J.M. Feeney arranged financing of $3.8m for the Heritage Building
John Feeney, principal of J.M. Feeney & Associates, has arranged permanent financing in the amount of $3.8 million for The Heritage Building, 1495 Hancock St. The Heritage Building is a four-story steel and masonry multi-tenant retail and office building. Originally constructed in 1920, the building was completely renovated in the early 1980s. Formerly the headquarters of The Bank of New England, the building is fully sprinklered and has two elevators. The gross building area is 41,990 s/f. The building's primary architectural features are its concrete aggregate facade which rises from a polished black marble base and its reflective plate glass along the front and rear of the property. The first floor is occupied by Alba Restaurant, a restaurant that opened in 2002.
How many of you remember real estate development in the late 1980s? Project sourcing was difficult, until it wasn’t. Into the 90’s, a few years after, banks and other financial institutions were very happy to fund projects.
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.
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.
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
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