Banker & Tradesmans - April 16th 2018

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

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County close-up: Berkshire Spotlight: Otis

IN PERSON

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Paul Ayoub, a partner in the real estate department at the Boston-based law firm Nutter, has been named as the incoming chairman of the board of directors of the Greater Boston Chamber of Commerce. His tenure begins July 1.

WEEK OF MONDAY, APRIL 16, 2018

RESIDENTIAL REAL ESTATE BY THE NUMBERS

50 Liberty Seventeen of the top 20 most expensive homes sold in Massachusetts last week were condos in the new luxury 50 Liberty building on Fan Pier. See the Gossip Report on page 8 for more. Source: The Warren Group’s Statistics Module

PA R K I N G P R E D I C A M E N T

Assembly Row Growing Pains Strain Parking Wireless Meter Maids Monitor Surface Lot

45 The town of Otis had a population of 1,612, or 45 residents per square mile. See By the Numbers on page 6 for more about this tiny town in Berkshire County. Source: 2010 U.S. Census

126 There have been 126 sales of singlefamily homes in Berkshire County in the first two months of 2018, a 19 percent drop from the same time last year. See By the Numbers on page 6 for more about sales in Berkshire County. Source: The Warren Group’s Statistics Module

Adams Community Bank Two of the top three loan originators in Berkshire County were employees of Adams Community Bank. See By the Numbers on page 6 for the top LO. Source: The Warren Group’s Loan Originator Module

$347,739

More than 2,100 parking spaces at Somerville’s Assembly Row and Assembly Square Marketplace fill to capacity on weekends as dozens of new stores open this year and MBTA riders take advantage of the proximity to the nearby Orange Line station.

The statewide median sale price of a single-family home is $347,739 more expensive than that of a single-family home in Berkshire County. See By the Numbers on page 6 for more. Source: The Warren Group’s Statistics Module

BY STEVE ADAMS

BANKER & TRADESMAN STAFF

S

omerville’s Assembly Row is straining against the limits of its parking capacity as MBTA riders take advantage of 2,100 spaces near the 3-year-old Orange Line station, while shoppers check out 20 new shops and restaurants opening this year. “It was a free-for-all for anyone and everyone coming to Assembly Row, including people jumping on the Orange Line and working in Boston for eight hours,” said David Middleton, Assembly Row’s assistant general manager. Developer Federal Realty Investment Trust recently imposed new fees at the previously free Assem-

$2.2 million The most expensive home sold in the past three months in Berkshire County was in West Stockbridge for $2.2 million. See By the Numbers on page 6 for more. Source: The Warren Group’s Statistics Module

bly Row garages. Turning to technology for an additional fix, it installed North America’s largest wireless parking sensor system in all 1,144 spaces at its neighboring Assembly Square Marketplace big-box center to enforce a new three-hour parking limit. “Assembly Square is grappling with a problem not of its own making but one that affects the MBTA system as a whole: the shortage of affordable or free parking (at stations),” said Andy McClurg, a senior associate and transportation planner at Watertownbased Sasaki. Federal Realty, a Maryland-based REIT, contributed $15 million toward construction of the new Assembly station which opened in 2015. State and fedcontinued on page 9

11 percent Adams Community Bank has just shy of 11 percent of the mortgage market in Berkshire County, coming in third in the top three lenders. See By the Numbers on page 6 for the top two lenders. 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

RICO LAWSUIT

City Officials Partner with Developer at Shopper’s World

Special Litigation in Case Involved in Similar Lawsuits in Colorado, Oregon

By Scott Van Voorhis | Banker & Tradesman Columnist

By Bram Berkowitz | Banker & Tradesman Staff

Framingham Bucks the Trend, Century Bank Named in Lawsuit Embraces Multifamily Housing Targeting Medical Marijuana Facility

Commercial Real Estate PAGE 3

Banking & Lending PAGE 8


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