Banker & Tradesman: Dec. 18, 2023

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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: Princeton

Eight years of hands-on experience in the life science world was the foundation of Jane Kepros’ career switch, where she now plays a role in shaping the next generation of research facilities.

IN PERSON

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WEEK OF MONDAY, DECEMBER 18, 2023

RESIDENTIAL REAL ESTATE BY THE NUMBERS

A YEAR IN PHILANTHROPY

$20.5 million The purchase price of the first home in this week’s Gossip Report. See page 9. Source: The Warren Group

5,053 The number homes sold in Worcester County through Oct. 31. See By the Numbers on page 6. Source: The Warren Group’s Statistics Module

$5.95 million The purchase price of the last home in this week’s Gossip Report. See page 9. Source: The Warren Group

The median single-family sale price in Worcester. See By the Numbers on page 6. Source: The Warren Group’s Statistics Module

6,601 square feet The biggest single home in this week’s Gossip Report, 8 Tuthill Lane in Edgartown. See page 9. Source: The Warren Group

5 percent The increase in the median singlefamily sale price in Worcester this year. See By the Numbers on page 6. Source: The Warren Group’s Statistics Module

2,711 square feet The smallest home in this week’s Gossip Report, a condo in the Winthrop Center tower. See page 9. Source: The Warren Group

25 percent The median single-family sale price in Westminster has jumped 25 percent this year. See By the Numbers on page 6. Source: The Warren Group’s Statistics Module

Unless otherwise noted, all data is sourced from The Warren Group’s Mortgage Market Share Module, Loan

Elevated Need Prompts

Change in Giving BERKSHIRE BANK MOVES TO ‘KEEP THE LIGHTS ON’ AT PARTNER NONPROFITS BY NIKA CATALDO BANKER & TRADESMAN STAFF

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023 hasn’t just been a lean year for Massachusetts banks, but also the foundations, organizations and nonprofits that rely on their support to help communities in need. Interest rates remain high and prices haven’t come down after more than two

years of inflation. This situation made it hard for individuals, families and businesses to get by this year, leading to an increase in need and requests for support, Lori Kiely, Berkshire Bank’s foundation director, said. “A lot of organizations tell us they serve a lot more people than they ever served before. More people are finding themselves going to the food pantry because of the rise in the cost of food, and what they previously could barely afford, they can no longer afford. These challenges I think will continue next year,” Kiely said.

Berkshire saw that not just communities, but also the organizations and nonprofits it helps fund were experiencing an increase in need.

Grant Restrictions Removed

To support these groups, Kiely said Berkshire removed restrictions on the way it provides grants to organizations. The bank started to consider organizations’ requests to support operational costs amid the challenging economic environment.

COMMERCIAL INTERESTS

THE YEAR IN CRE

What Happens When 3 in 4 Homes Are Unaffordable? Political Agita

Ambitious Plans Face Steep Financing Hurdles

It’s the Housing, Stupid By Scott Van Voorhis | Banker & Tradesman Columnist

Winding Path to Profitability Detoured Development in 2023 By Steve Adams | Banker & Tradesman Staff

Originator Module, Statistics Module and/or proprietary database. For more information please visit www.thewarrengroup.com/business/ datasolutions.

Continued on Page 10

Commercial Real Estate PAGE 3

iStock illustration

$432,000

Commercial Real Estate PAGE 7


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