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THE FINANCIAL SERVICES AND REAL ESTATE WEEKLY FOR MASSACHUSETTS BY THE NUMBERS
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County close-up: Norfolk Spotlight: Norfolk
IN PERSON
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Before joining Rockland, David Smith was a founding partner, senior vice president and senior portfolio manager of Mellon Growth Advisors, a subsidiary of Mellon Financial Corp. He has worked in the investment management field since 1990 and has also held positions at State Street Global Advisors and The Tuckerman Group.
WEEK OF MONDAY, SEPTEMBER 9, 2019
BANKING & LENDING BY THE NUMBERS
100 percent To grow fintech product lines, banks must overcome fears that a product must be perfect. See Ian Murphy’s story on page 9. Source: Jay Tuli
200
D I S C O V E R I N G D AV I S
SOMERVILLE’S SECRET IS OUT
The number of speakers at Boston FinTech Week 2019. See Week on the Web on page 2. Source: FinTech Sandbox
0.18 percent The share of the mortgage market separating the top two lenders in Norfolk County. See By the Numbers on page 6. Source: The Warren Group’s Marketshare Module
$500 million Rockland Trust’s investment management arm manages $500 million assets in the Cape Cod market. See In person on page 8. Source: David Smith
$6 million
3 Needham Bank employs the third-most prolific loan originator in Norfolk County. See By the Numbers on page 6. Source: The Warren Group’s Loan Originator Module
0 The number of home sales in this week’s Gossip Report that have a mortgage. See page 9. Source: The Warren Group
New Landlords Hint at Changes to Come in Davis Square BY STEVE ADAMS BANKER & TRADESMAN STAFF
Y
ou can get a tattoo, a vaping rig, a comic book action figure and a $3 slice of pizza all in a short stroll through Somerville’s Davis Square, a neighborhood that’s balanced gentrification with a defiant indie sensibility. Now big institutional real estate inves-
tors are discovering the square, eyeing opportunities to build dorm-style housing and shake up stagnant retail tenant rosters. North Carolina retail developer Asana Partners is the latest heavyweight to target Davis Square as a growth market, with last month’s $40 million acquisition of nearly an entire block of office and retail buildings on Elm Street. Asana’s challenge will be achieving rent increases to satisfy its third-party investors, while maintaining a mix of compelling tenants, said Andrew Jaffe, senior vice president for retail brokerage Bialow Real Estate.
“You need to make sure to be focused on local retailers and new retailers not in the market that will be attractive to customers,” Jaffe said. “I think you’ll see a mix of apparel and fitness users that will really complement the area.” Street-facing tenants in the portfolio include H&R Block, Eastern Bank and Chipotle. The Davis Square Plaza, a courtyard between the two largest buildings, is lined by a mix of smaller tenants including salons, a nonprofit, medical offices and a cash-for-jewelry shop.
29 years Rockland Trust’s CIO David Smith has 29 years of experience in banking and finance. See In Person on page 8. Source: David Smith
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.
Continued on Page 7
Photo by Ian B. Murphy | Special to Banker & Tradesman
ZSuite, a fintech recently spun out of Leader Bank, has raised $6 million. See Ian Murphy’s story on page 9. Source: ZSuite
COMMERCIAL INTERESTS
W A R F O R TA L E N T
Boston Fed Chief Offers Compelling Argument for Economy’s Strength
Senior Leaders Play Key Role in Protecting Employees’ Passion Projects
Baby, Don’t Fear the Yield Curve By Scott Van Voorhis | Banker & Tradesman Columnist
Commercial Real Estate PAGE 3
To Recruit Fintech Talent, Banks Seek to Shed Stodgy Reputations By Ian B. Murphy | Special to Banker & Tradesman
Banking & Lending PAGE 9