Financial Digest

Lucitt named vice president of commercial lending at Bank of Canton

Canton, MA Stephen Lucitt has joined Bank of Canton as vice president of commercial lending. Throughout his lending career of more than 30 years, Lucitt has earned accolades for his ability to develop loan portfolios, establish credit policy, and build successful business relationships.

Fantini & Gorga places $23.04 million for mixed-income apartments in Portland, ME

Portland, ME Fantini & Gorga has placed $23.04 million in permanent financing for Danforth Heights, a 166-unit mixed-income multifamily apartment complex located between the city’s historic district and waterfront. The loan was placed with Fantini & Gorga’s correspondent, Eastern Mortgage Capital, a national MAP Lender

Sidel of EagleBridge Capital arranges $20.7 million debt and equity financing

Andover, MA EagleBridge Capital has arranged mortgage and JV equity financing in the amount of $20.7 million for 3 Riverside Dr., an R&D building. The financing was arranged by EagleBridge principal, Ted Sidel. 3 Riverside Dr. is a 93,500 s/f two story R&D building

JLL arranges $585 million construction financing for King Street Properties, Brookfield and Mugar Enterprises joint venture

Boston, MA JLL’s Capital Markets group arranged $585 million in construction financing for a mixed-use project consisting of 580,905 s/f of life sciences, retail and multi-housing space.

Rockland Trust provides $4.5m acquisition financing to Hajjar Mgmt.

Salem, MA Hajjar Management Co., Inc. secured $4.5 million from Rockland Trust for the acquisition of the historic inn, The Merchant. Hajjar has a long-standing reputation for developing and managing successful commercial and residential properties in New England.

East Cambridge Savings Bank and Patriot Community Bank officially complete merger

Cambridge, MA East Cambridge Savings Bank has completed the acquisition of Woburn-based Patriot Community Bank, effective August 1st. East Cambridge Savings Bank will continue to operate the former Patriot Community Bank location at 237 Lexington St.

Worth Avenue Capital closes $1.35 million commercial loan

Greenwich, CT Worth Avenue Capital, LLC (WAC) closed a $1.35 million commercial loan to a real estate investor for the purpose of purchasing a commercial condominium in Greenwich. This real estate investor is one of WAC’s existing borrowers

Welch rejoins Eastern Bank as senior VP

Boston, MA According to Eastern Bank, Brian Welch has rejoined the organization as senior vice president, team leader in the commercial real estate division. Welch’s career spans roles in commercial real estate lending with a range of clients

The Village Bank to offer $10,000 Great Giveaway

Newton, MA Joseph De Vito, president and CEO of The Village Bank, has announced a summer promotion called The Great Giveaway, which offers customers the chance to win $5,000 for themselves and $5,000 for a charity of their choice.

Newmark arranges $514 million in financing for Phase I of Assembly Innovation Park - a 485,000 s/f development by BioMed Realty

Somerville, MA Newmark completed the arrangement of $514 million in construction financing for Phase I of Assembly Innovation Park, a 485,000 s/f life science tower that is under development by BioMed Realty.