Category: Financial Digest

Swampscott, MA WinnDevelopment, the development arm of WinnCompanies, has closed on financing for a 114-unit, mixed income, transit-oriented apartment community, keeping construction on track for completion and occupancy by the middle of 2025.

Boston, MA According to developer Millennium Partners, M&T Bank, one of the nation’s largest banks with over $200 billion in assets, has signed a lease for 39,000 s/f of office space at Winthrop Center, a 691-foot mixed-use tower in the city. The energy-efficient office space at Winthrop Center was certified by Passive House Institute as the largest Passive House office building in the world.

Chicopee, MA MassDevelopment has issued a $6.543 million tax-exempt bond on behalf of Mental Health Association, Inc. (MHA), which will use proceeds to buy and renovate a 78,378 s/f building at 350 Memorial Dr. where it will relocate its headquarters from Springfield, Mass. and house its mental health programs and residential and support services.

North Adams, MA According to MountainOne Bank, Jason Bianchi has joined the residential lending team as assistant vice president, community mortgage lending specialist. Reporting directly to the head of residential lending, Bianchi will work out of the Berkshires, and serve as a member of the bank’s Community Reinvestment Act (CRA) committee.

Boston, MA Barings has provided an $84 million loan to refinance the existing loan on Hotel Commonwealth. JLL advised the sponsorship on the financing from Barings. Located at 500 Commonwealth Ave., situated in Kenmore Sq., adjacent to Boston University’s campus and Fenway Park,

Montville, CT Worth Avenue Capital, LLC (WAC) has closed a $1.5 million construction loan to a Connecticut-based real estate developer. The loan proceeds are being used towards the construction of an 18-unit condominium complex.

Fitchburg, MA Brady Capital Advisors, LLC (BCA) has arranged and facilitated $11.42 million in acquisition financing for the Forest Ridge Apartments, a 90-unit, multifamily property located on 12.35 acres at 6 Mary Anna Dr. for a closing that took place on December 21, 2023.

Wilmington, MA JLL Capital Markets has arranged $57 million in construction financing for 800 Salem St., an industrial logistics development totaling 237,800 s/f. The project is fully entitled with site work complete, vertical construction underway and an anticipated delivery in Q3 2024.

Boston, MA The Real Estate Finance Association (REFA) has named its Board of Directors for 2024. Ravi Ragnauth, partner, Berkshire Residential Investments, will serve as president, along with president-elect Jill Sharif, VP, national business development, Commonwealth Land Title Insurance Company NCS, and treasurer John Roach, commercial real estate manager, U.S. Bank.

Hanover, MA Rockland Trust Company has appointed Joe Wadlinger as senior vice president and commercial regional executive. In this role, Wadlinger will lead the bank’s commercial banking division north of Boston and coordinate overall business efforts across the region.

In the realm of real estate investing, the 1031 exchange Delaware Statutory Trust can provide savvy real estate investors a unique opportunity to achieve passive management, the potential for regular monthly distributions, and a way to enter one of the most tax efficient real estate investment strategies available today.

Easton, MA North Easton Savings Bank has been recognized in the 16^th Annual Banker & Tradesman Readers’ Poll with two gold medals – one for Best Community Bank and one for Best HELOC Provider.