- DC
Dunne, Langer and Neuer lead brokerage team cBRe announces $115 million sale of 500 Plaza Drive In secaucus, NJ
ISSUE HIGHLIGHTS Volume 29 Issue 15 August 11 - 24, 2017
ecaucus , NJ — cBRe Institutional Properties announced that it represented a venture between Marcus Partners and a global institutional partner in the sale of 500 Plaza Dr., the world headquarters of Quest and The Children’s Place, in Secaucus for $115 million. The CBRE team, which was led by Jeffrey Dunne and Travis Langer , was also responsible for procuring the buyer, Manu- life US REIT, a Singapore-list- ed real estate investment trust. CBRE represented ownership in the sale of 500 Plaza to Mar- cus Partners and its partner in 2014 for $69 million and previ- ously represented owners sell- ing the neighboring 400 Plaza Dr. in 2015, 100 Plaza Dr. in 2013 and again in 2016, and 200 Plaza Dr. in 2013. 500 Plaza Dr. is a 460,000 urban convenience within a prime suburban location. The property is situated within S
Central nJ Spotlight
building finishes and grounds. As part of the program, Marcus Partners also constructed a new 222-car parking deck, renovat- ed an 1,100-car parking deck, and created 34 visitor-parking spaces. Since the renovations were completed, ownership has signed five leases totaling 258,000 s/f, which collectively increased occupancy to 99%. Leasing activity included a new world headquarters location for Quest Diagnostics Incorporated and a renewal of AXA. “The newly redeveloped 500 Plaza offers tenants and visi- tors alike an exceptional work environment, providing both the convenience and amenities demanded by premier organi- zations and their employees. Today the property is a unique headquarters-quality facility and we are proud to continue providing property manage- ment services under Manulife US REIT’s capable new owner- ship,” said Paul Marcus, CEO of Marcus Partners. n
3-11A
500 Plaza Drive entrance
MultIFAMIly FinanCing
the iconic 200-acre Harmon Meadows, a 4.4M square foot amenity-rich environment with numerous restaurants and hotels, more than 1 million s/f of national and big box retail, a newly developed LA Fitness Club and a 14-screen movie theater. The “live, work, play” nature of Harmon Meadows will be further bolstered by Hartz Mountain’s develop- ment of 470 new apartments, expected to be completed this Fall.
During their ownership ten- ure, Marcus Partners complet- ed a $17.8 million base building capital improvement program which transformed the prop- erty into a state-of-the-art, high quality work environment. The repositioning program included a complete lobby renovation, significant common-area up- grades, creation of a full-service cafeteria, coffee bar, conference center, and high end fitness center/locker rooms, along with substantial upgrades to both
5-13A
UpComing ConFerenCeS Sept. 13, 2017 nJ apartment/multi- Family Conference Oct. 6, 2017 nJ leadership Conference For speaking and sponsorship information, please contact: lea at 781-740-2900 or lea.christman@marejournal.com
Rittenhouse capital advisors arranges $54.25macquisition loan in chester county, Pa
The property was acquired for $73 million and Rittenhouse Capital placed the first mort-
MaLveRN, Pa — Rit- tenhouse capital advisors has successfully arranged the financing for the acquisition of the 356,000 s/f class "A" office building known as the Great Valley Commerce Center. Lo- cated in Malvern, the subject property is fully leased to credit tenants.
gage financ- ing with a na- tional bank in the amount of $54.25 mil- lion, or 74% l e v e r a g e . The loan was structured as a CMBS ex-
Directory
ecution with a 30-year amorti- zation and a 10-year term with the interest rate fixed at 4.48%. sam Oropeza , of the Rit- tenhouse Capital team, was the originator on the loan and was instrumental in helping to bring the deal to fruition. Oro- peza stated: “Rittenhouse Capi- tal is certainly known for plac- ing multi-family debt, however this transaction demonstrates that we have the expertise to work on the full range of real estate assets including office buildings.” George Johnson , president Sam Oropeza
Upcoming Spotlights Tax Issues & Accounting PA/NJ/DE ICSC Exchange NJ’s Governors Conference on Housing & Economic Development DelMarVa ......................................................15-18A Financial Digest ...............................................5-13A New Jersey ................................................ Section B Pennsylvania ............................................. Section C
Great Valley Commerce Center
and CEO of Rittenhouse Capi- tal, added: "This was a debt assignment that was highly sought after and competitive. We are extremely pleased that our client recognized the depth of our experience and our abil- ity to execute and deliver the terms and leverage needed to bring this deal to the finish line.”
Rittenhouse Capital Advi- sors is a debt advisory firm based in Philadelphia, PA. Our Underwriting & Lending Expertise covers the full range of commercial real estate as- sets, including but not limited to: multifamily, student hous- ing, office, industrial, retail, and healthcare throughout the United States. n
www.marejournal.com
Inside Cover A — August 11 - 24, 2017 —
Real Estate Journal
www.marejournal.com
id A tlAntic
CAN YOUR DO THIS ? BROKER 3 - YEAR LOAN $70 , 000 , 000 BRIDGE FINANCING PRIME-BASED FLOATING RATE FULL-TERM INTEREST-ONLY
Bell Works Holmdel, NJ Office Campus 2,000,000 SF
Shaya Ackerman | Managing Director 212.612.0170 | sackerman@meridiancapital.com Eli Serebrowski | Vice President 212.612.0288 | eserebrowksi@meridiancapital.com
MeridianCapital.com
MAREJ – CYBDT - $70MM – Bell Works – 8-11-17 .indd 1
7/31/17 10:39 AM
Real Estate Journal — August 11 - 24, 2017 — 1A
www.marejournal.com
M id A tlAntic
Bronze Sponsors
Corporate Sponsors
Contact: Linda Christman at LChristman@marejournal.com | 781.740.2900
Contact: Linda Christman at LChristman@marejournal.com | 781.740.2900
2A — August 11 - 24, 2017 — M id A tlAntic
Real Estate Journal
www.marejournal.com
Mid Atlantic Real Estate Journal
Mid Atlantic R eal e state J ouRnal Publisher, Conference Producer ..................................... Linda Christman Associate Publisher ................................................................ Steve Kelley Associate Publisher ...................................................................Kim Brunet AVP, Conference Producer .................................................. Lea Christman Senior Editor/Graphic Artist .................................................Karen Vachon Office Manager .....................................................................Miriam Buttrick Sales Intern ........................................................................ Kevin Minassian Production Intern ................................................................. Erin Shepherd Contributing Columnists .................................................Jarrod C. Grasso Mid Atlantic R eal e state J ouRnal — Published Semi-Monthly Periodicals postage paid at Rockland, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal, 350 Lincoln St., Suite 1105 Hingham, MA 02043 USPS #22-358 | Vol. 29 Issue 15 Subscription rates: $99 - one year, $148 - two years, $4 - single copy REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion 781-740-2900 | Fax: 781-740-2929 www.marejournal.com
Leading the Real Estate Investment Market Contact us today to access the largest inventory of properties.
