The Boston Business Journal digs into the number of local community banks and finds there’s been a huge upswing in lending to landlords and multifamily apartment developers. Even though overall lending is down (a lot) community banks have been, in the BBJ’s words “opening the spigots” to the multifamily apartment market.
Loans are up about 9 percent, totaling at least $264 million the paper estimates. The real number is probably higher because that figure doesn’t include lending by State Street Corp. East Boston Savings Bank is one of the bigger lenders, pumping out $127 million in loans to apartment developers.
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