Real Estate Journal — Northern New Jersey — March 10 - 23, 2017 — 11B
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M id A tlantic
N orthern N ew J ersey
Committed to providing funds to grow the communities that we serve Responsive Service is the norm at Kearny Bank
reserved for l a r g e c u s - tomers,” said Vince Micco, senior vice p r e s i d e n t , d i rec t or o f Commercial Real Estate Lending. “At “A
mission is helping local entre- preneurs fulfill their dreams,” he continued. One such Kearny Bank proj- ect involved a married couple operating a local barbershop close to the Bank’s Spring- field, New Jersey office. The couple negotiated a loan from another financial institution seeking to purchase property on a main thoroughfare. The property consisted of a vacant store and an occupied, rental home. A much more visible and convenient location than their existing shop, this prop- erty was an ideal move.
t Kearny Bank, an extra measure of service is not just
A conditional loan was granted; however, as closing approached the lender reneged due to perceived issues with the property appraisal. The couple was left in a state of panic with a signed contract and an expired mortgage con- tingency. The potential loss of over $20,000 was staggering to the small business operators. In stepped Kearny Bank Loan Officer Valentin Kazanovich. He quickly assessed the loan request and worked in tandem with the Credit Department to move the process swiftly through approval channels.
In a matter of days the loan was approved and capital provided in time to meet the tight closing deadline. Today the entrepreneurs are estab- lished in their new location, business is booming and the loan is performing well. The transaction was a small one compared to the many multi-million dollar deals handled by Kearny Bank last year, but none was more satisfying. “It’s this level of commitment that we bring to every customer. In the past years Kearny Bank has grown in its ability to handle
any commercial real estate mortgage need. We have a particular expertise in multi- family lending but our projects run the gamut of commercial properties. New Jersey is our home but we have expanded our footprint well beyond its borders. Recent loans have been completed in nearby states including New York, Pennsylvania and Maryland,” Micco concluded. Kearny Bank is head- quartered in Fairfield, New Jersey, the Bankmaintains 40 New Jersey offices and two in New York. n
Vince Micco
the branch level we are deeply committed to providing funds to grow the communities that we serve. We believe an im- portant part of our corporate Red Pine Capital acquires portfolio of Red Lobster Restaurants Union, NJ — Red Pine Capital Partners LLC , led by Michael Federman , ac- quired the Red Lobster res- taurant on Rte. 22 in Union for $6.5 million pursuant to a sale leaseback with the tenant. The restaurant is located on a 2 acre parcel within the cen- tral median and has curb cuts to capture traffic traveling both east and west on Rte. 22. Red Lobster has occupied and operated at the location since opening the restaurant in 1988 and recently remodeled the store. “This acquisition was tax efficient for our investors by offering significant depre- ciation potential in the early years, escalating income in the later years and tremendous residual value for the next generation,” said Federman. “The Rte. 22 location is among the highest quality real estate assets in the Red Pine portfo- lio,” he added. Red Pine and Federman are not new to owning seafood restaurants, having acquired a portfolio of three other Red Lobster restaurants inMobile, Alabama, Charleston, South Carolina and Stony Brook, New York with an aggregate portfolio value of $25 million. Last month an affiliate of Red Pine Capital Partners also signed up the second location of Jack’s Lobster Shack for a 10 year deal in the corner space at Red Pine’s retail center on Bloomfield Avenue in downtown Montclair. Red Pine’s shopping center is lo- cated across fromWhole Foods and adjacent to the Montclair Art Museum. n
At Kearny Bank, we have the know-how and experience to help with your next project, no matter the size or complexity. Whether you are purchasing or refinancing, you’ll find the mortgage that is right for the future of your business. Highly competitive rates and a variety of terms are available for retail, mixed-use, commercial office, industrial, warehouse, and multi-family properties. Our in-depth knowledge of the New Jersey/New York markets is a valuable plus for many clients.
For your next project, depend on Kearny Bank… where commercial mortgages are built to your specs.
42 Banking Offices • 1-800-273-3406 • kearnybank.com
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