Banker and Tradesman - July 9, 2018

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

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County close-up: Barnstable Spotlight: Orleans

IN PERSON

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Health care costs are rising and companies are getting creative if they want to provide the most comprehensive plans for their employees in a cost-efficient manner. Michael McKenna has been helping financial institutions do this for13 years, when he launched Norwell-based Comprehensive Benefit Administrators in 2005.

WEEK OF MONDAY, JULY 9, 2018

BANKING AND LENDING BY THE NUMBERS

COMMERCIAL INTERESTS

30% The amount of small business loans that large banks approved in May. See Bram Berkowitz’s story on page 7. Source: Biz2Credit Small Business Lending Index

2.6 million The total square footage co-working providers now lease in Boston and Cambridge. See Steve Adams’ story on page 8. Source: Colliers International research

The amount developer Don Chiofaro has pledged for a “Blue Walk” park next to the New England Aquarium, where he is proposing a 600-foot-tall waterfront tower nearby. See Scott Van Voorhis’ story on this page. Source: Public Records

Nearly a year after developer Don Chiofaro proposed a pair of towers on the waterfront, the parking garage still stands.

5,344 The total number of housing units in Orleans. See By The Numbers on page 6. Source: The Warren Group

$19.2 million The purchase price for an 8,750 square-foot home on a 14-acre property in Concord. See The Gossip Report on page 7. Source: The Warren Group

$1 trillion The overall value of P2P payments that U.S. households made in 2017. See Talia Baker’s contribution on page 10. Source: Aite Group

$20 billion The valuation of the co-working company WeWork. See Steve Adams’ story on page 8. Source: WeWork

$15 billion The annual revenue banks bring in from overdraft fees. See Bram Berkowitz’s story on page 7. Source: Consumer Financial Protection Bureau

‘DÉJÀ VU ALL OVER AGAIN’ AS CLF CHALLENGES CHIOFARO Opposition Could Delay Harborside Tower Plans Beyond Feasibility BY SCOTT VAN VOORHIS BANKER & TRADESMAN COLUMNIST

W

hen it comes to the latest politically charged battle over development on Boston’s waterfront, as the immortal Yogi Berra once said, “it’s déjà vu all over again.” As the Conservation Law Foundation gears up to do battle over Don Chiofaro’s

M A R K E T U P D AT E

As is the case today, CLF’s intervention came as the proposal for a mini Seaport neighborhood was close to clearing its final city and state regulatory hurdles, having already been subject to years of debate. And it’s hard to see how the final version of Fan Pier, which eventually got built by another developer after years of further stumbles and drama, benefited all that much from CLF’s intense interest. A few feet of extra green space got added here and there but nothing like the expanse of waterfront parkland the group and its supContinued on Page 3

DESKS FOR RENT

Large Banks Competing Coworking Fills in the Gaps Some See Risks to Landlords in SMB Market as Industry Grows

sourced from The Warren Group’s

New Tech Has Made Market Easier to Attack

Mortgage Market Share Module, Loan

By Bram Berkowitz | Banker & Tradesman Staff

Unless otherwise noted, all data is

long-delayed harbor tower, it’s hard not to get the feeling we’ve been here and done that because, well, we have. CLF’s threats to sink Chiofaro’s plans for a 600-foot-tall waterfront tower come straight out of the playbook the environmental group used two decades ago in another epic development battle. Back then, CLF used threats of legal action and constant media grandstanding to effectively stall the multibillion-dollar Fan Pier project for years, causing the Chicago billionaire Nick Pritzker to eventually sell the site and its plans.

By Steve Adams | Banker & Tradesman Staff

Originator Module, Statistics Module and/or proprietary database. For more information please visit www.thewarrengroup.com/business/ datasolutions.

Banking & Lending PAGE 7

Commercial Real Estate PAGE 8

Photo by Steve Adams | Banker & Tradesman Staff

$10 million


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