B&T September 17, 2018 by The Warren Group

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THE FINANCIAL SERVICES AND REAL ESTATE WEEKLY FOR MASSACHUSETTS BY THE NUMBERS

PAGE 6

County close-up: Plymouth Spotlight: Marshfield

HOT PROPERTY

PAGE 7

Dyer Brown’s current projects include the 20,000-square-foot Time Out Market food hall at the Fenway’s Landmark Center scheduled to open next year. Dyer Brown Principal Brent Zeigler grew up in small-town Ohio and worked at firms including Elkus Manfredi Architects and Einhorn Yaffee Prescott before joining Dyer Brown in 2011.

WEEK OF MONDAY, SEPTEMBER 17, 2018

RESIDENTIAL REAL ESTATE BY THE NUMBERS

TA L E O F T W O C I T I E S

9,954 The number of housing units in Marshfield. See By the Numbers on page 6 for more. Source: U.S. Census

$10 million The cost of the waterfront Falmouth property in the Gossip Report’s top spot this week. See page 8. Source: The Warren Group

1.35 million

SHOULD LUXURY CONDOS SUBSIDIZE AFFORDABILITY? CITIES DEBATE TRANSFER FEE

The number of National Association of Realtors members in the U.S. See Kenneth Harney’s column The Nation’s Housing on page 4 for more. Source: National Association of Realtors

63 percent The percentage of comments against new housing developments in public meetings. See Scott Van Voorhis’ column on page 3 for more. Source: Boston University

3,031 The amount of square feet in the Boston condominium in the third spot of this week’s Gossip Report. See page 8 for more. Source: Zillow

FOR HIGH-END HOUSING

BY STEVE ADAMS

The number of ethics-related cases filed with the Northern Virginia Association of Realtors, which has over 12,000 members. See Ken Harney’s column on page 4. Source: Northern Virginia Association of Realtors

necdotal evidence that many of Boston’s newly built luxury condos sit unoccupied as parttime residences or “wealth storage lockers” for out-of-town investors is bolstered by the findings of a new housing market study. The Washington, D.C.-based Institute for Policy Studies said 64 percent of the 1,805 units in a dozen newer luxury developments aren’t claiming

BANKER & TRADESMAN STAFF

$13.37 The residential tax rate in Marshfield. See By the Numbers on page 6 for more. Source: Marshfield Board of Assessors

Continued on Page 7

7,489 The number of square feet if the Falmouth property in the Gossip Report on page 8. Source: Redfin

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.

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C R A R E VA M P

BU Study Finds ‘Racially Coded’ Language in Development Objections

Assessment Areas, Clarity Could Be Part of Modernization Efforts

NIMBYs Paralyze Housing Development By Scott Van Voorhis | Banker & Tradesman Columnist

Residential Real Estate PAGE 3

OCC Requests Public Comment on CRA Updates By Bram Berkowitz | Banker & Tradesman Staff

Banking & Lending PAGE 8

2 | BANKER & TRADESMAN

SEPTEMBER 17, 2018

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

HOMETOWN FINANCIAL GROUP ACQUIRES PILGRIM BANCSHARES

ESTABLISHED 1872

PUBLISHING

Associate Publisher: Cassidy Murphy Associate Editors: Steve Adams, Jess Pitocco Reporter: Bram Berkowitz Contributing Writer: Scott Van Voorhis Audience Solution Specialists: Jenell James, Sarah Ahlgren Advertising Account Manager: Steve Ketler

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Director of Sales & Marketing: John Bottini Communications Manager: Mike Breed Executive Data Solutions Account Manager: William Visconti Data Solutions Account Managers: Chris Mirakian, Peter Sullivan

INFORMATION SERVICES

Director of Operations & Product Strategy: Samantha Bullock Data Operations Supervisor: Tammy Dandurant Data Services Project Coordinator: John Keith Acquisitions Coordinator: Linda MacDonald Transaction Acquisition Coordinators: Wally Bullock, Ellen Gendron HR Coordinator: Andy Wells

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Senior Applications Developer: Joe Chan Software Developers: Tatyana Lisyanaya, Michael Paul, Priyadarshini Velayudam

FINANCE & ADMINISTRATION

Accounting Manager: Mark DiSerio Accounts Payable: Olga Khalaydovsky Accounts Receivable Clerk: Stephanie Griffin Human Resources Manager: Linnea Blair

• Hometown Financial Group Inc., the holding company for bankESB of Easthampton and bankHometown of Oxford, has acquired Pilgrim Bancshares Inc. • Pilgrim Bancshares is the parent company of Pilgrim Bank, which has $263 million in assets and branches in Cohasset and Marion. • Under the terms of the agreement, shareholders of Pilgrim Bancshares will receive $23.00 in cash per share. The entire transaction is worth about $53.9 million. The transaction is expected to close in the first quarter of 2019, Hometown Financial Group said in a statement. • This is Hometown Financial Group’s third strategic merger in the last three years; in 2015, the company acquired Citizens National Bancorp. Inc. in Putnam, Connecticut, and then merged with ESB Bancorp. in the same year. The company also merged with Hometown Community Bankcorp in 2016. • This merger gives Hometown Financial Group franchise banks headquartered in each of the three major regions of Massachusetts.

MASSART GALLERY GETS UPGRADES • Dimeo Construction has begun a $12.6 million renovation of Massachusetts College of Art and Design’s Bakalar & Paine Galleries in Fenway. • A MassArt fundraising campaign surpassed the original $12 million goal for the project, which transforms the 3-story, 8,000-square-foot structure expected to reopen in 2020. Architectural services were provided by Boston-based designLAB Architects. • Renovations include a new front entrance on Huntington Avenue, new climate control systems, expanded workshop and curatorial offices and a new gallery education space. • A $1 million gift in 2016 from Pace Gallery founder and alumnus Arne Glimcher kicked off the campaign, which also received seven-figure contributions by Barbara and Amos Hostetter and an anonymous donor.

