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Amper of Capstone sells 47,526 s/f industrial building for $3.25 million
September 15, 2023
Warwick, RI Neil Amper, SIOR, vice president of Capstone Properties has sold a 47,526 s/f industrial building on 4.27 acres at 289 Kilvert St. There were five bids on the facility and the sellers chose New England Pallet and
Bank Rhode Island provides $6.5 million financing to to Washington Street Holdco, LLC for constructi...
September 15, 2023
Providence, RI The commercial real estate division of Bank Rhode Island (BankRI) has provided $6.5 million to Washington Street Holdco, LLC for the construction of a four-story apartment. The complex is being built at 473 Washington St.
Real Estate Finance Association - Fall full of festivities
September 15, 2023
Boston, MA The Real Estate Finance Association hosted its Annual Charitable Golf & Tennis Tournament on Monday, August 28th at Dedham Country & Polo Club, benefiting Breaktime and FamilyAid. Over 130 golfers and tennis players gathered for a day of networking, golf, tennis, raffles, and most importantly – supporting two local organizations dedicated to ending homelessness in Greater Boston.
Eastern Bank places financing for LeClair Village Apartments
September 15, 2023
Mashpee, MA Eastern Bank has placed financing for the development of the LeClair Village Apartments. Scheduled to open in 2025, LeClair Village will feature 39 affordable rental units designed to serve low- and moderate-income households, including 14 one-bedroom apartments, 21 two-bedroom units, and four three-bedroom apartments. Eastern is providing a construction loan for the build-out of the Village
Rockport Mortgage Corp. appoints Frink as senior vice president
September 15, 2023
Gloucester, MA Rockport Mortgage Corp., a leading provider of FHA-insured multifamily financing, has appointed Dan Frink as senior vice president. Frink will assist Rockport Mortgage’s underwriting teams in working with the variety of third-party service providers relevant to the commercial lending business; streamlining processes, creating additional efficiencies, and mitigating issues identified in third party reports.
GSB’s Beirne receives Women of Excellence Award at the
Shoreline Chamber’s 8th Annual Women ...
September 15, 2023
Guilford, CT GSB employee Christine Beirne was honored as a Woman of Excellence at the Shoreline Chamber’s 8th Annual Women of Excellence Awards luncheon on Tuesday, August 22nd. Beirne, executive vice president, chief talent and culture officer, is one of six women honored at this year’s event. The awards luncheon was hosted by WTNH’s Ann Nyberg, at The Woodwinds in Branford.
Brissette joins Rockland Trust’s dealer financial services lending team
September 15, 2023
Boston, MA Rockland Trust has expanded its dealer financial services lending team with the appointment of Aaron Brissette as vice president, commercial loan officer. In this role, Brissette is responsible for developing relationships with dealerships throughout New England and New York.
Worth Avenue Capital, LLC closes $500,000 short-term bridge loan
September 15, 2023
Old Lyme, CT Worth Avenue Capital, LLC closed a $500,000 short-term bridge loan for a small privately held financial services company with offices in both New York City and the Connecticut shoreline. The loan is secured by a first mortgage on a luxury property that is located in the hub of Old Lyme, Connecticut with an underlying LTV of 40%.
Kasparis joins Union Savings Bank as assistant vice president, senior branch manager
September 15, 2023
Norwalk, CT According to Union Savings Bank (USB), Kostantinos Kasparis has joined the bank as assistant vice president, senior branch manager of its new full-service branch located at 454 Main Ave. In his role, Kasparis is responsible for the overall direction of the branch, new business development, and working to build rapport within the community. The new branch will be supported by the bank’s Solutions Teams, a group of local specialists that offer customized personal and business banking solutions.
Real estate development: Not a short-term game - by Daniel Calano
September 15, 2023
Real estate development, and investing, is not a short-term game, and certainly not for the faint of heart. Players risk a lot of time and money in the midst of much uncertainty. Over the last 15 years alone, they have endured the Great Recession of 2007-8, Tech bust of 2001, catastrophic weather events, COVID, increasing borrowing rates and tightening, culture shifts in office buildings, tenant bankruptcy, and retail store closings.
