“Their credit box is tight, but they are deploying capital into the system,” he said.
He said banks are especially interested in financing multifamily, as the Boston area faces a dire shortage of housing and has seen a slow pace of construction starts over the last two years.
Around 2,200 new multifamily units received construction permits in Boston last year, and 2,000 units did so in 2023 — both down from the 2022 total of 4,000 units and well below the number of units that received planning approvals during those years.
Source: Banks Becoming ‘Much More Aggressive’ In Financing Boston Multifamily Projects