MEDFORD AND EVERETT CREDIT UNIONS PLAN MERGER

• Two credit unions North of Boston are planning to join forces. • Medford-based MembersPlus Credit Union recently announced that is planning to merge with and absorb Everett Credit Union. • “We’re stronger together,” MembersPlus President and CEO John Murphy said in a statement. “With combined resources, we can offer a greater selection of products and services while still providing exceptional member service that both memberships have come to rely on from people they know and trust.” • MembersPlus Credit Union has over $250 million in assets, more than 10,000 members and five branches in Medford, Dorchester, Norwood and Plymouth. Everett Credit Union has close to $50 million in assets, more than 4,000 members and one branch in Everett.

METRO CU RECEIVES DESIGNATION FOR COMMITMENT TO HISPANIC MARKET

ANOTHER SHOPPING MALL PROPERTY MARKETED FOR REDEVELOPMENT • Cushman & Wakefield will market the 87-acre Eastfield Mall in Springfield as a redevelopment opportunity. • Owners Mountain Development Corp. hired the brokerage to offer a joint venture opportunity at the property, which includes a nearly 777,000-square-foot enclosed mall that’s currently 75 percent leased. Tenants include Cinemark, Old Navy, Hannoush Jewelers, Ninety-Nine Restaurant & Pub and Donovan’s Irish Pub, and a 254,446-square-foot Sears property on 25 acres which is held under separate ownership. • Flexible zoning enables the property to be redeveloped as a mixeduse project including housing. Cushman & Wakefield’s investment sales team in Boston and retail specialists in New Jersey are leading the assignment. • Conversion of enclosed shopping malls into mixed-use properties continues throughout Massachusetts.

• Chelsea-based Metro Credit Union has become the first credit union in Massachusetts to receive the Juntos Avanzamos (Together We Advance) designation by the National Federation of Community Development Credit Unions. • In the U.S., minorities remain largely unbanked and vulnerable to predatory financial service providers. Established in 2005, Juntos Avanzamos recognizes commitments from credit unions seeking to empower the Hispanic consumer and serve the Hispanic market more effectively. • In order to earn the Juntos Avanzamos designation, credit unions must demonstrate that they offer affordable credit, savings and transaction services, and that they make their products, services and financial education accessible to Spanish-speakers. • Credit unions must complete an extensive application, requiring information about what products and services the credit union offers to specifically address the needs of the Hispanic market, as well as what strategies they are utilizing to serve this important demographic group.

HERE’S WHAT YOUR PEERS WERE INTERESTED IN LAST WEEK: BANKE R & TR AD ESMA N

Hometown Financial Group Acquires Pilgrim Bancshares

Sturbridge Restaurant Owner Pleads Guilty, is Sentenced for Failure to Pay and Filing False Taxes

20-Story Residential Tower Proposed Atop Boston Parking Garage

Poll: Many Community Banks Lack CECL Task Force

Another Shopping Mall Property Marketed for Redevelopment

18K SF Parcel Sold in Reading for Over $1M

Tribes Want Feds to Explain Controversial Land Decision

MassArt Gallery Gets Upgrades

Berkshire Bank Partners with Michigan Financial Advisory Company

(ISSN 0005-5409)

Volume 199, Number 38 Published each Monday. ©2018 The Warren Group Inc., 280 Summer Street, Boston, MA 02210-1131. All rights reserved. No part of this publication may be reproduced without the written consent of the publisher. Banker & Tradesman™ and The Warren Group™ are trademarks of The Warren Group Inc. Subscriptions to Banker & Tradesman: Premium: One year – $379 Two year – $679 Single copies are $10.00 each and are on sale at the offices of the publisher. POSTMASTER: Send address changes to: Banker & Tradesman The Warren Group 280 Summer Street, Boston, MA 02210-1131 Phone: 617-428-5100. Fax: 617-428-5119. www.bankerandtradesman.com Periodicals postage paid at Boston, MA

Putnam’s Decision to Remain Downtown Was No Slam Dunk

POLL RESULTS B&T’s readers think that the city needs more affordable housing and should put it in the tow lot on Frontage Road. What’s the best use for the Frontage Road parcels currently home to Boston’s tow lot?

41% Workforce/affordable housing. 24% Luxury condo/apartments. 18% Transit connections. 12% Luxury condo/apartments. 5% Transit connections.

SEPTEMBER 17, 2018

BANKER & TRADESMAN | 3

RESIDENTIAL REAL ESTATE COMMERCIAL INTERESTS

NIMBYs Paralyze Housing Development BU Study Finds ‘Racially Coded’ Language in Development Objections BY SCOTT VAN VOORHIS BANKER & TRADESMAN COLUMNIST

relatively small group of NIMBY homeowners has paralyzed the housing market in the suburbs of Boston, choking off new construction and driving up prices and rents. That’s the verdict of a groundbreaking new report out of BU, which sifted through thousands of comments made at zoning and planning board hearings on new housing proposals in 97 different towns and cities in Massachusetts. Older white homeowners, most of them men, were the ones showing up at these meetings. And nearly two-thirds of the public comments at these hearings, or 63 percent, were opposed to new housing, with just 14 percent in favor. But just what’s behind this entrenched opposition to new homes, apartments and condos, especially in the suburbs, where it has been the fiercest? Is it a case of “wealthy white homeowners” taking advantage of local zoning laws to “protect their investments?” That’s what one of a pair of BU professors who wrote the report recently suggested to the Globe.

Or are more emotional and irrational forces driving this opposition, from general anxiety over change to racist fears that new apartments and new homes will bring people of different skin colors and backgrounds to town? Having spent nearly three decades writing about housing in form or another – and having attended my fair share of heated zoning hearings – I believe the latter is true.

The idea that wealthy white homeowners are banding together as a class to protect home values bestows far more rationality on the opposition to new housing than it deserves.

Facts Don’t Change Minds

The idea that wealthy white homeowners are banding together as a class to protect home values bestows far more rationality on the opposition to new housing than it deserves. Yes, opponents to new housing will cite all sorts of seemingly factual arguments about why a new apartment complex or subdivision will be bad for the neighborhood or for the town. The problem is there’s little evidence that new housing is harmful to communities or, on the micro level, to individual neighborhoods. It’s just the opposite. The NIMBY types who too often dominate the hearings on new housing proposals will claim the value of their homes will drop after a new rental building opens, even when studies out of Harvard and other institutions have found that multifamily housing has little impact on values, and, when it does, it is positive, not negative.

