Financial Digest

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

Walsh of EagleBridge Capital arranges $15 million financing
for 31 property multifamily portfolio

Boston, MA EagleBridge Capital has arranged permanent mortgage financing in the amount of $15 million for a diverse multifamily portfolio located in Southern New England.

Merkle to retire from Union Savings Bank - Reyes to take over as president and CEO

Danbury, CT According to the Union Savings Bank board of trustees, Cynthia Merkle is retiring as CEO of the community bank effective later this month. Current president Chelen Reyes has been elected to serve as both president and CEO.

Groblewski and Monahan of Fantini & Gorga
arrange $10.085m financing

Needham, MA Fantini & Gorga has arranged $10.085 million in acquisition financing on behalf of its client, Union Station LP (USLP), an affiliate of a leading retail investment and management family office based in Greater Boston.

Rockland Trust hires Weinberg as senior vice president, lending center manager in Peabody

Peabody, MA Rockland Trust has expanded its local commercial lending team with the appointment of Ryan Weinberg, Esq., to senior vice president, commercial lending center manager. In this role, Weinberg will be leading a team of lenders specializing in commercial real estate