Use: 3 Bdrm Colonial, Lot: 31441sf

249 EAST ST $315,000

B: Jason A Foxwell & Catherine J Foxwell

S: Tracy A Sawyer

Doc#: 000000000021808, Date: 08/15/23

Mtg: Pennymac Loan Service $299,250

Use: 3 Bdrm Ranch, Lot: 17919sf

161 GRANBY RD $510,000

B: Maksim Grachev & Katryn M Davalos

S: Robert F Moineau & Linda L Moineau

Book/Page: 14934/349, Date: 08/15/23

Mtg: PeoplesBank (Holyoke) $433,500

Type: Adj Use: 3 Bdrm Ranch, Lot: 23055sf

Prior Sale: $299,900 (06/17)

20 HIGHLAND AVE $385,000

B: James W Foley & Molly M Burke

S: Christopher R Woloszyn

Book/Page: 14938/30, Date: 08/18/23

Mtg: Northern Mtg $308,000

Use: 4 Bdrm Cape Cod, Lot: 19530sf

120 MORGAN ST $335,000

B: Timothy Dietrick

S: Ryan M Lewis

Book/Page: 14935/26, Date: 08/15/23

Use: 3 Bdrm Bngl/cottage, Lot: 13209sf

Prior Sale: $230,000 (10/18)

6 PHEASANT LN $625,000

B: Charles Q Maney & Celine F Maney

S: Vincent A Ferraro & Priscilla A Mandrachia

Book/Page: 14934/305, Date: 08/15/23

Mtg: Florence Bank $150,000

Type: Adj

Use: 3 Bdrm Cape Cod, Lot: 23844sf

42 PINE GROVE DR U:42 $330,000

B: Donn Swift & Donna Gatnarek

S: Cynthia Andrews

Book/Page: 14935/260, Date: 08/16/23

Use: 2 Bdrm Condo

ROUTE 202 $510,000

B: Maksim Grachev & Katryn M Davalos

S: Robert F Moineau & Linda L Moineau

Book/Page: 14934/349,

08/15/23 12 SAN SOUCI DR $740,000

B: Dakota J Hebert & Molly E Hebert

S: Michael S Lussier & Robbin A Lussier

Book/Page: 14934/189,

08/15/23 Mtg: Greenfield Cp Bk $629,000

B: Adam Miklius & Elizabeth K Vernon

S: Lawrence J Sullivan & Kathleen P Sullivan

Book/Page: 14934/131, Date: 08/15/23

Mtg: Movement Mtg LLC $336,000

Use: 4 Bdrm Colonial, Lot: 24855sf

20 SPRING ST $85,000

B: Jailyn Gonzalez

S: Edward T Pecord & Gerald L Pecord

Book/Page: 14938/20, Date: 08/18/23

Use: 2-Family Duplex, Lot: 20520sf

154 STONYBROOK WAY U:154 $410,000

B: Donald J Roy & Irene M Roy

S: Elbert J Bowler Tr, Tr for Drummer Rt

Book/Page:

Middlesex Registry

Northern District

Woburn

Nantucket Registry

H. Ferreira, Register 16 Broad Street Nantucket, MA 02554

(508) 228-7250

Fax: (508) 325-5331 www.nantucketdeeds.com Nantucket

Bellingham

Norfolk Registry

Braintree

POND PKWY U:47 $1,100,000

B: Maria C Borrelli

S: Mark E Gitlitz Tr, Tr for Mark E & E Bohn Gitlitz T

Book/Page: 41366/480, Date: 08/18/23

Mtg: TD Bank NA $990,000

Type: Adj Use: 3 Bdrm Condo 158 HARVARD ST U:7 $985,000

B: George Price & Jiahui Song

S: Mouhsin Shafi & Dana Janbek

Book/Page: 41357/470, Date: 08/14/23

Use: 3 Bdrm Condo

Prior Sale: $607,000 (06/13)

