Closing on a $14 million refinance transaction which took a lot of blood, sweat and tears to get done. The property that was being refinanced for construction purposes, involved a ground lease with the municipality and was cross-collateralized with land in another town wherein the borrower was the landlord in a similar ground lease situation. It involved complex title research,
Through our subsidiary, The Hotel Exchange, our largest deal was the $3.3 million sale of Raffael’s function facility in Walpole to the Saphire Group.
For me, this comes right back to the diversity of the past year – our team ran the gamut of projects and transactions that covered different property types.
There were modest credit and large credit transactions; new office construction and rehabilitation projects. We worked on deals that had historical tax credits, state tax credits, and Rebuild Rhode Island
We worked on several projects throughout the year and all have come in on-time and on-budget. We are thankful for the skill levels of all of our vendors and their responsiveness to our client’s needs.
MPA’s clients are increasingly viewing the workplace as an important physical asset for attracting and retaining top talent, and we expect that trend to continue in 2019. Younger employees are looking for flexible, dynamic workplaces, not the old office models of the past. There is a clear business imperative for creating a work environment that inspires, motivates, and connects employees,
We see several trends for 2019. Even with a rising interest environment, there is strong demand and pricing of core industrial and flex properties inside 495. We believe there will be significant trading of these assets in 2019 as more owners look to lock in appreciation and buyers look to lock in rates before anticipated increases.
We’ve merged with the New England Restaurant Group to form the largest hospitality brokerage and consultancy in the country approaching a half billion in sales and fees.
The life science industry will take advantage of the bountiful opportunities suburban cities and towns offer at a faster rate. Although Cambridge will always be the epicenter of the life science industry in Massachusetts, the low vacancy rate coupled with the increasing rents will continue to make the suburbs attractive to many small to mid-size companies
Boston will continue to be strengthened by the education and hospital communities who have inspired the development of high tech, biotech, and entrepreneurship. The proactive government, lead by governor Baker and mayor Walsh, provides the construction of commercial buildings to serve the economic growth and housing for the new residents to keep the greater
Despite the questionable economy and the multitude of retail closures, Boston’s retail real estate in upscale tourist and demographic locations will remain unscathed unless landlords drastically raise rents. Developers will continue building retail space for national chains; new local retailers will be challenged to find space. Pop-ups will still fill empty spaces while landlords struggle to change old