They’ll complain about traffic, when again, there’s little evidence that apartments are contributing to our clogged roads. In fact, I’ve heard the traffic argument used to argue for a commercial or retail use for a property instead of residential, which should make zero sense to anyone capable of doing fifth grade math. And they’ll drum up all sorts of scarysounding faux environmental concerns that no amount of facts and reason – or expensive studies paid for by the developer at the request of local officials – will ever dispel. Let’s not forget the crowded schools argument – that new apartments will dump more kids in the local schools and driving up taxes – a fear thoroughly debunked in studies by UMass Dartmouth and other local research institutions. It’s not logic or economic interests that are

driving the intensive and relentless opposition to new housing. It’s fear and prejudice. In fact, the BU report itself furnishes quite a bit of evidence to back this up. “Neighborhood character” was one of the major objections opponents have been raising during hearings on new housing in towns and suburbs across Eastern Massachusetts, according to the BU study. And of those who cited neighborhood character, 11 percent used “racially coded” language. A Beverly man, for example, slammed the design of a building as “ridiculous,” warning it would make the North Shore town look Chelsea, which happens to be 62 percent Hispanic. “He went on to ask if there is a restriction put on the building that there is to be no Section 8 housing in the building,” the report notes.

Continued on Page 7

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4 | BANKER & TRADESMAN

SEPTEMBER 17, 2018

OPINION EDITORIAL

EDITORIAL CARTOON

A Story of Survival: Harold Brown Steps Down

espite his more than nine decades on this earth, it seemed like Harold Brown was never going to retire. Since he bought his first Boston property in 1954, Brown has created one of the largest privately held real estate companies in New England, with 5,600 units of multifamily housing and 1.3 million square feet of commercial space. Brown’s legacy is one of endurance. Interviewed many times over the years in the pages of this newspaper, on one occasion in 2013 he shared his top five real estate business lessons; the fifth was “Live long enough and you’ll be successful.” He was part of one of the largest bankruptcies in the state’s history in the early 1990s; years later, in the midst of the toughest economic climate in recent memory, Brown bought a luxury apartment complex in Brookline for $129 million. It was one of the largest transactions in the country at the time. Since then the company has continued to expand, particularly in Allston, where it acquired the home of neighborhood icon the Sunset Grill, and launched a phased development at Packard’s Crossing. Brown’s famously no-nonsense approach may have rankled some, but his dedication to underserved communities has earned him accolades. Brown’s legacy is also one of community service and support. The company owns and manages thousands of units of workforce and moderate-income housing, providing safe and affordable places for working families, students and neighborhood businesses. Most rents fall in the sweet spot between subsidized and luxury, a section of the market starved for inventory, and the company is committed to preserving those rents. At last year’s groundbreaking for the second phase of Packard’s Crossing, Brown said the goal “is to create a ‘New Boston,’ a more affordable place where individuals, families and businesses can live, work, study and thrive.” He also founded The Hamilton Co. Foundation in 2011, now run by his brother, Ronald Brown, which gives out roughly $1 million each year to local nonprofits. And then there’s the (possibly apocryphal) story that makes the rounds at buildings owned by The Hamilton Co. It’s said that at one time no pets were allowed in any of the company’s buildings. Then one night a woman’s illegal cat woke her up when the building was on fire, saving lives and an expensive investment; from then on, cats were welcome. (A Hamilton Co. spokesperson was unable to confirm or deny the veracity of this story by press time.) Harold Brown’s investment in and commitment to the city in which he was born is a testament to his character and his determination. He is a shrewd businessman, a savvy investor and – in a city where it’s sadly still rare – a good landlord. After weathering about five real estate cycles, Brown departs in what may well be Boston’s golden era. And although it seemed he never would retire, after a lifetime in the Boston housing and development industry, he deserves to go out on top.

Banker & Tradesman Cassidy Murphy

Associate Publisher c m u r p h y @th e w a r r e n gr ou p . c om

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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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T H E N AT I O N ’ S H O U S I N G

Should Realtors’ Ethics Violations Be Available to the Public? Realtors Can Stop Waiting for a Way to Track Violations BY KENNETH R. HARNEY WASHINGTON POST COLUMNIST

n an era when you can find almost anything you want to know online about real estate – the estimated market value of a house, the rankings of neighborhood schools, crime rates, walkability and much more – there’s one important subject that’s difficult for consumers to check out: Ethics infractions by local Realtors, including agents you might want to hire to list your house or help you buy. You can see tons of agent reviews and ratings on sites like HomeLight and Zillow, but you really have to dig to find out that a particular agent has allegedly: • Failed to disclose a fuel leak from a nearby facility that endangered the drinking water of houses, including the one the agent sold to unsuspecting clients. • Misled buyers about the cause of a strange odor in a house listed by the agent, terming it nothing more than “sea air,” when in fact the sickening smells came from a buried septic tank and an oil tank on the property. The house ultimately had to be removed from the site. • Concealed the fact that the agent representing the seller and the agent representing the buyer shared a massive conflict of interest: They were married to one another. • Disclosed confidential information about the seller’s dire health condition. “You can offer whatever you want,” the agent representing the seller allegedly told the buyers. “She’ll take it.”

tary for local associations, won’t take effect nationally until next January. The head of the committee that recommended the policy to the board said in a statement quoted in Realtor magazine that, “This is what people have been wanting for so long. Right now, we don’t know who the violators are because it’s not published.”

Realtors Can See What Consumers Can’t

But there’s something missing in this effort at greater transparency. The list of violators will only be permitted in publications that are accessible to local members of the participating associations. Homebuyers and sellers will not be able to check whether the agents they’re considering hiring are on the infractions list or not. So why not let us consumers know about violations? Some Realtors have mixed feelings on the matter. Anthony Lamacchia, broker-owner of Lamacchia Realty Inc. in Waltham, Massachusetts, told me, “I’m of two minds” on disclosing to the general public. At first reading, he said, the policy “sounds pretty well stacked in the Realtor’s favor.” On the other hand, Lamacchia said, most ethics cases involve “agent-to-agent” conflicts “that don’t affect the consumer,” such as complaints filed by one agent about the business practices of a competitor. Dana Hollish Hill, a Realtor in Washington D.C. and an instructor on ethics, said she would not object to wider dissemination of ethics violations “as long as all the information is presented in context.” It should show degrees of severity – if someone got slapped on the wrist for a minor mistake, it should be clearly distinguished from more serious violations that have the potential to affect clients. Elizabeth Weintraub, a Realtor in Sacramento, California, said “ethics violations are either serious or they’re a joke, and that’s the problem with the ethics complaint program. You don’t know which. The public viewing of dirty laundry is never gonna happen.” Absent disclosure of ethics infractions by local Realtor associations, where can you go for information? One possibility is your state real estate commission, which may allow you to search for violations if you look up the agent’s realty license number. Or you can search for reviews – or take note of the lack thereof – on Realtor.com.

