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December 14, 2023

Affordable Housing Leaders Say Healey Proposals Would Help Fix State’s Shortage

As Massachusetts’ housing crisis worsens, the Healey-Driscoll administration has put out a number of proposals in its first year in office that industry experts say could alleviate the issue for future generations.

Affordable Housing Leaders Say Healey Proposals Would Help Fix State’s Shortage

Housing production throughout the state has lagged. A group of 15 municipalities represented by the Metropolitan Mayors Coalition is well behind its target pace for a goal it set in 2015 to produce 185,000 new housing units by 2030. It had built roughly 43,000 units as of last year, according to the Boston Foundation's 2023…

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Greystar Proposes 1.4M SF Mixed-Use Project Near Assembly Row

Greystar Proposes 1.4M SF Mixed-Use Project Near Assembly Row  

Greystar has filed plans for its second life sciences development in Somerville's Assembly Square neighborhood.  The firm filed an environmental notification form with the Massachusetts Environmental Policy Act Office last week that detailed plans for 1.4M SF of lab and hotel space at 20-23…

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'No One Is Declaring Victory' As Fed Hints At Cuts, Holds Steady On Rates

'No One Is Declaring Victory' As Fed Hints At Cuts, Holds Steady On Rates  

The Federal Reserve Open Market Committee’s decision Wednesday to hold the base interest rate, and maybe cut it soon, was no doubt welcome news to the commercial real estate industry, but is seen more as a step toward regularity than a huge win.

“People don't like to use the word ‘transitory,’ but in my opinion, the entire thing was transitory,” Taurus Investment Holdings CEO Peter Merrigan told Bisnow Wednesday afternoon, referring to the spike in inflation and the central bank's monetary policy reaction.

“We'll probably go back to some kind of normality in the overall markets, assuming that there's no further massive geopolitical disruption,” Merrigan said. 

Most FOMC members believe the target range for the federal funds rate will be lower next year with only one member saying the rate will be the same, according to the Fed's summary of economic projections. Five members of the committee said the appropriate rate next year would…

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Investors Bank Billions, Setting Up CRE Secondary Spending Spree

Investors Bank Billions, Setting Up CRE Secondary Spending Spree  

Major investors are gearing up for a year they expect to be flush with advantageous deals on real estate’s secondary markets, raising funds with billions of dollars at the ready for buying up partial interests in portfolios or recapitalizing troubled properties, among other options.

Ares Management, Blackstone and Goldman Sachs have all launched funds aimed at investing in secondaries, a segment of the CRE market expected to gain prominence in 2024. Secondaries are generally considered investments in existing assets that can bring in fresh capital, change up ownership structure or extend financing timelines.

“We share the strong enthusiasm of our investors and believe that the current real estate market dislocation and volatility provides a highly attractive environment for scaled and experienced secondary managers,” Michelle Creed, partner and co-head of Ares Real Estate Secondaries, told Bisnow in an email. The flight to secondaries is…

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