Category: Financial Digest

Central Falls, RI Washington Trust’s Commercial Real Estate Group recently provided $4.925 million in financing to Phoenix Central Falls Industrial Investors, LLC for the renovation and future tenant improvements of a 350,000 s/f industrial building located on Broad St. “Washington Trust is pleased to provide a financing solution for our client as they purchase and reposition this strategically located asset in Central Falls,” said Julia Anne Slom

Do you hold a Connecticut real estate appraiser license? If your answer is yes, this is a must read! The state of Connecticut has adopted new regulations that now require any licensee that falls under the Department of Consumer Protection to now submit their continuing education hours 90 days in advance of their renewal date.

Perfect storm during a cycle of change. Recovery during recession under monetary pressure. Restructuring activity, including Chapter 11 and consolidation - like Kimco Realty $2 billion merger with RPT Realty, exceeds 2022 so far. More deals are taking shape. The capital stack is adjusting to the rates and risks of the new normal(s). And so is property insurance where big portfolio deals will attract competition.

Real estate development, and investing, is not a short-term game, and certainly not for the faint of heart. Players risk a lot of time and money in the midst of much uncertainty. Over the last 15 years alone, they have endured the Great Recession of 2007-8, Tech bust of 2001, catastrophic weather events, COVID, increasing borrowing rates and tightening, culture shifts in office buildings, tenant bankruptcy, and retail store closings.

Norwalk, CT According to Union Savings Bank (USB), Kostantinos Kasparis has joined the bank as assistant vice president, senior branch manager of its new full-service branch located at 454 Main Ave. In his role, Kasparis is responsible for the overall direction of the branch, new business development, and working to build rapport within the community. The new branch will be supported by the bank’s Solutions Teams, a group of local specialists that offer customized personal and business banking solutions.

Old Lyme, CT Worth Avenue Capital, LLC closed a $500,000 short-term bridge loan for a small privately held financial services company with offices in both New York City and the Connecticut shoreline. The loan is secured by a first mortgage on a luxury property that is located in the hub of Old Lyme, Connecticut with an underlying LTV of 40%.

Boston, MA Rockland Trust has expanded its dealer financial services lending team with the appointment of Aaron Brissette as vice president, commercial loan officer. In this role, Brissette is responsible for developing relationships with dealerships throughout New England and New York.

Guilford, CT GSB employee Christine Beirne was honored as a Woman of Excellence at the Shoreline Chamber’s 8^th Annual Women of Excellence Awards luncheon on Tuesday, August 22^nd. Beirne, executive vice president, chief talent and culture officer, is one of six women honored at this year’s event. The awards luncheon was hosted by WTNH’s Ann Nyberg, at The Woodwinds in Branford.

Gloucester, MA Rockport Mortgage Corp., a leading provider of FHA-insured multifamily financing, has appointed Dan Frink as senior vice president. Frink will assist Rockport Mortgage’s underwriting teams in working with the variety of third-party service providers relevant to the commercial lending business; streamlining processes, creating additional efficiencies, and mitigating issues identified in third party reports.

Lynn, MA Forbright Bank, a nationwide full-service bank helping accelerate the transition to a sustainable economy, utilized its newly established Housing and Urban Development (HUD) lending platform to provide a $6.4 million loan to Willow Apartments. The financing, provided under the U.S. Department of Housing and Urban Development’s Multifamily Acquisition and Refinancing program (223f)

Hartford, CT G.S. Wilcox & Co. has completed $10.2 million in ?nancing for a pre- stabilized self-storage facility. The ?nancing was secured by Gretchen Wilcox, president, and Albert Raymond, principal, with a 13-year term and five years interest only, followed by a 30-year amortization. The lender also provided ?exible prepayment. The ?nancing was provided by a life insurance company for The Hampshire Companies.

Waltham, MA According to Joseph De Vito, president and CEO of The Village Bank, Seton Murphy has joined the bank as branch manager of the new Waltham location. Murphy comes to the bank after a 17-year tenure at Rockland Trust, where he advanced within the retail network in town through a number of promotions. He will oversee day-to-day operations of The Village Bank’s newest branch location at 251 Moody St., which is scheduled to open late this year.