Issuu

7 DAY FREE TRIAL | VISIT WWW.TRYRERS.COM TODAY! Est ab li s h e d 1 8 7 2

the

financial

www.bankerandtradesman.com

WEEK OF MONDAY, MARCH 14, 2016

services

and

real

estate

weekly

for

massachusetts

A Publication of The Warren Group BEYOND CAMBRIDGE

COMMERCIAL INTEREST

Suburban Life Science Market Heats Up

WILL HOME PRICES

FINALLY CORRECT IN 2016?

Region’s Lab Vacancies Hit Historic Low

After Some Slowdown In 2015, Markets May Adjust This Year

BY STEVE ADAMS BANKER & TRADESMAN STAFF

BY SCOTT VAN VOORHIS | BANKER & TRADESMAN COLUMNIST

reater Boston’s sky-high home prices may be finally peaking after an epic run-up that has seen values reach – and in some cases blow past – records set during the bubble years. Then again, maybe they are just taking a breather before rocketing to even more insane heights. The real estate market inside the 495 beltway is at a crossroads, with prices slowing and in some cases flattening out over the past few months, even as sales go bonkers. And with the spring market here, we shall soon have at least a partial answer to whether the slowing prices of late are a real trend or just a passing phase. Svenja Gudell, chief economist at Zillow, is in the slowdown camp. After watching Boston area home prices values rise yet again in 2015, Gudell is looking ahead to a less lofty 2016. She’s forecasting a relatively measly 1.5 percent increase. Gudell sees the slowdown kicking in the latter half of the year after the spring market has shot its bolt. Why? She argues homes in the Boston area are simply getting too expensive, with price increases outpacing what buyers can afford. “I do think at some point we are going to start pushing up against the fact that it is actually quite expensive to buy a home,” she said. “Even smaller increases will start to deter some homebuyers.” There are certainly numbers to back up the slowdown view. While pending sales across Massachusetts were up in February by a whopping 75 percent compared to last year – recall last February’s Siberian interlude – median home and condo prices fell 2.3 and 2.8 percent respectively, the Massachusetts Association of Realtors reports. Home prices have hardly been on a tear over the last few months, either, given what’s happened over the last few years. The median home price in Massachusetts edged down half a percent in January, to $320,000, while condo prices fell 3 percent, to $290,875, according to The Warren Group, publisher of Banker & Tradesman. Overall, home prices across the state rose a relatively modest less than 3 percent in 2016. Moreover, there are also signs that prices have finally hit a ceiling in some of the Boston area’s toniest suburbs. Continued on Page 3

LAST YEAR BROUGHT FALLING PRICES IN SOME HOT SUBURBS Change In Number Of Sales*

Change In Median Sale Price*

Belmont

1.79%

0.89%

Concord

-4.52%

-3.34%

Lexington

4.30%

-2.63%

Lincoln

-14.93%

-9.57%

Sherborn

26.42%

-0.21%

Weston

-3.21%

0.07%

Winchester

16.45%

1.44%

Wellesley

10.92%

-0.23%

Statewide

10.61%

2.87%

* 2014 v. 2015, single-family home sales Source: The Warren Group

CONTENTS

Residential �� 8

Classified Sections �� 13

Points �� 4

In Person �� 7

2015 Top Lenders �� 17

By The Numbers �� 6

Commercial & Industrial �� 10

Records Section �� B1

fter contributing nearly 1 million square feet of development in Cambridge last year, the life science industry is turning up the heat on demand for office, lab and manufacturing sites in the suburbs. Pfizer has put Andover on its short list for a $200 million expansion of its Burrt Road campus. MilliporeSigma recently broke ground on a $115 million build-to-suit office and lab complex in Burlington as it consolidates 800 employees from Billerica, Waltham and Woburn. Irish pharmaceutical giant Shire, which has 1,300 employees at the region’s largest life science campus in Lexington, just leased 177,000 square feet on Hayden Avenue as its Bay State workforce approaches 2,600. “Demand is outpacing supply four to one in the Cambridge market, driving rents in the $80 range,” said Matthew Powers, co-leader of JLL’s New England life science practice. “That is pushing the demand to the suburban markets like it’s never been pushed before.” Greater Boston lab vacancies dropped into single digits for the first time in 2015, ending the year at 8 percent, according to Transwestern’s bioSTATus report. Multiple tenants are looking for 100,000 square feet or more of office and lab space along Route 128 from Needham to Woburn, in an uptick of Continued on Page 10

2015 TOP LENDERS The Warren Group’s annual rankings of the Top Lenders in Massachusetts is here! Banks, credit unions and mortgage companies are ranked by number of loans and loan volumes in a variety of categories. Where does your institution rank?

Find out on page 17.

BANKER & TRADESMAN

Timothy M. Warren Jr., CEO and Publisher David B. Lovins, President and COO

Banker & Tradesman ESTABLISHED 1872

Published by The Warren Group

MARCH 14, 2016

THE WEEK ON THE WEB A ROUNDUP OF OUR MOST POPULAR WEB-ONLY STORIES FROM THE PAST WEEK

If you weren’t reading BankerandTradesman.com last week, here’s a sampling of what you missed:

EDITORIAL Editorial Director: Cassidy Murphy Associate Editors: Joe Kourieh, Malea Ritz

REAL ESTATE FIRMS TO PARTNER ON $8M NORWOOD PROJECT

NEWSPAPERS

• Boston-based private real estate firm Cathartes and Juliano Enterprises, a real estate development and contracting company, have announced they will partner to develop the 83 Morse St. property in Norwood.

Associate Editor: Steve Adams Reporters: Laura Alix, Jim Morrison Contributing Writer: Scott Van Voorhis MARKETING & CREATIVE SERVICES Director of Marketing and Creative Services: John Bottini Copywriter: Mike Breed Design Production Manager: Scott Ellison

• The $8 million project – which will be completed in three phases – includes a plan for 300,000 square feet in 24 buildings on 18 acres. Phase I will consist of a new 66,000 square-foot self-storage facility slated to open in late spring. Several buildings will also be renovated to accommodate tenants seeking 500 to 20,000 square feet. Additionally, a new property entrance, landscaping, lighting and parking will also be completed. • The property was previously owned by Bird & Sons, which operated a paper mill in Walpole in 1838 and later launched a roofing company in Norwood that expanded to a floor covering plant by the early 1900s.

Graphic Designers: Tyler Grazio, Tom Agostino, Amanda Martocchio PUBLISHING GROUP SALES

HARBORONE PLANS REORGANIZATION, PARTIAL IPO

Director of Business Media: George Chateauneuf

• HarborOne Bank is reorganizing into a mutual holding company and offering a partial IPO.

Publishing Group Sales Manager: David Janoff Advertising Coordinator: Jennifer Burke Advertising & Events Intern: Leah Tavares NEWSPAPERS Advertising Account Manager: Matt Hart, Steve Ketler Classified Advertising Sales Manager: Wayne Gregory CUSTOM PUBLICATIONS Senior Advertising Account Manager: Claire Merritt Advertising Account Managers: Bob Holzhacker, Mike Lydon

• In a regulatory filing outlining the plan, the company said that “the holding company structure will create various business opportunities for [the bank] that are not currently available to it as a mutual cooperative bank.” • HarborOne will offer up to 49.9 percent of its common stock, or 11.7 million shares, for sale starting at $10 per share, and it anticipates it will raise between $83.6 million and $114.1 million, it said in the filing. • HarborOne said it intends to fund a charitable foundation with part of the proceeds and that it may use some of the proceeds retained by the holding company to repurchase its own stock or finance potential expansions or acquisitions, though it noted it does not currently have any such plans. • It first pursued conversion to a bank charter back in 2012.

EVENTS Events Manager: Emily Torres Events Coordinator: Jasmin Rexford Events Specialist: Sarah Warren

SHIRE COMMITS TO EXPAND IN LEXINGTON WITH 177K LEASE • Irish pharmaceutical giant Shire has leased nearly 177,000 square feet at 45-55 Hayden Ave. in Lexington in an expansion of what is already the Boston suburbs’ largest life science campus.

DATA PRODUCTS GROUP Director of Information Solutions Sales: Malee Nuesse Data Solutions Account Manager and Fulfillment Services: William Visconti

• As its Bay State workforce approaches 2,600, the Dublin-based rare disease specialist will occupy two of three former Cubist Pharmaceuticals office and lab buildings next to Shire’s existing Lexington campus.

Data Solutions Account Manager: Kevin Bartlett Data Solutions Account Manager/Customer Service: Chris Mirakian

• Shire currently has 2,578 employees at facilities in Lexington, Waltham, Cambridge, North Reading, Belmont and Burlington.

Data Solutions Customer Service and Sales Coordinators: Jenell James, Michelle Dress

• Shire already occupies 900,000 square feet in eight buildings at its Lexington campus, which it has designated as its U.S. headquarters. Last year it leased 202,492 square feet at Two Ledgemont Center.

INFORMATION TECHNOLOGY Senior Applications Developer: Joe Chan Software Developer: Tatyana Lisyanaya Network Administrator: Mark Craver INFORMATION SERVICES

CAMBRIDGE RINDGE APARTMENTS TO BE RENOVATED VIA MASSHOUSING

Director of Operations and Product Strategy: Samantha Bullock

• The 273-unit Rindge Tower Apartments will receive a MassHousing finance package in order to make improvements and maintain affordability for its residents.

Data Quality Supervisor: Tammy Dandurant

• MassHousing has provided $21.1 million in construction and permanent financing, a $7.5 million bridge loan and a $1.5 million supplemental subordinate loan.

Acquisitions Coordinator: Linda MacDonald Operations Coordinator: Kathy Ferraro Processing Coordinator: Fern Cruikshank Transactions Acquisition Coordinator: Wally Bullock

• Low-Income Housing Tax Credits also helped fund the $54.5 million project. • The Stratford Capital Group purchased the tax credits, contributing $11 million in project financing.

FINANCE & ADMINISTRATION Accounting Manager: Mark DiSerio Accounting Staff: Cheryl Behl

SECURITY SOFTWARE STARTUP RELOCATES TO 60 STATE ST. FOR EXPANSION

Accounts Payable: Olga Khalaydovsky Human Resource Manager: Linnea Blair

BANKE R & TR AD ESMA N

• Security software provider EiQ Networks has leased 12,300 square feet at 60 State St. in Boston to accommodate its rapid expansion.

(ISSN 0005-5409)

• The choice of sixth-floor space in the Oxford Properties-owned tower was influenced by employee commuting patterns. Since EiQ moved to Boston last year, approximately 90 percent of its 50-person local workforce uses public transit, CEO Vijay Basani said.

Volume 196, Number 11 Published each Monday. ©2016 The Warren Group Inc., 280 Summer Street, Boston, MA 02210-1131. All rights reserved. No part of this publication may be reproduced without the written consent of the publisher. Banker & Tradesman™ and The Warren Group™ are trademarks of The Warren Group Inc. Subscriptions to Banker & Tradesman:

• EiQ was located in Acton for a decade before signing a five-year lease at 12 Post Office Square last year. EiQ hired 47 new employees last year, including 24 in Boston. • After receiving $9.55 million in series C financing from Arrowroot Capital in January, it plans to hire up to 50 additional employees in 2016, including approximately 25 in Boston.

Deluxe: One year – $379 Two year – $665 Classic: One year – $239 Two year – $599 Single copies are $10.00 each and are on sale at the offices of the publisher. POSTMASTER: Send address changes to: Banker & Tradesman The Warren Group 280 Summer Street, Boston, MA 02210-1131 Phone: 617-428-5100. Fax: 617-428-5119. www.bankerandtradesman.com Periodicals postage paid at Boston, MA

HERE’S WHAT YOUR PEERS WERE INTERESTED IN LAST WEEK: • • • • • •

Real Estate Firms To Partner On $8M Norwood Project HarborOne Plans Reorganization, Partial IPO Shire Commits To Expand In Lexington With 177K Lease Security Software Startup Relocates To 60 State St. For Expansion 106-Unit Multifamily Portfolio In Somerville Sold For $31M Fairfield Residential Acquires Apartment Site For $45M

• Market-Rate Housing More Beneficial Than Affordable? San Francisco Study Finds Even Luxury Units Help Relieve Housing Crunch • Alewife Looks To Connections For Growth • Cambridge Rindge Apartments To Be Renovated Via MassHousing • Webster Bank Launches Boston Marketing Blitz

STORY IDEAS? Email your submissions to our Web team at editorial@thewarrengroup.com

BANKER & TRADESMAN

MARCH 14, 2016

Markets May Correct In Latter Half Of 2016 Continued from Page 1 After year after year of steady, sometimes doubledigit appreciation, home prices actually fell last year in blue chip towns like Weston, Lincoln, Lexington, Concord SCOTT VAN VOORHIS and Sherborn, as well as Cohasset on the South Shore. Prices basically flat-lined in Belmont, Winchester and Wellesley.

“At some point we are going to start pushing up against the fact that it is actually quite expensive to buy a home. Even smaller increases will start to deter some homebuyers.”

