Financial Digest

Artificial intelligence sequel: dynamic change in one short month - by Daniel Calano

Yes, it’s correct…I wrote a story on AI last month, summarizing its impacts on real estate. But, I could not resist writing again on the subject because of the enormous growth over the last month in the industry and the continued amazing examples since then.

Know the risk and proceed with caution - by David Kirk

The Fed has increased the guidance for interbank lending rate 25 basis points to 5-5.5%, again, as announced May 3, 2023. Only the minutes of the meeting to be released at a later date will record the vote to do so. Chairman Powell did add some qualifying remarks in announcing the decision which underly this decision. Pause is being discussed.

Who wants to be a millionaire? - by Kyle Kadish

As voters headed to the polls last November, Massachusetts residents approved a constitutional amendment officially called “The Fair Share Amendment”. Selling real estate might subject investors to an additional tariff in their year of sale.

Busy spring for REFA

Boston, MA REFA has been busy this spring prepping for upcoming events and programs. The next education program about valuations in the commercial real estate market will be on Tuesday, June 20th, 12:00 P.M., at 101 Seaport Blvd., PwC. The panel will be moderated by Andrew Alperstein, Real Estate partner, CPA, CRE, FRICS, PwC. 

Cornerstone Realty Capital arranges $8.1 million in financing for a 43-unit apartment property in Saugus, MA

Saugus, MA Cornerstone Realty Capital recently arranged $8,100,000 for the refinance of Pennybrook Gardens, a 43-unit apartment property. Pennybrook Gardens sits on a 2.689 acres and consists of six two-story apartment buildings

MassDevelopment issues $151.7 million in tax-exempt bonds on behalf of affiliates of public housing authorities

Boston, MA MassDevelopment has issued $151.7 million in tax-exempt bonds on behalf of affiliates of public housing authorities in Brookline, Cambridge, Framingham, and Medford, which will use bond proceeds to renovate and preserve 368 units of housing

The convenience in depreciation - by Kyle Kadish

A handful of convenience stores with gas stations have opened across southern New Hampshire in the past few years, and many more like them have sold across the region. More likely than not, benefits and advantages from 2017’s Tax Cut and Jobs Act drove interest in the asset class.

Sidel of EagleBridge Capital handles $2.232 million mortgage financing

Boston, MA EagleBridge Capital has arranged acquisition/permanent mortgage financing in the amount of $2.232 million for an apartment property located on Snow Hill St. in the North End neighborhood, the city’s oldest residential community.

LBC Boston secures $50 million financing for NOVA Hancock - led by Rockland Trust

Quincy, MA LBC Boston secured a $50 million financing package led by Rockland Trust for the construction of NOVA Hancock, an apartment complex in downtown. NOVA Hancock is LBC Boston’s second project

Nogueira retires from East Cambridge Savings - Bombard named president

Cambridge, MA Gilda Nogueira, president and CEO of East Cambridge Savings Bank since 2012, plans to retire later in 2023. The announcement was made at the annual meeting of East Cambridge Savings Bank and 1854 Bancorp, the bank’s mutual holding company.