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Posted: October 10, 2025
Driving Conversation and Connection: REFA’s September Programs and Events
Boston, MA This September, REFA was proud to sponsor two CRE Collaborative programs. The CRE Collaborative first came together for a candid and informative conversation with attorney general Andrea Joy Campbell to discuss issues relating to the commercial real estate industry. Thanks to Paul Ayoub, Nutter for moderating the conversation, Taidgh McClory, THM Advisors, and Amanda Strong, Mitimco, for their thoughtful reflections, and to each of The CRE Collaborative member organizations.
The second program of the month, the 2025 Capital Investors Summit hosted by The Builder Coalition, featured keynote, Vincent Toye, managing director, head of community development banking (CDB), JPMorganChase. The national summit brought together real estate developers, capital providers, and investment institutions to create new business connections and share strategies to close persistent funding gaps for diverse and emerging developers.
On September 23 REFA hosted The Lodging Ledger: Trends & Transactions at WilmerHale; 60 State St., 26th Floor. Moderator, Trabulsi Lawrence, managing director/EVP, CHMWarnick, brought together top voices from across the hotel real estate sector, Nala Holmes, vice president, Pyramid Global Hospitality, John Murray, president & CEO, Sonesta International Hotels, and Alan Suzuki, managing director, JLL, for a discussion that dove into the forces shaping the lodging industry today. From market trends and deal activity to operational challenges and forward-looking strategies, the panel provided expert insights into how hotel assets are being positioned for success in a rapidly evolving environment.
REFA’s Innovation Committee presented AI Integration Across the Lifecycle of CRE Investment on October 8 at One Federal St. - a forward-looking panel on how artificial intelligence is reshaping the commercial real estate investment lifecycle. From development and operations to capital markets, the experts shared practical insights, tools, and strategies that demonstrate how AI is driving efficiency, enhancing value, and transforming the future of CRE investment. The panel was moderated by Grant Buchanan, senior financial analyst, BXP and featured industry leaders, Suffolk Technologies, Johnny Morris, co-founder, Fifth Dimension, and Stephanie Williams, president, Bozzuto.
The 37th Annual REFA Gala
Monday, November 3rd, 2025 | 5:30 – 8:30 p.m. | Boston Omni Hotel at the Seaport
Sponsorships and tickets are available for the 37th Annual REFA Gala honoring National Development with the Swain Distinguished Service Award.
Sponsor and/or learn more about the Annual REFA Gala at www.annualrefagala.com.
Keep an eye out as more programs and events will soon be announced for this fall. More info can be found on our website, www.refa.org under our Events tab.
Learn more about REFA, including membership, events, and ways to get involved, please visit us at www.refa.org.
Follow REFA’s LinkedIn, X, and Instagram @REFABoston.
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Columns and Thought Leadership
Reverse exchanges and the challenges of a competitive real estate market - by Michele Fitzpatrick
Our current, highly competitive real estate market poses specific challenges for investors who are considering taking advantage of a tax-deferred 1031 exchange. In this market, investors will have no problem selling their current property if priced properly, but they may find it difficult to find a suitable replacement property
Massachusetts real estate transfers over $1 million face new tax rules as of November 1st - by Daniel Meyer
Attention to owners of real estate in the Commonwealth (and the title companies and other professionals who advise them), the Massachusetts Department of Revenue (the “DOR”) recently adopted a new “millionaire’s tax” via 830 CMR 62B.2.4
The focus on price per s/f compared to the comparable sales used in the appraisal report - by Dennis Chanski
Over the past several weeks, I have completed appraisal assignments for private clients. Interestingly, after submitting these appraisals, I received several phone calls – not to question the value, content, or any incorrect information, but rather to discuss the price per s/f compared to the comparable sales used in the report.
Are appraisers on the same page as the assessor? - by Richard Seman
The purpose of this article is to address problematic or confusing issues which may help assessors and appraisers to better understand how to value real estate for tax assessment purposes.