Everything In Moderation

dential construction is a big culprit; the Greater Boston area now has decades of underbuilding to catch up from. Sure, there are certainly a lot of new towers taking shape on Boston’s skyline, but most have been high-end apartments, with a smattering of ultra-highend condos. The suburbs have seen their own mini apartment boom, but new singlefamily homes are few and far between. And while some of the suburbs may be seeing prices cool, hotspots like Cambridge and Somerville – not to mention several Boston neighborhoods – are likely to lead to another round of big increases in 2016. Here again, the shortage of listings is a key factor, notes Sara Rosenfeld, a veteran Coldwell Banker broker who has been selling real estate in Somerville since the early 1980s. “Considering the number of buyers out there and considering the lack of inventory, the pent-up demand is going to fuel this market for many months,” she said. n

Yet could this all be wishful thinking, a vain hope that long-suffering Bostonarea buyers may finally get a break? Annie Blatz, president of the Massachusetts Association of Realtors, said she too is encouraged by what she sees as a “moderating” trend in home prices. It’s certainly good for business. Steady but modest increases in home prices a lot easier for homebuyers to stomach, she noted. “We are always happy with moderation,” Blatz said. That said, she wisely declined to take out her crystal ball, declining to offer a prediction on whether the new moderation in pricing will survive the typically torrid spring market. Blatz noted that inventory – the state’s now chronic dearth of listings – remains a major problem. The number of homes on the market has been on the decline for years, with a 20 percent decline in January compared to the start of 2015. Low supply plus high demand typically equal price increases, whether it’s widgets or homes. The long-standing logjam in new resi-

We’re working to be the lender of choice for aﬀordable housing in Boston and across Massachusetts. Recent loan closings: Norway Apartments, Boston $27,400,000 FHA/MAP 137 units

New Port Antonio Apartments, Boston $25,000,000 227 Section 8 units, 17 buildings/scattered site

Chauncy House Apartments, Boston

— Svenja Gudell, chief economist, Zillow

$9,200,000 Construction & Perm nancing $7,200,000 tax credit bridge loan 88 Section 8 units

Cleaves Dimock-Bragdon, Boston $10,000,000 90 units Waterview Apartments, Boston $10,300,000 FHA/MAP 49-unit elderly Section 8 units

Mission. Value. Service.

www.masshousingrental.com

Email: sbvanvoorhis@hotmail.com

THE WARREN GROUP | CAREER OPPORTUNITY

Our business is to help you succeed. Recent Commercial Loan Closings

Advertising Account Manager

The Warren Group is seeking a dynamic media sales professional to join our Business Media Group. As an Advertising Account Manager, you will be responsible for selling print, web, and Email advertising space as well as event sponsorships and exhibits. On a daily basis, the role also requires establishing and fostering relationships with advertisers and agencies – so strong interpersonal and multitasking skills are a must.

Boston Multi-Family $865,000

Chelsea Multi-Family $3.6 million

Lowell Multi-Family $615,000

Revere Multi-Family $1.3 million

Commercial Real Estate Loans Up to $6,000,000

.75

For a limited time

5-YEAR ARM 20-YEAR TERM* No Points!

No Prepayment Fees!

Let Metro help you create a customized, low-cost Commercial loan and help turn your business plans into action. Call 617-889-7655 or visit metrocu.org/commercial today.

This is a unique opportunity to be part of a dynamic division of a well-established and highly-respected company with a 140-year history.

Interested? Apply with resume and cover letter at www.thewarrengroup.com/about-us/careers/ or contact our Publishing Group Sales Manager Dave Janoff at 617.896.5355.

*Rate adjusts at 2.50% above FHLBB 5 year rate. Minimum loan amount is $250,000. Minimum debt service coverage is 1.20:1. Maximum LTV ratio 70%. LTVs up to 80% also available. Rate available 03/01/16, loans already in process are not eligible. Debt must be new to Metro Credit Union. Other terms and conditions apply. Call for information.

BANKER & TRADESMAN

MARCH 14, 2016

Points EDITORIAL

Conflicting Reports On Housing

ast year was a good one in the Massachusetts housing market. Prices rose steadily (and some locations, substantially), closing out the year with an increase of nearly 3 percent. The number of sales grew considerably, ending up 10.5 percent. January’s numbers saw a slight dip in the sales price of 0.48 percent – that’s $1,550, if you’re keeping track – and the number of sales was up a whopping 25 percent, the highest number sales for January since 2005, according to The Warren Group, publisher of Banker & Tradesman. Most of those purchases need to be financed, which made for a good year for the state’s lenders. This week’s issue features the annual Top Lenders section, The Warren Group’s ranking of banks, credit unions and mortgage companies by number of loans and total volume. Still feeling the effects of a low interest rate environment, the state’s lenders nevertheless exceeded their 2014 numbers – to be expected, as there were so many more transactions in 2015. Leader Bank took the top spot for residential loans by banks by both number and volume. With $666 million in single-family loans and $260 million for condominiums, Leader’s lending department was busy last year. In Laura Alix’s story, Vice President Jay Tuli attributes a lot of that growth to hard work, of course, but also to the bank’s geography. Based in Arlington with locations in Cambridge, Burlington and Boston’s Seaport District, it is surrounded by some of the area’s hottest housing markets. It’s also well positioned in up-and-coming commercial areas, life science hubs and the Innovation District, where Eastern Massachusetts’ job market is taking off. Continued job growth fueled demand for housing, Tuli said. Elsewhere in this issue you’ll find Scott Van Voorhis’ musings on the state of the housing market. He notes that some of the area’s most desirable towns saw sales and median prices drop in 2015 versus 2014, in some cases quite significantly. Several of his sources say they anticipate the market cooling, though potentially not until after this spring’s selling season. Buyers will eventually shy from exorbitant prices and bidding wars, and the market will reflect that, they say. With just one month of closed sales in 2016, there are many factors at play. Last year’s devastating winter delayed the start of the spring market; this year, many closings that would have been in December were pushed to January due to the implementation of the TILA-RESPA Integrated Disclosure regulations. Both factors contributed to the enormous jump in homes sold in the first month of the year – and neither provide a clear indication of what will happen as the year progresses. Barring catastrophe, the Bay State’s job growth this year is projected to continue to grow – at least in the Bay area. Those workers will all need to live somewhere, and once they get over the sticker shock, they’re likely to do whatever it takes to buy here. Constricted construction of new homes and lack of inventory will continue to contribute to the problem – and prices will continue to climb. n

Banker & Tradesman Cassidy Murphy

Editorial Director c m u r p h y @th e w a r r e n gr ou p . c om T i m o t h y M . W a r r e n J r . , P u bl i s h e r T i m o t h y M . W a r r e n , P u bl i s h e r 1 9 7 5 - 1 9 8 8 K e i t h F . W a r r e n , P u bl i s h e r 1 9 2 8 - 1 9 7 5 W i l l a r d C . W a r r e n , P u bl i s h e r 1 9 0 1 - 1 9 2 8

THE NATION’S HOUSING

Is There A Magic Window To Sell Your Home? Researchers Say Certain Timeframes Are The Most Profitable BY KENNETH R. HARNEY WASHINGTON POST COLUMNIST

I KENNETH HARNEY

Nationwide, researchers found that homes listed in the late spring sell faster and for more money than the average listing.

f you’re looking to sell your home, is there an optimal window of time during the year – say a two-week period – when your listing is likely to sell faster and at a higher price than any other time? Put another way, could the ideal time for listing your house come down to a specific month or even a two-week span? One group of researchers says yes. After sorting through 20 million-plus sales of single-family homes, condominiums and cooperatives that occurred between 2008 and 2015, researchers at Zillow, the real estate marketing company, concluded that listing times do indeed matter. List at the wrong time and you might take longer to sell and sell for less. Choose the optimal two-week period and you’ll do better. Nationwide, researchers found that “homes listed in the late spring (May 1 through May 15) sell around 18.5 days faster and for 1 percent more than the average listing.” Optimal times can vary, however, by location. In the Washington D.C. and MiamiFort Lauderdale metropolitan areas, April 16 through April 30 produces faster selling times and higher prices, according to Zillow. In San Diego, the best two weeks come earlier – March 16 through March 31. In Boston, Los Angeles and San Francisco they’re considerably later – May 16 through May 31. Other major markets, such as Chicago, Seattle, Phoenix and New York track the national sweet spot time, May 1 through May 15. It’s a little hard to figure in terms of climate – Boston and Los Angeles don’t match up well on that score – but researchers insist that’s what the numbers say.

Best Times To List

Zillow, which is best known for its popular but sometimes controversial online “Zestimate” value estimates of millions of American homes on and off the market, has pinpointed ideal listing times down to the ZIP-code level. Individual Zestimates now include a “Best Time to List” feature that displays a bar graph showing the estimated selling price differences month by month. I checked the Zestimate on my own home near Washington D.C. and found that, according to Zillow’s calculations, I’d get anywhere

from a $15,000 to nearly $20,000 higher price by listing this month or next and $35,000 to $40,000 more than if I listed in October or November. Curiously, if I listed in January or February – that’s when we get blizzards here – I’d do better than listing in June, July or anytime through December. Huh? That didn’t make sense to me, but Zillow says it has the hard statistics to back it up. Just in case I needed guidance on any of this, though, the “Best Time to List” tool comes with a handy “Contact an agent” button right below the bar graph. In an interview, Zillow’s chief economist, Svenja Gudell, maintained that this “is not meant to be a lead producer” for realty agents who pay the company money for advertising placements, even though that’s precisely who you’ll hear from when you hit the button. So back to the original question: Is there any magic window of time to list your home for sale? Mary Bayat, principal broker at Bayat Realty Inc. in northern Virginia, agrees that “when the weather is good and flowers are blooming” – that would be the spring months – properties look better and, if they’re in good condition, show well, and are priced and marketed right, it’s an excellent time to sell. But she told me that trying to pinpoint ideal two-week periods “is the wrong idea,” since houses can sell fast and for solid premiums throughout the year. Alexis Eldorrado, founder and managing broker of Eldorrado Chicago Real Estate, says many factors can affect rapidity of sale more than timing of the listing. For example, she put a luxury high-rise condo unit on the market in the frigid depths of Chicago’s winter – this past February – and it sold in 11 days “close to list” after 10 showings. One key to that quick sale: The owner did a pre-listing upgrading of the kitchen to bring it up to the standards expected in that price range. Kary Krismer, managing broker at John L. Scott/KMS Renton in the Seattle area, where Zillow is based, says the dominant factor in his market is the shortage of houses listed for sale. As a result, “the listing date is not currently a significant factor. Buyers are scrambling for properties” – it’s a seller’s market – so the week or month of the year is no big deal. n Ken Harney’s email address is kenharney@earthlink.net.

BANKER & TRADESMAN

MARCH 14, 2016

Opinion BOSTON’S MASTER PLAN

Planning For The Future Go Boston 2030 Outlines More Efficient Transportation, Increased Safety BY RICK DIMINO SPECIAL TO BANKER & TRADESMAN

e are planning for the future in the city of Boston, and not just with development projects along the Greenway or in the Seaport District. An initiative of Boston Mayor Martin Walsh in 2014, called Go Boston 2030, is a comprehensive master plan that will guide the Boston Transportation Department’s long-term vision. Leaders from the business comRICK DIMINO munity, institutions and Boston residents in every neighborhood are working together on the transportation element of the first citywide plan in 50 years. I am proud of the opportunity to be the co-chair of Go Boston 2030 in tandem with Boston state representative Russell Holmes. This forecasting effort is essential, as Boston is currently seeing substantial growth in our population, workforce and overall economic activity. Between 2010 and 2014, the number of people living in Boston grew by 40,000 residents, an increase of 6 percent. Over this same fouryear period, 45,000 more jobs have been created in our state capital. Our current transportation system is struggling to serve today’s riders, while projections

After a year of outreach and collaboration with Boston residents, Go Boston 2030 is now entering the action plan phase.

show that additional capacity and targeted expansion projects are necessary to keep pace with expected job growth over the next 15 years. Finally, as we improve existing service, we must consider the effects of climate change and look for new strategies in energy use and limits on vehicle emissions. Mayor Walsh understands these competing challenges and directed our group to follow these three guiding principles for Boston’s transportation policy: increase equity, enhance economic opportunity and improve our climate responsiveness. After a year of outreach and collaboration with Boston residents, Go Boston 2030 is now entering the action plan phase. We recently announced some primary aspirational goals and bold targets. To see the plan’s draft vision framework, visit goboston2030.org/en.

User-Friendly Travel

On the subject of transportation access issues, we want every Boston household to be within a 10-minute walk of a rail station, bus route, Hubway station or car-share location. Currently, only 42 percent of households meet this standard. If Boston can provide multiple

travel options to residents, it can reduce the number of car-dependent residents. Success in terms of our safety measures would mean a complete elimination of traffic fatalities in Boston. The campaign, called Vision Zero Boston, is focused on protecting walkers as well as collisions involving motor vehicles. The unfortunate current average is 18 traffic deaths each year in Boston. We believe Vision Zero Boston can reach zero fatalities through updated designs that value travel space for anyone who rides a bike, walks, takes public transit and drives in a car. Safety-based designing at the municipal level will allow all these modes to collectively prosper through wider sidewalks, smarter signals for road crossings and protected bike lanes. In the next few years, we can make traveling throughout Boston more reliable too, as Boston adopts the use of new technologies. Boston is partnering with the smartphone app service Waze to share information on road closures and delays. Drivers using Waze will automatically learn the best traffic routes in real time, while the city of Boston can better understand best practices from the company on aggregate traffic data.

Being smarter with recorded information can lead to consistent travel times for anyone moving throughout the city. Another key element of Go Boston 2030 is related to our expectations of the MBTA. Residents, commuters and visitors all depend on our distressed transit system. Sometime we forget that reliable transit service is equally important to car drivers due to the level of congestion on roads. Our aspirational target for MBTA service is that riders will only experience delays 10 percent of the time. The MBTA and Boston Transportation Department can review on-time performance records of every mass transit option and consider actions at the transit and city-level that can improve the reliability of each transit service option. Go Boston 2030 is a transportation blueprint; however, we can’t solve the financial challenges of the MBTA and the rest of the transit system. Our hope is a debate on a comprehensive transportation funding plan will take place at the state level in the next year. While we all focus on making our existing transportation infrastructure more efficient, it is also clear that additional resources will be necessary to meet Go Boston 2030 aspirational goals and develop a 21st century comprehensive statewide transportation system. n Rick Dimino is president and CEO of A Better City.

