Turn to page B1 for Banker & Tradesman’s monthly coverage of all things commercial real estate.
THE FINANCIAL SERVICES AND REAL ESTATE WEEKLY FOR MASSACHUSETTS BY THE NUMBERS
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County close-up: Hampshire Spotlight: Hadley
IN PERSON
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Having started his career at an advertising agency, Tyson Nargassans never thought he would end up marketing for financial institutions. But today he runs Saylent, a marketing firm that is trying to crack one of the biggest challenges for financial institutions: How to be pertinent to their customers.
WEEK OF MONDAY, NOVEMBER 26, 2018
COMMERCIAL REAL ESTATE BY THE NUMBERS
COMMERCIAL INTERESTS
$12.06 The commercial tax rate in Hadley is $12.06 for fiscal year 2018. See By the Numbers on page 6 for more about the town. Source: Hadley Assessors Office
17 percent CMBS loans financed 17 percent of the multifamily housing market during its peak in 2007. See Ian Lane and Gary Markoff’s column on page B5 for more. Source: National Multi Housing Council
135,000 square feet Trillium Brewing Co. plans to acquire a 135,000-square-foot light manufacturing building at 100 Royall St. in Canton for a large beer hall and events facility. See this week’s Hot Property on page 7 for more. Source: Spear Street Capital
$70 million The Huntington Theatre hopes to raise $70 million for its renovation, part of the mixeduse development that will break ground next year. See Jay Fitzgerald’s article on B1 for more about the project. Source: Huntington Theatre Managing Director Michael Maso
TROT OUT THOSE TURKEYS Six Projects Top List of Biggest Development Flops This Year
BY SCOTT VAN VOORHIS BANKER & TRADESMAN COLUMNIST
I
t’s time for the annual turkey shoot, where we look at the biggest development flops, fizzles, thuds, duds, snafus and mediocrities in the making across the Bay State. I am especially thankful this year for some particularly juicy turkeys, all dressed, seasoned, patted down and ready for our roasting pleasure.
Especial thanks to Bruins owner Jeremy Jacobs and his predictably underwhelming Garden renovations, and all the good folks behind such epic misfires like GE’s move to the Seaport, Boston’s failed Amazon bid and the perpetually dysfunctional buildout of the old South Weymouth Naval Air Station. Oh yes, and let’s not forget the North-South Rail Link – here’s looking at you, former Guvs Dukakis and Weld! Here’s a list of the top five development boondoggles. Ready, aim, fire: Continued on Page 3
27 units An affordable housing development with 27 units has opened in Hyde Park. See page B1 for more about the transit-oriented project. Source: MassDevelopment
$1,334 to $1,695 Rooms in the new LightView, a 320,000-square-foot residential tower at Northeastern University, rent for between $1,334 to $1,695 per student. See Steve Adams’ story on page 7 for more. Source: Northeastern University
1 million square feet Needham-based Waterstone Properties Group acquired a 100-acre former rock quarry in Maine from a previous developer who had planned a Wal-Mart-anchored retail center, and is pursuing plans for a 1-millionsquare-foot mixed-use project anchored by Maine’s second Market Basket supermarket. See Insider Insights on page B2 for more. Source: Waterstone Properties Group
245 Scheduled for completion in 2020, 7INK by Ollie in the South End will offer 245 shared co-living apartments with disruptive design philosophies. See John Martin’s column on page B6 for more about the project. Source: Elkus Manfredi Architects
C A M P U S C O L L A B O R AT I O N S
CHARTER CONVERSION
Strong Demand for Northeastern’s New Residential Tower
Charter Change Will Relieve Bank from Qualified Thrift Lender Test
Private Student Housing Model Gains Traction By Steve Adams | Banker & Tradesman Staff
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 Real Estate PAGE 7
Radius Bank Plans to Shed Thrift Requirement By Bram Berkowitz | Banker & Tradesman Staff
Banking & Lending PAGE 8