Category: Finance

Glastonbury, CT Worth Avenue Capital, LLC (WAC) closed a $4.5 million commercial loan for one of the premier real estate developers in Southern New England. The loan proceeds will be used by the sponsor to restructure existing debt and for working capital and development purposes on ten plus acres

Newton, MA According to Joseph De Vito, president and CEO of The Village Bank, Clarice Francis has joined the bank as vice president, digital banking. Francis joins the bank after working in the same role at Athol Savings Bank.

Meriden, CT The Aeolian Company building, a manufacturing facility for automatic player pianos established in 1887 and a significant part of the town’s history, is set to experience a significant redevelopment. Located at 85 Tremont St., the long-underutilized complex in the North End neighborhood

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.