Category: Finance

Not my headline. However, a good place to start the new story of once upon a time! Over time, the built environment has responded to the physical needs and desires of the community for sustenance and survival. Now those needs and desires are changing, and so are the dreams! The rather remarkable rate of change in retail and, now, office property has significantly impacted the value in use of commercial property.

Newton, MA MassDevelopment has issued a $129 million tax-exempt bond on behalf of 2Life Opus Newton LLC, an affiliate of 2Life Communities Inc., which is using proceeds to purchase four acres of land at 777 Winchester St. and build a 174-apartment senior living community for individuals aged 62 and older. Dubbed Opus Newton, the community will offer gathering spaces including a library, café, business center, game room

Boston, MA REFA held its Annual Past President Luncheon on Monday, May 22nd. The gathering brings together the current president, Nilesh Bubna, Longpoint Realty Partners, and all past presidents to network, learn what REFA has accomplished the past year

Redding, CT EagleBridge Capital has arranged construction/permanent mortgage financing in the amount of $22 milllion for a new self-storage facility property under construction. The mortgage financing was arranged by EagleBridge senior director Brian Walsh who said that the loan was provided by a major national bank.

East Boston, MA Cornerstone Realty Capital arranged $3.47 million in financing for the acquisition and construction of a residential condominium development. The development will feature 6 condominiums, a mix of (1) two-bedroom, two-bathroom, (1) three-bedroom, two-bathroom, (3) three-bedroom, two and a half bath, and (1) three-bedroom, four-bathroom. Units will range from 1,010 s/f to 1,597 s/f.

Boston, MA The MA-RI-ME Chapter of the Appraisal Institute would like to thank all the panelists and other participants involved in our program “Appraising for the Appellate Tax Board – Expanding Your Scope of Work Services” held on May 3, 2023 at the Hilton Boston / Dedham Hotel. The program attracted approximately 120 attendees, making it one of the largest events organized by the Appraisal Institute Chapter in several years.

Boston, MA Penobscot Investment Management has named Colleen MacPherson, CFA, CDFA shareholder and has been elected a director of the company. She will continue to oversee the firm’s research efforts to identify opportunities in equities, fixed income, and other asset classes while continuing to service clients as portfolio manager. 

Dedham, MA Mike Marcone of Marcone Capital, Inc. has arranged $25 million in financing of Dedham Executive Center, a 180,789 s/f office building centrally located at 980 & 990 Washington St. Dedham Executive Center sits on a 2.76 acre campus and includes a three-level parking garage with direct building access, a large full service cafeteria, outdoor patio, conference center, two lobby areas, game room, fitness center, and a window line.

Mystic, CT Bank Rhode Island (BankRI) closed a deal to finance the purchase and renovation of a Connecticut hotel. The bank’s Commercial Real Estate division provided a $7.84 million acquisition and construction loan to DHStone Mystic, LLC for 55 Whitehall Ave. The 4.92-acre property features a two-story, 120-room hotel with 130 open parking spaces and is located off I-95 at the Mystic Aquarium and Mystic Seaport exit.

New Haven, CT Worth Avenue Capital, LLC has closed a $150,000 commercial loan on a multifamily house in the Westville neighborhood. The loan proceeds were used by the borrower to purchase the property out of foreclosure well below market price. The loan is secured by a first mortgage on the property with an underlying LTV of 54% prior to the borrower fully renovating the property.

Boston, MA MassDevelopment has issued a $25.978 million tax-exempt bond on behalf of Harrison Affordable LLC, an affiliate of Beacon Communities and the Chinese Consolidated Benevolent Association of New England (CCBA), which will use proceeds to build an 85-unit affordable rental housing facility at 288 Harrison Ave. in the Chinatown neighborhood. The building, dubbed 288 Harrison Residences, will be constructed on what is currently a surface parking lot serving the Tai Tung Village affordable housing community, also owned by CCBA.

Commercial markets are reacting to a higher interest rate environment and much more uncertainty than existed this time last year. Where residential properties are using comparable sales, income producing properties are best measured by their income characteristics. This is done by developing capitalization rates as the basis for comparison. “Cap” rates are most typically derived from competitive market transactions.