Financial Digest

Worth Avenue Capital, LLC closes $500,000 short-term bridge loan

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%.

Brissette joins Rockland Trust’s dealer financial services lending team

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.

GSB’s Beirne receives Women of Excellence Award at the
Shoreline Chamber’s 8th Annual Women of Excellence Awards

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.

Rockport Mortgage Corp. appoints Frink as senior vice president

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.

Forbright Bank facilitates $6.4 million loan
for affordable housing project Willow Apartments

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)

G.S. Wilcox & Co. arranges $10.2m financing for self-storage facility

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.

The Village Bank hires Murphy as Waltham, MA branch manager

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.

Multi-family markets in transition – Value implications - by William Pastuszek

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.

MassDevelopment issues $18 million bond to New England Historic Genealogical Society to expand facility

Boston, MA MassDevelopment has issued an $18 million tax-exempt bond on behalf of New England Historic Genealogical Society (NEHGS), also known as American Ancestors, which will use proceeds to expand its facility on Newbury St. to add a Visitor Complex and make other improvements. NEHGS will reconstruct and expand a vacant building at 97 Newbury St., and connect

Cornerstone Realty Capital arranges $8.125 million in financing

Bourne, MA Cornerstone Realty Capital has arranged $8.125 million in financing for the acquisition and renovation of a residential apartment complex. The property sits on a 4.03-acre parcel and is comprised of four 10-unit apartment buildings