FAST50
Turn to page 10 for Banker & Tradesman’s special section of the 50 fastest-growing loan providers in Massachusetts.
THE FINANCIAL SERVICES AND REAL ESTATE WEEKLY FOR MASSACHUSETTS BY THE NUMBERS
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County close-up: Plymouth Spotlight: Hanover
IN PERSON
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For two decades, The Menkiti Group has successfully found 3 million square feet of opportunities in the Washington, D.C. region. Now its founder and CEO, Somerville native Bo Menkiti, is focusing on Worcester as the company’s next growth focus.
WEEK OF MONDAY, SEPTEMBER 4, 2023
COMMERCIAL REAL ESTATE BY THE NUMBERS
$6.5 million The sale price of the top home in this week’s Gossip Report. See page 15. Source: The Warren Group
$8.8 billion The amount of federal money available to make homes more energy efficient. See Lew Sichelman’s column on page 4. Source: Department of Energy
5,382 square feet
The Fast 50, compiled from data collected by The Warren Group, reveals the 50 fastest-growing lenders in Massachusetts.
FA S T 5 0
CUs, SMALL MUTUALS FIND WINS
The largest home in this week’s Gossip Report. See page 15. Source: The Warren Group
5,268 The number of housing units in Hanover. See the Town Spotlight in By the Numbers on page 6. Source: Census Bureau
1,986 square feet
$346 million Texas’ allocation from a federal program to make homes more energy efficient. See Lew Sichelman’s column on page 4. Source: Department of Energy
$2,852.65 The highest price per square foot of any home in this week’s Gossip Report. See page 15. Source: The Warren Group
63 The number of homes sold in Hanover this year through July 31. See By the Numbers on page 6. 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.
Multifamily Investments Mean ‘Still Healthy’ Appetite for Borrowing BY NIKA CATALDO BANKER & TRADESMAN STAFF
W
hile the state’s regional banks face liquidity pressures and have tightened their credit standards so far this year, Massachusetts’ smaller credit unions and mutual banks saw skyrocketing growth in commercial loan volumes in the first six months of the year. Appetite for commercial lending con-
tinues to be healthy in Massachusetts, said Bryan Regele, vice president of commercial lending at Webster First Federal Credit Union, given the active life science and tech sectors driving economic growth in the state. The Fast 50, compiled from data collected by The Warren Group, publisher of Banker & Tradesman, reveals the 50 fastest-growing lenders in Massachusetts for the first six months of the year, compared to the same period a year ago. This year’s analysis ranked Abington Bank and bankESB, both part of $4.5 billion-asset Hometown Financial Group,
and Webster First as third, fourth, and fifth fastest-growing commercial real estate lenders in the first half of 2023, respectively. The $1.4 billion-asset Abington Bank saw a 659 percent jump in CRE loan volume, amounting to $26.84 million in the first half of 2023 versus $3.54 million the same time last year. The $1.7 billion-asset bankESB also experienced a 385 percent acceleration, registering $87.4 million in commercial loans in the first six months of 2023 from the $18.02 million the same period in 2022. Continued on Page 10
BUILDING THE FUTURE
COMMERCIAL INTERESTS
Office, Life Science and Multifamily Plans All Hit Obstacles
Hamilton Co. Must Seek US2 Approval for Independent Lab Project
By Jay Fitzgerald | Special to Banker & Tradesman
By Scott Van Voorhis | Banker & Tradesman Columnist
iStock illustration
The smallest home in this week’s Gossip Report. See page 15. Source: The Warren Group
Tuscan Village Caught Between Somerville Mangles Union Economy and Local Pushback Square Project Process
Commercial Real Estate PAGE 7
Commercial Real Estate PAGE 9