Jarrod C. Grasso
Foreclosures, Sales & Prices Rise While Inventory Dips Lower
J.D. Parker Manhattan
Brian Hosey New Jersey (201) 582-1000 Bryn Merrey Washington, D.C. (202) 536-3700
D
espite New Jersey con- tinuing to lead the way with foreclosures, sales
(212) 430-5100 Brenton Baskin Philadelphia (215) 531-7000
throughout the state are up almost 8 percent, creating and sustaining a confident marNet through the summer season, ac- cording to New Jersey Realtors. %ucNing the downward na- tional trend, New Jersey fore- closures ticNed up percent in the first half of 0, sa\s 5eal- tyTrac, just behind Connecticut and Louisiana. Atlantic City, Trenton, and Philadelphia, PA held the top spots for metro foreclosure rates. Atlantic City had .% of housing units with foreclosure filings 7renton had .0% and 3hiladelphia had 0. %. Inventory remains signifi- NEWARK, NJ — Miles Berger , chairman and CEO of Berger Organization , was honored on at the fifth annual 81C) 0asNed %all, an annual fundraiser to support UNCF New Jersey and the organiza-
The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal
Offices Throughout the U.S. and Canada
www.MarcusMillichap.com
cantl\ low, with a 0.5% one year dip in homes for sale on all properties, according to data from New Jersey Realtors, the largest trade association in the state. In June, there were 3 ,50 singlefamil\ homes for sale in the state, 0,84 town- house/condo units for sale, and ,38 adult communit\ units for sale. “Despite the housing short- age we have been seeing in many areas around the state, tion’s scholarship fund. The event was held in the newly renovated Crystal Room at the Robert Treat Hotel in New- arN·s central business district. %erger was given the 0asNed Award, a painting by artist
and despite the continuation of the foreclosure crisis, mar- Net confidence and the pull to homeownership is still thriv- ing,” said Jarrod C. Grasso, CEO of New Jersey Realtors. The median sales price for the total marNet remained strong at 5,000 for the first two quarters of 0, an increase of . % over the same period last year. Pending sales climbed .4% in the first half of the \ear to 63,04. n
Read Our Latest
%renda 6ingletar\ that reÁects the UNCF’s ideal that “a mind is a terrible thing to waste.” Fred Mitchell, vice president of the Northern and Midwest- ern Region of UNCF, presented Berger with the award. n UNCF honors Miles Berger for his support and civic involvement
Firmly Rooted in the Law and in the Community We are well grounded in every facet of real estate law, from acquisition to construction. We are committed to serving the needs of our clients and our communities.
Share your releases on social media www. www.marejournal.com
L ike us on F acebook !
F oLLow our e vents #MareJevents
Kaplin Stewart Attorneys at Law
Contact: Barry A. Furman • bfurman@kaplaw.com 910 Harvest Drive, Blue Bell, PA 19422-0765 • 610-941-2529 • www.kaplaw.com Visit our Real Estate Blog: www.philadelphiarealestatelawyer.com Visit our Construction Blog: www.pennsylvaniaconstructionlawyer.com Other Offices: Cherry Hill, NJ 856-675-1550& Philadelphia, PA 215-567-3120
Real Estate Journal — August 11 - 24, 2017 — 3A
www.marejournal.com
M id A tlAntic
Thank you to our Speakers & Sponsors
4A — August 11 - 24, 2017 — M id A tlAntic
Real Estate Journal
www.marejournal.com
M id A tlAntic R eAl e stAte J ouRnAl
tom Bove to expand WCRE’s relationships in professional service sector Wolf Commercial Real Estate promotes Mannino, Esq. to chief operating officer
been named C O O a t Wolf Com- m e r c i a l Real Estate ( W C R E ) . M a n n i n o has served as vice presi- dent, Corpo- M
independently-owned, com- mercial real estate broNerage firms in 4 8.6. marNets and world wide. “Tony’s guidance within the firm will pla\ a Ne\ role in managing our growth, espe- cially as our CORFAC alliance opens up new business oppor- tunities,” said Jason Wolf , managing principal of WCRE. “His efforts will ensure that our team continues to deliver class-leading real estate ser- vices to our clients.” Mannino came to WCRE af- ter nearly ten years serving as
chief of staff to two members of Pennsylvania’s General Assembly. Prior to his years of public service, he was a liti- gation attorney in the private sector for more than a decade, practicing in Pennsylvania and New Jersey. /iNe hi s co l l eagues at WCRE, Mannino has been an active supporter of many civic institutions in Philadelphia, from community associations to advocacy non-profits. He is currently a board member of the Philadelphia Regional Port Authority and the Pres-
ervation Alliance for Greater Philadelphia. WCRE is pleased to an- nounce the hiring of Tom Bove, who will serve as busi- ness development officer. %ove brings more than 0 \ears of sales leadership and business development experience to complement the sNilled team at WCRE. As business development officer, %ove will worN closel\ withWCRE’s sales profession- als and its Director of Strate- gic Relationships to generate new business relationships with service professionals in the region. A consummate business con- nector and manager, Bove has developed an extensive networN of trusted relationships lead- ing sales teams and managing customer accounts for the past two decades. In addition, his experience in the tech and IT sectors will open new avenues of opportunity for WCRE. “Each new member of our team strengthens our ability to meet specific client needs,µ said Jason Wolf. “Tom brings a valuable bacNground as a leader who can build and manage new business rela- tionships, allowing WCRE to serve clients in new ways.” n Brandywine announces relocation of HQ to FMC tower at CiraCentre South RAdNOR, PA — Brandy- wine Realty trust (Bran- dywine) announced plans to relocate its 5adnor headquar- ters to the new, Brandywine- owned, developed, and man- aged, FMC Tower at Cira Cen- tre South in University City. The re-location of the com- pan\·s corporate headquarters to Cira Centre 6outh signifies Brandywine’s commitment to Philadelphia and belief in the future of the burgeoning University City and West Philadelphia neighborhoods. Brandywine Realty Trust will join other major compa- nies who have chosen FMC Tower, including FMC Cor- poration, University of Penn- s\lvania, 1A6'A4, 6parN Therapeutics, Lutron Elec- tronics, Iron Stone Strategic Capital Partners, Freedom Pay, myCIO, Pareto Captive 6ervices, and 35 Capital LLC, SSCP Management and E-House China. n
