Banker & Tradesman June 11, 2018

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

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County close-up: Norfolk Spotlight: Medfield

IN PERSON

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With all of the expenses banks and credit union rack up just to cover the cost of doing business, it’s hard to consider paper as a huge driver. But it is. In fact, according to Ray Belanger, owner and CEO of Bay Copy, a company that helps streamline costs associated with document generation, financial institutions spend as much as 3 percent of their total bottom line on paper.

WEEK OF MONDAY, JUNE 11, 2018

BANKING & LENDING BY THE NUMBERS

COMMERCIAL INTERESTS

$3 billion The new asset threshold for community banks that are now eligible under the small bank holding company statement, up from $1 billion. See Bram Berkowitz’s story on the new threshold on page 7. Source: Federal legislation

$2.2 million The amount of funding Arietis, a Bostonbased biotechnology company, raised from the National Institute of Health. See Steve Adams’ story on office space development in the South End on page 8. Source: Boston Planning and Development Agency

8 to 10 percent The new leverage ratio, that, if banks under $10 billion in assets maintain, will make them automatically in compliance with all regulatory capital requirements. See Bram Berkowitz’s story on the new capital requirements on page 7. Source: Federal legislation

High $30s Asking triple-net rents per square foot for a future 8-story office tower above a garage at 321 Harrison Ave. See Steve Adams’ story on office space development in the South End on page 8. Source: Nordblom Co.

$17.03

AFFORDABLE HOUSING: WORSE THAN A POT FARM

Charlton Orchard Owner Threatens to Sell to Developer

The residential and commercial tax rate in Medfield. See By The Numbers on page 6. Source: Town of Medfield

BY SCOTT VAN VOORHIS BANKER & TRADESMAN COLUMNIST

W

$6.5 million

e’ve hit a new low here in NIMBY Massachusetts, where proposals for new apartments are often greeted by local officials and neighbors with as much enthusiasm as toxic waste dumps. A Charlton orchard owner who wants to sell his farm for a pot growing facility but is running into heated opposition from his neighbors has brandished what apparently now is the ultimate threat in local development disputes: Back off or I will sell to an apartment builder. And not just any rental developer, mind you, but one who will build a dreaded 40B project that will in-

The purchase price for a property at 676 Monument St. in Concord. See the Gossip Report on page 7. Source: The Warren Group’s Statistics Module

3 percent The percentage that some financial institutions are spending on paper from their bottom line. See the In Person on page 9. Source: Bay Copy

1.7 percent The percentage of lower-cost, subsidized housing units in Charlton. See Scott Van Voorhis’ column on affordable housing on this page.

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.

clude not only market-rate units, but also apartments rented out at below-market rents for nurses, teachers, town workers and other well-known troublemakers. Nathan R. Benjamin Jr. spells it all out in a letter to town officials as Charlton selectmen prepare to meet on June 19 to possibly rescind their earlier vote to approve the giant pot farm. “Under Massachusetts law, I would have the lawful right to develop a project for at least 200 housing units, if not more,” Benjamin, owner of Charlton Orchards, informed Charlton officials in a letter, the Telegram reports. And if town officials are fuzzy on what this dread prospect may mean for fair Charlton, BenjaContinued on Page 3

C A P I TA L R E Q U I R E M E N T S

THE ANTI-SEAPORT DISTRICT

Small Bank Holding Company Statement Threshold Raised to $3B

South End Set to Take off as Job Cluster

By Bram Berkowitz | Banker & Tradesman Staff

By Steve Adams | Banker & Tradesman Staff

Dodd-Frank Provision From Farmer’s Markets Provides Relief from Basel III to Cubicle Farms

Banking & Lending PAGE 7

Commercial Real Estate PAGE 8


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