“This is what people have been wanting for so long. Right now, we don’t know who the violators are because it’s not published.”

These are actual instances of violations of the Code of Ethics of the National Association of Realtors (NAR), a detailed set of rules which the 1.35 million members are required to follow. Realty agents who are not members are under no such restrictions. The total number of ethics complaints and cases in a given year tends to be small. NAR does not track complaint statistics, but Jill Landsman, spokeswoman for the Northern Virginia Association of Realtors, said that so far in 2018, there have only been 96 ethics-related cases filed with her association, out of a total 12,881 members. Earlier this year, the NAR’s board of directors adopted a policy change allowing local associations of Realtors to publish the names of members who have two ethics violations within a three-year period, along with details of the infractions. The policy, which is volun-

Ken Harney’s email address is harneycolumn@gmail.com

SEPTEMBER 17, 2018

? BANKER & TRADESMAN | 5

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SEPTEMBER 17, 2018

BY THE NUMBERS COUNTY CLOSE-UP

PLYMOUTH

SPOTLIGHT Marshfield Marshfield, named for its many salt marshes, has a 5-mile-long seashore. Eight beaches are open to the public and are popular summer destinations: Rexhame, Fieldston, Sunrise, Ocean Bluff, Brant Rock, Blackman’s Point, Blue Fish Cove, Green Harbor or “Burke’s Beach.”

STATISTICAL SNAPSHOT MEDIAN SALES PRICE Change from 2017

TOTAL AREA 31.7 square miles POPULATION 25,132 DENSITY 882

YEAR SETTLED 1632

TAX RATES Residential: Commercial:

YEAR INCORPORATED 1640

TOTAL NUMBER OF HOUSING UNITS 9,954

$13.37 $13.37

SALES VOLUME

Community

Jan.-July 2018

Jan.-July Change from 2018 2017

Abington

$365,000 5.80% 105 12.90%

Bridgewater

$400,000 11.11% 116 1.75%

“I’ve got a house where I brought the kids up in Boston. That was the main digs for 30 years. … It’s the house that Aerosmith had its second career in. I have two dogs and a cat, and so, so, so much history in it.”

Brockton

$285,000 9.62% 538 0.19%

— Steven Tyler, lead singer for Aerosmith, said about living in Plymouth County

Carver

$340,000 9.68% 83 7.79%

Duxbury

$695,000 4.20% 125 -11.97%

East Bridgewater

$365,000

Halifax

$354,000 7.31% 48 2.13%

500000 $500,000

Hanover

$541,000 13.06% 101 -17.21%

$400,000 400000

Hanson

$360,000 17.65%

67 17.54%

$300,000 300000

Hingham

$792,500 2.34% 201 30.52%

$200,000

Hull

$385,250 -8.16%

Kingston

$400,000 -2.20% 115 41.98%

Lakeville

$342,000 2.70%

11.96%

86 10.26%

$405,000 -2.41%

Marshfield

$440,000 4.20% 183 3.98%

Mattapoisett

$399,500 -2.85%

Middleboro

$319,900 3.86% 147 17.60%

Norwell

$635,000 -2.31% 107 24.42%

Pembroke

$385,000 5.48% 123 -12.77%

Plymouth

$360,000 7.46% 505 3.70%

Plympton

$505,000 36.49%

13 -48.00%

Rochester

$384,500 1.72%

36 -12.20%

Rockland

$340,000 17.28% 111 6.73%

Scituate

$587,750 9.86% 176 -8.81%

Wareham

$255,500 8.72% 210 -1.41%

West Bridgewater

$317,500

Whitman Plymouth County

200000

$100,000

100000

75 -12.79%

Marion

-6.62%

MEDIAN SALES PRICES

5.00%

40 8.11%

50 19.05%

6.98%

3,573

’09 2009

’10 2010

’11 2011

’12 2012

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

’14 2014

’15 2015

’16 2016

’17 2017

• Source: The Warren Group

SALE VOLUME

TOP 3 MORTGAGE LENDERS Rank

4000 4000 3200 3200 2400 2400

Lender

% of Market Share

Rockland Trust Co.

6.45%

Quicken Loan Inc.

4.82%

LoanDepot.Com LLC

4.19%

Rankings and Mortgage Market Share stats include purchase and refinance mortgages for single-family homes through June 2018 Market share percentage based on volume of mortgages • Source: The Warren Group

1600 1600

TOP 3 LOAN ORIGINATORS

800 800

’18 2018

Plymouth Massachusetts

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

Rank

-28.00%

2.58%

’13 2013

• All sales thru July YTD

$324,000 2.86% 92 -3.16% $368,000

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 ’09

’10

’11

’12

’13

’14

’15

’16

’17

’18

• All sales thru July YTD

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

Lender

Organization

Meghan Rooney

John D. Hancock Jr. Rockland Trust Co.