ARltON, NJ — An t hony Man - nino , Esq . , has
tions and growth strategies of the firm. Mannino’s new role comes
asWCREhas an expanding presence in the region, adding four n e w b r o - Ners and in- creasing its ac t i v i ty in s ou t he a s t -
Anthony Mannino
Tom Bove
rate Strategies since joining :C5( in 2ctober, 05. As COO, Mannino will have a broader focus on the opera-
ern Pennsylvania. Earlier this year, WCRE became a regional affiliate of C25)AC ,nternational, a networN of
Remco Realty Group 370 Campus Drive, Suite 128 Somerset, NJ 08873 T: 732-253-0888
FOR SALE: WOODBRIDGE, NJ
Retail Uses include: Produce, liquor, appliances, kitchen & bath, pools & patio, flooring & tile, beauty supplies, HVAC, plumbing & electrical suppliers, furniture, pets, sporting goods, dollar store, grocery, cigars-tobacco, party rental, lighting showroom, automotive parts, fitness, exterminators, hardware, music, surgical supplies, home improvements, apparel, business equipment, hobby shops, luggage, seafood store, variety store, uniform sales & rentals. Non-Retail Uses include: Radiology, mental health & dermatology, vision, daycare, dental, physical therapy, medical practice, veterinary hospital, private schools, OBGYN, urgent care, prosthetics, child play centers, delivery services, dialysis. 10,000 SF located ¼mile from the 1.6 Million sf. Woodbridge Center Mall
www.marejournal.com F inancial D igest F eaturing M ultiFaMily F inancing NYC-based retail operator in partnership with a CA-based firm acquires property CronheimMortgage secures loan for the acquisition & lease-up/repositioning of Ballantyne Village B AllANtyNE, CHAR- lOttE, NC — Cron- heim Mortgage se- M id A tlAntic Real Estate Journal — August 11 - 24, 2017 — 5A
cured a non-recourse bridge loan for the acquisition and lease-up/repositioning of Bal- lantyne Village, located at the corner of Ballantyne Commons 3arNwa\ and -ohnston 5d. in Ballantyne, Charlotte. The client, a NYC-based retail operator in partnership with a California-based insti- tutional capital management firm, acquired the propert\ with a value-add investment strategy. Located at one of the four corners of the Monuments at Ballantyne, Ballantyne Village is an entertainment, dining and service-focused retail cen- ter that serves the Ballantyne Corporate 3arN complex across the street and the affluent surrounding residential popu- lation. Ballantyne Corporate 3arN, which is comprised of 400 6) of class A office space plus four hotels and the Bal- lantyne Golf Club, recently sold for .%, the largest real estate transaction in Charlotte history. n VERNON, Ct — T he Col- liers Philadelphia Capital Markets team led by John Banas and Kris Wood ar- ranged 3. million in financ- ing for the refinance of 9ernon *ardens, a 5unit apartment community. The property consists of ten buildings, built in 65, situ- ated on 3 landscaped acres. The property is currently sta- bili]ed at % occupanc\. 7he team secured a 5\ear fixed rate loan with a 5\ear reset. “This was an opportu- nity to capitalize on the value created in the property by our client,” said Banas. “We had arranged the original acquisi- tion financing for the propert\ over three years ago, and the new financing completes part of our client’s original business plan,” added Wood. n
Ballantyne Village Colliers International’s Banas & Wood arranges $13.7m in financing for 52-unit apartment community
Vernon Gardens
6A — August 11 - 24, 2017 — Multifamily Financing — Financial digest — M id A tlAntic
Real Estate Journal
www.marejournal.com
M ultifaMily f inancing
R Office also arranges $10mpermanent financing for Waverton Impressions in Newport News NorthMarq Capital’s Richmond office secures $30m construction financing for Reynolds South Tower
ICHMONd, VA — Mike lowry , se - nior vice president of NorthMarq Capital ’s Richmond regional office, arranged construction fi- nancing of 30 million for 5e\nolds 6outh 7ower, a 0 stor\, 3unit multifamil\ propert\ located at 505 3orter St. in the Manchester area of downtown Richmond. The transaction was structured with a variable interest rate construction term, convert- ing to a fixed rate permanent loan upon completion. North- 0arq arranged financing for
Reynolds South Tower
Reynolds South Tower
the borrower through Union %anN 7rust·s 5ichmond headquarters. “The team had discussed the transaction over the past year or so with a couple of lenders, but wanted to be sure they were being offered the best terms, so they hired me to professionall\ pacNage and marNet the opportunit\ to a larger pool of lenders to create a competitive environ- ment,” said Lowry. In other news, KeithWells , senior vice president/manag- ing director of 1orth0arq Capital’s Richmond regional office, arranged permanent financing of 0 million for :averton ,mpressions, a 3 unit multifamily property located in Newport News. 1orth0arq arranged fi- nancing for the borrower through its relationship with Waverton Associates , a well-established developer of multifamily complexes head- quartered in 3ortsmouth. Wells also arranged per- manent financing of 0.85 million for the GSA Gov. building, a 53, s/f office propert\ located in 1orfolN. The transaction was struc- tured with a fixed rate, five \ear term on a 5\ear amor- tization and is pre-payable at par, non-recourse. :ells arranged refinancing of 3. million for 7ownside Festival Shopping Center, a 5,000 s/f neighborhood retail property located in 5oanoNe. 7he transaction was structured with a 0\ear term on a 5\ear amorti]a- tion schedule. 1orth0arq arranged financing for the borrower through its relation- ship with a correspondent life company. n
Record July: $67,350,000 in Funded Transactions!