SOUND POLICY

Clean Energy Investors Support Carbon Pricing Senate Debates Fee-And-Rebate Legislation Before March 16 Deadline

BY DAVID MILLER SPECIAL TO BANKER & TRADESMAN

he next great investment wave is very likely going to be in the clean energy sector. According to the Massachusetts Clean Energy Center, the industry grew by nearly 12 percent in the commonwealth last year, the sector’s largest single-year of growth since the organization began tracking jobs data five years ago. And lawmakers currently are debatDAVID MILLER ing several pieces of legislation that could bring even more expansion to the sector. Among them are proposals to put a price on carbon in the commonwealth, using a carbon fee and rebate model that already has been successful elsewhere. Those who wish to see increased returns from investments in clean energy should support these efforts. Legislation at the State House would create a commonsense carbon pricing system in Massachusetts, similar to one that has worked so well in the Canadian province of British Columbia. A bill would charge fossil fuel importers a fee based on the carbon content of the fuels. The fees would go into a spe-

Carbon pricing would signal to investors that Massachusetts has developed a consensus around a clean energy future that will encourage even more investment

cial fund for rebates and be passed on directly to households and employers. Each resident would receive an equal rebate from the fund, giving everyone an incentive to reduce their use of fossil fuel in order to keep more of their rebates. Businesses, nonprofit organizations and municipalities would receive a dividend from the fund based on their share of the state’s employment. Massachusetts would be implementing a policy that encourages residents and businesses to use less fossil fuel, thus reducing carbon emissions while helping the economy. In British Columbia, the clean energy sector has grown by more than 50 percent since the province adopted a fee-and-rebate policy in 2008.

A Win For Everyone

So why should clean energy investors support legislation that won’t make direct investments into the sector? First, in an era when climate change is making the fossil fuel foundation of our economy increasingly questionable, such a policy would provide predictability as the com-

monwealth continues to wean itself off of carbon-based energy and onto more reliable and sustainable forms of power. Carbon pricing is the single most effective policy that the state can implement to reduce carbon emissions, and as so many made clear at the recent Paris climate talks, doing it in this way will help ensure the kind of predictability that businesses and investors crave. Secondly, carbon pricing would signal to investors that Massachusetts has developed a consensus around a clean energy future that will encourage even more investment. Clean energy investors want to put their resources into communities they know value science and innovation, and they especially want to invest in places where the economy is growing. Passing carbon pricing can help existing clean energy employers and attract new ones, and that is an appealing prospect to investors. Additionally, as a 2014 report by the state’s Department of Energy Resources demonstrated, a carbon fee-and-rebate policy will keep in local circulation more of the $20 billion the

state currently sends each year to places such as Texas and Saudi Arabia for fossil fuels, and generate more growth. Finally, investors know that the positive long-term impacts of carbon pricing are worth advancing. Climate change not only will wreak havoc on Massachusetts’s coastline and our aging infrastructure; it also will increase rates of respiratory diseases and other health problems due to air pollution. Reducing carbon emissions means reducing spending on health care costs, and that is a win for everyone, including those who want to attract more employers to the commonwealth. The carbon pricing legislation is being debated at the State House by the Joint Committee on Telecommunications, Utility and Energy. Here’s hoping the committee passes it by its deadline of March 16 so that the rest of the legislature can examine the benefits that carbon pricing can bring to the commonwealth. Massachusetts has always been a leader in addressing climate change. Becoming the first state in the nation to pass carbon fee and rebate legislation will pay great dividends for everyone. n David Miller is founder and executive managing director of Clean Energy Venture Group, an investment group that provides seed capital and management expertise to early stage clean energy companies.

BANKER & TRADESMAN

MARCH 14, 2016

By The Numbers

SPOTLIGHT: Braintree

a weekly compendium of data and arcana

YEAR SETTLED: 1625 YEAR INCORPORATED AS A TOWN:

STATISTICAL SNAPSHOT

COUNTY CLOSE-UP

NORFOLK

1640 TOTAL AREA: 14.5 square miles

MEDIAN SALES PRICE January 2016

Community

POPULATION: 35,744

Braintree was the site of the infamous 1920 murders that led to the trial of Sacco and Vanzetti.

Change from 2015

SALES VOLUME January Change from 2016 2015

Bellingham

$290,000 23.93% 9 12.50%

Braintree

$401,000 13.28% 28 47.37%

Brookline

$2,100,000 5.00% 5 -54.55%

Canton

$452,000 -6.61% 21 110.00%

Cohasset

$800,000 44.14% 7 75.00%

Dedham

$420,000 2.44% 22 46.67%

Dover

n/a

Foxboro

$385,000 7.84% 10 0.00%

Franklin

$377,000 -3.95% 22 69.23%

Holbrook

$259,500 -1.12% 10 0.00%

DENSITY:

Medfield

$500,000 -18.73% 9 12.50%

2,572 per square mile

Medway

$415,000 50.91% 7 0.00%

Millis

TAX RATES: Residential: $10.98 Commercial: $24.66 TOTAL NUMBER OF HOUSING UNITS: 14,302

MEDIAN SALES PRICES 500000 $600,000 400000 $400,000 300000 $300,000 $200,000 200000

Norfolk

$100,000 100000

Massachusetts

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 ’07 ’08 ’09 ’10 ’11 ’12 ’13 ’14 ’15

’06

“We have too many high-sounding words, and too few actions that correspond with them.”

❏ All sales thru January YTD ❏ Graph based on single-family home sales of $1,000 and above, excluding condominiums and foreclosure deeds ❏ Source: The Warren Group

SALES VOLUME 500

n/a

Milton

$555,000 11.00% 25 19.05%

Needham

$830,000 -9.29% 23 0.00%

Norfolk

$478,485 15.30% 8 166.67%

Norwood

$355,000 -14.35% 15 0.00%

Plainville

$389,000 -0.13% 8 14.29%

Quincy

$365,750 -4.32% 32 0.00%

Randolph

$293,000 14.50% 27 42.11%

Sharon

$580,000 -1.28% 11 37.50%

1,629.65 0.00

Stoughton

$315,000 31.28% 14 -12.50%

Walpole

$400,000 7.38% 20 100.00%

Wellesley

$1,285,000 -14.33% 25 92.31%

Westwood

$690,000 30.93% 17 142.86%

Weymouth

$323,750 17.19% 34 30.77%

Wrentham

$405,000 53.41% 10 100.00%

Norfolk County

$417,500

4.90%

429

32.41%

1,000

— Abigail Adams (1744– 1818), First Lady of the

❏ Statistics based on single-family home sales of $1,000 and above, excluding condominiums and foreclosure deeds ❏ Source: The Warren Group

400

800

United States and Braintree resident

300

TOP 3 MORTGAGE LENDERS

600

200

2016* Rank

100

400

200

2 3 3

0 ’06 ’07 ’08 ’09 ’10 ’11 ’12 ’13 ’14 ’15 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

❏ All sales thru January YTD ❏ Graph based on single-family home sales of $1,000 and above, excluding condominiums and foreclosure deeds ❏ Source: The Warren Group

2015* 2014* Rank Rank

1 1 2 2 3 4

Percent of Market Share

Lender CapeLoanDepot.Com Cod Five Cents LLC Savings Bank Cape Cod Cooperative Guaranteed Rate Inc. Bank

20.01% 4.31% 6.30% 3.95%

Quicken Quicken LoanLoan Inc. Inc

3.81% 3.7%

6 3

*2016 & 2015 *2015 2014 Rank / Market share stats include loans filed through April March ❏ Market share percentage based on number of mortgages ❏ Source: The Warren Group

TOP 10 EXISTING HOME SALES Rank

Street Address Community

Buyer Seller

Date Price

Rank

Street Address Community

Buyer Seller

Date Price

88 Cutler Ln. Brookline

Olga Zheleznyak Lyman Cutler LLC

1/29/16 $4,400,000

720 South St. Needham

Peter M. Palladino Joseph L. Zink

2/4/16 $2,496,000

171 Edmunds Rd. Wellesley

Oliver B. Keller James F. Mooney

1/29/16 $3,650,000

12 Stonemeadow Dr. Westwood

James Donovan Ann Thomsen FT

2/1/16 $2,390,000

378 Jerusalem Rd. Cohasset

James Mahar Ranney FT

2/16/16 $2,900,000

9 Hallwood Rd. Brookline

Xue Han Abraham Gutman

2/1/16 $2,280,000

52 Westgate Rd. Wellesley

Michael W. Fish Yun Chang

1/6/16 $2,900,000

21 Appleseed Ln. Westwood

Stephen R. Byers Wall Street Development

1/29/16 $2,275,000

294 Dean Rd. Brookline

David J. Dykeman Sheridan Development LLC

1/15/16 $2,830,100

11 Radcliffe Rd. Wellesley

Pam Gao Lisa G. Cohen

1/19/16 $2,245,000

❏ Statistics from December 2015-February 2016

❏ New Construction Excluded

❏ Source: The Warren Group

BANKER & TRADESMAN

MARCH 14, 2016

In Person

A Franchise Built On Relationships BY LAURA ALIX | BANKER & TRADESMAN STAFF

Mark Crandall has a classic banking success story. He got into the business as a teller at a bank in Wellesley and went on to hold a number of retail and branch banking roles before he moved into small business banking. In his current role at TD Bank, he oversees 225 stores across Massachusetts, Connecticut and Rhode Island. Crandall recently sat down with Banker & Tradesman to talk about what TD’s been up to, the bank’s diversity initiatives and what it means to be a good manager.

Mark C. Crandall

Title: Regional President, Southern New England, TD Bank Age: 57 Experience: 35 years

You mentioned that early in your career, you were not the best manager you could be. What did you learn from that experience and what might you say to somebody who’s just beginning their banking career?

I have this conversation a lot with people. I do a lot of mentoring in this role and it is a big part of the fabric of our culture, this mentoring and developing people, so I take that very seriously. People will say, “I want to be a manager,” so the questions I ask people when they say that: “Why do you want to be a manager? What is it about management that appeals to you?” And oftentimes it’s sort of notoriety, “I’m a manager and so I feel good about myself,” it’s salary, and those are all the wrong answers as to why you want to be a manager. What I do tell people is, managing is not for everybody. It’s messy. You never know what your day is going to look like when you start because you are there as a resource for everybody that you manage. It’s not the other way around. So you have to want to be there for the good of the people that you work with. You have to want to help them with their careers. You have to want to listen to their problems, to whatever it is that they want to think about and talk about. Those are the important things around management. If you really don’t care about developing people and making sure that people’s work lives are productive and they’re successful, then being a manager just so you can get paid well and have a nice business card is a horrible mistake.

“Not everybody is a middle-aged white guy in a jacket and tie. That happens to be what I look like, but that’s not what everyone else looks like.”

people, so they work and play together and really approach our customers as TD Bank, not as the commercial group or the corporate group or the wealth team or the treasury management team or the retail group. Everybody here is really in it all together.

You’ve talked about driving deposit growth on the retail side, but also about investing in your people. How are those two related?

Can you give us a rundown of some of your highlights from the past year?

We try to have people in our stores and in our business that reflect the nature of the market, whether that’s by ethnicity or any other way you measure it. I think we really do a good job of reaching out. If it’s a highly Hispanic population, then we want people from that population in our business helping us run it. That’s a big deal. And we are very involved in the community, as much or more than any other bank in the market. You see us out planting trees, we’re the only bank that has a float in the pride parade, and we have people in droves out there.

We’ve had terrific success in attracting new commercial banking customers. We’ve booked more new loans last year than we ever have in any year prior. Retail banking was a remarkable success for us in terms of deposit growth, customer growth. I think we did a much better job of really having good conversations with our customers in the stores around other products and services besides a checking account and a debit card, including the use of technology and digital channels and all of the things we have to offer to make banking easier and more convenient.

We’re really proud of our diversity initiatives, but more than that, it really helps us reflect what the market looks like. Not everybody is a middle-aged white guy in a jacket and tie. That’s not what it looks like. That happens to be what I look like, but that’s not what everyone else looks like.

With small business, we have been very successful in terms of getting out to the market. We won the JD Power award for small business banking in New England, which is absolutely huge for us, so that remains a key area of focus for us and it always will quite frankly.

We really get out to the community and really touch our neighborhoods. Honestly, that and just having awesome people. … It’s really a remarkable franchise that we have built here and that’s what drives our deposits. It’s not the best rates on the street. It’s not the commodity business, but that’s how you differentiate yourself. n

Honestly if there’s one thing I’m most proud of [it’s that] … they all work really well together. The people in the stores know all the commercial people and all the small business

CRANDALL’S TOP FIVE NEW ENGLAND DESTINATIONS:

Anywhere his kids are.

Outer Cape Beaches – the surf, the sand, the dunes. It is something really special.

White Mountains – hiking, skiing, exploring, even just driving.

Maine/New Hampshire coast – the seafood shacks, the beaches, charming New England Inns.

Boston’s North End – the food, the wine, the people watching, the warm neighborhood atmosphere.

BANKER & TRADESMAN

MARCH 14, 2016

Residential Real Estate BUYERS BID BIG

Boston Condo Market Bidding Wars Driving Prices Skyward Buyers Who Want Properties Have To Be Prepared To Overpay BY JIM MORRISON BANKER & TRADESMAN STAFF

he Bay State’s white-hot condominium market hit two milestones in 2015: The highest price ever paid for a condo shattered the $15 million mark and for the first time ever, the median price of a condo in greater Boston was equal to the median price of a singlefamily home. Any way you slice the data, the Cambridge market draws the most moneyed house-hunters. According to data from The Warren Group, publisher of Banker & Tradesman, the median sale price of a Cambridge condominium in 2015 was $600,000. David Bates, an agent with William Raveis Real Estate, housing data

guru and a contributor to this newspaper, reported that last year, 78 percent of condos listed on the MLS sold at or above asking prices in that city. A little over 10 percent of buyers – more than one each week, on average – paid $100,000 or more over the asking price in 2015. One unit sold for $450,000 over the asking price of $2.1 million. “We generally see multiple offers on almost every property, across all price ranges,” said Carol Kelly, part of a Cambridge-based Hammond Residential team with Myra von Turkovich. Kelly and von Turkovich have been Cambridge condos for 35 years and said they’ve never seen a market like the current one. They list three houses for every one they sell, but the competitive atmo-

sphere affects them on both sides of the table. The standard strategy of preparing sellers with a pricing strategy supported by comparable sales, no longer holds, they said; in a multiple-bidder situation, anything can happen. “It’s very hard to price properties in this market,” von Turkovich said. “Our intention is to come up with a reasonable price. We had 10 offers on our most recent condo listed at $769,000 and it sold for $844,000.” Bates said he doesn’t think this is a sign of trouble. He said today’s buyers are frustrated after missing out on properties they like and it makes them competitive. “People used to try to negotiate value,” he said. “That stopped happening in our market. Now they’re just negotiating to win.”

