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Finance
Posted: November 14, 2025
Real Estate Finance Association closes a successful fall season with the 37th Annual Gala
Boston, MA The 37th Annual REFA Gala was held on Monday, November 3rd at the Omni Boston at the Seaport, honoring National Development with the Swain Distinguished Service Award.
National Development joins an accomplished group of Swain Award recipients such as Paul Nasser, president, Intercontinental Real Estate Corp.; Steven Samuels, founder and chairman, Samuels & Associates; Paul Ayoub, chair, Nutter; Kirk Sykes, co-managing partner, Accordia Partners; Tammy Jones, CEO and founder, Basis Investment Group; Jon Davis, CEO and founder, The Davis Companies; Bryan Koop, EVP, Boston Properties; Pam Herbst, managing director, AEW; mayor Thomas Menino; The Bulfinch Companies Inc.; and WinnCompanies.
Learn more about the Annual REFA Gala at www.annualrefagala.com.
AI Integration Across the Lifecycle of CRE Investment
On Wednesday, October 8th, 12:00pm, at 9OFS, One Federal St., REFA’s Innovation Committee held a sold-out panel on how artificial intelligence is reshaping the commercial real estate investment lifecycle. From development and operations to capital markets, our 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 REFA board of director and innovation tri-chair, Grant Buchanan, senior financial analyst, BXP and featured industry leaders, Ryan O’Connor, associate, Emerging Technology, Suffolk Technologies, Johnny Morris, co-founder, Fifth Dimension, and Stephanie Williams, president, Bozzuto.
REFA 101: Understanding the CRE Tax Bill
Wednesday, November 12 | 12:00 – 1:00pm | Zoom/Webinar
To wrap up the year, join REFA for an in-depth REFA 101 webinar exploring the latest commercial real estate tax bill and its potential impact across the industry. Steven Kennedy, partner, PwC, and Ryan Taylor, partner, US Real Estate Tax Industry Leader, KPMG, will break down key provisions, discuss how they affect investors, owners, and developers, and share insights on what to expect moving forward.
Register online at www.refa.org under the events tab.
Save the Date: REFA Year End Celebration & Holiday Party
Monday, November 24th | 5:30 – 7:30pm | Caveau, 1 Center Plaza, Boston
More information to come!
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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Finance
Massachusetts
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Columns and Thought Leadership
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.
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.