Office Acquisition Malvern, Chester County, PA $54,250,000 t 356,000 SF Suburban, Class “A”Office Buildings t 75% Leverage t 10-Year Fixed Rate at 4.48% t 30-Year Amortization t Non-Recourse
Multi-Family Refinance Philadelphia, PA $9,100,000 t 12 Year Term (7 + 5) t 7 Year Fixed Rate at 3.85% t 30-Year Amortization t Flexible Prepayment t Non-Recourse t Low Transaction Costs
Commercial Parcel Acquisition Philadelphia, PA $4,000,000 t 7-Year Fixed Rate at 4.15% t 10 Year Term (7+3) t 20-Year Amortization t Limited Recourse t Flexible Prepayment t Closed in 25 Business Days!
RCA Places Financing for the Full Range of Commercial Real Estate Assets: Multi-Family, Retail, Office, Industrial, Healthcare, Hospitality, Development
George Johnson, President & CEO george@rittenhousecapital.com ph. 215.989.4443 f. 267.324.3394
Sam Oropeza, Business Development sam@rittenhousecapital.com ph. 215.971.2003 f. 267.324.3394
Joe Hanuscin, Sr. Client Manager joe@rittenhousecapital.com ph. 215.971.2004 f. 267.324.3394
For information visit www.RittenhouseCapital.com or call (215) 454-2852
Real Estate Journal — Financial digest — Multifamily Financing — August 11 - 24, 2017 — 7A
www.marejournal.com
M id A tlAntic
M ultifaMily f inancing
Your real estate financing should be built on“when” ...not “if.” With your financing on the line, you need a reliable, credible and flexible financing
partner with rock solid sources of capital. As the nation’s largest privately-owned servicer and provider of commercial real estate debt and equity, NorthMarq Capital has the strength and stability to execute transactions with certainty and deliver results that suit even the most unique needs.
Visit northmarq.com for daily rates, expert views, recent transactions and more!
C O M M E R C I A L R E A L E S T A T E D E B T , E Q U I T Y & S E R V I C I N G
BALTIMORE NEW JERSEY PHILADELPHIA RICHMOND WASHINGTON, DC
MID-ATLANTIC OFFICES |
8A — August 11 - 24, 2017 — Financial digest — M id A tlAntic
Real Estate Journal
www.marejournal.com
F inancial D igest
Responsible for leading Morningstar’s CMBS and commercial real estate rating initiatives Morningstar Credit Ratings, llC names Overby head of CMBS Research and Analytics
N
oversee the ongoing manage- ment and development of Morningstar’s CMBS busi- ness, including new issue and surveillance ratings, CMBS research, and CMBS analyti- cal products. Overby is based in 1ew ratings process, methodologies, and models. We’re confident that /ea·s strong bacNground and tremendous Nnowledge of CMBS and the structured finance marNets will position our CMBS business for future success.” Overby is responsible for leading Morningstar’s CMBS and commercial real estate (CRE) rating initiatives, in- cluding the management and ongoing development of ana- lytical staff, rating methodolo- gies, criteria, and models, and leading the group’s effort to produce insightful analytical output while ensuring a high level of integrity, transpar- ency, and accuracy in Morn- ingstar’s CMBS ratings. Previously, Overby was managing director, research at Morningstar Credit Rat- ings, a position she held since she joined the company in August 06. Overby has more than 5 \ears of experience in structured finance as both an investor and a sell-side researcher. Before joining Morningstar, she served as head of CMBS and asset- bacNed securities A%6 re- search at Nomura Securities, where she developed a well- regarded publishing platform focused on CMBS and both consumer and commercial ABS. Prior to Nomura, she served as a junior portfolio manager overseeing a port- folio of primarily CMBS for BNY Mellon Treasury. Overby holds a bachelor’s degree in mathematics from the University of North Caro- lina at Chapel Hill and a mas- ter’s degree in mathematics from Vanderbilt University and has completed doctoral research in mathematics. Overby replaces Charles Citro, who has left Morning- star to pursue other oppor- tunities. About Morningstar Credit Ratings, llC Morningstar, Inc. Morningstar Credit Rat- ings, LLC is a nationally recognized statistical rating organization (NRSRO) offer- ing a wide array of services including new-issue ratings and anal\sis, operational risN assessments, surveillance services, data, and technology solutions. Morningstar Credit Rat- ings, LLC is a subsidiary of 0orningstar, ,nc. 1asdaq MORN), a leading provider of independent investment research in North America, Europe, Australia, and Asia. Morningstar, Inc. is a lead- ing provider of independent investment research in North America, Europe, Australia, and Asia. The company offers an extensive line of products and services for individual investors, financial advisors, asset managers, retirement plan providers and sponsors, and institutional investors in the private capital marNets. Morningstar provides data and research insights on a wide range of investment offerings, including man- aged investment products, publicly listed companies, private capital marNets, and realtime global marNet data. Morningstar also offers in- vestment management ser- vices through its investment advisory subsidiaries, with more than 00 billion in as- sets under advisement and management as of March 3, 0. 