B&T October 1, 2018

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

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County close-up: Worcester Spotlight: Harvard

As the vice president of marketing and sales at Needham-based Direct Federal Credit Union, Michael Ferreer has been implementing digital strategies for roughly four years. With only one branch, the credit union is one of the fastest growing in the state with over $630 million in assets.

IN PERSON

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WEEK OF MONDAY, OCTOBER 1, 2018

RESIDENTIAL REAL ESTATE BY THE NUMBERS

2,225 The number of housing units in Harvard in Worcester County. See the Town Spotlight in By the Numbers on page 6. Source: U.S. Census Bureau

$8.7 million The sale price of the estate in the top spot of this week’s Gossip Report. See page 8 for more. Source: The Warren Group

20% The percent of Americans who now have credit scores of 800 or higher. See Kenneth R. Harney’s column, The Nation’s Housing, on page 4. Source: FICO

4,516 The amount of square feet of the property in the second spot of this week’s Gossip Report. See page 8 for more. Source: The Warren Group

75%

CHECK, PLEASE

DEVELOPER SET TO CASH OUT

Watchdogs Say JP Project Highlights Loopholes BY STEVE ADAMS BANKER & TRADESMAN STAFF

O

ne of the ground rules for multifamily development in Boston is that market-rate projects are required to subsidize affordable units, which otherwise might never get built because of insufficient financing. Housing advocates are questioning what happens after things don’t go according to the script, as a Brookline developer who has yet to submit an $8.4 million payment toward 42 affordable units prepares to sell a year-old apartment tower in ever-gentrifying Jamaica Plain. “This is a luxury development entering into a neighborhood that we’re trying to stabilize,” said Patricia Flaherty, executive director of Mission Hill Neighborhood Continued on Page 7

The percentage of greenhouse gas emissions caused by buildings in Boston. See Rick Dimino’s column on page 5 for more. Source: Boston, the Green Ribbon Commission and Boston University’s Institute for Sustainable Energy

733 The average credit score of borrowers this year. See The Nation’s Housing on page 4 for more. Source: FICO

$17.15 The residential tax rate in Harvard in Worcester County. See the Town Spotlight in By the Numbers on page 6 for more. Source: Harvard Assessor’s Office

$3.9 million The sale price of the house in the fifth spot in this week’s Gossip Report. See page 8 for more. Source: The Warren Group

Unless otherwise noted, all data is sourced from The Warren Group’s Mortgage Market Share Module, Loan Originator Module, Statistics Module and/or proprietary database. For more information please visit www.thewarrengroup.com/business/ datasolutions.

COMMERCIAL INTERESTS

ALL CASH NO MORE

Despite Economic Growth, New Development Stagnates

Dedicated Board, Months of Preparation Behind GFA’s Decision

By Scott Van Voorhis | Banker & Tradesman Columnist

By Bram Berkowitz | Banker & Tradesman Staff

Boston’s Real Estate Market Rigorous and Detailed Process Behind Banking Marijuana is the Opposite of Hot

Residential Real Estate PAGE 3

Banking & Lending PAGE 8


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B&T October 1, 2018 by The Warren Group - Issuu