Category: Finance

Having put 2023 firmly behind in the rear-view mirror, let’s look at 2024. Not a lot of predictions but many things to be on the lookout for in what a less chaotic but extremely important year may be ahead.

Like with other going concern properties, golf courses and marinas include a combination of real estate, and non-realty. And there is an important distinction between the two. Land and buildings (sticks and bricks) are real estate, while real property is the bundle of rights flowing from the ownership of real estate.

The FED has reached a stabilizing level of economic activity, and will now be watching domestic micro as well as macro indicators for further action, including rate cutting, to achieve so-called soft landing. The FOMC has already implied that the March FOMC meeting will be too soon to expect the first rate cut and acknowledged that the downside rate risk is indeed in the discussions.

I spent the better part of a day this week working with attorneys on estate planning. I am clearly not an attorney, but I have learned much over the years while consulting on real estate, its potential, its future during the life of clients, as well as, shall we say, later.

Chicopee, MA MassDevelopment has issued a $6.543 million tax-exempt bond on behalf of Mental Health Association, Inc. (MHA), which will use proceeds to buy and renovate a 78,378 s/f building at 350 Memorial Dr. where it will relocate its headquarters from Springfield, Mass. and house its mental health programs and residential and support services.

Boston, MA According to developer Millennium Partners, M&T Bank, one of the nation’s largest banks with over $200 billion in assets, has signed a lease for 39,000 s/f of office space at Winthrop Center, a 691-foot mixed-use tower in the city. The energy-efficient office space at Winthrop Center was certified by Passive House Institute as the largest Passive House office building in the world.

Natick, MA Accelerator Biotechnology Incubator (ABI) Labs secured $13.6 million in financing from Rockland Trust for a strategic expansion which will provide additional state-of-the-art lab space and resources research to partnering businesses. ABI-Labs supports

Brookline, MA Colliers arranged the $16 million refinancing of Babcock Place, a newly constructed 45-unit multifamily property in the Coolidge Corner neighborhood of the city. The Colliers team, led by vice president Patrick Boyle, worked with developer Sam Slater of Tremont Asset Management LLC

North Adams, MA MountainOne Bank has promoted Richard Kelly, who has assumed the role of senior vice president, senior commercial risk officer. This newly created position supports MountainOne’s commitment to asset quality while enhancing its loan approval process.

Dedham, MA 1831 Bancorp, the mutual holding company parent of Dedham Institution for Savings (Dedham Savings), and South Shore Bancorp, the mutual holding company parent of South Shore Bank have jointly completed their merger under the 1831 Bancorp, MHC name, effective January 1, 2024.

Easton, MA North Easton Savings Bank has been recognized in the 16th Annual Banker & Tradesman Readers’ Poll with two gold medals – one for Best Community Bank and one for Best HELOC Provider.