4D — November 19 - December 23, 2021 — Financial Digest — Lenders Directory — M id A tlantic Real Estate Journal
www.marej.com
L enders D irectory
Paul Gilbert, Meridian Capital Group “I always make sure to be extremely responsive to my clients at all hours of the week and weekend”
ways make sure to be extremely responsive to my clients at all hours of the week and weekend. Name some of your most unique qualities/reasons why someone should do business with your financial institution? I am part of an extremely large and successful firm that prides itself on collaboration. There isn’t a deal type or struc - ture that we haven’t seen. We have access to lenders at the highest levels that enables us to get deals for our clients that no one else can. MAREJ commercial and corporate properties. With more than $300 million of development projects under its belt, the firm is especially known for its suc - cessful track record in taking historic properties in Newark, New Jersey and rehabilitating them, top to bottom. CoInvestment Partners is an investment company deploy - ing a thematic approach aimed at improving the resilience of [sub]communities, both physi - cal and virtual. As part of the firm’s mission, CoIP’s real es - tate portfolio focuses on deep value add strategies, primarily across underserved communi - ties. The firm executes as an owner-operator implementing an ‘origination-to-exit’ model. CoIP owns interests in ap - proximately $600 million in real estate assets including $150mm in active ground- up developments, spanning across the northeast Amtrak corridor. CoIP carries out its investment mission by focusing across three sectors: Financial Inclusion, Individ - ual Sovereignty, and Mental Health. ACORE Capital, LP is a leading commercial real estate finance company and debt fund manager with approxi - mately $17 billion of assets under management. ACORE is focused on originating, acquiring and managing first mortgages, B-notes, mezza - nine debt and preferred equity throughout the United States. ACORE, which is an acronym for Alpha Commercial Real Estate, specializes in provid - ing borrowers with custom - ized financing solutions at competitive rates and flexible terms. MAREJ
Where do you think your largest growth area is and why? The bridge lending space. Due to cap rate compression, more and more deals do not involve cash flow on the day one NOI, which makes it essential to go into deals with a strong business plan to do capex and raise rents. What separates you from the competition? The hard work I put in to en - sure my client’s needs are met are of the utmost value to me and how I run my business. I al -
Paul Gilbert Senior Vice President Meridian Capital Group Meridian Capital Group Battery Park Years with company/firm: 11 Years in field: 11
A
rea of Interest: All areas of commer- cial real estate finance
are of interest to me including construction, equity, MHP’s, owner occupied, bridge, and, of course, typical multifamily. Who is your target mar- ket? My target focus is national deals across the country.
I closed a $96MM multifam - ily deal for a large client in Delaware.
What is your most note- worthy transaction or proj- ect this year?
JLL Capital Markets &Progress Capital handle financing efforts for the 816,000 s/f office portfolio and 901-space parking garage in Newark, NJ
NEWARK, NJ — JLL Cap- ital Markets and Progress Capital have arranged $113.5 million in financing for the acquisition of the Broad & Halsey Street Portfolio in Newark. The portfolio con - sists of 707 Broad St. and 153 Halsey St., totaling more than 816,000 square feet of office, and a 901-space parking ga - rage at 261 University Place. JLL and Progress Capi - tal worked on behalf of the partnership between SHIFT Capital, the Hanini Group and CoInvestment Partners to secure the three-year, float - ing-rate loan with ACORE Capital, LP, a commercial real estate finance company and debt fund manager. Loan proceeds were used to acquire the property and will fund fu - ture capital expenditures and leasing costs. Original ly bui l t in the 1920’s, 153 Halsey St. and 707 Broad St. are leased on a long-term basis to The State of New Jersey, which houses more than 3,500 employees across 35 departments on site. The properties are positioned in the heart of the multi-tower Prudential Insurance Campus in Newark’s Central Business District. The JLL Capital Markets team representing the borrow - er was led by senior managing directors Michael Klein and Jon Mikula and director Matthew Pizzolato along - side partner Brad Domenico from Progress Capital. “The sponsor developed a thoughtful business plan de - signed to create tremendous long-term value for Newark and build on its rich history of innovation and civic en -
About Progress Capital Progress Capital is a com - mercial mortgage advisory firm with over $40 billion in closed loans and $150 million of directly funded bridge loans. With over 30 years of experi - ence, Progress continually proves its value to its clients by securing the best capital op - tions available in the market. SHIFT Capital is a devel - opment company focused on creating just and equitable neighborhoods. As a Certified B Corporation, SHIFT deliv - ers community solutions and programming that maintain and diversify a neighborhood’s character while maximizing long-term affordability and minimizing displacement. SHIFT owns and manages Broad & Halsey Street Portfolio
over 1 million s/f of real estate, including commercial, resi - dential, mixed-use, and land to date, SHIFT has invested over $220 million in the neigh - borhoods we serve to create ecosystems that strengthen entrepreneurship, creativity, and value for tenants and communities. Launching later this year, Shift’s NextGen Impact Platform will focus on partnering and supporting the next generation of impact developers in communities across the country. For more information, please visit shift - capital.us. Hanini Group is an award- winning real estate firm with more than 10 years of experi - ence developing high caliber loft-style residential, retail,
gagement,” Pizzolato said. “ACORE Capital recognized the value created by the team and stepped up to offer a high leverage, structured debt solu - tion that will allow the spon - sor to execute their business plan.” JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solu - tions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists world - wide with offices in nearly 50 countries.
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