Leo R. Sagan Jr. chief financial officer — Westfield Bank

Pricing Tricks To Attract Bidders

“

What makes FHLB Boston so valuable is the range of terms and structures they offer. They’ve been a great resource for long-term funding, and short-term funds are often cheaper than our own deposit market. That helps us manage our costs and interestrate risk. Also, Community Development advances go hand-in-hand with our smallbusiness lending programs to maintain and create jobs in our community. Above all, we appreciate the ease of working with them. Doing business with FHLB Boston has worked out so well, we’ve stayed with them.

”

Call your relationship manager today to learn how our tools might be just what you need.

See cooperative can can work for you. See how howyour our cooperative

FHLBBoston

Federal Home Loan Bank of Boston • 800 Boylston Street • Boston, MA 02199 • www.fhlbboston.com

Next door in Somerville, 74 percent of condos sold at or above the asking price in 2015, according to Bates. Slightly more than 20 percent of buyers paid $50,000 or more above the asking price. The median sale price of a Somerville condo last year was $540,000, according The Warren Group’s data. (The Warren Group tracks properties sold; it does not track properties on market.) Some of this competitive, lustful frenzy is media-drive, according to Rona Fischman, principal broker at 4 Buyers Real Estate in Cambridge. Notably, she said she still sees the proposed MBTA green line extension mentioned as an advantage to living in Somerville, even though that project has stalled and today’s buyers may be long gone before it arrives – if it ever does. Fischman said she suspects savvy agents are listing condos at below-market prices in order to attract a lot of buyers in the hopes of creating a competitive bidding war, a tactic sometimes used by listing agents in certain markets. “Sellers’ agents learned that underpricing is working to their client’s interests, so more did it in 2015 than in 2014,” Fischman said in an email to Banker & Tradesman. “This does not mean the market got more competitive. It means more agents underpriced.” Bates doesn’t think agents are intentionally underpricing condos, though he said it does happen from time to time. Most of the time, when an agent suggests a range of list prices to an owner, the owner typically chooses the higher end of the range. “It’s really the lack of inventory that’s driving this,” Bates said. “From the standpoint that there are some sales where the broker didn’t price them aggressively Continued on Next Page

BANKER & TRADESMAN

MARCH 14, 2016

Continued from Previous Page enough, that’s a very small percentage of cases.” As prices continue to soar and inventory continues to tighten, Fischman said buyers are starting to expand the scope of their searches to the suburbs beyond Cambridge and Somerville, where they can get more for their money. Still, there are so many people looking to live in those two communities, she thinks the sellers’ market will continue in 2016. “It only takes one or two willing buyers to secure a sale for a seller,” Fischman said. “Cambridge and Somerville continue to have enough draw to sustain this activity.”

Does one-size-fits-all ever really fit all? We don’t think so. Let our creative lenders show you what it means to think outside the box.

Does Overbidding Mean Overpaying?

In Jamaica Plain, where the median sale price of a condo in 2015 was $440,000, the market is hotter than ever. Last year, the ratio of selling price to listing price for condos was 104 percent. Almost 75 percent of condos sold there in 2015 went for at or above the asking price. Ten years ago, it wasn’t uncommon to see 200 condos on the market on a given day; these days, it’s more like 20 to 40, according to Gretchen Randall, who has been selling real estate in Jamaica Plain since 2005. “There’s not a ton of inventory, so competition is fierce,” she said. “I can’t think of an offer I’ve made in the last two years that wasn’t competitive.” Sellers don’t always take the highest offer, so Randall coaches buyers to be as flexible as they can with dates and other terms to make their offers stronger. Some buyers go so far as to waive their inspection and/or financing contingencies, though she doesn’t recommend it. “It doesn’t happen too often, but anything like that where you are waiving some of your safety net, it’s scary,” Randall said. “I explain the risks to them and tell them not to do anything they aren’t 100 percent comfortable with.” Like his peers, Bates prepares his Boston-area condo buyers for the competitive natur e of the market soon after meeting them, saying it empowers and prepares them for what can be a stressful bidding process. “I have a high percentage of winning competitive bids. What I say to a buyer is, ‘if you ask me what it’s going to take to win here, I’m going to tell you,’” Bates said. “We’re still in the midst of a market where if you really want to get a place, you’ve got to do whatever you need to do.” n

Michael Lindgren 617.441.4122 | Daryl Smith 617.441.4264

C A M B R I D G E SAV I N G S .CO M MEMBER FDIC

MEMBER DIF

E Q UA L H O U S I N G L E N D E R

Email: jmorrison@thewarrengroup.com

Gossip REPORT NEWTON

4 5

The home in this week’s number two spot is set in Waban, one of Newton’s 13 villages. This newly renovated home borders the historic Brae Burn Country Club and features many restored period details and upgraded modern amenities. There are five bedrooms, four full bathrooms, a large, new kitchen and 13 rooms in total inside this 1890 Victorian home. Outside, there’s a stone patio, a rolling lawn, a three-car garage and a carriage house.

ADDRESS: 203 Windsor Road, Newton

3 1

COHASSET

BOSTON

PRICE: $3,300,000

ADDRESS: 7 West Cedar St., Boston

SIZE: 7,455 square feet on 0.52 acres

PRICE: $3,450,000

BUYER: Demetra Taleghani and Reza Taleghani SELLER: Windsor Road Development AGENT: The Kennedy Lynch Team, Hammond Residential SOLD: 2/16/16

SIZE: 3,184 square feet on .02 acres BUYER: Matthew D. Killeen SELLER: C. McCornick-Hollingsworth SOLD: 2/18/16

WELLESLEY

ADDRESS: 378 Jerusalem Road, Cohasset

ADDRESS: 54 Longfellow Road, Wellesley

PRICE: $2,900,000

PRICE: $2,100,000

SIZE: 3,248 square feet on 1.44 acres

SIZE: 6,000 square feet on 0.69 acres

BUYER: James Mahar and Paula Mahar

BUYER: Kristina Rivers and Vincent J. Rivers SELLER: Kane Built Inc. AGENT: Joseph Fleming, JT Fleming & Co. SOLD: 2/19/16

SELLER: Donald D. Ranney AGENT: Sally Marr and Kevin Lewis,

William Raveis Real Estate SOLD: 2/16/16

DOVER

ADDRESS: 18 Yorkshire Road, Dover PRICE: $2,000,000 SIZE: 6,042 square feet on 1.08 acres BUYER: Jeremy S. Gonsalves and Jill S. Shea SELLER: 18 Yorkshire Road LLC AGENT: Jen Atwood, Dover Country

Properties Inc. SOLD: 2/19/16

BANKER & TRADESMAN

MARCH 14, 2016

Commercial & Industrial Pfizer, Shire And EMD Millipore Look To Grow In The ’Burbs Continued from Page 1 demand from recent years, according to commercial brokers. But like Cambridge, large contiguous blocks of space are in short supply, increasing the potential for build-to-suit activity. In the 2.8-million-square-foot Route 128 west lab market, the availability rate was 5.5 percent at year’s end, according to Transwestern’s bioSTATus report. The largest availability was Griffith Properties’ 96,695-square-foot lab complex at 266 Second Ave. in Waltham. Waltham-based Forum Pharmaceuticals last week put part of its 125,000-square-foot headquarters at 225 Second Ave. in Waltham on the market for sublease, spokeswoman Priscilla Harlan confirmed. There’s also one speculative building under construction: King Street Properties’ 115 Hartwell Ave. complex in Lexington, which is scheduled for completion in early 2017.

Build-To-Suit Climate Improves

Gov. Charlie Baker’s administration is supporting the growth of life science manufacturing in the suburbs as a strategy for spreading the industry’s economic benefits beyond its booming East Cambridge cluster. Cambridge-based Alnylam Pharmaceuticals recently agreed to build a $200 million manufacturing plant in Norton. And Bristol-

Myers Squibb is nearing completion of a $250 million expansion of its biologics manufacturing facility at MassDevelopment’s 4,400-acre Devens corporate park. Alnylam will qualify for incentives through the Massachusetts Life Sciences Center’s job creation tax incentive program, which will award $20 million this year to 40 life science companies that submitted applications. Alnylam has deep Massachusetts roots but indicated that it was also considering out-of-state and overseas locations with lower costs. Massachusetts’ skilled labor pool and the ability to monitor quality control at a plant located 40 miles from their Cambridge headquarters helped tip the scales toward the Norton site, said Travis McCready, president of the MLSC. “We want these large pharmaceuticals and emerging pharmaceutical companies to view Massachusetts as a potentially fully-enclosed system where you can go from R&D through translation to commercialization and production, all within the state,” McCready said. In Andover, Pfizer is evaluating its 70-acre campus on Burtt Road as one of three potential sites for a $200 million clinical manufacturing facility that could be in operation by January 2019. The company approached local ofContinued on Next Page

Pfizer is seeking a tax-increment financing agreement for a $200-million proposed expansion of its 70-acre Andover campus to house five new clinical manufacturing sites.

WHERE:

OWNER:

Fort Point, Boston

Clarion Partners LLC

WHAT:

BUILT:

33-41 Farnsworth St.

Each week, Banker & Tradesman commercial real estate reporter Steve Adams spotlights a commercial real estate property in Massachusetts notable for its high deal activity, unique design or one-of-a-kind special features.

WHY IT’S HOT:

• General Electric and startup Workable have leased over 70,000 square feet at 33-41 Farnsworth St. in Boston’s Fort Point. • GE leased 60,430 square feet on four floors for a temporary headquarters as it relocates in June from its longtime headquarters in Fairfield, Connecticut. Some 43,430 square feet became available after Boston-based software company Bullhorn leased 77,550 square feet at 100 Summer St. for expansion. • Hiring software startup Workable leased 10,130 square feet on the fourth floor as it expands out of WeWork’s coworking space at 51 Melcher St. Workable raised $27 million in series B funding from Balderton Capital last year. • Clarion Partners LLC acquired 33-41 Farnsworth St. in 2013 for $129.3 million as part of a six-property, 407,458-square-foot portfolio of converted warehouse and industrial buildings in Fort Point.

THEY SAID IT:

“Years back, the removal of the elevated expressway and train structure led to the reconnection of neighborhoods and increased pedestrian access. This project continues that reconnection theme – providing a visually appealing link between the Rose Kennedy Greenway and Portal Park within an area that already experiences a high level of daily foot traffic.” — John Copley, principal, Copley Wolff Design Group

THINK YOUR PROPERTY IS HOT? Drop Steve a line at sadams@thewarrengroup.com

1908

BANKER & TRADESMAN

MARCH 14, 2016

Commercial & Industrial Continued from Previous Page ficials last year about approval of a tax increment financing agreement that would offset the increased property taxes generated by the new buildings and equipment. Details of the agreement are still being negotiated, said Lisa LaGrasse Schwarz, Andover’s senior planner. If supported by local officials, the agreement would be subject to a town meeting vote in May. Pfizer also is considering alternate sites for expansion in Grange Castle, Ireland and Chesterfield, Missouri, according to a presentation made in January to Andover economic development officials. Its decision will be based upon the labor market, operational synergies, construction and operational costs, ease of permitting and tax incentives, Pfizer said. The Andover project would add 70 employees and generate $3.9 million in new property taxes annually, according to documents submitted by Pfizer. The Andover campus currently has 1,300 employees in eight office, lab and manufacturing buildings. A 15-year, $3.1 million tax-increment financing deal granted by the town of Burlington cleared the way for Burlington-based developer Gutierrez Cos.’ construction of a 280,000-square-foot office, lab and training center at 400 Wheeler Road. MilliporeSigma, the life science arm of Merck KGaA, will relocate 800 employees from its Billerica, Waltham and Woburn complexes in 2017. Merck acquired Sigma-Aldrich in November for $17 billion and merged

it with EMD Millipore in the U.S. and Canada. After expanding by 200,000 square feet in Lexington last year, Shire recently leased two of three buildings in the former Cubist Pharmaceutical buildings at 45-55 Hayden Ave. in Lexington to accommodate its burgeoning Bay State workforce. Shire added 700 employees in Massachusetts last year, increasing its statewide headcount to 2,578 employees at facilities in Lexington, Waltham, Cambridge, North Reading, Belmont and Burlington, spokeswoman Katie Joyce said. Shire eliminated 600 jobs in Chesterbrook, Pennsylvania, triggering $97.9 million in restructuring costs including termination benefits, as it shifted jobs to Massachusetts. The company is reviewing its corporate, R&D and manufacturing options with an eye toward additional growth in the state, Joyce said. Demand from life science users shows no sign of waning, with multiple companies looking for 100,000 or more square feet of office and lab space. Life science tenants with major space requirements in the suburbs include Cambridge-based Alkermes and Tesaro, according to brokers. Average lab rents in Cambridge were $56.99 per square foot in Cambridge at year’s end, according to Cushman & Wakefield’s year-end market report. In the Route 128 central market, R&D space averaged $17.68 per square foot, topping out at $30 per foot in Waltham. “Overall activity is very healthy, with several large users percolating over the

suburbs for large amounts of lab space,” said Michael O’Leary, a senior vice president at Cushman & Wakefield. “That stems from the limited availability in and around Cambridge and doing their

due diligence from an economic comparison. The suburbs have been a beneficiary of that on a large scale.” n Email: sadams@thewarrengroup.com

Burlington-based developer Gutierrez Co. has begun construction of a 280,000-square-foot office, lab and training center at 400 Wheeler Road for MilliporeSigma.

COCKTAILS + CONVERSATION: IMAGINE BOSTON 2030 TIME Registration & Networking 5:30 PM - 6:00 PM

Since Mayor Martin Walsh’s 2014 entrance into City Hall, many new initiatives have been established. Perhaps one of the largest is Imagine Boston 2030, Boston’s first master plan in 50 years for the city’s 400th anniversary. With Boston’s current population growth, including more projected in years to come, the Mayor has outlined a plan to “guide positive physical change while promoting shared prosperity, coordinated public investments, and a healthy environment and population.”