7he compan\ has operations in countries. Morningstar, Inc. is not an NRSRO and does not issue NRSRO credit ratings. n EW yORK, Ny — Morningstar Cred- it Ratings, llC , a na t i o na l l y recogn i zed s t a t i s t i c a l ratings or- gan i za t i on ( N R S R O ) , announc ed t h a t l e a Overby has b e e n a p - Lea Overby pointed head of commercial mortgagebacNed securities (CMBS) research and analyt- ics. In her new role, Overby will Your One-Stop Balance Sheet Lender Bridge Loans Permanent Loans Bridge-to-Perm Loans Note Purchase Loans Single-Family Rental Loans > Balance Sheet Lender > 100% In-House White Glove Service > Specialized and Middle- Market Focus > Better Than a Bank > Highly Customized Loan Structures > Non - Recourse > Institutional Backing > Responsible Lender, Not Loan to Own Going to ICSC PA/NJ/DE Conference & Deal Making? A10 Capital will be in booth #341 September 13, 2017 at the Atlantic City Convention Center in Atlantic City, NJ. Contact Greg Roukema to schedule an appointment now to meet during the show. Greg Roukema Executive Vice President Office - 208.577.5077 Mobile - 201.650.8059 groukema@a10capital.com ● www.a10capital.com ● twitter: @a10capital Real Estate Journal — Financial Digest — August 11 - 24, 2017 — 9A www.marejournal.com M id A tlAntic F inancial D igest A Different Kind of Credit Ratings Agency CMBS RMBS, CRT, SFR ABS, CLO Operational Risk Assessment Corporates, REITs Financial Institutions Morningstar Credit Ratings is redefining the credit industry’s expectation of what a ratings agency should be. We provide issuers and investors with insightful analysis and informative opinions of credit risk. Our credit analysts have experience rating unique and complex transactions, and our promise of responsive, best-in-class client service provides the market with a strong and respected alternative for credit ratings and analysis. Visit http://morningstarcreditratings.com to learn more or call +1 888 736-1924. ©2017 Morningstar. All Rights Reserved. Morningstar’s NRSRO ratings, outlooks, and analysis are provided by Morningstar Credit Ratings, LLC. Morningstar Credit Ratings, LLC is a wholly owned subsidiary of Morningstar, Inc., and is registered with the U.S. Securities and Exchange Commission as a nationally recognized statistical rating organization (NRSRO). 10A — August 11 - 24, 2017 — Multifamily Financing — Financial Digest — M id A tlAntic Real Estate Journal www.marejournal.com M ultifaMily f inancing A collection of 89 units spread over 64 separate tax parcels Love Funding secures $13 million FHA loan for refinance and rehabilitation of Section townhomes AMDEn, nJ — Love Funding , one of the nation’s leading pro- viders of FHA multifamily, affordable and healthcare financing, announced the clos- ing of a $13 million FHA loan to refinance and rehabilitate Camden Townhomes, a scat- tered-site, affordable housing property located in Camden. Camden Townhomes is a collection of 89 units spread over 64 separate tax par- cels scattered throughout the Lanning Square and Bergen Square areas of Camden City. The property will be renovated C using the loan proceeds and 4 percent low-income housing tax credits (LIHTCs) provided by the New Jersey Depart- ment of Community Affairs, which originally purchased and assembled the units in 1992. At the time, the property was recognized as a single manageable and marketable development, and awarded a 15-year Section 8 project- based voucher contract as part of a substantial rehabilitation. As part of the latest transac- tion, the project has been approved for a new 20-year contract. Love Funding senior director Leonard Lucas of the com- pan\·s %oston office obtained the financing through the 8.6. Department of Housing and 8rban 'evelopment·s 6ection 221(d)(4) mortgage insurance program. The program pro- vides low-rate, non-recourse financing for up to 40 \ears to fund the new construction or substantial rehabilitation of multifamily rental or coop- erative housing for moderate- income families, the elderly and the handicapped. Added up, the renova- tion will result in more than $125,000 in improvements for each of the units being rehabbed. All s\stems and fix- tures are being replaced with energ\ efficient upgrades. n Arbor )irst to cross $2b threshold in Freddie Mac small balance loans UnIOnDALE, nY — Ar- bor Realty Trust, Inc. a real estate investment trust and national direct lender specializing in loan origina- tion and servicing for mul- tifamily, seniors housing, healthcare and other diverse commercial real estate as- sets, today announced it has surpassed a milestone in its small balance loan history as the first lender to reach billion in Freddie Mac Small Balance loans. “Our volume, capacity and borrower loyalty are all well in excess of what we could have predicted when the Small Balance Loans program launched, and that’s largely due to the remarkably strong relationship we’ve built with Freddie Mac,” said Arbor chairman, president and CEO, Ivan Kaufman . “The product was created with the unique needs of the smaller multifamily participant in mind, and it has evolved to meet their changing demands as the multifamily cycle has progressed. We are excited to continue to provide a stable, reliable financial solution that supports the workforce housing goals associated with smaller multifamily assets.” Arbor was a key contribu- tor in the development of the program, which launched in late 2014, and has been the program’s top lender in 2015 and 2016. n Camden Townhomes REGAL BANK PRESENTS MULTI-FAMILY LENDING THAT WORKS Flexible terms | Fast approval | Low interest rates $3,500,000 30-unit building | East Rutherford $3,850,000 44-unit building | Union City $4,650,000 70-unit building | Maple Shade $6,825,000 71-unit building | Keyport Livingston, Roseland, Florham Park, Millburn, West Orange, Summit, Somerset, Springfield & Somerville regalbanknj.com EqualHousing Lender EqualOpportunity Lender Member FDIC Real Estate Journal — Financial Digest — August 11 - 24, 2017 — 11A www.marejournal.com M id A tlAntic F inancial D igest 12A — August 11 - 24, 2017 — Financial Digest — M id A tlAntic Real Estate Journal www.marejournal.com F inancial D igest CERTAINTY IS a partner that knows “good enough” never is. You know there are no easy answers in commercial real estate. At Berkadia, we work relentlessly to identify investment assets, secure financing and service your loan for its duration. That tireless approach is designed to remove doubts every step of the way— so you can execute with certainty. See how our corporate values deliver value for our clients: www.berkadia.com BERKADIA.COM a Berkshire Hathaway and Leucadia National company Commercial mortgage loan banking and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Investment sales/real estate brokerage business is conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. In California, Berkadia Commercial Mortgage LLC conducts business under CA Finance Lender & Broker Lic. #988-0701, Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116, and Berkadia Real Estate Advisors Inc. under CA Real Estate Broker Lic. #01931050. For state licensing details for the above entities, visit: www.berkadia.com/legal/licensing.aspx. © 2017 Berkadia Commercial Mortgage LLC. Berkadia® is a registered trademark of Berkadia Proprietary Holding LLC. Real Estate Journal — Financial Digest — August 11 - 24, 2017 — 13A www.marejournal.com M id A tlAntic F inancial D igest $33,000,000 440 MAMARONECK AVENUE HARRISON, NEW YORK New York, NY 10017 (212) 986-8400 Fax: (212) 983-0512 www.cooper-horowitz.com Real Estate Financing wi th co ha ne sh m for ad te ne for “ te to sa a a m tio se C f o i C no s/f at % $6 Co si w se by rel us for in ga si fac 18 of th do do cal B 14A — August 11 - 24, 2017 — M id A tlAntic Real Estate Journal www.marejournal.com Presents Tour and Round Table Discussion September 13, 2017 Location: Massimo Zanetti Beverage USA Register at www.njifma.com 4:00pm to 6:00pm 10 Empire Boulevard Moonachie, NJ 07074 Coming Soon NJ IFMA Golf Training Clinic September 21st, Thursday 4:00pm to 6:00pm Location: Neshanic Golf Club 2301 South Branch Road Neshanic Station, NJ 08853 Register at www.njifma.com Real Estate Journal — August 11 - 24, 2017 — 15A www.marejournal.com M id A tlAntic Myers represents The Bun Shop in Baltimore lease Cushman WaNefield closes 2. million sf Mid-Atlantic industrial portfolio ALTIMORE, MD — Cushman :aNefield announced that it re- centl\ closed the sale of a maMor 0idAtlantic industrial portfo- lio on behalf of its client, TA Realty . 7he bu\er was interna- tional private equit\ investor, Colon\ 1orthstar. 7he maMorit\ of the portfolio, .4 million s/f, is concentrated in the greater %altimore metropolitan area with the remaining 400,000 s/f located in 3hiladelphia and 'elaware. Cushman :aNefield has been involved with the proMect since its inception, having as- sisted with individual building acquisitions, leasing and prop- ert\ management. At the time of the final sale, the portfolio was 4% leased to 64 tenants. 8pon closing, Cushman :aNefield has been awarded the propert\ management as- signment for all 0 facilities. ´7he scale of this portfolio sale, along with other activ- it\ in the marNet this \ear, reinforces that the %altimore :ashington region is ver\ at- tractive to real estate investors focused on consumer driven B WASHInGTOn, DC — ANelius acquires 68 apart- ments in :ashington, 'C. %oth of the properties were built in . 7he properties are located five Nilometers east of the :hite +ouse in close proxim- it\ to Capitol +ill and the + 6treet corridor. Capitol (ast Apartments are located at 86 ( 6t. 1( and features 0 units 58 th 6t 1( /exington Apartments are located at 4 ) 6t 1( and features 48 units 7he price is 86' 34 million. ´:e will continue to looN for welllocated properties in :ashington, %oston, and 1ew ongoing 7owson 5ow develop- ment. ´7owson was a perfect expan- sion opportunit\ for us due to the proximit\ of both 7owson 8niversit\ and *oucher Col- lege. 2ur t\pical clientele con- sists of college students looNing for a comfortable place to plug in and worN, while also enMo\ing qualit\ snacNs of an interna- tional variet\ and great coffee drinNs. 40 :est ChesapeaNe·s central location within the 7owson business district is an added perN,µ commented 0inh 9o, owner of 7he %un 6hop. 7he demand for remote worNplaces b\ an increasingl\ mobile worNforce has fueled 7he %un 6hop·s growth in the %altimore region. A menu of distinct international Áavors in both its handrolled pastries and diverse coffee offerings has created tremendous appeal for 7he %un 6hop when combined with its eclectic and co]\ atmo- sphere andmaNes it a perfect fit for dense urban and collegiate centers liNe 7owson. 7he %un 6hop was represent- ed b\ Matt Myers of Cushman :aNefield. n 9060 Junction Dr. infill industrial opportunities, ´ said Jonathan Carpenter , executive director, Cushman :aNefield. ´0arNet d\- namics access to , 5 and the large consumer base continue to drive tenants toward the region. :e are ver\ proud to have represented 7A 5ealt\ from purchase point to lease up and asset management to a successful disposition. %eing closel\ involved with these buildings and their marNet- abilit\ through a fullsolutions approach was a Ne\ to execut- ing a successful sale process.µ ,nvolved in the portfolio sale were a team of Cushman :aNefield professionals led b\ ,nvestment sales broNers Jonathan Carpenter and Graham Savage , including Andrew Stanford, /aura Smith, -arred Testa and Tilghman Herring of the %altimore office and Bob Yo- shimura and Joe Hill of the 3hiladelphia office. Also in %altimore, Cushman :aNefield represented 7he %un 6hop in its expansion into the 7owson marNetplace. 