34C — March 2024 — The Best of 2023 — M id A tlantic Real Estate Journal
www.marej.com
The LARGEST HISTORIC PRESERVATION PROJECT of 2023 Prism Capital Partners
Benchmark Construction Co., Inc. Thaddeus Stevens & Lydia Hamilton Smith Center for History & Democracy Lancaster, PA
Nuveen Green Capital The Fidelity & Deposit Building Baltimore, MD
Wonder Lofts Hoboken, NJ
Photo Credit: Brexton Commercial
Size: 231-unit apartment building with 18,000 s/f of retail/office space and 12,000 s/f of restaurant space The Fidelity & Deposit Building is an iconic, 15-story Romanesque Revival historic office tower that was built in 1894 - located in downtown Baltimore. The property is a half mile from the famed Baltimore Inner Harbor. Upon completion, the $65M office to multifamily conversion project will feature 231 new apartment units, retail/office space, and a ground floor restaurant. This project is notable, not only because it is a conversion of an historic office building to a multifamily property, but also for its partnership between NGC’s team, led by Michael Billingsley, Senior Director, Originations, and three capital partners, Standard Insurance Company, PNC Bank, and Midland States Bank. NGC provided 20% LTC C-PACE construction financing alongside Standard’s construction loan, PNC’s HTC equity, and Midland State Bank’s HTC bridge loan.
Size: 83 for-sale & 6 rental multifamily units Prism in 2023 completed its industrial-to-residential conversion of Hoboken’s c.1909 Wonder Bread bakery. All but six of the community’s 83 luxury condominium homes have sold, with the project achieving record-setting prices. Additionally, the six rental units contribute to Hoboken’s affordable housing obligation. Prism partnered with Angelo, Gordon & Co. and Parkwood Development to transform the seven-story building and surrounding grounds. Designed by Minervini Vandermark, the property’s preserved architectural features include the original brick details, archways, lofted ceilings, and water tower. Each two- through five-bedroom home is unique, and residents benefit from 10,000 s/f of indoor/outdoor amenity space and street-level commercial.
Size: 20,000 s/f Currently under construction the Thaddeus Stevens & Lydia Hamilton Smith Center for History and Democracy will delve into the significant impact of Stevens, Smith, and their abolitionist networks on efforts to abolish slavery, foster racial equality, and champion full citizenship rights. The center will invite visitors to explore the complex ideas of freedom, equality, citizenship, democracy, and racial justice that continue to influence our country. The Stevens & Smith Center aims to link historical and current fights for freedom, inspiring visitors with the message that each person holds the capability to drive positive change.
The FASTEST GROWING FIRM of 2023
Horvath & Tremblay Boston (Lynnfield), MA (HQ)
JLAM Rehoboth Beach, DE
Horvath & Tremblay is one of the fastest growing real estate investment sales organizations in the United States. Our firm primarily services the private client segment exclusively representing owners sell their investment property along with representing clients placing capital in a 1031 exchange throughout the United States. Our firm has three divisions: 1) Retail/Single Tenant Net Lease 2) Multi-Family/Mixed Use 3) 1031 Exchange. We have 118 people within twelve (12) offices throughout the US. 1) Boston (Lynnfield), MA (HQ); 2) Foxboro, MA; 3) Shelton, CT; 4) Chicago, IL; 5) Miami, FL; 6) Saddle Brook, NJ; 7) Fort Lauderdale, FL; 8) Washington, DC; 9) Jacksonville, FL; 10) New York, NY; 11) Bethesda, MD; 12) Tampa, FL.
% OF INCREASE OF SALES: 33% % OF INCREASE # OF EMPLOYEES: 38%
JLAM is a real estate investment and development firm that helps investors build wealth through private real estate investments. JLAM identifies macro themes and creates investment strategies that capitalize on these trends. We have a proven process to create and invest in places people want to be. Our carefully selected portfolio of differentiated assets spans commercial, multi-family, and residential real estate throughout the Mid-Atlantic and Southeast regions.
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