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2-19-2023 3:14pm
BUSINESS BRIEFS: BankNewport Names Franklinite, Waters, CRPCD, Top $$RE, MassDev, MEAP 401(k)
Alan Earls
Editor
SPONSOR OF Business Briefs in the Franklin Observer
The chamber serves the communities of Bellingham, Franklin, Holliston, Hopedale, Hopkinton, Medway, Milford, Mendon, Millis, and Upton. More information is available at https://www.tricountychamberma.org
BankNewport Names Franklin native as VP, Business and Commercial Lending
Franklin, MA native Pamela LaBreche (pictured above) has been named vice president, business and commercial lending officer. In her new role, LaBreche is responsible for working with the Bank’s branch managers, residential lending officers, merchant services and cash management partners to assist business clients throughout Rhode Island in achieving their financial goals. Prior to joining BankNewport, LaBreche was vice president, business development officer for the Northeast region at Citibank, where she specialized in healthcare practice finance.
Waters Acquires
Milford’s-Waters Corporation (NYSE:WAT) today announced it has entered into an agreement to acquire Wyatt Technology, a pioneer in innovative light scattering and field-flow fractionation instruments, software, accessories, and services, for $1.36 billion in cash, subject to certain adjustments. The transaction is expected to close in the second quarter of 2023, subject to regulatory approvals and other customary closing conditions.
CRPCD Saves
The Charles River Pollution Control District (CRPCD), which serves, Bellinghman, Franklin, Medway, and Millis, has reported that the District’s electricty rate has stayed stable at 8.328 cents/KWH and will remain so until March 2025, due to the District locking in the third party electrical supply rate with a 3 year contract. In contrast, Eversource’s Basic Service Large Business Supply Rate rose to 19.472 cents/kwh on September 1, 2022, which is more than 79% higher than the January 1st rate. The District says it has already saved over $250,000 this calendar year with the third party supply rate.
Franklin, Bellingham Among 20 Most Expensive RE Sales in County in 2022.
Norfolk County Register of Deeds William P. O’Donnell reported that in 2022, twenty properties, a mix of commercial and residential, sold for more than $20,000,000 with a median price of $61,249,500. The prices on the property to follow concern real estate sales during the period of July 1st, 2022, through December 31st, 2022. The twenty properties were:
20. 495 Turnpike Street, Canton, a 93,000-square-foot warehouse facility on 14 acres, sold in July for $19,750,000.
19. 7 Taunton Street, Plainville "Willow Trace," an 88-unit apartment complex, sold in September for $20,100,000;
18. 418-444 Walpole Street, Norwood, the 98,000-square-foot multi-tenant retail shopping center on 8 acres sold in October for $20,890,000;
17. In July, the same 98,000-square-foot property at 418-444 Walpole Street, Norwood, sold for $21,000,000;
16. 30 Dan Road, a 134,800 square foot, two-story office building on 9 acres, intended to be redeveloped into a life science office and industrial facility, sold in August for $21,000,000;
15. 2 Edgewater Drive, Norwood, a 98,000-square-foot, two-story office building on 7 acres, tenanted by Siemens Healthcare Diagnostics, sold in August for $24,500,000;
14. Stoughton's 200 Shuman Avenue, a 160,000-square-foot manufacturing and warehouse distribution facility on 18.5 acres, sold for $42,000,000 in November;
13. 1 Arboretum Way, Canton, the "Woodfield Commons,” a 156-unit apartment complex, sold in August for $50,000,000;
12. 1440 Beacon Street, Brookline, a 136-unit apartment complex located near Coolidge Corner, sold in February for $52,900,000.
