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THE FINANCIAL SERVICES AND REAL ESTATE WEEKLY FOR MASSACHUSETTS BY THE NUMBERS
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County close-up: Suffolk Spotlight: Winthrop
IN PERSON
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Matthew Powers, a Boston real estate executive named in November to head Nan Fung Life Science Real Estate. With $1 billion to spend this year on acquisitions of commercial real estate in Boston and other U.S. metros with thriving life science sectors, Powers has maintained a full work schedule throughout the COVID-19 pandemic.
WEEK OF MONDAY, JUNE 15, 2020
RESIDENTIAL REAL ESTATE BY THE NUMBERS
15 percent Compass CEO Robert Reffkin asked his agents to take the “15 Percent Pledge.” See Week on the Web on page 2. Source: Robert Reffkin
$560,000 The median single-family home sale price in Suffolk County through April. See By the Numbers on page 6. Source: The Warren Group’s Statistics Module
P I O N E E R I N T H E VA L L E Y
NEW VALLEY LAUNCHES INTO A STORM
13.7 percent The drop in single-family home sales in April. See Scott Van Voorhis’ column on page 3. Source: The Warren Group’s Statistics Module
$370,000 The median single-family home sale price in Mattapan through April. See By the Numbers on page 6. Source: The Warren Group’s Statistics Module
25 percent
8,320 The number of housing units in Winthrop. See the Town Spotlight in By the Numbers on page 6. Source: U.S. Census Bureau
$7.3 million The sale price of a 2,558-squarefoot condominium in this week’s Gossip Report. See page 9. Source: The Warren Group
New Valley Bank and Trust President and CEO Jeffrey Sullivan.
De Novo Finds Wins Amid Pandemic BY DIANE MCLAUGHLIN BANKER & TRADESMAN STAFF
B
anks and credit unions across Massachusetts have told similar stories in recent months about helping clients request loan deferrals, apply for the Paycheck Protection Program and take advantage of historically low mortgage rates. But one Springfield bank entered the pandemic with a different perspective from the others. New Valley Bank and
Trust, the state’s first de novo bank in more than a decade, had opened barely nine months before the economy shut down. “Our staff has been remarkably resilient,” said Jeffrey Sullivan, New Valley’s president and CEO. “They’ve worked really well under pressure, considering we’re a brand-new team and had never done this before.” Another difference for New Valley has been its approach to mortgage lending. Instead of setting up its own loan production office, the bank formed a unique partnership with another Western Massachusetts community bank for help with its mortgages.
New Valley was opened in May 2019 by a group of long-time bankers, including Sullivan, who wanted to bring more small business lending options to Western Massachusetts. During the bank’s first nine months, the income statement and balance sheet tracked to expectations, Sullivan said. By the end of the first quarter, it had $85 million in total assets, $64 million in deposits and $36 million in outstanding loans. The small loan portfolio meant that when the pandemic started, New Valley did not have to spend much time, unlike other banks, working on deferrals and other solutions for business customers, Sullivan said. Continued on Page 9
$428,000 The median single-family home price in Massachusetts in April. See Scott Van Voorhis’ column on page 3. 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.
COMMERCIAL INTERESTS
Housing Market Shows Remarkable Recovery in Progress Pending Sales Surge in Suburbs as Most Homebuyers Escape Layoffs
H O S P I TA L I T Y O N H O L D
High-End Hotel Woes Likely to Linger Slow Recovery to Plague Industry Throughout 2020 By Steve Adams | Banker & Tradesman Staff
By Scott Van Voorhis | Banker & Tradesman Columnist
Commercial Real Estate PAGE 3
Commercial Real Estate PAGE 7
Photo courtesy of New Valley Bank and Trust
Pending home sales are up 25 percent year-over-year in June. See Scott Van Voorhis’ column on page 3. Source: MLS