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September 19, 2023

Hurricane Lee Caused Minimal Damage But Highlighted Risk That Boston's Coastal Properties Face

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The storm previously classified as Hurricane Lee grazed the East Coast over the weekend, leaving Massachusetts for the most part unscathed, despite serious warnings over the last week.

On Friday, Gov. Maura Healey issued an emergency declaration ahead of the storm expecting heavy rain, wind and coastal flooding throughout the weekend, and Boston Mayor Michelle Wu held a press conference to prepare residents and business owners for the latest storm in a year that has seen historic rainfall.

Greater Boston this summer experienced the second-highest rain total on record, with storms over the last month causing extreme flooding in communities such as Leominster and North Andover, incidents that caused tens of millions of dollars in damages.

Hurricane Lee Caused Minimal Damage But Highlighted Risk That Boston's Coastal Properties Face

As the hurricane approached, many in Boston braced for the type of flooding that often occurs even during minor storms, with some creating man-made barriers in apartment buildings to keep water out, CBS News reported. The storm ultimately had little impact on Massachusetts, creating rough seas and causing power outages in Cape…

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78-Year-Old Boston Stadium To Get $30M Renovation For New Professional Women’s Soccer Team

The National Women's Soccer League has decided to bring women's professional soccer back to Beantown, and a major stadium overhaul is coming with it. 

78-Year-Old Boston Stadium To Get $30M Renovation For New Professional Women’s Soccer Team

The NWSL awarded the expansion franchise to a Boston-based investment group called Boston Unity Soccer Partners, which has also proposed a $30M renovation of the dilapidated White Stadium in Franklin Park, the Boston Globe reported Monday.The group is led by Jennifer Epstein, the founder of Juno Equity and an investor in…

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This Week's Boston Deal Sheet

The largest new office project to deliver in Boston this year officially opened its doors last week, and it is fully leased.

This Week's Boston Deal Sheet

The HYM Investment Group CEO Tom O'Brien, Carr Properties CEO Oliver Carr and National Real Estate Advisors CEO Jeff Kanne hosted a ribbon-cutting ceremony on Thursday for the team's 600-foot-tall, 1M SF office tower. “The delivery of One Congress marks our first development project in Boston. We could not be prouder of the partnership we…

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SPECIAL REPORT: Meet The Office Owners Fighting To Save Thousands Of Older Buildings

SPECIAL REPORT: Meet The Office Owners Fighting To Save Thousands Of Older Buildings  

Over the last three years, the office market has been punched repeatedly, knocked down and nearly counted out. But across the country, thousands of small office owners are patching up their wounds, getting back in the ring and continuing the fight.

The office owners most often heard from nationally are the top prizefighters, publicly traded companies like  Boston Properties and Vornado, or private institutional giants like  Nuveen or Hines. Listen to their executives, and you’ll hear common refrains about…

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Lending Restrictions, Looming Regulation For Banks Cast 'Long Shadow' On CRE

Lending Restrictions, Looming Regulation For Banks Cast 'Long Shadow' On CRE  

Banks across the country are tightening their lending standards at the same time regulators are considering ratcheting up their liquidity expectations, further stunting loan dollars directed toward commercial real estate as the impact of heightened interest rates persists.

During the second quarter, between 60% and 70% of senior loan officers at 85 banks surveyed by the Federal Reserve reported having tightened standards on all categories of CRE loans. Except for a brief moment at the beginning of the pandemic, capital for CRE deals is now harder to obtain than at any time since the Global Financial Crisis.

Fifty percent of respondents to the Fed's survey expect either somewhat tighter or considerably tighter lending standards later this year, while the other half expect standards to remain unchanged.

“Banks tightening their lending standards on CRE casts a long shadow on the sector,” LH Meyer economist Derek Tang said. “The effect is likely to last for quite some time. Banks are hitting the pause button on CRE borrowing, and no one is sure when to start again.” It isn't…

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