Financial Digest

What’s UP with that? - by Kyle Kadish

Investors have multiple tools to defer tax liabilities when selling investment properties. The best known is likely a 1031 exchange - which has been around in some form or fashion for over 100 years. Installment sales have existed as part of the code for more than 75 years. Newer legislation (2017) created Qualified Opportunity Zones (QOZs)

Eastern Bank provides financing for Grace by Nia, a new 5,000 s/f restaurant

Boston, MA Three of Boston’s award-winning business leaders in the hospitality and entertainment sector, Nia Grace — owner of Darryl’s Corner Bar & Kitchen and The Underground Café & Lounge — along with Ed Kane and Randy Greenstein — owners of Big Night Entertainment Group — have joined forces to open ‘Grace by Nia’, a modern-day supper club for which Eastern Bank is providing financing

Spencer of North Easton Savings Bank elected to MBA board of directors

Easton, MA Rich Spencer, president and CEO of North Easton Savings Bank, has been elected to the 20-member board of directors of the Massachusetts Bankers Association (MBA) at its 2023 annual meeting. Founded in 1905, the MBA is the only association representing FDIC-insured community, regional, and nationwide banks

Gray Strategic Partners LLC launches to serve mergers & acquisitions market

Canton, MA Gray Strategic Partners, LLC, a new boutique investment banking firm, has launched operations with a focus on delivering comprehensive, end-to-end financial and strategic advisory services related to buying and selling businesses, mergers, joint ventures, strategic alliances

Fantini & Gorga arranges $5 million in financing for
multifamily property in the Allston neighborhood

Boston, MA Fantini & Gorga arranged a $5 million first mortgage for a multifamily property in the Allston neighborhood. The non-recourse loan was placed with a local bank on behalf of the sponsor, Glen One LLC,

The Village Bank promotes Franklin, Werner and others

Newton, MA At The Village Bank’s annual meeting held earlier this month, president and CEO Joseph De Vito released the following officer promotions: Andy Franklin was promoted to executive vice president/chief lending officer. Franklin will continue to manage the strategic direction of all commercial, residential and consumer lending activities

Commercial real estate: Not bottomed yet - by Daniel Calano

The commercial real estate market is seriously troubled, and relief is not in view. That said, not all commercial is the same. The broad group of commercial property includes many groups from multifamily housing, to retail, to self-storage and warehousing. Not all commercial is in the same boat. The best is multi-family. The worst case is office, and even this, can be parsed to include class A new buildings, to older deteriorated ones.

MassDevelopment issues $129m tax-exempt bond to 2Life Opus to build 174-apartment community for middle-income seniors

Newton, MA MassDevelopment has issued a $129 million tax-exempt bond on behalf of 2Life Opus Newton LLC, an affiliate of 2Life Communities Inc., which is using proceeds to purchase four acres of land at 777 Winchester St. and build a 174-apartment senior living community for individuals aged 62 and older. Dubbed Opus Newton, the community will offer gathering spaces including a library, café, business center, game room

REFA is heating up for summer

Boston, MA REFA held its Annual Past President Luncheon on Monday, May 22nd. The gathering brings together the current president, Nilesh Bubna, Longpoint Realty Partners, and all past presidents to network, learn what REFA has accomplished the past year

EagleBridge Capital arranges $22m construction/permanent financing

Redding, CT EagleBridge Capital has arranged construction/permanent mortgage financing in the amount of $22 milllion for a new self-storage facility property under construction. The mortgage financing was arranged by EagleBridge senior director Brian Walsh who said that the loan was provided by a major national bank.