Recycling and restructuring: Cycles - the blue moon and restructuring activity - by David Kirk
September 15, 2023
Perfect storm during a cycle of change. Recovery during recession under monetary pressure. Restructuring activity, including Chapter 11 and consolidation - like Kimco Realty $2 billion merger with RPT Realty, exceeds 2022 so far. More deals are taking shape. The capital stack is adjusting to the rates and risks of the new normal(s). And so is property insurance where big portfolio deals will attract competition.
Do you hold a Connecticut real estate appraiser license? - by Jacqueline Beauchaine
September 15, 2023
Do you hold a Connecticut real estate appraiser license? If your answer is yes, this is a must read! The state of Connecticut has adopted new regulations that now require any licensee that falls under the Department of Consumer Protection to now submit their continuing education hours 90 days in advance of their renewal date.
Multi-family markets in transition – Value implications - by William Pastuszek
September 15, 2023
The commercial real estate (CRE) landscape looks considerably different at the end of this summer than it did a year or so ago. The commercial real estate asset run up has been over for the better part of a year. Some classes are better off than others. Some locations have done better than others. This article will focus on multi-family in Eastern Mass. Investors have become more discriminating and some are taking a break, sitting on the sidelines.
The Village Bank hires Murphy as Waltham, MA branch manager
September 15, 2023
Waltham, MA According to Joseph De Vito, president and CEO of The Village Bank, Seton Murphy has joined the bank as branch manager of the new Waltham location. Murphy comes to the bank after a 17-year tenure at Rockland Trust, where he advanced within the retail network in town through a number of promotions. He will oversee day-to-day operations of The Village Bank’s newest branch location at 251 Moody St., which is scheduled to open late this year.
Washington Trust provides $4.925m to Phoenix Central Falls
September 15, 2023
Central Falls, RI Washington Trust’s Commercial Real Estate Group recently provided $4.925 million in financing to Phoenix Central Falls Industrial Investors, LLC for the renovation and future tenant improvements of a 350,000 s/f industrial building located on Broad St. “Washington Trust is pleased to provide a financing solution for our client as they purchase and reposition this strategically located asset in Central Falls,” said Julia Anne Slom
MassHousing provides $12.9 million in financing to The Bixby in Brockton, MA
September 15, 2023
Brockton, MA The Bixby Brockton Apartments, a 106-unit affordable housing complex, is set to receive $800,000 in improvements and have affordable rents extended for the long term. MassHousing provided $12.9 million in financing. The Affordable Housing and Services Collaborative, which owns the property,
G.S. Wilcox & Co. arranges $10.2m financing for self-storage facility
September 15, 2023
Hartford, CT G.S. Wilcox & Co. has completed $10.2 million in ?nancing for a pre- stabilized self-storage facility. The ?nancing was secured by Gretchen Wilcox, president, and Albert Raymond, principal, with a 13-year term and five years interest only, followed by a 30-year amortization. The lender also provided ?exible prepayment. The ?nancing was provided by a life insurance company for The Hampshire Companies.
Forbright Bank facilitates $6.4 million loan
for affordable housing project Willow Apartments
September 15, 2023
Lynn, MA Forbright Bank, a nationwide full-service bank helping accelerate the transition to a sustainable economy, utilized its newly established Housing and Urban Development (HUD) lending platform to provide a $6.4 million loan to Willow Apartments. The financing, provided under the U.S. Department of Housing and Urban Development’s Multifamily Acquisition and Refinancing program (223f)
CoreNet Global – New England Chapter marks 6th
successful year of collaboration with CREST in...
September 15, 2023
Boston, MA This year marks the 6th consecutive year that The New England Chapter of CoreNet Global and its Diversity, Equity and Inclusion Committee (DEI) have partnered with The Commercial Real Estate Success Training (CREST). CREST is a paid internship program designed to introduce those historically underrepresented in corporate and commercial real estate to these industries in the New England region.
Keefe of GBCP, Inc. closes $3.65 million sale of 45,996 s/f office building in Walpole, MA
September 15, 2023
Walpole, MA James Keefe of Greater Boston Commercial Properties, Inc. (GBCP) represented the seller, Ellen Rosenfeld, in the sale of 2140 Providence Hwy. for $3.65 million. He was the sole broker of record in this transaction. “James immediately went into action and took every step imaginable to get my building in front of as many potential buyers as possible,” said Rosenfeld.