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
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
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.
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.
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.
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.
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%.
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.