Category: Finance

Boston, MA Eastern Bank has welcomed Erik Jones as a senior vice president, community development lending team leader. Jones brings deep experience in lending for a broad array of corporate and tax-exempt organizations in the healthcare, education, human services and philanthropic communities.

Haverhill, MA KeyBank Real Estate Capital (KBREC) secured a $24 million Freddie Mac fixed-rate loan for The Dolben Company, Inc. to refinance existing debt on a multifamily housing property known as Pine Brook Place. Pine Brook Place is a garden-style apartment community with 240-units and consists of 10, three-story apartment buildings

Boston, MA MassDevelopment has issued a $12.08 million tax-exempt bond on behalf of Inquilinos Boricuas en Acción, Inc. (IBA), which will use proceeds to build the city’s new home for Latinx art and community empowerment, La CASA: The Center for Arts, Self-Determination,

Boston, MA Related Beal has closed financing on Innovation Square Phase III (ISQ3), a 345,000 s/f life science development in the city’s Raymond L. Flynn Marine Park (RLFMP). Details of the financing were not disclosed.

Carver, MA Rockport Mortgage has closed on a $10.3 million, HUD Section 223(f) refinance loan for Prence Grant and Meadowbrook Apartments, 70-units of subsidized affordable housing for seniors located on three non-contiguous parcels of land in the towns of Marshfield and Carver.

Winchester, MA According to John Carroll, president and CEO of Winchester Savings Bank, Edward Merritt has been appointed to the board of trustees. Merritt was elected to the board for a three-year term at the bank’s annual meeting.

Industrial has been a darling investment class and should continue to be, even with the following discussion which indicates moderation nationally and in Boston. This sector is highly diversified, ranging from the “Amazons” to “Main Street” industrial. The Boston market - as small as it is - has enjoyed a good run with dramatic shifts in supply, construction, pricing and rent increases.

During the 2020-21 COVID Pandemic, the restaurant industry struggled with at least 600 Connecticut restaurants failing during this time period, per the Connecticut Restaurant Association. As the Pandemic ended, restaurants in Connecticut began to flourish once again,

Danbury, CT Union Savings Bank has introduced a new suite of Rapid Loans designed to help qualified small business owners access funding quickly and easily. The rapid product suite includes both term loans and lines of credit with a maximum loan amount of $50,000.

Recently, I and others have written about office vacancies, leading to loss of income, and thus potential credit problems. As noted, not all sectors of commercial real estate are in the same boat as office, which has many more problems than other sectors such as retail and industrial.

Peabody, MA Rockland Trust has appointed David Eidle as senior vice president, commercial banking center manager for the Peabody office. In this role, Eidle will be leading a team of commercial bankers to expand the bank’s commercial and industrial (C&I) business north of Boston.

North Adams, MA The commercial lending division at MountainOne Bank continues to grow with the recent additions of Peter Duckett and Christopher Glynn as commercial portfolio manager and associate commercial portfolio manager, respectively.