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THE FINANCIAL SERVICES AND REAL ESTATE WEEKLY FOR MASSACHUSETTS BY THE NUMBERS
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County close-up: Hampshire Spotlight: Goshen
IN PERSON
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As the head of residential lending at Leader Bank from 2010 to 2015, Patrick Boyaggi was responsible for close to 30,000 transactions worth over $11 million. Naturally, when it came time to purchase his own home, the Bates College alumni used his insider knowledge to get his family excellent terms on their mortgage.
WEEK OF MONDAY, MAY 28, 2018
COMMERCIAL REAL ESTATE BY THE NUMBERS
$65 million Cost of Boston-based Dinosaur Capital Partners’ redevelopment of two Soldiers Field Road properties in Brighton into a 211-unit apartment complex, and 38-unit condo complex which will be 100 percent incomerestricted. See page B1.
H E A P I N G H O S P I TA L I T Y
How Long Can Hotel Boom Last?
550,000 square feet The size of a mixed-use project proposed by Samuels & Assoc. for Massachusetts Department of Transportation’s parcel 12 in Back Bay. See page B1 for more on the Boston developer’s plans for 325,000 square feet of office space and 150,000 square feet of residences or hotel space above a 70,000-squarefoot retail podium.
40,000 gallons Capacity of a slosh tank damper that will be installed near the top of the Four Seasons Private Residences in Back Bay to stabilize the 61-story tower from high winds. CambridgeSeven President Gary Johnson discusses his firm’s role in the signature project on page B2.
Construction began this month on the 411-room Marine Wharf hotel at 660 Summer St., part of a 3,000-room hotel construction pipeline in Boston.
504 kilowatts Capacity of the rooftop solar array at Bentley University’s 76,000-squarefoot multipurpose arena. Check out this week’s Hot Property on page B5.
18 million
Diversified Market Provides Cushion Against Downturns BY STEVE ADAMS
Number of annual visitors drawn to events at the Boston Convention & Exhibition Center and Hynes Convention Center. HFF brokers explain what it means for the city’s hotel market on page B6.
BANKER & TRADESMAN STAFF
M
ore than 3,000 hotel rooms are under construction in the city of Boston, a sign of robust demand from the tourist crowd and business travelers alike. Growth of direct overseas flights and corporate expansion in the Seaport has laid the groundwork for the hospitality boom, including Omni Hotels & and Resorts’ 1,055-room hotel, which broke ground last week at 440 Summer St.
220,000 square feet Size of Alkermes’ future offices at 900 Winter St. in Waltham. Read about the month’s notable commercial lease transactions on page B7.
75 feet Width of a “no disturbance” zone on a Mattapoisett homeowner’s property imposed by the local conservation commission. Turn to page B3 for legal columnist Christopher Vaccaro’s thoughts on the risks for homeowners who violate the state’s wetlands protection act.
73.3 percent Occupancy rates at Boston and Cambridge hotels in the first quarter, a 3.4-percent increase from the previous year.
Located across from the Boston Convention and Exhibition Center and just blocks from a growing roster of global headquarters, the $550 million project was viewed as a virtual slam-dunk by investors. In less than four months, developers obtained $330 million in construction financing from an eightlender syndicate led by U.S. Bank. “This project was very well-received in the market given the location, Boston being a top five hotel market, and the quality of the sponsor,” said Kevin Davis, managing director at JLL, which Continued on page 8
COMMERCIAL INTERESTS
BANKING ON ROXBURY
Consider the Sad and Sorry Case of Quincy College
‘It’s Clearly an Ascending Community,’ Says CEO
By Scott Van Voorhis | Banker & Tradesman Columnist
By Bram Berkowitz | Banker & Tradesman Staff
UMass Boston Should Resist City Takeover
Commercial Real Estate PAGE 3
Eastern Bank Branch Roxbury’s First in 20 Years
Banking & Lending PAGE 8