205 KENT ST U:42 $592,000

B: Chaoyu Tang Tr, Tr for Tang Ft

S: James Ooi & Amy R Yin

Book/Page: 41359/34, Date: 08/15/23

Use: 2 Bdrm Condo

10 LANARK RD U:1 $800,000

B: Nancy Lee

S: Adam J Avakian & Jessica S Kremen

Book/Page: 41366/99, Date: 08/18/23

Mtg: JPMorgan Chase Bank $400,000

Use: 2 Bdrm Condo

Prior Sale: $700,000 (05/18)

11 LYON RD $2,192,000

B: Jonathan W Cunningham & Emily Lau

S: Zhijun Luo & Ellen H Zhan

Book/Page: 41359/64, Date: 08/15/23

Use: 4 Bdrm Contemporary, Lot: 9967sf

43 SOMERSET RD $2,610,000

B: Margaret Beneville Tr, Tr for Benevillle Krogh Ft

S: Samuel W Tolkoff & Rebecca Tolkoff

Doc#: 000000001525097,

Cohasset

Wrentham

Plymouth Registry

Walpole

Wellesley

Weymouth

Abington

Carver

Duxbury

East Bridgewater

Rockland

Worcester Registry

Clinton

West

Boylston

Milford

Emi Golloshi S: Sergey Mikhalev & Susanna Z Lebedinskaya

69524/290,

08/16/23

Drew Mortgage AssnInc $328,342

3-Family Conventional, Lot: 5663sf

SAINT JOHN ST $330,900

B: Elyse Burritt & Steven Burritt S: Sobaleski Joseph J Est & Michael F Sobaleski

Hubbardston

B: Habitat For Humanity Metr

S: Macalister Lynn Est & Lealyn Walsh

Book/Page: 69514/110, Date: 08/14/23 Use: 3 Bdrm Condo, Lot: 40511sf

40 CARRIAGE HILL RD $825,000

B: Ibrahim Kaddouh & Lana Flaha

S: Michael J Virgil & Barbara A Virgil

Book/Page: 69531/327, Date: 08/17/23 Mtg: Guaranteed Rate Inc $660,000

Use: 4 Bdrm Colonial, Lot: 43486sf

15 POND VIEW WAY $658,000

B: Yi-Chi Liu & Congshan Li S: Laila A Dantas

Book/Page: 69527/31, Date: 08/16/23

Mtg: Leader Bank NA $526,400

Use: 3 Bdrm Conventional, Lot: 6887sf

Prior Sale: $410,000 (08/18)

269 SOUTH ST $510,000

B: Robert G Porter & Tori Hall

Millbury

ST $450,000

B: Rebecca E Peixoto & Edson Peixoto

S: Jean M Flynn Tr, Tr for 171 Whitney Street T

Book/Page: 69538/49, Date: 08/18/23

Mtg: LendSure Mtg $369,000

Use: 3 Bdrm Ranch, Lot: 19998sf

Northbridge

MARKET STATISTICS THROUGH JULY YTD 2022 YTD 2023

Number of 1-Fam Sales 75 57

Median Price $471,900 $555,000

▶ REAL ESTATE SALES

11 MENDON RD $510,000

Foreclosure Sales

These notices of the public sale of mortgaged property are compiled from legal notices published in newspapers throughout the state. The proceeds from the sale usually are used to satisfy the mortgage in default. The time and place of the sale must be published for three consecutive weeks in a local newspaper prior to the sale. The sale may be postponed; or the sale may not occur at all if the debt is satisfied before the sale.

The property address, date and time of the sale appears on the first line followed by the current owner (O) of the property. The lender (L) and the cash deposit (Deposit) required at the time of sale are found on the third line. The book and page number (Bk/ Pg) of the mortgage document and the filing date (D) at the registry of deeds comprise the fourth line. The newspaper (Source) and issue date (in parenthesis) can be checked for additional details. The attorney’s name (Atty) and phone number appear on the last line for interested parties to contact.