Robert S. Melone

Rockland Credit Union

Radius Financial Group

Ranked by volume of loans through June 2018

TOP 10 EXISTING HOME SALES

Rank

Street Address Community

Buyer Seller

Date Price

Street Address Community

Buyer Seller

Date Price

248 Wompatuck Rd. Hingham

Mark E. Stoeckle Daniel J. Coughlin

7/27/2018 $3,500,000

694 Main St. Hingham

694 Main Street RT Marion Martignetti

5/9/2018 $2,200,000

13 Pine Tree Dr. Wareham

Michael P. Haseltine Angela M. Sullivan

6/14/2018 $2,375,000

7 Martins Cove Rd. Hingham

Jill S. Oconnell KGD RT

6/29/2018 $2,100,000

11 Paige St. Hingham

Christopher Mutz Peter J. Martin

5/24/2018 $2,300,000

44 Ocean Ave. Scituate

Donald F. Gillespie John G. Hennessy

6/20/2018 $2,000,000

25 Mount Pleasant Ave. Hull

Martin J. Davy Robert A. Lincoln 2008 T

6/8/2018 $2,250,000

26 Burditt Ave. Hingham

Derby Academy Sarah C. Gioffre

5/31/2018 $1,92018,605

60 Powder Point Ave. Duxbury

Mokash Sharma Andrew F. Rockett

6/1/2018 $2,235,000

166 North St. Hingham

Louis D. Lieto Benjamin J. Eckert

6/28/2018 $1,909,800

• Statistics from May-July 2018 • New Construction Excluded • Source: The Warren Group

Rank

SEPTEMBER 17, 2018

BANKER & TRADESMAN | 7

COMMERCIAL REAL ESTATE TA L E O F T W O C I T I E S

Continued from Page 1 Cities including New York and San Franthe residential exemption on property taxes. cisco have enacted transfer fees in recent The group favors a transfer tax on transacyears on big-ticket residential transactions, tions over $2.5 million and using the proand Somerville is seeking to do the same ceeds to subsidize affordable housing. through a home rule petition requiring leg“There is a huge transformation under islative approval. way not just in the skyline, but in the deThe report also calls for a “vacancy tax” mographics of Boston in certain neighboron high-end properties that are vacant more hoods,” said Chuck Collins, director of the than half the year, and recommends owners institute’s program be required to dison inequality and the close their financial common good. “Our interest on deeds. report is an attempt Using Boston asto raise the flag and sessors’ data, the IPS say, ‘Is this who we report analyzed the want to become? number of luxury Who is Boston for?’” condos with owners The findings rewho don’t claim the kindle a debate over residential exempwhether luxury detion tax abatement in velopments help a dozen major new control local housdevelopments, and ing costs by adding the number of units supply, and whether owned by corporanew taxes and fees tions or trusts. Averon luxury properties age sales prices in the should subsidize afbuildings studied ex– Boston Mayor Marty Walsh fordable and workceed $3 million. force housing. Nearly two-thirds While acknowledging the benefits of of the 1,805 units did not claim the residenthe housing boom on construction emtial exemption, including 88 percent of the ployment and tax revenues, the institute’s condos in Le Jardin and 82 percent at the “Towering Excess” report warns of increasMandarin Oriental. At the 443-unit Miling social stratification and potential for lennium Boston tower, 158 units are owned money laundering through property transby trusts and limited liability corporations, actions. which are not required to disclose ownership.

“People are losing apartments in Boston. I’m not sure how much a Millennium Tower $20 million condo is affecting somebody’s housing stock in Dorchester, but it’s something we have to look at.”

Planes, trains, and trucks – relationships that help you move forward Guillow’s Toy Airplanes $1 Million Business growth for iconic toy plane manufacturer Wakefield, MA

Edaville Railroad $14 Million Theme park expansion Carver, MA

Source: Boston Assessing Department

Somerville Mayor Seeks to Discourage Speculation

Nearly eight of 10 condo owners at the Millennium Tower Boston do not claim the residential exemption listing their multimillion-dollar condos as a primary residence and qualifying for a property tax reduction.

The lack of transparency makes real estate investments an ideal mechanism for money laundering, IPS’ Collins said. Boston Mayor Marty Walsh said he’ll analyze the report, but questioned whether high-end development has an effect on housing prices elsewhere in the city. “We’re seeing a problem where people are losing apartments in Boston. I’m not sure how much a Millennium Tower $20 million condo is affecting somebody’s housing stock in Dorchester, but it’s something we have to look at,” Walsh said last week. The city has imposed new affordable housing requirements under Walsh’s administration. A revised inclusionary development policy which took effect in 2017 increased fees on developers who don’t include income-restricted units in projects, and it set higher minimum affordable housing requirements in the city’s pricier housing markets. Boston voters also enacted the Community Preservation Act in 2016, which imposed a 1 percent property surtax effective July 2017 for affordable housing Walsh has set a goal of generating 53,000 new housing units citywide by 2030, and the Boston Planning and Development Agency has approved more than 27,000 housing units since January 2014, according to BPDA data. “I’m focused on building low-income and moderate-income housing and that’s what we’re focused on in the city,” Walsh said. “We inherited a housing shortage. It’s no one’s fault: it’s Boston’s popularity. People were moving out in the 1970s and ’80s and now that’s not the case. The positive side is we’ve changed the IDP to get more money, and we’ve been able to invest a lot more money into affordable housing.” The BPDA in June approved an 8 percent increase in linkage fees paid by com-

$2.4 Million Rebuilding a dealership Worcester, MA

To learn more, call 508.732.7072 or visit RocklandTrust.com.

Member FDIC

Email: sadams@thewarrengroup.com

NIMBYs Paralyze Housing Development Continued from Page 3

Dario Diesel Trucks

mercial developers to support housing production, to $9.03 per square foot. In Somerville, Mayor Joseph Curtatone is backing a home rule petition that would impose a 1 percent fee on both buyers and sellers in residential transactions involving real estate trusts or limited liability companies. The fee would not apply to transactions between family members, or properties used as primary residences for the past two years. Proceeds would go to the city’s affordable housing trust fund. Rep. Michael Connolly, D-Cambridge, has twice filed legislation since 2017 that would enable all Massachusetts cities and towns to enact similar provisions without having to seek special legislation. Connolly’s bill would let communities set a transfer fee ranging from 0.5 to 2 percent on all real estate transactions. Communities would have the option of exempting some populations and transactions below the previous 12 months’ mean purchase price. “In this context where values are doubling and tripling in very small amounts of time, can we as a community say we’ll take 1 or 2 percent and keep it in the community?” Connolly said. After holding a hearing on “high-end blight” caused by unoccupied luxury units last spring, the Boston city council expects to revisit the topic this fall. Councilor Lydia Edwards, who chairs the housing and community committee, said the current regulations aren’t stemming displacement or controlling housing costs. “We’re just looking at who we are not protecting. The new units coming online, many of them are not accessible by Bostonians,” Edwards said. “They seem to be owned by people who don’t live here, and the report really demonstrated that.”

