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Article: Real Estate Bankers Flock to Booming Boston; national lenders open branch offices; local banks say they are not worried.
- Article from:
- American Banker
- Article date:
- November 20, 1997
- Author:
CopyrightCOPYRIGHT 1997 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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For banks in the real estate business, it's Beantown or bust.
In recent weeks, KeyCorp and investment bank Heller Financial have opened real estate offices in Boston, hoping to capitalize on the city's revitalization.
Deutsche Morgan Grenfell is considering a similar move, while BankAmerica Corp., Nomura Securities, and Lehman Brothers Inc. are increasingly serving the Boston market from offices located elsewhere.
"Any lender that is national cannot afford not to be in this area right now," said Fred Rossi, a principal with Property Information Exchange, a national real estate information service. "It's too hot, there are too many assets flying off the ...