Banker & Tradesman – May 7. 2018

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THE FINANCIAL SERVICES AND REAL ESTATE WEEKLY FOR MASSACHUSETTS BY THE NUMBERS

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County close-up: Essex Spotlight: Swampscott

Wood Partners broke ground in April on the 196-unit Alta Union House, a $160 million apartment complex and downtown Framingham’s largest residential development in four decades. Jim Lambert heads the company’s Greater Boston offices, which oversee development throughout New England.

IN PERSON

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WEEK OF MONDAY, MAY 7, 2018

RESIDENTIAL REAL ESTATE BY THE NUMBERS

HIGHEST USES

$400,500 The median sale price of a single-family home in Essex County year to date in March is $400,500. See By the Numbers on page 6 for more. Source: The Warren Group’s Statistics Module

140 units Developer Robert Korff has broken ground on a mixed-use development in Newton with ground-floor retail and 140 units of housing. See Scott Van Voorhis’ column on page 3 for more about residents’ objections to Korff’s vision of a remade Washington Street corridor. Source: Mark Development

16 The town of Groveland has doubled the number of single-family homes sold versus last year. See By the Numbers on page 6 for more. Source: The Warren Group’s Statistics Module

$17.5 million Former Secretary of State John Kerry and his wife Teresa Heinz sold their waterfront summer home on Brant Point in Nantucket for $17.5 million. See the Gossip Report on page 8 for the most expensive homes sold in the state last week. Source: The Warren Group’s Statistics Module

Shant Banosian The state’s top loan originator annually since The Warren Group began collecting loan originator information, Shant Banosian was the second place LO in Essex County for the first three months of the year. See By the Numbers on page 6 for the top LO. Source: The Warren Group’s Loan Originator Module

MORE SEAPORT PARCELS READY TO ROLL

Massport’s Real Estate Road Map Becomes Clearer BY STEVE ADAMS

BANKER & TRADESMAN STAFF

M

assachusetts Port Authority will offer up opportunities to develop 1.6 million square feet in Boston’s Seaport District amid the neighborhood’s relentless commercial real estate boom. A 400,000-square-foot office development next to the MBTA’s World Trade Center station is attracting interest from top developers as a deadline for proposals approaches this month. The 1.2-acre parking lot abuts the new 1,550-space Massport parking garage and the MBTA’s World Trade Center station. “What we love about it is it’s got the great public transit access, it’s got the benefit of the parking garage

5.39 percent Quicken Loan dominated the mortgage market for the first three months of the year, for purchase and refinance mortgages for singlefamily homes, with a 5.39 percent market share. See By the Numbers on page 6 for the second- and third-place lenders. Source: The Warren Group’s Statistics Module

$260,000 The cheapest place to buy a single-family home in Essex County so far this year has been the city of Lawrence, where the median is $260,000 – although that’s a 12 percent increase over last year. See By the Numbers on page 6 a town-by-town breakdown of home sales and prices. Source: The Warren Group’s Statistics Module

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.

With construction set to begin on the $550 million Omni hotel in the Seaport District, Massport will seek proposals for three more parcels in its real estate portfolio capable of supporting 1.6 million square feet of development.

and it’s right in the heart of one of the dynamic parts of the Seaport District,” said Jonathan Davis, CEO of The Davis Cos., which is preparing a proposal. Massport’s selection criteria include a significant diversity and inclusion plan, a factor that helped a Davis Cos.-led team win Massport’s approval to build a $550 million Omni hotel at 440 Summer St. last year. If recent history is a guide, the prospects for attracting a high-profile office tenant at parcel A-2 are strong. Developers of speculative and build-to-suit office buildings in the Seaport have attracted corporate headquarters of General Electric, Reebok, Alexion continued on page 9

COMMERCIAL INTERESTS

REDUCED DEMAND

Mixed-Use Development on Orr Block the First Step

Commercial Loan Demand Drops in Q1

Local Developer Aims to Reshape Newton By Scott Van Voorhis | Banker & Tradesman Columnist

Commercial Real Estate PAGE 3

Fierce Competition Leads to Spread Compression By Bram Berkowitz | Banker & Tradesman Staff

Banking & Lending PAGE 8


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