The reference to Section 8 housing is something I’ve heard thrown out a number of times over the years by opponents, often about projects that are mainly market rate. The inference is clear – that somehow the apartment project will attract welfare recipients to the town. Another is the idea that proposals for new, mainly market-rate apartments with a sprinkling of affordable units will somehow morph into large, troubled public housing projects, straight out of the Chicago’s South side. Sounds ridiculous, but that’s the kind of crap people will spout, and keep spouting, long after they have been confronted with reason and facts. Still, the study notes that most of the comments that pertained to neighborhood character could not be classified as using “racially coded” language. That may be – and it might also be that

some people are more careful about what and how they say it than the Beverly blowhard cited above even if, at heart, they are fearful of where their new neighbors will come from and what they will look like. Maybe things have changed, but I never heard any pushback when someone pulled the Section 8 bogeyman out at a hearing on a new apartment development, whether from the public or the elected officials on the planning or zoning boards. Maybe others were cringing as well, I don’t know. The animus against new housing, and especially new apartment construction, is strong. And frankly, there’s a lot of fear and gutter racism masquerading as concern about traffic, density and “neighborhood character.”

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

8 | BANKER & TRADESMAN

SEPTEMBER 17, 2018

BANKING & LENDING C R A R E VA M P

OCC Requests Public Comment on CRA Updates Assessment Areas, Clarity Could Be Part of Modernization BY BRAM BERKOWITZ BANKER & TRADESMAN STAFF

he U.S. Office of the Comptroller of the Currency at the end of August published an advanced notice of proposed rulemaking, calling for public comment on ways to modernize and transform the Community Reinvestment Act. While the effort was not done in tandem with the Federal Reserve or the FDIC, the comments could help frame new CRA rules, a change in which all agencies have expressed interest and a large majority of bankers have greatly desired for years. Experts say modernization efforts will focus on the future role of assessment areas in which banks lend, how institutions are evaluated and the ways in which the process can be clarified and made easier for banks to follow. “I think there is widespread agreement in the regulatory community and among bankers and activists that after 40 years of being in place, the law should be revisited,” said Tom Curry, a partner at Boston-based law firm Nutter, former comptroller of the OCC and who formerly served as Massachusetts banking commissioner. “With the development of fintech, people are feeling that the existing approach based on assessment areas and brick and mortar may not be as relevant as it once was.” Enacted by Congress in 1977, the CRA is intended to encourage depository institu-

tions to help meet the credit needs of low- and moderate-income neighborhoods in the communities in which they operate, while not compromising the financial health of the bank. State-chartered banks are evaluated by the Massachusetts Division of Banks and typically another federal agency, while federally chartered banks are typically evaluated by the OCC. CRA grades, which range from “needs improvement” to “outstanding,” are important for banks because regulators are less likely to allow banks to make acquisitions, open new branches and participate in other growth activities if they receive poor CRA marks.

Providing Clarity

The CRA has received criticism for lacking clarity about how banks are graded and for which projects they will receive credit. Grading is based on comparisons to other banks with similar assessment areas. But those banks can change year to year, and the only way to get data on them is when CRA grades are published, by which point the information may be obsolete, said Len Bolton, director of compliance at Rockland Trust. It can also be difficult to determine which projects count toward CRA credit. Rockland in the past made a loan to a local hospital that primarily serves low-income communities, but because the hospital is in a middle-income census tract, the bank had trouble getting CRA credit, Bolton said. Confusion also appears to arise when it comes to affordable housing projects, said Clark Ziegler, executive director of the Massachusetts Housing Partnership.

“I think there is widespread agreement in the regulatory community and among bankers and activists that after 40 years of being in place, the law should be revisited.” – Tom Curry, partner, Nutter Projects in the suburbs of Massachusetts are usually mixed-income developments, where 25 percent of the units are affordable and the rest are market rate. Some regulators, said Ziegler, will count all units in the project toward CRA, where other regulators only count the units that are affordable. “Having a way of getting an advanced opinion about something would be very helpful,” he said.

sessment areas are based by and large on brick and mortar. This made a lot of sense 20 to 40 years ago, but now with tech, consumers are not relying on or using the branch like they used to.” Another issue with geographies is that the CRA encourages banks to concentrate on some areas more than others, said Ziegler, who said banks tend to go for CRA projects that fall into the primary market of their assessment area. Banks will compete intensely for CRA projects if Boston is in their assessment area because they think they will get more credit from the regulators, which leaves cities like Fall River and Springfield with less investment, he said. There has been talk from the OCC about redefining assessment areas or even possibly eliminating them altogether, moves that banks tend to favor and that consumer groups tend to worry about. While there is widespride consensus about revisiting the CRA and on most of the issues that need to be examined, the challenge will be getting everyone on the same page. “I think the devil is in the details,” said Curry.

Redefining Assessment Areas

Perhaps one of the main points of contention in updating the CRA will come down to assessment areas. As part of the law, banks must delineate an assessment area in which they will lend. In general, this refers to the geographies where the bank has its main office, its branches and ATMs, as well as the surrounding areas in which the bank has originated or purchased a substantial portion of its loans. As banks have gotten more digital and grown larger, however, many banks have argued this approach no longer makes sense. “My opinion is that I don’t mind having a defined assessment area, but I think it’s time to change how that is defined,” said Bolton. “As-

Email: bberkowitz@thewarrengroup.com

GOSSIP REPORT 1

FALMOUTH

Address: 123 Penzance Road, Falmouth Price: $10,000,000 Size: 7,849 square feet on 1.47 acres Buyer: Lawrence Rudolph and 123 Penzance Road NT Seller: Eric Billings and Marianne Billings Agent: Robert Kinlin, Robert Paul Properties Inc. Sold: 8/29/2018

2,3,5

The Falmouth property in this week’s top spot sits on a Cape Cod peninsula with views and access to Buzzards Bay and Great Harbor. The property has 400 feet of private beach and a deep-water dock. It also has a separate two-bedroom beach house that is right next to the sand.