7he %un 6hop has leased 3,64 s/f at 40 :est ChesapeaNe Ave., across the street from the ANelius has acquired 1 multi-family units totaling $3 million 816 E St NE 1A ³ August 11 - 2, 2017 ³ 'elMar9a ³ M id A tlAntic Real Estate Journal www.marejournal.com D el M ar V a Including ,0 sf office lease in Seaford NAI Emory +ill/ewes’ Bailey executes several leases +yatt 3lace 'ewey %each named 2017 )amily 9acation Critic )avorite L in /ewes. 7he\ included )irst 6tate Compassionate Care, a 0edical 0ariMuana 'ispensar\, which leased 4, s/f of office space in the 9ine\ards and moved in and are open for business as the onl\ such dispensar\ in 6ussex Count\ )irst Col- lect, a collection agenc\, which leased ,65 s/f of of- fice space in the 9ine\ards and also recentl\ moved in and are open for business and 'r. 5ichard 7ananis, a dentist, who signed a lease for 3,54 s/f of office space in the 9ine\ards construc- tion on the renovation of the space has started. %aile\ represented the 9ine\ards at 1assau. ,n addition, %aile\ ex- ecuted a 4,640 s/f office lease at 300 %ridgeville +igh- wa\ in 6eaford to Addiction 6olutions, and a retail lease at 838 2lde Coach 'r. in 5ehoboth %each to +0' *ear. %aile\ represented the landlords, +alpern )amil\ 3artnership and Colonial (ast /3, respectivel\ in those lease transactions. n EWES, DE — nAI Emory Hill ·s /ewes office broNer Ann B a i l e y , CCIM , has e x e c u t e d several ma- M o r p r o p - ert\ leases i n 6us s ex C o u n t \ , represent - ing the land- Hyatt Place Dewey Beach DEWEY BEACH, DE — +yatt 3lace 'ewey %each has been named a favorite ho- tel b\ Family Vacation Critic . )amil\ 9acation Critic is an online travel source that of- fers reviews of famil\ friendl\ hotels, attractions and destina- tions. ´:hen planning a famil\ vacation, it·s important to find a hotel that trul\ meets the needs of all ages in \our group, and these hotels do Must that,µ said /issa 3oirot, editorin chief of )amil\ 9acation Critic. 7his \ear, more than 50 ho- tels were named a 0 )amil\ 9acation Critic )avorite. 7his group of handselected hotels represents the top six percent of hotels listed on the site. +\att 3lace 'ewe\ %each is included in the ´30 %est 0id Atlantic )amil\ +otels and 5esorts.µ ´:e are extremel\ honored to be recogni]ed in such an elite group of +otels in the 0idAtlantic 5egion,µ said An- drew 'i)on]o, general manag- er of +\att 3lace 'ewe\ %each. ´2ne of our top priorities as a 5esort is to exceed our guest·s expectations from the moment the\ arrive on propert\. :e strive to maNe the +3'% a famil\ friendl\ environment, liNe their home at the beach.µ +\att 3lace 'ewe\ %each was also named Coastal Maga- zine ·s 06 %est of Awards winner for the categor\ of %est +otel in 6ussex Count\. 'ewe\ %each is a quaint, coastal beach town located in 6ussex Count\, 'elaware. ,t is home to \earround events that an\ visitor in the area will love including music, film and Ma]] festivals, beach bonfires and movies on the beach. (ver\thing is within walNing distance to maNe \our vacation more convenient and enMo\able. *uests can find dining op- tions that sit right on the 5ehoboth %a\, shopping and endless entertainment right outside the +\att 3lace 'ewe\ %each·s doors. )amilies onl\ need to walN a blocN to the beach to see the sunrise or half a blocN to 5ehoboth %a\ to catch the sunset. +\att 3lace 'ewe\ %each can offer the 'elaware beach experience needed to feel re- freshed and reMuvenated. n Ann Bailey lords in several transactions. 7hree leases were exe- cuted at the 9ine\ards at 1assau on 2ld 9ine %lvd. DESIGN/BUILD MID-ATLANTIC At ARCO, we believe in treating people fairly and doing the right thing. We strive to understand our customer’s business and solve their problems. Our people are positive, upbeat and have fun. Lastly, we pride ourselves in creating opportunities for individual financial success based on merit. We look forward to becoming your design/build partner! ARCO DESIGN/BUILD MID-ATLANTIC, INC. 5950 Symphony Woods Rd, Suite 609 | Columbia, Maryland 21044 www.arcodbmidatlantic.com Real Estate -ournal ³ 'elMar9a ³ August 11 - 2, 2017 ³ 17A www.marejournal.com M id A tlAntic D el M ar V a 3aulson and %eese facilitate $275,000 sale in %altimore %lue Obrecht Realty, //C COR)AC Intl’ inNs lease transactions at Northwest %usiness Center O tions, leased 4,500 s/f of office space at , *w\nns 0ill Court. 8ltimate (lectronics, a con- sumer electronics and acces- sories compan\, leased , 06 s/f of Áex space at C*w\nns 0ill Court. 'ouron, ,nc., a leading 0id Atlantic office furniture dealer- ship, leased ,0 0 s/f of office space at 1 and 3 *w\nns 0ill Court. 7he *reat CooNie, a %alti- more, 0ar\land based cooNie compan\, leased 3,5 s/f of office space at + *w\nns 0ill Court. 5ichard ). %lue, -r., 6,25, *ail Chr]an and -.C. %eese, ,,, represented the owner, *w\nns 0ill 1orthwest, //C in the transactions. )a]No (du //C was represented b\ Mike Mull of nAI KLnB and Greg )riedman of AGM Commer- cial Real Estate Advisors represented 7he *reat CooNie. ´2ur marNeting strateg\ and the owner·s willingness to do deals have resulted in good leasing velocit\ at the proMect,µ said 5ichard ). %lue, -r., president of %lue 2brecht 5ealt\, //C. ´:e are seeing an increased demand for this t\pe of product in the 2wings 0ills marNet.µ 1orthwest %usiness Center is a acre corporate campus featuring Áex, office and ware- house availabilities from ,50 s/f to 5,5 s/f. /ocated in 2wings 0ills, the parN offers quicN access to ,6 5 and , 5, and is less than onehalf mile to shopping and restaurants at )oundr\ 5ow, 0etro Centre, and 5eisterstown 5oad. 'ocN and drivein loading are avail- able and there is ample parNing at all spaces. 'avid 3aulson, SIOR and -.C. %eese of %lue 2brecht 5ealt\, //C / C25)AC ,nter- national recentl\ facilitated the 5,000 sale of 3 :. Centre 6treet in %altimore, 0ar\land on behalf of -ean Choe, a local owner. /ocated across from 7he :alters Art 0useum in 0ount 9ernon, the 800 s/f retail build- ing has housed the *aller\ *rill since 00. 7he new owners, -ane +uong and 7on\ 6ong, will continue to operate the popular breaNfast and lunch spot. n WInGS MILLS, MD ³As leasing agent for 1orthwest %usiness Center in 2wings 0ills, Blue Obrecht Realty, //C CORFAC International is pleased to announce four recent lease transactions )a]No (du //C, which spe- ciali]es in delivering custom- i]ed (nglish language solutions to Arabic speaNing organi]a- The JBG Cos. An- nounces new head- quarters BETHESDA, MD — The JBG Companies announced its new headquarters will be lo- cated at 44 %ethesda Ave., a troph\ office building being de- veloped b\ -%*, located in the heart of downtown %ethesda delivering in 43 0 . 