26A — March 19 - April 15, 2021 — M id A tlantic Real Estate Journal


M id A tlantic R eal E state J ournal

Proceeds will be used as working capital to update site approvals Kennedy Funding closes $1.815 Million land loan

Legend Properties Inc. broker 22,500 s/f lease


NGLEWOODCLIFFS, NJ — Kennedy Fund- ing has closed a $1.815

million loan to Bloomfield Technology Park, LLC. P r o c e e d s from the loan will be used to pay off the existing first mortgage on

Church Hill Mall

Landmark buildings can be designated from the exterior and/or the interior. In the case of Manhattan’s historic Har- monie Club, Stanford White’s design is doubly recognized. Based on inspection reports previously filed by SKAPC, dilapidated terra cotta stones needed to be replaced at many locations on the façade of the eight-story Beaux-Arts building to comply with the City’s Department of Build- ings’ (DOB) Façade Inspection & Safety Program (FISP). Additional “flagged” façade elements included cracked glass, small, boarded-up win- dows, aging wall sconces, and “temporary” exterior painting cleanups that were more than 30 years old. The Harmonie board part- nered with us to facilitate an extensive restoration rather than a “quick fix” to meet the DOB requirements. Now completed, approximately two years after inception, the fully-restored façade reflects its original beauty and classic design – and breathes new life into the City’s landmark district. The ability to conquer the twists and turns and reduce complexity to a mix of simpler elements can ensure that the core – or heart – of an existing, out-of-use structure is revital- ized for contemporary times. Steven Kratchman is founder and owner of Ste- ven Kratchman Architect, PC, an award-winning ar- chitecture and design firm that specializes in adding value and breathing new life into underused and overlooked properties. the Mall with its eclectic mix of tenants. The Supermarket is current- ly open and the Diaz Brothers will be scheduling a “Super Grand Opening” soon. This deal brings Alex and Jose Diaz’s third grocery store, their first in Pennsylvania, to the Church Hill Mall. MAREJ

from previous eras were far lower. This means many proj- ects start with existing struc - tures where new engineering is not possible. When new systems must be married to existing systems, complexity ensues, and we must under - stand the assumptions and principles of earlier genera- tions in order to design and specify the new systems. For example, complex use challenges involve entryway space, which in older build- ings is often very limited. To illustrate this, at Apogee, a 30-story co-op perched atop a hill in Cliffside Park, NJ, we recommended a state-of-the- art, German-engineered turn- stile door that accommodates a family of five and luggage carts in both directions simultane - ously. At 1970s-era Mediterra- nean South in Fort Lee, N.J., we opted to use an enclosed Z- corridor scheme – essentially off-set entrances separated by a climate-controlled roof and an area at the front door that allows for three simultaneous drop-offs and pick-ups. Historic Preservation Involves More Than Restoration Landmark building proj- ects are complex by nature, and it is rare that a historic preservation project involves restoration only. Client and project requirements typically mandate functional chang - es, engineering updates and accommodations for tenant needs that create a tension between old and new. We re- solve this tension through an often intricate “operation” that integrates both worlds. continued from page 2A HAZLETON, PA — Leg- end Properties Inc. agents’ James Smith and James De- Petris , representing Elestan Realty finalized a deal with the Diaz Brothers. Operating as a Key Food Su- permarket an anchor for this Mall it encompasses 22,500 s/f. It is a welcomed addition at

Kevin Wolfer

31.32 acres in Bloomfield Hills, MI

31.32 acres of raw land in Bloomfield Hills, MI. Remain- ing proceeds will be used as working capital to update site approvals. Located just a few blocks from Select Specialty Hospital and major retail, the property is zoned as a “research park” district, ideal for business and commercial use. It is currently listed for sale at $4.9 million. According to Kevin Wolfer , CEO of Kennedy Funding, the Englewood Cliffs, New Jersey-based direct private lender, the borrower expe- rienced roadblocks applying for funding from traditional lenders, despite their extraor- dinary credit rating, and col - lateral that would typically be a significant deciding factor for many banks. “Between the property type and the current economic cli - mate, the borrower could not

provides access to the mar- ketplace of DSTs from over 25 different sponsor companies, custom DSTs only available to Kay clients, independent advice on DST sponsor companies, full due diligence and vetting on each DST (typically 20-40 DSTs) and a DST secondary market. Kay Properties team members collectively have over 115 years of real estate expe- rience, are licensed in all 50 states, and have participated in over 15 Billion of DST 1031 investments. MAREJ This material does not consti - tute an offer to sell nor a solici - tation of an offer to buy any se - curity. Such offers can be made only by the confidential Private Placement Memorandum (the “Memorandum”). Please read the entire Memorandum pay- ing special attention to the risk section prior investing. IRC Section 1031, IRC Section 1033 and IRC Section 721 are complex tax codes therefore secure a loan, even with stel - lar credentials,” Wolfer said. “There is no willingness for traditional lenders to lend on land, and the currently tight credit market did not make this tough prospect any easier.” Wolfer noted that Kennedy Funding’s flexibility allows them to work closely with a borrower to help them secure funding, with closings often oc - curring within just a few days. “Thanks to our flexible lend- ing parameters, we were able to help this borrower achieve their vision and secure the funding necessary to position this property for a greater, renewed purpose,” Wolfer said. “Our fast closing time, international reach and expe- rience, and two-day loan com- mitments are the reason why borrowers come to us. They know that we can make it hap-

pen, whether the loan is for a property around the corner or on the other side of the globe.” According to Wolfer, Ken- nedy Funding’s lengthy and proven track record closing loans for the notoriously dif - ficult raw land property sector made review and approval for Bloomfield Technology Park, LLC an easy process. “Traditional lenders will refuse to lend to borrowers for undeveloped land, no matter how qualified the borrower may be, and those restrictions only get tighter during uncer - tain economic times like the COVID-19 crisis,” Wolfer said. “We have years of experience closing dozens of land loans across the U.S. and abroad, which is even rarer, so we can put that knowledge and background to work for all our applicants.” MAREJ

Arch i t ec tura l “Hear t Transplants” Breathe. . .

continued from page 20A investment decision. The outcome also was successful in that their 1031 Exchange was fully executed, and their $2 million is now invested across a diversified portfolio of multiple different income- producing properties versus only one or two. However, it also is important to note that every situation is unique. Individuals should review all three 1031 identification op tions to choose the rule that works best for your particular situation as well as always should speak with their CPA prior to making any decisions. Dwight Kay is founder & CEO; Betty Friant is senior vice president of Kay Prop- erties. About Kay Properties and www.kpi1031.com Kay Properties is a national Delaware Statutory Trust (DST) investment firm. The www.kpi1031.com platform you should consult your tax or legal professional for details re- garding your situation. There are material risks associated with investing in real estate securities including illiquid - ity, vacancies, general market conditions and competition, lack of operating history, inter- est rate risks, general risks of owning/operating commercial and multifamily properties, financing risks, potential ad- verse tax consequences, general economic risks, development risks and long hold periods. There is a risk of loss of the en - tire investment principal. Past performance is not a guarantee of future results. Potential cash flow, potential returns and potential appreciation are not guaranteed. Securities offered through Growth Capital Ser- vices, member FINRA, SIPC, Office of Supervisory Jurisdic- tion located at 582 Market St., Ste. 300, San Francisco, CA 94104. Understanding the potential advantages of the 200% Rule in a 1031 exchange

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