Program 6:00 PM - 7:00 PM

NAIOP presents a unique opportunity to hear directly from the experts working on the initiative. Please join NAIOP’s Developing Leaders for a discussion on Imagine Boston 2030. We will explore:

DATE Thursday, April 7, 2016

Cocktails, Hors d’oeuvres & Networking 7:00 PM - 8:00 PM PLACE 200 State Street 15th Floor Bo Boston, MA 02109 MEDIA PARTNER

Goals for Imagine Boston 2030 Stages in the planning process Changes we can expect to see in the city Crowdsourcing efforts SPEAKERS Hannah Hoyt Senior Analyst HR&A Advisors

Matthew Littell Principal Utile

DEVELOPING LEADER ANNUAL SPONSORS

Sara Myerson Director of Planning Boston Redevelopment Authority

BANKER & TRADESMAN

MARCH 14, 2016

STAY CONNECTED. BE INFORMED. KEEP UP-TO-DATE.

SPECIAL SECTIONS AND EVENTS CALENDAR FEATURED EVENT The Great New England Credit Union Show GNECUS is back, and if you are one of the more than 400 people who attended the show last year, you already know it’s a can’t-miss day filled with educational sessions and networking opportunities. Presented by the Cooperative Credit Union Association and The Warren Group, GNECUS has grown rapidly since its debut eight years ago and this year will address key trends and issues including cybersecurity, leadership tactics, harnessing the power of big data and risk management.

The Midyear Mortgage Update & Conference The midyear update, for the mortgage and real estate industries, recaps the first 6 months of 2016 and forecasts the remainder of the year. We know the market and the key players, and we’re bringing it all together for this powerful one-day event.

MARCH

JULY

NEFMA Marketing Awards

Women of FIRE

The official event of New England Financial Marketing Association will honor the names, faces and companies behind the engaging, creative and innovative social media and marketing campaigns that drive the success of financial institutions throughout New England.

Honor the standout members of the Massachusetts women of FIRE (Finance, Insurance and Real Estate). Based on professional performance and personal merit, these individuals are trailblazers in their fields while enriching the lives of others..

AUGUST MAY

Fast 50

Community Bank Heroes

Year-in and year-out, dozens of mortgage lenders set themselves up for phenomenal growth. We recognize the fastest growing lenders in the industry and applaud them for their accomplishments.

Honor the achievements, commitment and dedication of financial professionals who go above and beyond for their institution and community.

OCTOBER B&T’s Best

JUNE Loan Originators

ADVERTISING AND SPONSORSHIP OPPORTUNITIES AVAILABLE.

CALL TODAY!

With so many uncertainties in the mortgage industry – from regulatory changes to compliance issues – it’s impressive to see who still manages to perform at the top of the field. Check out our top loan originator rankings by county across Massachusetts.

The much-anticipated, annual reader poll results issue, honoring the BEST vendors in the Massachusetts real estate and financial markets.

PRISM Awards Presented by The Builders and Remodelers Association of Greater Boston (BRAGB), the PRISM Awards recognize the finest projects and outstanding achievements of professionals in the homebuilding industry.

For more information about upcoming special features, visit bit.ly/BandTSpecialSections or email editorial@thewarrengroup.com. Event sponsorships available, email events@thewarrengroup.com. To learn more about Banker & Tradesman or to customize a marketing program unique to your business needs, call 617-896-5357 or email advertising@thewarrengroup.com.

BANKER & TRADESMAN

MARCH 14, 2016

CLASSIFIEDS

THE ONE PLACE TO FIND OPPORTUNITIES

Classified Ads can also be accessed online. Visit bankerandtradesman.com and click on Classifieds.

RESIDENTIAL REAL ESTATE

COMMERCIAL REAL ESTATE

AUCTION

EDUCATION

PROFESSIONAL SERVICES

HELP WANTED

To Place an Ad in Classifieds, Please Contact Wayne Gregory at 617-896-5306. V I S I T C L A S S I F I E D S. B A N K E R A N D T R A D E S M A N. C O M

We Sell Properties

3% Commission

3,900 S/F Arlington Office Building Available BANKING OPPORTUNITIES COMMERCIAL LENDER TO $135,000 PLUS BONUS A community banking team in the immediate Boston area is seeking to hire an experienced commercial lending professional. The ideal candidate will possess a college degree, along with a minimum of five years of directly related commercial lending experience, preferably within the realm of real estate. The candidate will need to possess a well-rounded skill set that will include business development, portfolio management and credit. The bank has a definite commitment within its marketplace, and is eager to get its deposit base out to work.

Our new office is located at 2285 Mass Ave, Cambridge

COMMERCIAL LOAN CREDIT OFFICER TO $80,000 PLUS BONUS A growing local bank is looking to hire a commercial loan credit officer. The candidate will need to possess a college degree, along with a minimum of three years of experience within a commercial loan environment. The position will offer exposure to both C&I and real estate deals. The role will offer a long term flexible career path within the commercial lending arena.

BRANCH SALES MANAGER TO $90,000 PLUS BONUS A progressive banking group has an immediate need for a top branch manager.

Contact Chris Griffin at 617-354-5888 for further details.

The bank is looking to grow its impact in the local marketplace, and offers a complete array of products and services to sell. The right candidate will be someone who is looking to take their game to the next level, along with gaining exposure to bank senior management, and the local marketplace. SINCE 1948 CONTACT TIM KEEFE BOSTON 617-951-4000 fax 617-951-0904 email: Tim.Keefe@roberthalf.com | 125 High Street, 20th Floor Boston, MA 02110 | www.roberthalf.com

Listing Agent:

BANKER & TRADESMAN

To Place An Ad In This Section Contact The Advertising Department At (617) 896-5306 Or Email advertising@thewarrengroup.com

AUCTIONS

AUCTION

MARCH 14, 2016

V I S I T C L A S S I F I E D S. B A N K E R A N D T R A D E S M A N. C O M

ABSOLUTE AUCTION OceAnVIeW HOMe

Real Estate for Sale at Public Auction Estate for Sale at Public Auction Former JohnReal Wells House — Estate & 65 Acres Real Estate for Sale at Public Auction 491 Eastford Road, Southbridge, Former John Wells House — Estate &MA 65 Acres Former John Wells 19, House — Estate & MA 65 Acres Southbridge, TO BE 491 SOLD:Eastford SAT., MARCHRoad, 2016 AT 11:00 AM ON THE PREMISES 491 Eastford Road, Southbridge, MA

Falmouth (Cape Cod), MA

TO BE SOLD: SAT., MARCH 19, 2016 AT 11:00 AM ON THE PREMISES

136 Racing Beach Ave. 2,500 sf., 3BR, 2.5BA on 1.5 Acres Deeded Rights to Private Association Ocean Beach 3.5 Miles to Woods Hole Ferry Selling to the Highest Bidder, Regardless of Price

Saturday, April 9 at 11am On-Site Open House: Sunday, April 3 (11am-1pm) Bid Live On-site or Online MA Co. Lic# 3184 • Ref # 16-1656

Info Package, Virtual Tour, Broker Registration, Terms & More at

JJManning.com

or call

(800) 521-0111

Is that comp in Chicopee a distressed property? Banker & Tradesman 1/9 page

Description: Unique estate style dwelling and property; main residence includes over 6,000 SF GLA plus a caretaker’s apt. above 3-car garage, an in-ground pool and extensive mature landscaping; all situated on 15 Acre lot w/frontage on Wells Pond and includes a dock. Also offered: a 50 Acre lot of land w/ considerable road frontage which abuts the main parcel. This estate may be restored to its former glory. Great as a residence, retreat style property or B & B; a unique and rare property offering. The additional land (50 Acre parcel) offers an opportunity for development with considerable street frontage. Description: Unique estate style dwelling and property; main residence includes over 6,000 SF GLA plus a caretaker’s apt. above 3-car garage, an in-ground pool and extensiveSat., mature landscaping; allMarch situated onfrom 15 Acre w/frontage on Wells Pond and a dock. Alsobidders offered: 50 Acre lotAuction of landatw/ Auction Previews: March 5th and Sat., 12th 11-12lotAM and a 30 minute preview will includes be held for registered justa prior to the considerable road frontage which abuts parcel. This estate may be restored to itsSFformer glory. Great as aapt. residence, retreat style property or B (qualified bidders only on 3/19). 10:30 AM on auction date: March 19ththe Description: Unique estateSat., style dwelling andmain property; main residence includes over 6,000 GLA plus a caretaker’s above 3-car garage, an in-ground & B;anda extensive unique and rare property offering. The additional land (50 Acre parcel) offersPond an opportunity fora development with considerable street frontage. pool mature landscaping; all situated on 15 Acre lot w/frontage on Wells and includes dock. Also offered: a 50 Acre lot of land w/ Terms of Sale: The property will be offered at auction individually: the residence w/15 Acres and thereafter the 50 Acre lot of land; following the auction of considerable road frontage which abuts the be main This estate mayand bearestored its parcels former glory. Great asBased a residence, retreat style property or Bat Auction Previews: Sat., March 5th andwill Sat., March 12th 11-12 30 minute preview will be held for registered just of prior theofferings: Auction the two parcels individually, the property soldparcel. by thefrom entirety, asAM one offering, with to both taken together. onbidders the results thetotwo th The additional land (50 Acre parcel) offers an opportunity for development with considerable street frontage. &10:30 B; AM a unique andtherare property offering. (qualified bidders onlytoonproceed 3/19). and which result will be accepted. In order to bid on the entirety, a total deposit on date: Sat.,the March 19will individually andauction by entirety, Seller decide on how best of $20,000Previews: by bank check is required. In Sat., orderMarch to bid12th on one of 11-12 the individual parcels a deposit of $10,000 bank is required. just In order on the twoat Auction Sat., March 5th and from AM a 30 minute preview be by held for check registered priortotobid the Terms ofofferings Sale: The propertyofwill be offered at auction individually: the and residence w/15 Acres andwill thereafter the 50 Acre lotbidders of land; following theAuction auction of individual a deposit $10,000 per th each parcel is required. In any event the balance is due within 45 days. Additional terms announced at the auction. (qualified bidders only on 3/19). 10:30 AM on auction date: Sat., March 19 the two parcels individually, the property will be sold by the entirety, as one offering, with both parcels taken together. Based on the results of the two offerings: individually andThe by property the entirety, the decide on how best tothe proceed andw/15 resultand willthereafter be accepted. orderlottoofbid on the entirety,the a total deposit Terms of Sale: willcooperation be Seller offeredwill at auction individually: residence Acres the 50InAcre land; following auction of In with: Saltmarsh Realty –which Christopher J. Howard, Realtor of two $20,000 by bank check isthe required. order bidby onthe oneentirety, of the individual parcelswith a deposit of $10,000 bank check is required. In order totwo bid offerings: on the two the parcels individually, propertyInwill be to sold as one offering, both parcels takenby together. Based on the results of the individual offerings a deposit of $10,000 per each parcel is required. In any event the balance is due within 45 days. Additional terms announced at the auction. individually and by the entirety, the Seller will decide on how best to proceed and which result will be accepted. In order to bid on the entirety, a total deposit

See listing & photographs at: auctionzip.com – ID #5964

of $20,000 by bank check is required. In order to bid on one of the individual parcels a deposit of $10,000 by bank check is required. In order to bid on the two cooperation with: Saltmarsh Christopher J. Howard, Realtor individual offerings a deposit ofIn $10,000 per each parcel is required. In anyRealty event the–balance is due within 45 days. Additional terms announced at the auction.

Find out now using

Southcoast Auctions & Realty, Inc.J.– Howard, - George A. Collias See listing &Saltmarsh photographs at: auctionzip.com ID #5964Realtor In cooperation with: Realty – Christopher

You can filter distressed properties from your search for comparable sales. It’s one of our new search features available free of charge to Real Estate Records Search subscribers.

Auctioneers/Appraisers/Realtors/Agents listing photographs at:Market auctionzip.com IDOff #5964 There are Two Ways See to Sell Real& Property - On the for Months– or the Market in Minutes. George A. Collias Take Action! Have an Auction. The Auction Advantage! Auctioneers/Appraisers/Realtors/Agents A. Collias There are Two Ways to Sell Real Property - On the Market for Months or George Off the Market in Minutes. Take Action! Have an Auction. The Auction Advantage! Auctioneers/Appraisers/Realtors/Agents There are Two Ways to Sell Real Property - On the Market for Months or Off the Market in Minutes. Take Action! Have an Auction. The Auction Advantage!

Southcoast Auctions & Realty, Inc. Southcoast Auctions Realty, Inc. (508)& 679-7919 (508) 679-7919 (508) 679-7919

Call 617-896-5392 or visit www.rerecordssearch.com

Free 7 day trial: www.tryrers.com

CLASSIFIEDS

THE ONE PLACE TO FIND OPPORTUNITIES

Post your classified ad – in print and online.

SPONSORSHIP OPPORTUNITIESAND EXHIBITOR AVAILABLE Visit www.firmfuturecon ference.com Today!

