Category: Finance

The Warren Group tells us that in Massachusetts, “the median sale price for both single-family homes and condominiums declined in April as the lack of inventory and elevated interest rates continued to weigh on market activity.” Single family sales declined 25% compared to 23 months ago. “Meanwhile, the median single-family sale price declined on a year-over-year basis for the first time since 2018

When completing an appraisal there are many steps that appraisers must go through, from preparing to complete an inspection all the way through to signing and submitting the report. One of the biggest and most important aspects of completing an appraisal is to identify the best comparable sales to use in developing a credible opinion of value.

The commercial real estate market is seriously troubled, and relief is not in view. That said, not all commercial is the same. The broad group of commercial property includes many groups from multifamily housing, to retail, to self-storage and warehousing. Not all commercial is in the same boat. The best is multi-family. The worst case is office, and even this, can be parsed to include class A new buildings, to older deteriorated ones.

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.