Banker & Tradesman: Sept. 21, 2020

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FROM THE EDITOR To our readers: As part of Banker & Tradesman’s mission to keep the real estate and banking industries informed, this week’s issue is focused on how actors in both industries can and are responding to the incredible challenge society has put before them: to respond to America’s troubled racial history. It’s part of an occasional series exploring the ways a national reckoning with this history intersects with the businesses we cover. We encourage you to continue the conversation in our pages with letters to the editor and columns about how lenders, developers and real estate agents can respond to the moment. – Managing Editor James Sanna

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

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County close-up: Mendon Spotlight: Worcester

IN PERSON

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When Josh Feinblum looks at mortgage lending five years from now, he hopes to see community banks and credit unions competing with larger institutions without having to go through extensive consolidation to make this happen. And he would like to see his financial technology platform, Stavvy, playing a role.

WEEK OF MONDAY, SEPTEMBER 21, 2020

RESIDENTIAL REAL ESTATE BY THE NUMBERS

LEFT BEHIND

HIGH HURDLES REMAIN FOR ROXBURY DEVELOPMENTS

$1.25 million The median single-family home sale price in Newton, year to date. See Heather Beasley Doyle’s story on page 10. Source: The Warren Group’s Statistics Module

6,876 square feet The size of the fourth home in this week’s Gossip Report. See page 9. Source: MLS PIN

8 percent The growth in the median singlefamily sale price in Worcester, year-to-date. See By the Numbers on page 6. Source: The Warren Group’s Statistics Module

$500,000 The median condominium sale price in Newton, year to date. See Heather Beasley Doyle’s story on page 10. Source: The Warren Group’s Statistics Module

Three developers are vying for the chance to develop parcel 8 in Roxbury’s Nubian Square, including NuGateway’s proposal for a mixed-income housing tower, office space and a public market.

1,886

3.67 acres The size of a property in this week’s Gossip Report, marketed as the potential site of a family compound. See page 9. Source: MLS PIN

36 percent The share of Greater Boston’s Black households who own their own home. See Heather Beasley Doyle’s story on page 10. Source: U.S. Census Bureau

68.4 percent The share of Greater Boston’s white households who own their own home. See Heather Beasley Doyle’s story on page 10. Source: U.S. Census Bureau

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.

Nubian Square Parcels Attract Diverse Proposals BY STEVE ADAMS BANKER & TRADESMAN STAFF

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n a decade of commercial real estate success stories in Boston, the Roxbury neighborhood has lagged in attracting new employment hubs and projects that could transform long-vacant parcels. A historic building boom added 7 million square feet of new office space in Boston between 2014 and 2019, but just 1 per-

cent of the activity took place in Roxbury or Dorchester, according to Boston Planning & Development Agency data. But undeterred by that track record, a new generation of developers is testing Roxbury’s potential to join in Boston’s recent building boom, as city officials seek to attract private investment without accelerating displacement. In Nubian Square, surplus public property sales have attracted proposals for office space, a public food market, cultural centers and multifamily housing. “When we were first coming into the area looking at Roxbury as an investor and speaking with our lenders, there’s defi-

nitely interest, but there is some holdback,” said Angelo Drake, a partner at Bostonbased developer Groma. “People believe it’s more difficult to work in the area. You have to engage deeply with the community to make an investment work.” Groma, a development firm founded in late 2019, proposes a public food market and 100-unit mixed-income housing project on parcel 8, a Nubian Square development site owned by the city of Boston and state of Massachusetts. Two other development teams have submitted proposals for mixed-use projects including office space, housing and cultural centers.

Continued on Page 7

COMMERCIAL INTERESTS

LENDING GAP

In Love with Luxury Tower Plan, Agency Hurts Blue-Collar Workers

Online Lenders, Large Banks Crowd Out Community Institutions

By Scott Van Voorhis | Banker & Tradesman Columnist

By Diane McLaughlin | Banker & Tradesman Staff

Image courtesy of J. Garland

The number of homes in Mendon. See the Town Spotlight in By the Numbers on page 6. Source: U.S. Census Bureau

BPDA Misses Mark Rejecting Minority Small-Business Lending Amazon Delivery Hub Called an Opportunity for Banks

Commercial Real Estate PAGE 3

Banking & Lending PAGE 9


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