Beacon Communities and Harborlight Homes close on financing to redevelop Briscoe School

Beverly, MA - Beacon Communities and Harborlight Homes have closed on financing to redevelop the historic former home of the Briscoe School into a mixed-use community, centered around affordable housing for seniors, to be called Beverly Village for Living and the Arts. The financing marks the first time a Massachusetts affordable housing

EagleBridge Capital arranges $20.1 million mortgage financing for multifamily portfolio in Southern New England

Boston, MA EagleBridge Capital has arranged permanent mortgage financing in the amount of $20.1 million for a diverse multifamily portfolio located in Southern New England.  The mortgage financing was arranged by EagleBridge director Brian Walsh who stated that the loan was provided by a leading thrift institution.

Rockland Trust promotes O’Malley and Rizzo to executive leadership team

Hanover, MA Rockland Trust Company has elevated Kathryn O’Malley and James Rizzo, two tenured commercial colleagues, to the bank’s executive leadership team. O’Malley is the senior vice president, chief credit officer at Rockland Trust overseeing credit risk management, loan structuring, approval, work out, appraisal, and environmental risk mitigation for the organization.

Gregory joins Union Savings Bank as VP, construction lending manager

Danbury, CT According to Union Savings Bank (USB), Shawn Gregory has joined the bank as a vice president, construction lending manager. In her new role, Gregory is responsible for the management of the bank’s construction portfolio as well as new business development for commercial lending. 

Carthy named a principal at FinanceBoston

Boston, MA Shane Carthy has been named a principal at the growing commercial real estate capital advisory firm FinanceBoston. Carthy, who joined FinanceBoston as an associate in June 2021, will have responsibilities in business development, closing transactions and account management.

Worth Avenue Capital, LLC closes $1million construction loan to CT-based developer

Montville, CT Worth Avenue Capital, LLC (WAC) closed a $1 million construction loan to a CT-based real estate developer. The loan proceeds will be used to partially fund the construction of a 12-unit condominium complex. The loan is secured by a first mortgage on the property in Montville, as well as a junior mortgage on real property in Wilton, Conn., with an underlying LTV of 55%.

Eastern Bank adds Done Right Building Facility Services as commercial customer

Boston, MA According to Eastern Bank, Done Right Building Services, Inc. (DRB Facility Services) is a new commercial customer of the bank.  The team advising DRB Facility Services includes executive vice president, senior commercial banking officer Greg Buscone, senior vice president and commercial group director Dan Field, and senior vice president and commercial team leader James Murphy.

Army of The Foster Company earns MAI designation from the Appraisal Institute

Leominster, MA According to The Foster Company, Inc., Francis Army has achieved the MAI designation from the Appraisal Institute.  Allan Foster, president of The Foster Company said, “Frank has been a tremendous addition to our firm as an appraiser and in helping to manage the business.

Appraisal modernization and appraisal trends - by William Pastuszek

Appraisals, appraisers, and the appraisal process have received much scrutiny over the past couple of years. This is particularly so in the residential sector, where the appraisal community has entertained much attention from housing and anti-discrimination advocates. This movement includes questions and concerns about the structure and regulation of the appraisal industry.

Challenges of the appraisal profession - by John Nitz

Over the years, it is no secret that real estate appraisers have faced many challenges within their profession. In this article, I will discuss some of my own professional challenges over the past 37 years. Some of these challenges include completing the educational requirements, submitting appraisal reports on time, finding qualified help, appraising complex property types, and collecting fees from clients.