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February 8, 2024

Charlestown Group Sues Boston To Block Affordable Housing Project

Following the December approval of a 100-unit affordable housing development in Charlestown, a group of neighbors is suing Mayor Michelle Wu and the Boston Planning & Development Agency to block the project. 

Charlestown Group Sues Boston To Block Affordable Housing Project

The group alleges the BPDA didn't take the neighborhood's opposition to the plans into account at an October meeting about the development, the Boston Globe first reported. In the lawsuit, filed Tuesday in Suffolk Superior Court, the group argues that the agency violated its First…

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Alexandria Sells Andover Office Building At Fraction Of 2022 Price

Alexandria Sells Andover Office Building At Fraction Of 2022 Price

Life sciences giant Alexandria Real Estate Equities has sold another property at a loss as it sells underperforming assets and focuses on its bigger campuses.Alexandria sold a three-story office building at 138 River Road in Andover for $3.9M to Lawrence-based Energy North Group, according to…

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This Common CRE Lending Clause Can Put A Property In Default — Even If The Borrower Is Paying

This Common CRE Lending Clause Can Put A Property In Default — Even If The Borrower Is Paying  

With more than $2.2T in U.S. commercial property loans coming due by the end of 2027 and real estate fundamentals weak, the relationship between lenders and their CRE borrowers is likely to become even more fraught than it is. As maturities loom, both sides are searching for an edge.

One potential advantage lenders possess is murky covenants in loan documents known as material adverse effect clauses. Though the clauses can be quite complex, they can, in theory, allow a lender to put a loan in default even if payments are being made because there has been an event that adversely affects the underlying property or other collateral, such as a drastic devaluation.

“It's one tool in the toolkit of lenders,” said Trilogy Law Managing Partner Fran Mastroianni, a real estate development and finance specialist based in Massachusetts. “It's there and can be invoked, and it's something that lenders can bring to the table when negotiating with borrowers.” In this environment, lenders are…

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NYCB’s Credit Is Now Junk. Its Stock Fell 60% This Week. What Does This All Mean For CRE?

NYCB’s Credit Is Now Junk. Its Stock Fell 60% This Week. What Does This All Mean For CRE?  

New York Community Bank named a new executive chairman Wednesday in the wake of a Moody's Investors Service report that cut the bank's credit to junk status as the bank's stock closed the day down 60% from one week earlier. Former Flagstar Bancorp Inc. CEO Alessandro DiNello will now serve…

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