1 4

BOSTON

Address: 100 Belvidere St. #10A, Boston Price: $5,500,000 Size: 2,307 square feet Buyer: DJF LLC Seller: Emily H. Goldshine and Jeffrey A. Goldshine Agent: Brigitte LaBonte Petrocelli, Coldwell Banker Residential Brokerage Sold: 8/29/2018

BOSTON

Address: 117 Beacon St. #1, Boston Price: $4,975,000 Size: 3,031 square feet Buyer: Brad J. Mak and Brigitta Herzfeld Seller: Scott C. Collins Agent: Moran Group, Gibson Sotheby’s International Realty Sold: 8/30/2018

NANTUCKET

Address: 74-A Madaket Road, Nantucket Price: $3,815,000 Size: New construction – square footage not available – on 2.43 acres Buyer: Lawrence J. Restieri and Tara Restieri Seller: Mark A. Quigley and William Raftery Agent: J Pepper Frazier Co. Sold: 8/31/2018

BOSTON

Address: 2 Battery Wharf #2310, Boston Price: $3,700,000 Size: 2,277 square feet Buyer: Battery 2310 LLC Seller: Kathleen M. Verni and Ralph F. Verni Sold: 8/30/2018

SEPTEMBER 17, 2018

BANKER & TRADESMAN | 9

IN PERSON

An Appetite for New Restaurant Designs

Q: What are you hearing from restaurant owners about their design preferences? A: It’s what we’re hearing in a lot of sectors: people are really looking for unique experiences. Even within some of the smaller chains that we’re working with, making them very much about their locations and making sure each location feels unique. It’s something that makes it feel comfortable and those spaces feel more carefully crafted, more intentional. Everyone has seen how the boutique approach, even if it’s done in a chain format, resonates with people. For the longest time, chains focused on brand loyalty around sameness and people knowing what to expect. I know when I’m traveling for work, I also appreciate the surprises and that uniqueness that tie it to the local surroundings and the city.

In restaurants, bars are still a focal point of a lot of designs: whether it’s people sitting at the bar dining, bars are really very much integrated into the flow. For a recent restaurant project, we had three or four types of seating that felt like they were in the bar. Part of that is being part of the action: the buzz of what’s going on in a restaurant. There are still times where the private dining room is important for business dinners. One restaurant had bar seating and pizza ovens out front, and high-top seating and some more standard two- and four-tops, but they also did a lot of takeout business. So, we designed an area of just single banquettes with a little table perch, so people could have a comfortable space and not be standing in the bar waiting in the way of the action, still being accommodated.

Q: Is the industrial look still in vogue? A:

It’s funny, we joke here that if we never see another Edison bulb again we’ll be really happy. That has waned a little bit, the reclaimed wood and black steel pipes and Edison bulbs, but I still see it. It really comes down to the individual concept of the restaurant. That aesthetic has kind of run its course.

Q: What seems to be taking its place? A:

That’s what I’m trying to put my finger on. A lot of the things we’ve been working on recently have a more higher-end feel, a little more international flavor, and lots of global influences, really focusing on the concept and cuisine. We’re seeing the international influences in the cuisine finding their way into the interiors and being true to whatever the concept is.

Q: How much do restaurant jobs cost right now? A:

Boston’s a high-cost construction market. We’re hearing from contractors that if you’re doing a full-scale restaurant with new equipment, you’re talking $350 to $400 per square foot. If you’re doing a reconceptualization of something that’s already built out, you can do a renovation for $150 to $250 per square foot.

Q: What percentage of Dyer Brown’s business is in the restaurant sector? A: Restaurants are maybe in the 10 to 15 percent range. If you add hospitality, it’s closer to 25 percent.

Q: With the growing popularity of food halls in Boston, what differentiates them from a food court? A:

BRENT ZEIGLER Title: Principal and President/Director of Design, Dyer Brown Age: 46

We’re working on a big food hall in Boston (Time Out Market at the former Landmark Center) and again, it’s going to a non-chain-based tenanting of the space. Their whole concept is they’re using the ratings of the local restaurants for best burger, best sushi, etc. and those are the people who are invited to have a kiosk within their food hall. It’s a really curated type of approach to who those vendors are. When I hear food court, it’s a handful of national chains.

Industry experience: 24 years

BY STEVE ADAMS BANKER & TRADESMAN STAFF

yer Brown’s restaurant practice has a long list of reservations. The Boston-based architecture firm recently completed projects for Red Heat Tavern’s newest location in Westborough, Evviva Cucina’s third and newest location in Marlborough and the Latin-Asian concept It’s what we’re hearing in Nahita, which reopened last a lot of sectors: people are week following a redesign of the former Liquid Art House in really looking for unique Boston’s Back Bay. Dyer Brown’s experiences. current projects include the 20,000-square-foot Time Out Market food hall at the Fenway’s Landmark Center scheduled to open next year. Dyer Brown Principal Brent Zeigler grew up in small-town Ohio and worked at firms including Elkus Manfredi Architects and Einhorn Yaffee Prescott before joining Dyer Brown in 2011.

Q: As a cook and gardener, what’s your go-to meal at home? A:

For me being a designer and architect, the most rewarding thing is when I go to the fridge and open it up and create something. It’s not about cooking from recipes. It’s really about looking in there and seeing what the materials are, putting it together in a good way.

Red Heat Tavern

ZEIGLER’S FIVE FAVORITE COLOGNES:

Eight & Bob, The Original

Givenchy, Play

Jo Malone, Pomegranate Noir

Victor & Rolf, Spice Bomb

YSL, L’Homme

10 | BANKER & TRADESMAN

SEPTEMBER 17, 2018

BANKING & LENDING N E W T E C H N O L O G Y- D R I V E N W O R K S T R E A M S

Banks’ Readiness for B2B Real-Time Payments Growing Trends Force Banks to Adopt Real-Time Payments Without a Strategy ERICA BAUMANN SPECIAL TO BANKER & TRADESMAN

anks hesitate to make a large technology investment to accommodate a new payment workstream without fully understanding the market demand and having a realistic expectation for adoption. The stakes are higher with the launch of The Clearing House’s real-time payments (RTP) system. However, banks urgently need to develop a strategy, or they risk falling behind the market expectations. Aite Group conducted a survey of executives from the top 20 U.S. banks to understand their adoptions of real-time payment systems and the market expectations of the industry. The executives surveyed between January and March of this year are responsible for forming and implementing realtime payment strategies at their organizations and have titles such as “real-time payments product manager” and “director of strategy.”

