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THE FINANCIAL SERVICES AND REAL ESTATE WEEKLY FOR MASSACHUSETTS BY THE NUMBERS
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County close-up: Franklin Spotlight: Deerfield
S/L/A/M Collaborative is growing in Boston with plans to double the size of its Fort Point offices’ workforce. Headquartered in Glastonbury, Connecticut, the 220-employee architecture firm opened its 250 Summer St. office in 2005 and recently signed its second lease extension.
IN PERSON
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WEEK OF MONDAY, FEBRUARY 11, 2019
BANKING BY THE NUMBERS
COMMERCIAL INTERESTS
3,500 A study examined 3,500 IPOs and found bad press coverage helped banks instead of hurting them. See Week on the Web on page 2. Source: Thomas Roulet
9.3 percent C&I lending among American banks surged by 9.3 percent in 2018. See Bram Berkowitz’s story on page 8. Source: Federal Reserve Bank of St. Louis
$54 million The price Hometown Financial Group will pay to acquire Pilgrim Bank. See Week on the Web on page 2. Source: Hometown Financial Group
RESISTANCE TO EDISON PROJECT WILL ONLY HURT SOUTHIE
3 Quicken Loans Inc. is the thirdbiggest mortgage lender in Franklin County. See By the Numbers on page 6 for more. Source: The Warren Group’s Marketshare Module
A jet outbound from Logan Airport rises over cranes building One Seaport Square in Boston’s Seaport. The Seaport has added 8,000 jobs in four years, forcing South Boston’s median home price up by $300,000.
$10.5 million The mortgage on the second property in this week’s Gossip Report, a $15 million Cambridge house. See page 8. Source: The Warren Group
$90 million Rockland Trust grew its C&I lending by $90 million in the fourth quarter of 2018. See Bram Berkowitz’s story on page 8. Source: Rockland Trust
16.36 percent The market share held by the biggest mortgage lender in Franklin County. For the lender’s name, see By the Numbers on page 6. Source: The Warren Group’s Marketshare Module
Seaport Building Boom Brings Further Pressure to Housing BY SCOTT VAN VOORHIS BANKER & TRADESMAN COLUMNIST
S
hame on South Boston’s elected leaders. They should know better. The neighborhood’s pols, from city councilors to Congressman Stephen Lynch, are scrambling to appease the loudest voices in the room when it comes to an inexplicably controversial plan, one that would, shockingly, take a dirty old Edison power plant on the waterfront and transform the site into desperately needed new housing, as well as hotels, retail space and offices.
As always, and this is true whether it’s South Boston or some sleepy little town in Central Massachusetts, the loudest and most belligerent voices are those of the NIMBY chorus, for which the prospect of new housing – and new neighbors of potentially different backgrounds - is a predictable red flag. But project opponents and their elected enablers better hope they don’t manage to get their way. The crazy run-up in real estate values that is steadily driving middle- and lower-income families out of South Boston will only intensify if the 1,300 new condominiums and apartments proposed for the old Edison site are sacrificed at the behest of anti-development cranks and housing haters. Continued on Page 3
$135 million Boston Private grew its C&I lending by $135 million in 2018. See Bram Berkowitz’s story on page 8. Source: Boston Private
Unless otherwise noted, all data is sourced from The Warren Group’s Mortgage Market Share Module, Loan Originator Module, Statistics Module and/or proprietary database. For more information please visit www.thewarrengroup.com/business/ datasolutions.
K E N D A L L S Q U A R E - B Y- T H E - S E A ?
FED FEARS
Seaport Life Science Development Sites Multiplying
Boost May Not Translate into Growing Economy
Lab Strategy Gains Traction in Seaport By Steve Adams | Banker & Tradesman Columnist
Commercial Real Estate PAGE 7
C&I Lending Surged in Q4 By Bram Berkowitz | Banker & Tradesman Staff
Banking & Lending PAGE 8