NorthEast Community Bank closes on $3.455 million in loans
NorthEast Community Bank (NECB) has recent closed $3.455 million in loans consisting of the following transactions:
Almar Realty, LLC arranged the following transaction:
*$975,000 in purchase money for a mortgage secured by a three-story apartment building in Malden, Mass.
1st New England Mortgage arranged the following transaction:
*The refinance of a $1.125 million mortgage secured by a six-story apartment building located in Boston.
NECB completed transactions consisting of the refinance of a three-story apartment building, located in Leominster, Mass. for $170,000 as well as a refinance of a mixed-use building located in Springfield, Mass. for $575,000. In addition, NECB offered financing for the refinance of a four-story apartment building located in Holyoke, Mass. for $610,000.
East Lyme, CT Newmark has arranged $115.6 million in financing on behalf of the sponsor to refinance The Cove at Gateway Commons and Sound at Gateway Commons. Newmark Capital Markets Strategies managing director Avi Kozlowski secured the financing through Freddie Mac.
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 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
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.