Financial Digest

Housing markets: A year later - by Bill Pastuszek

Housing robustness was the theme of 1-4 family housing a year ago. Looking back, the differences between then and now are dramatic. Higher rates, inflationary pressures, and the Russian invasion of Ukraine are factors that have changed the face of housing.

MassDevelopment partners with Bay State Savings Bank to provide $3.11 million loan financing to Mission on Summer

Worcester, MA MassDevelopment has partnered with Bay State Savings Bank to provide over $3.1 million in loan financing to Mission on Summer to assist in the renovation and conversion of the historic and long-vacant Mission Chapel at 205 Summer St.

REFA update: GBREB installation of officers and division presidents to be held March 20th at UMass Club

Boston, MA The Real Estate Finance Association (REFA) finished a busy month with their 7th Annual Mentor Program Kick-off event on February 28th featuring 50 mentor/mentee pairs. The REFA Mentor Program provides Emerging Leader members

Fantini & Gorga arranges $41million financing for Woodfield Commons

Canton, MA Fantini & Gorga has arranged $41 million in acquisition financing on behalf of its client, MCG Canton Arboretum, LLC, a leading multifamily investment and management firm based in Boston. MCG Canton purchased Woodfield Commons, a 156-unit residential community.

Beacon Communities and Harborlight Homes close on financing to redevelop Briscoe School

Beverly, MA - Beacon Communities and Harborlight Homes have closed on financing to redevelop the historic former home of the Briscoe School into a mixed-use community, centered around affordable housing for seniors, to be called Beverly Village for Living and the Arts. The financing marks the first time a Massachusetts affordable housing

EagleBridge Capital arranges $20.1 million mortgage financing for multifamily portfolio in Southern New England

Boston, MA EagleBridge Capital has arranged permanent mortgage financing in the amount of $20.1 million for a diverse multifamily portfolio located in Southern New England.  The mortgage financing was arranged by EagleBridge director Brian Walsh who stated that the loan was provided by a leading thrift institution.

Rockland Trust promotes O’Malley and Rizzo to executive leadership team

Hanover, MA Rockland Trust Company has elevated Kathryn O’Malley and James Rizzo, two tenured commercial colleagues, to the bank’s executive leadership team. O’Malley is the senior vice president, chief credit officer at Rockland Trust overseeing credit risk management, loan structuring, approval, work out, appraisal, and environmental risk mitigation for the organization.

Gregory joins Union Savings Bank as VP, construction lending manager

Danbury, CT According to Union Savings Bank (USB), Shawn Gregory has joined the bank as a vice president, construction lending manager. In her new role, Gregory is responsible for the management of the bank’s construction portfolio as well as new business development for commercial lending. 

Carthy named a principal at FinanceBoston

Boston, MA Shane Carthy has been named a principal at the growing commercial real estate capital advisory firm FinanceBoston. Carthy, who joined FinanceBoston as an associate in June 2021, will have responsibilities in business development, closing transactions and account management.

Worth Avenue Capital, LLC closes $1million construction loan to CT-based developer

Montville, CT Worth Avenue Capital, LLC (WAC) closed a $1 million construction loan to a CT-based real estate developer. The loan proceeds will be used to partially fund the construction of a 12-unit condominium complex. The loan is secured by a first mortgage on the property in Montville, as well as a junior mortgage on real property in Wilton, Conn., with an underlying LTV of 55%.