Since The Clearing House has launched the RTP system, the first new payment workstream in the U.S. in 40 years, banks have been catching on to their example. Real-time payments are a reality in the U.S., and some banks have already fully enabled their corporate clients to receive and initiate real-time payments. Corporate bank clients expect their banks to keep up with market trends in new technology, including technology that they may not yet be ready to utilize. Banks recognize the need to keep up with market trends to meet customer expectations, specifically around payments. Because of these trends, these are many implications effecting the traditional payment structures banks have utilized. Aging infrastructure does not easily accommodate new payment workstreams, and technology investment is needed. Banks that do not currently offer or have plans to offer real-time payments capabilities to their corporate clients risk falling behind their competitors. Banks are also being forced to consider a business-to-business (B2B) real-time strategy before market adoption is clear because of the growing market demand. These banking institutions are ei-

Banks are also being forced to consider a business-to-business real-time strategy before market adoption is clear because of the growing market demand.

ther actively developing use cases for their clients or watching the market closely for go-to-market indicators around B2B real-time payments.

Confusion Around Industry Verticals

Real-time B2B payments have arrived in the U.S., but banks lack consensus on use cases. According to Aite Group’s survey, several U.S. banks said that one of the greatest barriers to building out a viable business case for real time B2B payments is the lack of use cases among their client base and ambiguity around which specific industry verticals to target. It is fairly common for banks to create strategies around particular industry verticals when marketing a product or solution. This helps banks showcase expertise and understanding of a particular industry and create a repeatable process for selling or cross-selling to similar businesses. Real-time payments for corporate clients are no exception, with 45 percent of banks choosing to focus on specific industry verticals in Aite Group’s survey.

AUCTION

Aite Group recommends that banks should make assumptions based on low-value wire transactions and same-day ACH transactions to help predict volumes for a brand-new payment workstream or system. Allowing receipt but waiting to enable initiation of real-time payments for corporate customers is delaying an increase in volume. Aite Group also found that understanding the strategy and timing of real-time B2B payments enablement in your technology solution is key for communication through sales and marketing channels. Targeting specific industry verticals, especially those that see benefits in request-forpayment messages, is a quick way to see return on the investment.

Erica Baumann is a senior research analyst on Aite Group’s wholesale banking and payments team. To learn more about Aite Group’s research coverage of wholesale banking and payments, please contact Aite Group at info@aitegroup.com.

AUCTION

ABSOLUTE AUCTION

43± ACRE DEVELOPMENT SITE ON NARRAGANSETT BAY

Real Estate AUCTION

24.7± ACRE TWEAVE MILL PROPERTY SITE

Hinckley Yachts®

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Rai

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off Burma Road, Portsmouth, RI

Selling to the Highest Bidder, Regardless of Price Previously Approved for PMVD - Zoned: WD

Wednesday, September 26 at 11am Preview: Wednesday, September 12 (11am-1pm) Info, Plans, Permits, Terms, Broker Reg. & More:

138 Barrows Street, Norton, MA 100,000± sf. Brick Mill Complex 12-14’ Clear Height ~ Zoning: R-60

Tuesday, September 18 at 11am Preview: Tuesday, September 11 (11am-2pm)

Info, Terms, Broker Registration, and More at:

www.JJManning.com

(800) 521-0111

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Banker & Tradesman

Auction in Cooperation with Robert Cronin

Banker & Tradesman

(800) 521-0111

MA Co. Lic 3184 • Ref 18-1788

SEPTEMBER 17, 2018

BANKER & TRADESMAN | 11

CLASSIFIEDS SECTION

THE ONE PLACE TO FIND OPPORTUNITIES

Classified Ads can also be accessed online. Visit bankerandtradesman.com and click on The Marketplace.

RESIDENTIAL REAL ESTATE

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AUCTION

EDUCATION

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HELP WANTED

To Place an Ad in Classifieds, Please Contact Steve Ketler at 617-896-5307.

AUCTION Mortgagee’s Foreclosure/ Secured Party’s

AUCTION Pocksha Pond

57 Long Pond Point Rd., Lakeville, MA 47,684± sf. Complex on 8± Acres k/a “Island Terrace Nursing Home”

Thursday, October 4, 2018 at 11am Tours: Sept. 25 (11am-2pm) & Oct. 4 (9am-11am)

$100k certiﬁed deposit; additional $150k certiﬁed deposit due within 5 days; 45 days to close. Info, full terms, inventory & photos of UCC Secured Party Sale at:

www.JJManning.com (800) 521-0111

MA Co. Lic# 3184 • Ref # 18-1795

Banker & Tradesman 1/4 page

V I S I T C L A S S I F I E D S. B A N K E R A N D T R A D E S M A N. C O M

12 | BANKER & TRADESMAN

SEPTEMBER 17, 2018

CLASSIFIEDS SECTION

THE ONE PLACE TO FIND OPPORTUNITIES

Classified Ads can also be accessed online. Visit bankerandtradesman.com and click on The Marketplace.

RESIDENTIAL REAL ESTATE

COMMERCIAL REAL ESTATE

AUCTION

EDUCATION

PROFESSIONAL SERVICES

HELP WANTED

To Place an Ad in Classifieds, Please Contact Steve Ketler at 617-896-5307.

AUCTION

Public Auction

WEDNESDAY, SEPTEMBER 26TH at 2:00 P.M. MORTGAGEE’S SALE OF REAL ESTATE

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1% BROKER INCENTIVE OFFERED!!! SALE PER ORDER OF MORTGAGEE ATTORNEY BRADFORD R. MARTIN JR. OF THE FIRM OF FITZGERALD AT LAW 46 CENTER SQUARE, EAST LONGMEADOW, MA ATTORNEY FOR MORTGAGEE Terms of Sale:

$25,000.00 INITIAL DEPOSIT CASH OR CERTIFIED CHECK. DEPOSIT MUST BE INCREASED TO 10% OF PURCHASE PRICE WITH IN FIVE BUSINESS DAYS. DAYS. 5% BUYERS PREMIUM APPLIES. OTHER TERMS TO BE ANNOUNCED AT TIME. OF SALE.

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