Establish ed 1872

WEEK OF MONDAY

Visit classifieds.bankerandtradesman.com to get started.

the

financia l

services

and

real

, AUGUS T

estate

27, 2012

www.ban kerandtr

weekly

A Publication of The Warren Group

SUMMER JOBS PROGRAM

Cranes Have Job-Seekers Flock ing To Boston

Hiring Strong At a Number

BY JIM CRONIN BANKER & TRADESMAN STAFF WRITER

sk certain developers, or government officials contractors what their favorite bird is, and they’ll gladly tell you – it’s the crane, of course. The construction crane. And right now, those cranes have returned to nest across the Boston area, and

COMMERCIAL

Of Local Contracting,

Construction Firms.

they’re bringing flocks of jobs with them. In Boston’s Seaport district, Vertex Pharmaceuticals and John Drew are creating new office and residential projects, respectively. Across the Cambridge, Alexandria Charles River in new 11-acre developmen is working on a t project that will house Biogen Idec’s headquarters, stores, restaurants and a public park. And in the

END-AROUND

But Is It Sustainable?

suburbs, Duffy Properties ing the first speculative is already buildproject in years along Route 128 in Burlington. In 2012, the value of all building permits issued in the city of Boston has reached $3.3 billion, according to information from Suffolk Construction. For all of 2007, at the peak before the crash, the Continued on Page 11

COMMERCIAL REAL ESTATE

REAL ESTATE RESIDENTIAL

REAL ESTATE COMMERCIAL

AUCTION

EDUCATION

PROFESSIONAL SERVICES SERVICES PROFESSIONAL

HELP WANTED WANTED HELP

SCOTT VAN VOORHIS

| BANKER & TRADESMAN

COLUMNIST

here’s really no other way to put it: Mohegan Sun blew it with its fumbling pursuit of the prized casino license for Western sachusetts, and Masnow looks just about done as a serious contender. Mohegan took an early and seemingly ing lead in the imposcasino sweepstake s, rolling out plans for a mega casino near the Connecticut border in Palmer four years ago.

renovate large

But Mohegan hesitated at key moments it should have poured when it on, with the decision put off paying a to $400,000 application Massachusetts fee to the Gaming Commissio n looking like the last act. All roads now lead to petition for the western Springfield in the comlicense, with MGM ing like the new lookfront-runner amid a pack of Continued on Page 13

RATE OF RETURN

Mass. Banks Largely Exem pt From

How Local Condition

s Prevent Mass. Lenders

BY MATT BROWN BANKER & TRADESMAN STAFF WRITER

ould mortgage rates go lower? Could they be lower if not for bankers eager to put some extra cash on the bottom line? Those questions have been around national news stories in lately, but bankers here say conditions aren’t quite right make that trend to a reality in Massachu-

To Place An Ad In This Section Contact The Advertising Department At (617) 896-5306

Of Missteps For Archrival MGM.

Once considered a dark horse candidate for the Western Mass. portions of downtown casino license, MGM’s Springfield is quickly gaining traction. proposal to redevelop and

BY SCOTT VAN VOORHIS

MLS Data As A ‘Broker,’ Popular Site Re-Ignite s IDX, Syndication Debate

Rate Spread Games

From Cashing In On

Favorable Mortgage

setts. Quoting industry analysts, the New York Times reported earlier this month that banks are taking advantage of a widening spread between mortgage rates and bond rates. The difference between mortgage rates and bond rates allows banks to sell mortgages to investors for a profit. Analysts told the Times the spread has been historically high and mortgage rates,

, Bond Spreads

even recently, should have ticked down along with bond rates. But they haven’t, and banks nationwide say they need to pocket order to cover present the difference in and those they expect compliance costs to pay in the coming months and years. Conditions here in Massachusetts seem to both encourage and prevent this kind Continued on Page 15

Contributed Rendering

RESIDENTIAL REAL ESTATE

Realestate.com Re-launch Ruffles Realtors Feathers Using

INTERESTS

SU N SETTING ON MOHE Mohegan Sun Was Once GAN Top Mass. Casino Battle. But Dog In The Western A Series

Has Opened The Door Wide

adesman .com

0 Years Celebrmataings 1s4a c h u s e t t s

for

BY COLLEEN M. SULLIVAN BANKER & TRADESMAN STAFF WRITER

new front has opened up in the portal wars – and some Massachusetts listings are caught in the crossfire. The controversy has to do with the well-known web domain RealEstate. com. Formerly owned by internet lender LendingTree.com, the domain (and 400 others) was purchased by real estate tech firm Market Leader last fall in an $8.25 million deal. KATHY CONDON Market Leader, an vider of lead generationestablished proand marketing technology for brokers re-launched RealEstate. and agents, has com as a listings portal, aiming to compete with sites like Zillow, Trulia and Realtor.com. But it’s doing so with a twist, setting up relationships with a network of local brokers and charging them “referral fees” for a chunk of the commission on a closed deal, instead of simply soliciting agents to advertise on the site. The group has joined 150 multiple listing services (MLS) across the country – including Shrewsbury-based MLS-PIN, the largest MLS in Massachuse tts. And that’s ruffling brokers’ feathers. RealEstate.com will “serve up any zip code paying agent as the contact, whether [or not] they are even in the listing’s MLS,” complained Mark Holt, an agent at Braemore Realty in Boston. Continued on Page 7

CONTENTS

The Teller �� 2 Points �� 4 By The Numbers �� 6

Residential Real Estate

��7 Gossip Report �� 7 In Person �� 10 Commercial & Industrial ��11 Hot Property�� 11 Banking & Lending�� 14 Classified Sections �� C1 Records Section�� D1

SUPPLE MENT

AUCTION

BANKER & TRADESMAN

MARCH 14, 2016

To Place An Ad In This Section Contact The Advertising Department At (617) 896-5306 Or Email advertising@thewarrengroup.com

AUCTIONS

V I S I T C L A S S I F I E D S. B A N K E R A N D T R A D E S M A N. C O M

Public AuctioN FRIDAY, APRIL 1ST at 11:00 A.M. MORTGAGEE’S SALE OF REAL ESTATE

• SPRINGFIELD •

±7,475 S/F

SINGLE STORY

BRICK COMMERCIAL BUILDING “CLOSE PROXIMITY TO INTERSTATE 291 & MA TURNPIKE”

501 Saint James Avenue

SPRINGFIELD, MASSACHUSETTS

To be sold on the Premises

Where is Construction Heating Up?

LAND: ±24,140 S/F of Land • ±150’ Frontage on St. James Ave • Two Curb Cuts • Asphalt Paved Parking • Public Water & Sewer • Zoned: Business B • Rear Yard Enclosed w/ Chain Link Fencing • Assessor’s ID: Street #11170, Parcel #331• IMPROVEMENTS: Area #1 • Garage Area • Open Office/Reception Area w/ Ceramic Tile Floors • (2) Bathrooms • Mezzanine Level Private Office • (3) Overhead Doors • 200 AMP Electrical Service • Office: Oil Forced Warm Air Heat • Oil Suspended Heating Unit • Area #2 • Garage Area • Open Office/Reception Area w/ Vinyl Floors • (2) Bathrooms • (2) Overhead Doors • 200 AMP Electrical Service • Office: Oil Forced Warm Air Heat • Oil Suspended Heating Unit • REAR UNIT: Open Office/ Reception Area • (3) Bay Garage • (1) Bathroom • (3) Overhead Doors • Office: Oil Forced Warm Air Heat •

2% BROKER INCENTIVE OFFERED!!

We know and can fill you in.

Sale Per Order of Mortgagee Attorney Gregory A. Schmidt

Of the Firm of Doherty, Wallace, Pillsbury & Murphy, P.C, 1414 Main Street,Springfield, MA

Attorneys for Mortgagee

Terms of Sale: $15,000.00 Deposit Cash or Certified Funds Deposit to be increased to an amount equal to 10% of the Purchase Price within 5 business days. Other Terms to be Announced at Time of Sale.

INSPECTION: Day of Sale 9:00 A.M. to 11:00 A.M. CONTACT US TODAY (617) 896-5392 | datasolutions@thewarrengroup.com www.thewarrengroup.com

Aaron Posnik

AUCTIONEERS · APPRAISERS

West Springfield, MA • Philadelphia, PA 413-733-5238 • 610-853-6655 TOLL FREE 1-877-POSNIK-1 (767-6451) MA Auc. Lic. #161 • PA Auc. Lic. #AY000241L

www.posnik.com • E-mail: info@posnik.com

CLASSIFIEDS

THE ONE PLACE TO FIND OPPORTUNITIES

Post your classified ad – in print and online.

SPONSORSHIP OPPORTUNITIESAND EXHIBITOR AVAILABLE Visit www.firmfuturecon ference.com Today!

Establish ed 1872

WEEK OF MONDAY

Visit classifieds.bankerandtradesman.com to get started.

the

financia l

services

and

real

, AUGUS T

estate

27, 2012

www.ban kerandtr

weekly

A Publication of The Warren Group

SUMMER JOBS PROGRAM

Cranes Have Job-Seekers Flock ing To Boston

Hiring Strong At a Number

BY JIM CRONIN BANKER & TRADESMAN STAFF WRITER

COMMERCIAL

Of Local Contracting, they’re bringing flocks of In Boston’s

Construction Firms.

jobs with them. Seaport district, Vertex Pharmaceuticals and John Drew are creating new office and residential projects, respectively. Across the Cambridge, Alexandria Charles River in new 11-acre developmen is working on a t project that will house Biogen Idec’s headquarters, stores, restaurants and a public park. And in the

END-AROUND

But Is It Sustainable?

REAL ESTATE COMMERCIAL

AUCTION

EDUCATION

PROFESSIONAL SERVICES SERVICES PROFESSIONAL

HELP WANTED WANTED HELP

Once considered a dark horse candidate for the Western Mass. portions of downtown casino license, MGM’s Springfield is quickly gaining traction. proposal to redevelop and

BY SCOTT VAN VOORHIS

SCOTT VAN VOORHIS

| BANKER & TRADESMAN

renovate large

RATE OF RETURN

Mass. Banks Largely Exem pt From

How Local Condition

s Prevent Mass. Lenders

BY MATT BROWN BANKER & TRADESMAN STAFF WRITER

To Place An Ad In This Section Contact The Advertising Department At (617) 896-5306

COLUMNIST

Rate Spread Games

From Cashing In On

Favorable Mortgage

, Bond Spreads

Contributed Rendering

REAL ESTATE RESIDENTIAL

AUCTION

MLS Data As A ‘Broker,’ Popular Site Re-Ignite s IDX, Syndication Debate

Of Missteps Has Opened The Door Wide For Archrival MGM.

COMMERCIAL REAL ESTATE

Realestate.com Re-launch Ruffles Realtors Feathers Using

INTERESTS

SU N SETTING ON MOHE Mohegan Sun Was Once GAN Top Mass. Casino Battle. But Dog In The Western A Series

RESIDENTIAL REAL ESTATE

adesman .com

0 Years Celebrmataings 1s4a c h u s e t t s

for

BY COLLEEN M. SULLIVAN BANKER & TRADESMAN STAFF WRITER

CONTENTS

The Teller �� 2 Points �� 4 By The Numbers �� 6

Residential Real Estate

��7 Gossip Report �� 7 In Person �� 10 Commercial & Industrial ��11 Hot Property�� 11 Banking & Lending�� 14 Classified Sections �� C1 Records Section�� D1

SUPPLE MENT

BANKER & TRADESMAN

COMMUNITY BANK

MARCH 14, 2016

S ARPON E A SO VA RSH ILA IP BL OPP E C OR AL TU L T NIT OD IES AY WHEN: !

MAY 2016

MAY 19, 2016 6:00 PM – 8:30 PM

WHEN: LEADERSHIP, INTEGRITY,

HYATT REGENCY BOSTON, MA

COMMITMENT

Presented by

HELP US IDENTIFY THE REGION’S

COMMUNITY BANK HEROES

NOMINATIONS WILL CLOSE ON APRIL 8 | WINNERS WILL BE NOTIFIED BY THE END OF APRIL

Community bankers are often recognized for generating a large amount of loans or opening a high volume of new accounts. But what about those who think beyond the bottom line and work to benefit the community the bank

A COMMUNITY BANK HERO MUST BE:

serves? Banker & Tradesman is setting out to find those heroes of the industry – the individuals who are admired for their ability, courage and strength. Help us identify worthy recipients who work tirelessly to not only deliver

•

A Massachusetts community bank employee.

•

Someone who consistently gives back to the industry and the community, giving freely

superior customer service, but also serve the community. We will honor

of their time, energy and resources for

the winners with a special Banker & Tradesman feature in May and again at

volunteerism, community service and charity.

an awards reception later in the month. It’s easy to nominate an individual worthy of this honor. Just fill out

•

the online nomination form at www.thewarrengroupevents.com/ communitybankheroes. Self-nominations are acceptable.

A respected industry professional who has made a significant impact on those around them.

•

An outstanding contributor to their institution,

We’re looking forward to your nominations and giving due recognition to

positively influencing peers and subordinates,

Community Bank Heroes in our region! Thank you for your help!

and even the industry as a whole.

QUESTIONS ABOUT THE NOMINATION PROCESS OR SPONSORSHIP OPPORTUNITIES? Contact The Warren Group today at 617-896-5373 or email events@thewarrengroup.com for more information.

MARCH 14, 2016

BANKER & TRADESMAN

2015 TOP LENDERS MARCH 14, 2016 | A SPECIAL SECTION OF BANKER & TRADESMAN

Commercial Market Boosts Lending Last Year

MORTGAGE RANKINGS

Low Rate Environments Can’t Keep These Bankers Down BY LAURA ALIX BANKER & TRADESMAN STAFF

t’s good to be on top, but in an increasingly competitive and prolonged low-rate environment, the watch words for this year’s Top Lenders might well be “cautious optimism.” For those banks, credit unions and mortgage companies on Banker & Tradesman’s annual Top Lenders list, 2015 was a solid year, with many posting considerable increases over the prior year’s loan production in both commercial and residential loan categories. While the interest rate environment continued to squeeze margins, Bay State lenders still benefitted from homebuyers looking to purchase and homeowners looking to refinance. And slow, but steady economic growth meant that there was plenty of business to be had in the Greater Boston area’s increasingly white-hot commercial real estate market. Where residential mortgages were concerned, the Arlington-based Leader Bank came out on top of the list of banks, booking $666 million in single-family purchase mortgages and $260 million in condo purchases. Along with low rates and a late-starting but strong purchase season, the bank undoubtedly also benefitted from its geographical location, said Jay Tuli, senior vice president and head of retail banking and residential lending. “On the purchases in particular, the Boston economy is at a place now where it’s just attracting a lot of jobs. There are bigger announcements like GE, but it’s also just the number of startups and the number of foreign companies coming in and starting subsidiaries, there’s a lot of job growth,” Tuli said. “We’re fortunate to be on the eastern side of Massachusetts where most of the job growth is happening.” Elsewhere in the state, Berkshire Bank maintained its Top Lender status with nearly $224 million in single-family purchase volume last year and $64.7 million in condo purchase volume. That amounted to about an 8 percent year-over-year increase in its condo purchase business and a small decline (1.4 percent) in single-family purchases. In an email to Banker & Tradesman, Allan Costello, senior vice president and head of residential lending at Berkshire Bank, attributed the bank’s sustained residential loan production in part to the continued low interest rate environment, which also spurred a sustained interest in refinancing. Bankers who fear a “credit union creep” might also look at credit union their counterparts. Digital Federal Credit Union made $81.5 million in single-family mortgage loan business last year, representing an increase of nearly 54 percent from 2014. And Jeanne D’Arc Credit Union did $68.9 million in mortgage loan volume last year, more than doubling its business from 2014. Meanwhile, non-depository mortgage lenders beat out banks where both volume and numbers were concerned. Guaranteed Rate, which was virtually absent from the Massachusetts mortgage market as recently as five years ago, nabbed the top spot in its category for single-family purchases by volume, posting nearly $732 million worth of

Single-Family �� 18

mortgage loans. That represented about a 32 percent increase from its prior year purchase volume. Guaranteed Rate also topped out its lender category in condo purchases, ending 2015 with $347.9 million worth of new condo purchase business.

