Image courtesy of The Architectural Team
A Boston-based developer originally received approval for a 279-unit project at 1717-1725 Hyde Park Ave. in 2020. At the time, developers estimated development costs at $70 million for the 6-story, 316,315-square-foot complex, which was unable to obtain construction financing. Northern Bank has filed two proofs of claim totaling over $14 million related to mortgages on the property. The sale would enable Northern Bank to carve out payments for creditors.
What else is on tap today?
-
Sponsored Content: Webster First’s Guide to Mortgage Solutions
- The Garage Gets a Reprieve: The developer that received approval in 2022 to demolish the Cambridge landmark is asking for a one-year extension of the special permit.
- Hiring Slows: The April job report indicated a slowdown in hiring, which may entice the Fed to cut interest rates later this year.
- Open to Change: A survey found 67 percent of agents intend to stay with their current companies this year, a significant drop from the 75 percent who said the same last year.
Who Gave Back?
The Bay State’s banks are back at it, donating thousands of dollars to community nonprofits.
Hey, Big Spender …
This week’s report features two new builds, one in Weston and one in Newton. Both are large and luxurious, but that’s where the similarities end.
What can I look forward to?
Here are just a few of the things to look forward to in Sunday’s newsletter. Not a B&T subscriber? Change that here.
- Area banking institutions think they’ve found a potentially lucrative revenue stream: private banking and wealth-management services.
- Unlocking a new generation of infill developers supported by a broader systems changes that make it easier to permit and finance housing has the potential to produce the housing the state needs.
- The next two years include significant milestones for the Museum of African American History, as its Boston campus nears its 230th anniversary in 2026.
