Who's lending on commercial property in Boston right now

If you are trying to finance a commercial building in Greater Boston, the useful question is not who advertises commercial loans. It is who has actually closed one lately.

LoanBase, which tracks recorded commercial closings, counted 112 commercial loans closed in Boston over a recent 90-day stretch. They ranged from $46,400 to $200 million — the largest was an office deal — and the mix ran from residential condo projects (30 deals) and retail (13) to apartments (9), mixed-use (6), industrial, medical, and hotel.

The names

The most active closers were not money-center banks. They were community banks and credit unions: Leader Bank, Eastern Bank, Enterprise Bank, Metro Credit Union, Dedham Savings, Cambridge Savings Bank, Bluestone Bank, Bank of Canton, and Jeanne D'Arc Credit Union, alongside M&T, TD, Citizens, and Citibank on the larger transactions.

That matches what the registry data says statewide: in Massachusetts, the flow lenders on commercial property are the local banks. National banks show up when the check gets big — they will stretch to $70 million and beyond, typically with about 1% origination.

The terms

For the community banks and credit unions doing most of the closing, the pattern in this data was 65% to 70% loan-to-value, at rates roughly between 6.7% and 7.0%. If a quote you are holding is far from those numbers in either direction, that is worth understanding before you sign anything.

Why this matters for your deal

Each of these lenders has an appetite that shifts quarter to quarter — by property type, by town, by loan size. The bank that closed three mixed-use buildings in the last ninety days may want nothing to do with a single-tenant retail box, and the reverse. We keep a working file on which Massachusetts lenders are writing what, sourced from the public record, and match applications against it. One application, sent to the handful of lenders actually closing your kind of deal right now.

Source: LoanBase, Top 15 CRE Lenders in Boston (trailing 90 days, mid-2026).