Condo �� 19 Residential Refinance/Second/ Equity/HELOC �� 20

Sleeping Well At Night

Where commercial mortgages are concerned, perhaps it’s unsurprising that the lion’s share of 2015’s Top Lenders were concentrated in and around Eastern Massachusetts. Eastern Bank claimed the lead with $278.2 million in commercial mortgages last year, nearly double its production from the prior year, and East Boston Savings Bank more than doubled its commercial mortgage production on a yearover-year basis to $226.4 million for 2015. Middlesex Savings Bank and Cambridge Savings Bank, neither of which qualified as a Top Lender in 2014, muscled their way onto the list this year, with $132 million and $130 million, respectively, in commercial mortgage volume for 2015. Thomas Farley, chief commercial banking officer at Middlesex Savings Bank, said the bank was particularly active in financing investment properties and owner-occupied real estate last year. He added that the bank also financed some hotels, attributing demand in that particular sector to high occupancy rates and hoteliers beefing up their business with more and newer rooms. Richard Muraida, Rockland Trust’s lending center manager for its commercial banking division, particularly emphasized the larger transactions his bank did around Class B office space in the city of Boston. And Doug Faithfull, chief lending officer at Cambridge Savings Bank, said CSB had benefitted from many of its preexisting customer relationships over the past few years. But all that increasing commercial real estate activity – the luxury condos popping up all over town and the cranes increasingly dotting skylines in Southie and the Seaport District – has naturally also prompted worries that the market may be overheating. It’s no great secret, either: Listen in on any earnings conference call these days, and inevitably an investor will ask about the commercial real estate scene – particularly in Boston. Muraida and Faithfull both spoke of competition in the marketplace – and in particular, of cash buyouts and refinances spurring some of their own borrowers to pay off loans ahead of schedule. John Migliozzi, executive vice president at East Boston Savings, spoke of non-recourse loans and high loan-to-value ratios, which he said his bank won’t touch. On the whole, many of the Top Lenders shared a similar philosophy on lending, characterized by a willingness to work with borrowers, but not at the cost of credit quality. “We tend to be fairly conservative about how we structure loans,” Faithfull said. “You lose opportunities during the hot times, but you can sleep at night and then you’re well positioned when things slow down to weather the storm.” n Email: lalix@thewarrengroup.com

Commercial/Retail �� 20 Multifamily �� 21

RECOGNIZED AS A TOP LENDER! by The Warren Group

At East Boston Savings Bank, our experienced lending team is hard at work making sure you get the loan that’s just right for you. If you’re looking to partner with a top lending team, look to EBSB’s proven experienced lenders. Call 800.657.3272 and let’s start working together today.

#2 #6 #6

Commercial Loans - Total Volume Commercial Loans - Total Quantity Multi-Family Homes - Total Volume

Member FDIC Member DIF

EBSB.com

BANKER & TRADESMAN

WE ARE PROUD TO BE #1

MARCH 14, 2016

2015 TOP LENDERS

#1 Single Family

Credit Union

Single-Family Mortgages Bank # Purchased Money Loans

Last year Leader Bank ranked at the top for purchase mortgages among banks in Massachusetts:

Bank

Mortgage Co.

Bank Vol. Purchased Money Loans

Leader Bank NA

1,514

Leader Bank NA

$666,032,303

Wells Fargo Bank

1,189

Wells Fargo Bank

$590,986,881

Bank of America NA

867

Bank of America NA

$431,053,454

Santander Bank NA

794

Santander Bank NA

$284,436,387

Cape Cod Five Cent Bank

744

Cape Cod Five Cent Bank

$274,475,420

RBS Citizens NA

619

Citicorp Mortgage Inc.

$253,945,453

Sage Bank

607

RBS Citizens NA

$237,421,303

Berkshire Bank

570

First Republic Bank

$230,576,117

Bank of Canton

553

Berkshire Bank

$223,892,040

Citicorp Mortgage Inc.

479

Needham Bank

$223,377,064

Credit Union # Purchased Money Loans

Credit Union Vol. Purchased Money Loans

#1 Multi Family

Digital Federal Credit Union

261

Digital Federal Credit Union

$81,535,325

Greylock Federal Credit Union

243

Jeanne D’Arc Credit Union

$68,936,574

#1 Condos

Jeanne D’Arc Credit Union

213

Metro Credit Union

$58,803,680

Workers Credit Union

194

Navy Federal Credit Union

$56,081,638

Metro Credit Union

165

Workers Credit Union

$46,309,535

Navy Federal Credit Union

164

Greylock Federal Credit Union

$39,424,679

Freedom Credit Union

136

Harvard University Credit Union $29,533,505

St. Mary’s Credit Union

Rockland Fed Credit Union

$24,838,094

St. Anne’s Credit Union

St. Mary’s Credit Union

$24,539,876

Holyoke Credit Union

Baxter Credit Union

$22,599,292

Leader Bank’s competitive rates, innovative products, and first class service have earned the trust of Massachusetts realtors.

Join our winning team! Leader Bank ranked #1 in Massachusetts in 2015, closing $2 billion in mortgage volume. If you don’t like competing against us, join us! We are looking for high-performing, motivated Loan Officers. Contact Jay Tuli at jtuli@leaderbank.com or 781-641-8606.

www.leaderbank.com

Lender NMLS# 449250

Mortgage Co. # Purchased Money Loans

Mortgage Co. Vol. Purchased Money Loans

Residential Mortgage Services

1,943

Guaranteed Rate Inc.

$731,965,735

1,922

LoanDepot.Com $651,683,405

LoanDepot.Com 1,742

Residential Mortgage Services $547,766,139

Mortgage Networks Inc.

1,314

Mortgage Networks Inc.

Fairway Independent Mortgage

1,144

Fairway Independent Mortgage $395,868,874

$472,525,552

Prospect Mortgage LLC

888

Salem Five Mortgage Co.

$303,123,345

Salem Five Mortgage Co.

859

Prospect Mortgage LLC

$297,887,560

NE Moves Mortgage Co.

730

NE Moves Mortgage Co.

$277,757,826

Quicken Loan Inc.

713

Quicken Loan Inc.

$220,968,991

Radius Financial Group

630

Radius Financial Group

$193,956,068

:ඍඔඋ඗ඕඍ ග඗ ඗ඝක ඖඍඟ %඗ඛග඗ඖ 7ඍඉඕ

R E D I S C OV E R Y O U R S E L F 

28 Y ÙÝ Ê¥ ÃÊÙã¦ ¦ ½ Ä ®Ä¦ ø ½½ Ä



D ® ã LÊ ½ OÖ Ù ã®ÊÄÝ T Ã



UÄÖ Ù ½½ ½ B Ä» PÊÙã¥Ê½®Ê L Ä ®Ä¦ Ö½ ã¥ÊÙÃ



SçÖÖÊÙã T Ã Ê¥ IÄ çÝãÙù EøÖ ÙãÝ ãÊ K Ö YÊç A« Ê¥ ã« CÊÃÖ ã®ã®ÊÄ



OçÙ M Ù» ã®Ä¦ T Ã » ÖÝ YÊçÙ N Ã ®Ä ã« FÊÙ ¥ÙÊÄã



OÄ PÙÊÖÙ® ã Ùù W B Ý T «ÄÊ½Ê¦ù SùÝã Ã ¥ÊÙ S ½ Ý, OÖ Ù ã®ÊÄÝ Ι CRM



W « ò ÊÙÖÊÙ ã Ê Ý ÝÝ®ÊÄ ó®ã« çÝãÊÃ Ù Ý Ùò® !



100% CçÝãÊÃ Ù S ã®Ý¥ ã®ÊÄ ®Ä J Äç Ùù 2016

TOP MASSACHUSETTS PURCHASE LENDER FOR Single Family Homes (#4), Condos (#3) and Multi Family Homes (#6)

Call Brian Koss to Explore Your Possibilities Today!

Brian Koss

NMLS# 12489 (617) 462-0863 Executive Vice President www.MortageNetworkCareers.com © 2016 Mortgage Network, Inc. NMLS ID# 2668 300 Rosewood Drive, Danvers, MA 01923 (www.nmlsconsumeraccess.org) Massachusetts Mortgage Lender and Broker MC2668. This is not a commitment to lend. Restrictions apply. Equal Housing Lender. Customer survey conducted by Mortgage Network, Inc. for January 2016. Mortgage Network, Inc. placed in the top 10 Mortgage Companies for Residential Single-Family Purchase, Condo Purchase and Multi-Family by The Warren Group for 2015.

2015 TOP LENDERS

Bank Credit Union

Condo Mortgages

Bank # Purchased Money Loans

Mortgage Co. Bank Vol. Purchased Money Loans

Leader Bank NA

760

Leader Bank NA

$260,007,993

Wells Fargo Bank

451

Wells Fargo Bank

$217,784,135

Santander Bank NA

339

First Republic Bank

$168,594,041

Bank of America NA

315

Bank of America NA

$135,887,640

RBS Citizens NA

249

Santander Bank NA

$91,160,643

Bank of Canton

227

Citicorp Mortgage Inc.

$76,941,984

First Republic Bank

226

RBS Citizens NA

$74,510,366

Berkshire Bank

208

Boston Private Bank

$70,982,277

Cape Cod Five Cent Bank

186

Bank of Canton

$67,683,691

Eastern Bank

171

Berkshire Bank

$64,719,674

Credit Union # Purchased Money Loans

Making Mortgages Better.

Credit Union Vol. Purchased Money Loans

Jeanne D’Arc Credit Union

114

Harvard University Credit Union

$34,754,608

Digital Federal Credit Union

111

Digital Federal Credit Union

$25,362,804

Harvard University Credit Union

Jeanne D’Arc Credit Union

$24,674,018

Metro Credit Union

$19,664,013

Workers Credit Union

RTN Federal Credit Union

$12,037,835

RTN Federal Credit Union

Workers Credit Union

$8,489,823

Align Credit Union

Baxter Credit Union

$6,951,496

Navy Federal Credit Union

USA Alliance Federal Credit Union

$6,219,075

Rockland Fed Credit Union

Navy Federal Credit Union

$5,475,551

Quincy Credit Union

Align Credit Union

$5,088,750

Mortgage Co. # Purchased Money Loans Guaranteed Rate Inc.

BANKER & TRADESMAN

MARCH 14, 2016

1,067

Mortgage Co. Vol. Purchased Money Loans Guaranteed Rate Inc.

$347,927,500

LoanDepot.Com 660

LoanDepot.Com $214,793,244

Mortgage Networks Inc.

550

Mortgage Networks Inc.

Fairway Independent Mortgage

440

Fairway Independent Mortgage $139,326,677

Residential Mortgage Services

435

Prospect Mortgage LLC

381

Residential Mortgage Services $109,161,756

Salem Five Mortgage Co.

323

Salem Five Mortgage Co.

$79,230,098

NE Moves Mortgage Co.

259

NE Moves Mortgage Co.

$71,737,469

Washington Trust Mortgage

200

Washington Trust Mortgage

$65,806,654

MSA Mortgage LLC

174

MSA Mortgage LLC

$54,570,610

Real People. Real Service. Real Mortgages.

$175,683,604 $112,176,635

781.742.6500

ma ml1846

me slm6596

nh 7986-mb

radiusgrp.com

ri 20031544ll

fl mld309

ct 17213

nmls #1846

EQUAL HOUSING

LENDER

2015   Thank you for your trust!



At MSA Mortgage, we understand that a loan officer needs a strong back office supporting their sales efforts. We have built one of the strongest internal operations groups in the industry. If you are tired of fighting your company to get loans closed in a timely manner or begging for favors to get conditions cleared, then it’s time you discover why so many top professionals choose MSA Mortgage. Our first class resources and personalized, customer centric model will allow you to out-service the competition. If you are an experienced Loan Officer who wants to get back to doing business, send a confidential inquiry to bdeeb@msamortgage.com to find out more. Offices in Winthrop & Framingham

facebook.com/MSAMortgageLLC

781.245.7700 | phone

twitter.com/MSAMortgage

bdeeb@msamortgage.com | email

Massachusetts Lender and Broker MC1984, Maine Supervised Lender SLM6998, Licensed by the New Hampshire Banking Department, Vermont Lender and Broker 0506MB 5480, Connecticut Mortgage Lender 18608, Rhode Island Licensed Lender and Broker, NMLS #1984

MSAMortgage.com

BANKER & TRADESMAN

2015 TOP LENDERS

Residential Refinance/Second/ Equity/HELOC Mortgage Bank # Refinance Loans

MARCH 14, 2016

Bank Credit Union Mortgage Co.

Commercial/Retail Mortgages Bank # Purchased Money Loans

Bank Vol. Refinance Loans $1,574,742,127

Bank Vol. Purchased Money Loans

Bank of America NA

6,277

Bank of America NA

Rockland Trust Co.

204

Eastern Bank

$278,194,832

Wells Fargo Bank

3,168

Leader Bank NA

$927,797,228

Eastern Bank

200

East Boston Savings Bank

$226,442,290

Santander Bank NA

2,955

Wells Fargo Bank

$900,618,183

Enterprise Bank & Trust Co.

