SUBSCRIBE TODAY! VISIT WWW.TRYRERS.COM
THE FINANCIAL SERVICES AND REAL ESTATE WEEKLY FOR MASSACHUSETTS BY THE NUMBERS
PAGE 6
County close-up: Suffolk Spotlight: East Boston
Earlier this year, Wendell Davis became the new regional administrator for the New England region of the U.S. Small Business Administration. In this role, he oversees the management of capital, contracting and counseling programs to the 1.4 million businesses in Connecticut, Maine, Massachusetts, New Hampshire, Vermont and Rhode Island.
IN PERSON
PAGE 7
WEEK OF MONDAY, MARCH 26, 2018
COMMERCIAL REAL ESTATE BY THE NUMBERS
8 weeks Suffolk Construction’s eight-week Trades Partnership Series kicks off next month. See Jay Fitzgerald’s story on page B1 for more.
Standard of care The industry “standard of care” that determines professional legal liability for risks like climate change is based on a number of factors. See the op-eds on page 5 for more about a potential flood of liability lawsuits related to climate change.
L E A D I N G T H E W AY
Despite Low Inventory, Leader Bank Increases Mortgage Portfolio Single-Family Loan Transactions and Volume Up from 2016
108 Boston-based developer Weiner Ventures received approval for a 108-unit condominium tower in the Back Bay. See the briefs on page B1 for more about this air rights project.
3 CBRE/NE Managing Director and Partner Taidgh McClory contends there are three main pieces to address in improving diversity in the CRE industry. See McClory’s column on page B7 for more.
$25 million KS Partners acquired 10 Cabot Road in Medford, a 107,026-square-foot office building anchored by construction company Bond Brothers, for $25 million. See the briefs on page B1 for more about this sale.
25,000 square feet True Fit outgrew its former headquarters in Woburn and leased 25,000 square feet on the 12th floor of 60 State St. last year. See the briefs on page B1 for more about this sale.
22 percent Women and non-white men hold a combined 22 percent of senior positions in commercial real estate companies. See Lisa Serafin’s column on page B6 for about CREW-Boston’s efforts to increase diversity in CRE.
$25.20 East Boston’s commercial tax rate is $25.20 for fiscal year 2018. See By the Numbers on page 6 for more about this week’s spotlighted town.
25 percent When Massport requested proposals from hotel developers for its 2.1-acre site at 440 Summer St., the port authority’s directors made diversity and inclusion count for 25 percent of the evaluation criteria. See Lisa Serafin’s column on page B6 for about CREW-Boston’s efforts to increase diversity in CRE.
BY BRAM BERKOWITZ
BANKER & TRADESMAN STAFF
A
rlington-based Leader Bank has long been a powerhouse in the residential mortgage market, so it should come as no surprise that they once again sat atop Banker & Tradesman’s annual list of top single-family lenders in 2017. But the bank also managed another impressive feat: It increased total transactions and total volume during a year when many industry experts and data would suggest that housing inventory is at an all-time low. Leader Bank originated 1,716 single-family mortgages for a total volume of roughly $765.4 million in 2017, according to analysis from The Warren Group, publisher of Banker & Tradesman. That’s over 90 more mortgages and $45 million higher than in 2016. In comparison to 2015, the bank, which is mostly based in the Greater Boston area, originated 200 more loans and did almost $100 million higher in total volume in 2017. “It’s just kind of heads down, plugging away. I wish I had a magic formula, but there isn’t one really. A lot of it is just maintaining really high-performing loan officers who drive business,” Jay Tuli, executive vice president who oversees residential lending at Leader Bank, told Banker & Tradesman. “We are also keeping rates as low as possible … We are pricing loans very competitive because we try to keep overhead as low as possible. We are very careful about bringing on unnecessary expenses.”
LEADER OF THE PACK 2015 2016 2017 Number 1,514 1,623 1,716 Volume $666M $719M $765M
continued on page 10
All figures for single-family home purchase mortgages Source: The Warren Group
COMMERCIAL INTERESTS
F I G H T I N G FA I R
By Scott Van Voorhis | Banker & Tradesman Columnist
Brokers Say Wholesalers Use Them for Lead Generation, then Steal Clients
More Than Checking a Box Mortgage Brokers Take Omni Hotel is New Model for on Wholesaler Lenders Diversity in Development By Jim Morrison | Banker & Tradesman Staff
Commercial Real Estate PAGE 9
Commercial Real Estate PAGE 8