11. 130-150 Nahatan Street, Norwood, a 108,981-square-foot retail complex known as "Norwood Plaza,” sold in May for $57,749,000;
10. 2500 Avalon Drive, Sharon, the “Wren at Sharon,” a 156-unit apartment complex, sold in October for $64,750,000;
9. 300 Financial Park Drive, Franklin, a 300,000-square-foot warehouse and distribution facility, sold in April for $73,600,000;
8. 235 Gould Street, Needham, a senior and assisted living facility known as the “Wingate Residences at Needham,” sold in January for $73,848,192;
7. 135 Old Post Road, Sharon, a 192-unit apartment building known as “The Point in Sharon,” sold in January for $74,500,000;
6. 1000 Marriott Drive, Quincy, the “Marriott Boston Quincy Hotel,” sold in March for $82,200,000;
5. 95 West Squantum Street, Quincy, a twelve-story apartment building known as “Gamma North Quincy,” sold in April for $90,000,000;
4. 160 Mechanic Street, Bellingham, a 345,000-square-foot, newly renovated distribution center, sold in April for $96,700,000;
3. 100 Rustcraft Road, Dedham, a 421,924-square-foot office and warehouse complex, adjacent to Legacy Place, sold in July for $134,100,000;
2. 250 Station Circle, Dedham, the “Avens at Dedham Station”, a 282-unit apartment complex sold in September for $142,250,000;
1. 96-114 Worcester Street, Wellesley, the Sun-Life Assurance office park sold in June for $202,000,000;
The top sales appear to have been a combination of residential units, retail space, industrial and warehouse space, and distribution facilities.
MassDev Loans and Guarantees Offered
495/Metrowest Partnership reports that MassDevelopment is accepting applications under their SSBCI program, which provides loans and guarantees to businesses, with a focus on entities that qualify as Socially or Economically Disadvantaged Individual (SEDI). The program provides financing between $200,000 to $10 million for projects that support small business growth, manufacturing, and mixed-use development for the following purposes:
- Real estate acquisition, construction, and renovation
- Real estate improvements, term-working capital, and leasehold improvements
- Equipment
- Guarantees on loans for real estate, equipment, and leasehold improvements
Projects require private lender participation with exposure equal to or greater than the amount provided by SSBCI. Real estate projects must be 51% or more owner-occupied for existing buildings, or 61% or more owner-occupied for new construction.
Click here to learn more about eligibility requirements.
Dean College Grad Belzer Dies
Connecticut native, and Dean College Grad, Richard Belzer has died according to multiple sources. He had many roles but was best known in connection with Law & Order.
Multiple Employer Aggregation Program (MEAP): A 401(K) Opportunity for ChamberMembers
Our mission at the Chamber is to do everything we can to help members succeed by providing valuable services and programming. To that end, we’re excited to announce a powerful new retirement planning solution that is now available exclusively for members of Tri-County Regional Chamber
Tri-County Regional Chamber has partnered with Lincoln Financial, a nationally recognized leader in retirement planning services to develop this unique program that leverages the strengths of group participation to provide a cost-effective and easy way for you to implement a turnkey 401(K) employee program.
What is the MEAP Program?
The Multiple Employer 401(k) Aggregate Program (MEAP) is a group 401(k) program designed and made available for an organization’s members or clients. The MEAP is designed to gather each plan’s important administrative, recordkeeping and fiduciary services to be overseen by a third party and often helps reduce time and cost.
- Multiple Employer Aggregation Program (MEAP) Brochure
- Advantages of joining a Multiple Employer Aggregation Program Brochure
- Time to Review Flier
MEAP Video Tri-County Regional Chamber 401(k) Program
Why should you consider joining a MEAP?
Because every business owner tells us the same thing: They want a retirement plan solution that is EASY, PROTECTS THEM, and is COST COMPETITIVE.
Learn more about the advantages of Joining a MEAP Program
How much will this cost?
The MEAP delivers more value and services – potentially at similar or less cost than they are already paying. And, as plans grow, they’re reviewed regularly for price reductions.
Take the Next Step
Put our group 401(k) experience to work for you, please contact:
Jeffrey Katz CLU, ChFC, RICP, AIF
Katz Financial Services
Gregg Katz
Katz Financial Services