148

Rockland Trust Co

$188,261,612

Rockland Trust Co.

2,601

Santander Bank NA

$732,757,210

Bank of America NA

134

TD Bank NA

$164,745,801

Leader Bank NA

2,402

RBS Citizens NA

$545,697,062

TD Bank NA

132

Brookline Bank

$134,083,586

RBS Citizens NA

1,835

Rockland Trust Co.

$507,913,529

East Boston Savings Bank

106

Enterprise Bank & Trust Co.

$134,020,081

Cape Cod Five Cent Bank

1,324

Cape Cod Five Cent Bank

$392,385,166

Avidia Bank

Middlesex Savings Bank

$132,078,336

JPMorgan Chase Bank

1,175

First Republic Bank

$372,247,632

RBS Citizens NA

Cambridge Savings Bank

$130,945,913

Berkshire Bank

964

JPMorgan Chase Bank

$366,320,431

Middlesex Savings Bank

RBS Citizens NA

$123,072,770

Citicorp Mortgage Inc.

894

Berkshire Bank

$335,873,150

Cape Cod Five Cent Bank

Bank of America NA

$121,104,002

Credit Union # Refinance Loans Hanscom Federal Credit Union

Credit Union Vol. Refinance Loans 1,297

Digital Federal Credit Union

$213,742,983

Credit Union # Purchased Money Loans

Credit Union Vol. Purchased Money Loans

Digital Federal Credit Union

$94,256,601

Hanscom Federal Credit Union $170,381,854

Jeanne D’Arc Credit Union

Workers Credit Union

$22,357,500

Workers Credit Union

945

Metro Credit Union

$163,026,318

St. Anne’s Credit Union

Jeanne D’Arc Credit Union

$16,829,350

Jeanne D’Arc Credit Union

811

Jeanne D’Arc Credit Union

$150,281,105

Central One Federal Credit Union

Metro Credit Union

$12,985,000

Direct Credit Union

763

Direct Credit Union

$146,585,226

Rockland Federal Credit Union

Rockland Federal Credit Union $12,396,500

St. Anne’s Credit Union

707

Workers Credit Union

St. Mary’s Credit Union

$7,403,000

Rockland Federal Credit Union

634

Rockland Federal Credit Union $84,003,966

Greylock Federal Credit Union

Navigant Credit Union

$5,779,250

Metro Credit Union

586

St. Anne’s Credit Union

$76,775,660

St. Mary’s Credit Union

Freedom Credit Union

$5,616,700

RTN Federal Credit Union

424

Align Credit Union

$75,487,250

Webster First Federal Credit Union

Greylock Federal Credit Union

$5,558,064

$59,158,763

First Citizens Credit Union

Digital Federal Credit Union

Quincy Credit Union

1,293

413

Mortgage Co. # Refinance Loans Quicken Loan Inc.

6,094

Quincy Credit Union

$96,465,973

Central One Federal Credit Union $5,350,500

Mortgage Co. Vol. Refinance Loans

Mortgage Co. # Purchased Money Loans

Mortgage Co. Vol. Purchased Money Loans

LoanDepot.Com $1,718,815,692

Salem Five Mortgage Co.

$140,676,129

LoanDepot.Com 5,007

Quicken Loan Inc.

New England Cert. Dev.

$41,235,000

Guaranteed Rate Inc.

2,462

Guaranteed Rate Inc.

$853,073,208

Ladder Capital

Toyota Motor Credit

$13,640,471

Salem Five Mortgage Co.

1,694

Salem Five Mortgage Co.

$560,121,290

Mass Growth Capital Corp.

Nationwide Life Insurance Co.

$12,000,000

Residential Mortgage Services

1,530

Residential Mortgage Services

$459,549,170

Morgan Stanley

$9,800,002

Mortgage Networks Inc.

1,316

Mortgage Networks Inc.

$445,065,104

Cape Islands Community Development

Walker & Dunlop LLC

$9,121,000

Fairway Independent Mortgage

1,188

Fairway Independent Mortgage

$431,721,938

Endeavor Capital LLC

German American Capital

$9,000,001

$1,560,369,938

Prospect Mortgage LLC

889

Prospect Mortgage LLC

$272,418,239

Farm Credit East ACA

Inlanta Mortgage Inc.

$8,768,000

Green Tree Financial Services

814

MSA Mortgage LLC

$219,976,809

First Boston Assoc.

Red Mortgage Capital LLC

$7,374,000

Nationstar Mortgage

804

Commonwealth Mortgage

$215,917,936

Guaranteed Rate Inc.

Cantor Commercial RE

$7,000,001

SBA 504 Loans for Growing Businesses

Ranked as one of the top commercial lenders in New England and the US.

Equipment

Construction

Awarded both Preferred and Premier Lender status by SBA. The only CDC in New England that offers a suite of other financing products to complement the SBA 504 Program. BDC Capital offers a full line of senior debt, subordinated debt, mezzanine, and private equity options that can be customized to suit your needs.

Real Estate

At least 51% of the real estate must be owner occupied

Custom Lending Solutions We can work with any lender to find the right mix of conventional bank financing and a BDC Capital loan or investment solution.

781-928-1100 www.cdcnewengland.com www.bdcnewengland.com

BANKER & TRADESMAN

MARCH 14, 2016

2015 TOP LENDERS

Bank Credit Union Mortgage Co.

Multifamily Mortgages

THE THINK TANK

PRESENTED BY

Bank Vol. Purchased Money Loans

Bank # Purchased Money Loans Leader Bank NA

194

Leader Bank NA

$88,036,516

Santander Bank NA

169

Rockland Trust Co.

$62,572,730

Rockland Trust Co.

146

Santander Bank NA

$54,995,890

Wells Fargo Bank

101

Wells Fargo Bank

$47,400,151

Sage Bank

100

Needham Bank

$44,198,675

First Federal Savings Boston

East Boston Savings Bank

$39,560,223

Bank of Canton

$35,444,950

Citicorp Mortgage Inc.

Dedham Institute for Savings

$33,520,975

RBS Citizens NA

Citicorp Mortgage Inc.

$33,513,961

Hingham Institute for Savings

First Republic Bank

$33,171,614

Do you have the next big idea, but you’re not sure how to put it into action?

Credit Union Vol. Purchased Money Loans

Credit Union # Purchased Money Loans Jeanne D’Arc Credit Union

Jeanne D’Arc Credit Union

$17,139,490

Metro Credit Union

$13,422,225

St. Anne’s Credit Union

Rockland Fed Credit Union

$4,607,911

Greylock Federal Credit Union

Navy Federal Credit Union

$4,539,072

Workers Credit Union

St. Anne’s Credit Union

$3,416,700

Navy Federal Credit Union

Harvard University Credit Union

$2,873,600

Freedom Credit Union

Liberty Bay Credit Union

$2,836,650

Digital Federal Credit Union

RTN Federal Credit Union

$2,337,000

Community Credit Union

Workers Credit Union

$2,300,780

First Citizens Credit Union

River Works Credit Union

$2,069,450

Great ideas are only as strong as the foundation they’re built upon.

Mortgage Co. # Purchased Money Loans

Mortgage Co. Vol. Purchased Money Loans

Residential Mortgage Services

323

Guaranteed Rate Inc.

262

Residential Mortgage Services

$106,690,721 $94,901,817

LoanDepot.Com 149

LoanDepot.Com $58,841,623

Fairway Independent Mortgage

142

Fairway Independent Mortgage $46,348,136

Prospect Mortgage LLC

126

Prospect Mortgage LLC

$43,537,072

Mortgage Networks Inc.

121

Mortgage Networks Inc.

$41,136,854

Salem Five Mortgage Co.

100

Salem Five Mortgage Co.

$34,085,504

Radius Financial Group

MSA Mortgage LLC

$29,877,839

Stearns Lending

$26,242,657

MSA Mortgage LLC

Radius Financial Group

$22,941,255

$20,650,000 Construction to Permanent Financing

$5,000,000

The Warren Group partners with a variety of clients and companies to develop new real estate and finance products using our cutting-edge data, professional network, and resources. So, if your an ambitious entrepreneur or an industry innovator we can help you take your vision and turn it into a reality – Give us a call today.

For more information contact David Lovins, President of The Warren Group, at 617-896-5348 or email dlovins@thewarrengroup.com.

$15,500,000

Acquisition/ Working Capital

Acquisition/Improvement Permanent Financing

Hotel

Technology Manufacturer

Office Building

Waltham, MA

Milford, MA

Chelmsford, MA

It’s not just what we do to help businesses grow, it’s how we do it. As a bank with no shareholders, our commercial bankers are free to work more collaboratively

Tax Exempt Bond

$6,000,000 Real Estate Mortgage

offering more creative approaches for meeting

Health Care Provider

Retail Plaza

a company’s ﬁnancial and strategic objectives.

Concord, MA

Millis, MA

With more than $4 billion in assets and a team

$6,500,000

$19,200,000

Reﬁnance Term/ Working Capital Brewery/Restaurant Boston, MA

and proactively with business customers,

of experienced bankers offering everything from complex ﬁnancing to everyday banking

$9,000,000 Reﬁnance/ Working Capital Precision Manufacturer Medway, MA

$6,600,000 Construction

$11,800,000

Residential Contractor

Acquisition/Improvement Permanent Financing

Boston, MA

Office Park Lowell, MA

services, we’re ready, willing and able to help every business grow. And we do.

Contact Thomas Farley, Chief Commercial Banking Ofﬁcer at 508-315-5344 or thomas.farley@middlesexbank.com

CORPORATE BANKING / INVESTMENT REAL ESTATE / CONSTRUCTION LENDING

MEMBER FDIC MEMBER DIF

BANKER & TRADESMAN

MARCH 14, 2016

PEOPLE BRIEFS

Boston Fed Adds New Members To NEAC

he Federal Reserve Bank of Boston recently appointed five new members to its New England Advisory Council (NEAC), a group managed by Boston Fed President Eric Rosengren that includes senior leaders of small to midsize businesses throughout New England. The new members are: • Mark Erlich, executive secretarytreasurer, New England Regional Council of Carpenters • Amy Latimer, president, TD Garden and Delaware North’s United King-

dom Operations • John Leonard, president and CEO, The MEMIC Group • Travis McCready, president and CEO, Massachusetts Life Sciences Center • Cheryl W. Snead, president and CEO, Banneker Industries, Inc. NEAC members convene quarterly to discuss a range of business conditions, including revenue forecasts, employment practices, capital spending and access to credit, among other issues. n

Northland Investment Corp. Names New VP Of Asset Management

orthland Investment Corp. recently named Devin Evangelinos as vice president of asset management. In his new role, Evangelinos will create new asset management plans for all Northland properties, lead the unit upgrade program and manage five-year capital plans. Prior to joining Northland, he worked as assistant vice president,

senior portfolio manager at Boston Capital, where he managed numerous national multifamily funds and interacted with investors. In this role he was also involved in strategic decision-making for equity funds including equity disbursements to operating partnerships. Evangelinos also previously worked as a senior analyst for General Investments and Development. n

Scott Joins Board At Blue Hills Bank

lue Hills Bank recently appointed Pamela C. Scott to its board of directors. Scott is the founder, president and CEO of LVCC, Inc., a business consulting firm, and has more than 30 years of experience in the financial services industry including multiple roles in institutional asset and investment PAMELA SCOTT

management at State Street Corp., U.S. Trust Co. of New York and Citibank. Since retiring, Scott became trustee of Salem State University, where she later became chair. She currently serves on their board of trustees and is also a member of the trustee advisory board at Beth Israel Deaconess Medical Center. Scott was previously a director of Beverly National Bank and later worked as a director at Danvers Bancorp Inc. after its acquisition of Beverly National Bank. n

RCB Adds Scurio To Commercial Lending Roster

reylock Federal Credit Union (CFCU) recently promoted James H. Wojtaszek to senior vice president of innovation and business intelligence. In his new role, Wojtaszek will be responsible for expanding the credit union’s management of data to drive decisions and bringing innovative products to market faster. Wojtaszek was previously vice president of marketing and public relations. Wojtaszek has been with the credit union since 1992. In his previous role as vice president of marketing and public relations, he worked to help expand Greylock’s electronic services and strategic marketing and

sales efforts. “Jim has demonstrated consistent leadership for many years in the areas of marketing information management, online and mobile banking systems and Greylock’s Contact Center. He will now also have responsibility for developing broader business intelligence platforms and capabilities that support innovation across all departments. In addition he will work with other senior managers to develop and roll out new products and services that provide long term value for our membership,” Greylock President and CEO John L. Bissell said in a statement. n

SPRING is in the air… and Fairway is ready! Fairway is proud to be one of the top ten residential lenders in MA WE OFFER: Valid pre-qualifications* TRID loans closed on time “White Glove” Service for your clients

That’s the Fair Way!

Visit Fairwayne.com/branches.php Copyright©2016 Fairway Independent Mortgage Corporation. NMLS#2289. 4801 S. Biltmore Lane, Madison, WI 53718, 1-877-699-0353. All rights reserved. * A pre-qualification is not an approval of credit and does not signify that underwriting requirements have been met.

MARCH 14, 2016

BANKER & TRADESMAN

MARCH 14, 2016

APRIL 28, 2016

WE’RE BACK AGAIN FOR ANOTHER EXCITING YEAR.

600+ ATTENDEES WHEN:

8:00 AM - 3:00 PM

WHERE:

HOLIDAY INN BOXBOROUGH, MA

32 SPONSORS

50+ EXHIBITORS

18 SESSIONS

The Great New England Credit Union Show has grown rapidly since its debut seven years ago and has become a must-attend event for those within the credit union industry. This show is a “one-stop-shop” for you to evaluate products and services and educate yourself on the offerings that can help you better serve your co-workers and members. You have a unique opportunity to network with your peers from credit unions throughout New England and to learn how they are meeting the challenges of today. We look forward to seeing you there!

Visit www.greatcushow.com to register today! SPONSORSHIP AND EXHIBITOR OPPORTUNITIES AVAILABLE

Call 617-896-5357 or email greatcushow@thewarrengroup.com