Category: Finance

Dover, NH Fantini & Gorga has finallized the placement of two loans totaling $10.8 million for two separate properties. One new, 32-unit luxury apartment property with 9,000 s/f of retail along the Cocheco River, the other a truly mixed-use retail, office and apartment property.

Boston, MA Rockport Mortgage Corp. completed the closing of an FHA Section 223(f) refinancing loan totaling $81.8 million for the South Cove Plaza Community, a 231-unit housing development for the elderly and disabled constructed in 1982. Owned and managed by Weston Associates, the development consists of two parcels, each containing a single mixed-use, mid-rise building. One of the parcels is on Tremont St., the other on Stuart St.

Northborough, MA EagleBridge Capital, has arranged acquisition/permanent mortgage financing in the amount of $4.23 million for 44 Bearfoot Rd. The mortgage financing was arranged by EagleBridge principal Ted Sidel who stated that the loan was provided by a leading regional financial institution. 44 Bearfoot Rd. is a three-story, 45,000 s/f, multi-tenant, building situated on a 6.5 acre site with parking for 212 vehicles.

Appraisers concentrate on the economic analysis of real property though the lenses of the four great external forces: Governmental, economic, social, and environmental. They consider the four characteristics that are required to establish value in real estate (and many other assets): Demand, utility, scarcity, and transferability. Appraisers also consider physical forces, including environmental, topography, water, location, and climate effects.

So here we are, the day after the presidential election, and still waiting for the results. In ordinary times, this would be a feature event of the year with debate and discussion ensuing for weeks. But this is no ordinary year with lockdowns, closing and openings, testing, testing and more testing and now further lockdowns. It is enough to give anyone a migraine with no immediate relief in sight. 

Are appraisers essential? They must be; just about every appraiser I know is flat-out busy. When the pandemic started, many, many people stopped working altogether, were told to work from home, were furloughed or laid off. Not so for appraisers. With declining mortgage interest rates and increasing property values, the loan-to-value ratios are also declining.

The Massachusetts and Rhode Island Chapter of the Appraisal Institute is hoping all of our friends and clients are continuing to stay safe during the COVID-19 pandemic.The Appraisal Institute continues to offer timely education for all members. The national organization offers a weekly podcast, AI Answers, which showcases experts from across the country presenting valuable information for your appraisal practice.

The advent of COVID-19 brought about stay-at-home orders, self-quarantine, and social distancing which altered how and where appraisers do their work. A home office is not a new concept for many appraisers, but those working in a corporate environment now found themselves carving out a niche in their home to work; and while working from home can be great – no daily commute, wearing casual clothes, and TV breaks – it also has its downside.

Surveillance and diligence have prevailed in commercial real estate during rent ups, adaptive reuse and new construction. Contagion in schools and small and large gatherings have spiked virus data broadly as predicted. Prevention of local trends in behavior and contagion from spreading to built environment is the challenge for commercial real estate.

We have had a lot going in our favor over the last several years in the real estate business. The economy has been growing; unemployment has been at an all-time low; interest rates are at historic lows. On top of that, government has been typically pro-growth, with city mayors enticing new business to their cities. Things couldn’t be better, as seen by the historic boom in real estate development.

Boston, MA According to MassDevelopment, after three years as president and CEO, Lauren Liss will step down from this position at the end of the calendar year. Housing and economic development secretary Mike Kennealy, who serves as chairman of the board of directors of MassDevelopment, will lead the search for the next head of the state’s finance and development agency.

strong>Somerville, MA JLL Capital Markets has arranged the $48 million sale and $24 million in acquisition financing for two contiguous properties, including a 1.2-acre development site and the leasehold interest in a 252-space parking garage in a Qualified Opportunity Zone. JLL marketed the property on behalf of several private sellers for the land and a private owner on the leasehold interest.