Financial Digest

WAC closes $350,000 loan for CT developer

Greenwich, CT Worth Avenue Capital, LLC (WAC) closed a $350,000 construction loan for a real estate developer/investor on a new “spec” house. The loan proceeds will be used to complete the construction of the house

Eastern Bank named #1 SBA Lender in MA for the 12th and in New England for the 11th year in a row

Boston, MA Eastern Bank has been named by the U.S. Small Business Administration (SBA) as one of the top lenders to small businesses for SBA 7(a) and 504 loans. Eastern Bank ranked as the No. 1 U.S. Small Business Administration (SBA) lender in Massachusetts

The Real Estate Finance Association named 2021 Board of Directors - Flynn will serve as president

The Real Estate Finance Association (REFA) has named its Board of Directors for 2021. Bill Flynn, SVP, business development, Net Lease Capital, will serve as president, along with president-elect, Lauren O’Neil, senior managing director, JLL, and treasurer Nilesh Bubna

Cornerstone arranges $21.5 million refinancing for Bob’s headquarters

Manchester, CT Cornerstone Realty Capital recently arranged $21.5 million for the refinance of Bob’s Discount Furniture’s headquarters. The property consists of a 103,500 s/f Class A office building that sits on a single 9.02-acre tax parcel. The sponsor, Waterstone Properties Group, constructed the building in 2017, and it is in excellent overall condition.

Fantini & Gorga arranges $19.975 million for Millside at Heritage Park

Canton, MA Fantini & Gorga has recently arranged transactions totaling $19.975 million for the development of Millside at Heritage Park, a transit oriented, 60-unit, age-restricted residential rental project. Casimir Groblewski, senior managing director, and Lindsay Feig, director, represented their client

Worth Avenue Capital closes a $500,000 loan

Uncasville, CT Worth Avenue Capital, LLC (WAC) has closed a $500,000 construction loan for a builder/real estate developer in Connecticut who specializes in both new construction and renovation projects. The loan proceeds will be used to renovate a former rooming house

Spiegel Associates arranges $6m const. loan for 31-units in Lynn, MA

Lynn, MA Sidney Spiegel of Spiegel Associates arranged an acquisition and construction loan for a property originally the home of the Lynn Item newspaper.  The property will be developed into 31 studio apartments and 16,000 s/f of retail and commercial space. 

Mello joins Mag Mile

Boston, MA Paula Mello has joined Mag Mile Capital as senior vice president of originations and will be based out of the firm’s local office. “Paula is a seasoned commercial real estate veteran with an extensive background in financing commercial real estate transactions,” said Matt Weilgus, senior vice president and head of originations for Mag Mile in the Northeast.

Berardi joins StonehamBank as vice president for commercial loan officer

Stoneham, MA StonehamBank senior vice president Mark Drew has added Marissa Berardi to the team in the role of vice president for commercial lending.  Berardi has been in the financial banking sector for the past eight years serving in a variety of roles. 

The Real Estate Finance Association’s Year in Review - With over 700 members

Boston, MA The Real Estate Finance Association wrapped up its 2020 Mentorship Program on November 19th. The mentor/mentee pairs meet regularly throughout the year, giving mentees the opportunity to gain knowledge from seasoned members of the industry.