TOP LOAN ORIGINATORS FIFTH ANNUAL SPECIAL SECTION starts on Page 11
THE FINANCIAL SERVICES AND REAL ESTATE WEEKLY FOR MASSACHUSETTS BY THE NUMBERS
PAGE 7
County close-up: Plymouth Spotlight: Marion
IN PERSON
PAGE 9
Greg Karczewski relocated from Chicago to the Boston area after US2 Assoc. was selected as master developer for Somerville’s Union Square redevelopment. The University of Notre Dame and Kellogg School of Management graduate previously worked for Hines in Colorado on redevelopment of the Aspen Highland ski resort.
WEEK OF MONDAY, JUNE 18, 2018
RESIDENTIAL REAL ESTATE BY THE NUMBERS
NEW KID ON THE BLOCK
$8 million The price of the top home in this week’s Gossip Report on page 6. Source: The Warren Group
207,088 The number of single-family homes and condominiums that were flipped nationwide in 2017. See Bram Berkowitz’s story on this page. Source: Attom Data Solutions
14 percent Boston-area drivers spent 14 percent of their daily drive in bumper-to bumper-traffic, which affects their choices for housing. See Scott Van Voorhis’ article on page 3. Source: INRIX Global Ranking
2,445 The number of housing units in the spotlight town of Marion. See By the Numbers on page 7. Source: The Warren Group
ALTERNATIVE LENDERS STEP INTO TRADITIONAL FI TERRITORY
$350,000 The median single-family sale price in Plymouth County, year-to-date as of April 2018. See By the Numbers on page 7. Source: The Warren Group
Direct Lenders Finding Niche with Short-Term Real Estate
4,907
BY BRAM BERKOWITZ
The population of the spotlight town of Marion in this week’s By the Numbers on page 7. Source: U.S. Census
n the early 1990s and parts of the 2000s, it was not unusual for Dan Rosman, principal at Rockland-based DTR Corp., to secure traditional financing on distressed properties that he was looking to fix up. The banks were looking to lend and had more autonomy to do so. After the financial crisis struck and the
$400,000 The pending median sale price for a single-family home rose over the $400,000 mark for first time in 2018. See Week on the Web on page 2. Source: Massachusetts Association of Realtors
20 percent The amount of affordable housing Somerville passed in the Boston metro area. See the In Person on page 9. Source: Union Square Station Assoc.
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.
BANKER & TRADESMAN STAFF
I
Dodd-Frank Act was implemented, that sort of lending from the traditional banks dried up. Nowadays, Rosman secures financing from companies like Stage Point Capital, an alternative direct lender that can grant loans in 24 to 48 hours. Their rates are not as good as the traditional banks; they offer lower loan-tovalue ratios to make sure borrowers have more skin in the game and tougher terms. But firms like Stage Point and other nonbank lenders are filling gaps that traditional lenders no longer venture into. Stage Point operates by providing short-term financing; the company can
RESIDENTIAL FORECLOSURES
Massachusetts
Rhode Island
2013 2016
3,692 6,179
1,626 1,688
2017
5,653
1,076
• Figures include one- to three-family properties and condominiums • Source: The Warren Group
approve loans quickly, which is key for contractors looking to purchase distressed properties at upcoming auctions. The contractor then rehabs the property, pays off the loan it got from Stage Point and ideally sells the property at a profit. Continued on Page 6
COMMERCIAL INTERESTS
MOVING PIECES
Boston Traffic Reportedly Worst in Nation
Fidelity, Bank of America Might Be on the Move
Gridlock Limits Housing Hunt By Scott Van Voorhis | Banker & Tradesman Columnist
Commercial Real Estate PAGE 3
Financial Giants Weigh Office Space Decisions By Steve Adams | Banker & Tradesman Staff
Commercial Real Estate PAGE 8