7he an- nouncement comes in advance of the merger of 7he -%* Com- panies and 9ornado/Charles (. 6mith into the new public compan\ -%* 60,7+. 44 %ethesda Ave. is located at the corner of :oodmont and %ethesda Avenues, the ´main and mainµ corner immediatel\ adMacent to %ethesda 5ow and over 0 vibrant boutique din- ing, specialt\ retailer, and entertainment options in down- town %ethesda. -%* 60,7+ will occup\ the lower floors, moving from 4445 :illard Ave. in Chev\ Chase. ´2ur new headquarters will reÁect our corporate goals of collaboration, cutting edge design and efficienc\, and envi- ronmental sustainabilit\,µ said W. Matthew .elly , manag- ing partner of -%* and C(2 designate of -%* 60,7+. ´7he %ethesdaChev\ Chase marNet has been our home base for over 0 \ears and we·re proud of the communit\ relationships and civic partnership we have with the count\. 7he abundance of transit options, fine schools and robust amenities maNe this a terrific location in which to do business. :e are excited to lease space in one of our re- centl\ commenced development proMects and we are especiall\ appreciative of 0ontgomer\ Count\ and the 6tate of 0ar\- land for their efforts and the incentives that will benefit our local econom\ and our share- holders.µ ´:e are pleased to welcome -%* 60,7+ to its new headquar- ters, which is a win for 0ontgom- er\ Count\ and for 0ar\land,µ said *overnor +ogan. n CAPANO MANAGEMENT 302-429-8700 CYPRESS HALL SHOPPING CENTER HIGHWAY 113– DUPONT BLVD. MILFORD, DELAWARE 19963 In Line Spaces from 1600sf to 15,700sf / 10,000sf Ready Now! 5 Padsites from 1.4ac to 1.9ac / Approved & Improved Call Madison Rogers 302-429-8700 / MRogers@CapanoInc.com 1A ³ August 11 - 2, 2017 ³ M id A tlAntic Real Estate Journal www.marejournal.com Commercial-Industrial Realty Council Great CRE Events...Cont. Education...Speakers...Networking www.CircDelaware.org Schedule of Events May 17 (Wed.) Sheraton Wilmington South Delaware State of the Market PNC Financial's Chief Economist Presents Eco- nomic Forecast Augustine "Gus" Faucher, senior vice president and chief economist of The PNC Financial Ser- vices Group presented his annual economic real estate forecast to nearly 150 CIRC members and guests. Gus serves as the principal spokesperson on all economic issues for PNC. He is frequently cited in international, national, and regional me- 2016–17 d i r e c t o r s — O F F I C E R S — President BÙã RÊÊã Vice President & Program Chair DÊĽ RÊ®ãþÙ The Commonwealth Group Treasurer T®ÃÊã«ù Cʽ DNB First, N.A. Secretary BùÙ SÄùÙ, EÝØ. Bayard & Associates — D I R E C T O R S — Education Chair CùÄã«® &½Ã®Ä¦ Jones Lang LaSalle Membership Chair :ÃÝ MÄÄ BrightFields, Inc. Ad Hoc Legal Documents BÄ¹Ã®Ä BÙ¦Ù, EÝØ. Berger Harris, LLC :ÙÃù A½ÝÊÄ R«½ :çÝã® Delle Donne & Associates :®Ã O’,Ù, :Ù. NAI Emory Hill-Retail Division RÊÙã SãÄã Pettinaro Management, LLC — E X - O F F I C I O — Business Manager :Äã S. W®ÖÖÙã Landmark Science & Engineering Legislative Lobbyist C. SÊãã <®ÄÙ C. S. Kidner & Associates Economic Dev. Liaison - NCCo. RÊÙã C«ó®» New Castle County Ec. Dev. Council Economic Dev. Liaison - State of Del. Dò® AÙ«Ù Delaware Ec. Dev. Office (NCCo. Rep.) c o n t a c t u s Janet@circdelaware.org (302) 633-1705 www.circdelaware.org Legislative Affairs Chair :. GÙ¦ÊÙù E½½®Ý Patterson-Woods Associates MidCoast Community Bank :Ê«Ä B®ÙîĦ«Ã Cushman & Wakefield CÙÃÄ &®Ê½Ê NAI Emory Hill Commercial Real Estate Forecast Summit This MidAtlantic Real Esate Journal CRE event, sponsored by Cooch & Taylor and Berger Harris, feature Delaware speakers you know and trust. CIRC members are eligible for a special discount. Register by May 10 for Early-Bird special, CIRC Discount Code good up to day of event. June 26 (Mon.) Hartefeld National Annual Golf Outing, Lunch, Dinner & Awards. Members may register online. Continuing Education Clarion Hotel-The Belle Instruction is provided by Frederick Academy of Real Estate. Register at www.CircDelaware.com May 10, 2017 - t AM - Ethical Practices (DE Mod.2/PA/MD/NJ) DE 3.0 CORE MOD. 3; PA 3.5 Elective; MD 3.0 REQD.; NJ 2.0 CORE (REQD.) t PM - Risk Reduction (DE Mod.4/PA/NJ/MD) DE 3.0 CORE MOD. 4; PA 3.5 Elective; MD 3.0 Elective; NJ 3.0 Elective October 11, 2017 - t AM - Property Management (DE Mod.6/PA/MD) DE 3.0 CORE MOD. 3; PA 3.5 Elective; MD 3.0 Elective t PM - Legislative Update (DE Mod.5/PA/MD) DE 3.0 CORE MOD. 5; PA 3.5 Elective; MD 3.0 REQD.. Jan. 10, 2018 - t AM - Agency (PA/NJ/MD/Comm.) PA 3.5 REQD.; MD 3.0 REQD. COMMERCIAL; NJ 3.0 CORE (REQD.); NO DE t PM - Agency (DE Mod.7/MD/Res.) DE 3.0 CORE MOD. 7; MD 3.0 Agency Residential (REQD. for all without COMMERCIAL Designation); NO PA; NO MD Feb. 14, 2018 - t AM - FairHousing (DE Mod.1/PA/MD/NJ) DE 3.0 CORE MOD. 1; PA 3.5 Elective; MD 3.0 (1.5 REQD. / 1.5 Elective); NJ 3.0 CORE (REQD.) t PM - Contracts/Law((DE Mod.3/PA/MD/NJ) DE 3.0 CORE MOD. 3; PA 3.5 Elective; MD 3.0 Elective; NJ 3.0 CORE (REQD.) * CE Online Info & Registration : www.circdelaware.org/education/schedule.cfm Download Registration Form : www.circdelaware. org/userFiles/CE_regForm_2017-2018.pdf dia outlets including The Wall Street Journal and The New York Times. In addition, he ap- pears regularly on CBS Radio, NPR and Marketplace. CIRC President Bert Root welcomed Gus back to CIRC for a third successful presentation. CIRC Welcomes New Members: Photo left to right: Bert Root, CIRC President; Patrick Taggart with Artisans' Bank; Paul Hughes with Sunesco LLC; Mary Kay Graver, Attorney with McElree & Harvey; Andrew Holloway with Cinnaire; and Jim Manna, CIRC Membership Committee Chairman. Photo sponsor: Good Times͙Great Reasons to :oin! From left: #1) Dan Lesher, David Depetris; #2) Lorraine Sheldon, Becky Harrington; #3) Melinda McGuigan, Ed Jackson; #4) Brian Morgan, Lorriane Sheldon; #5 Jessica Cowperthwait, Walt Bryan; #6 Mystery Guests ;)
Made with FlippingBook - Online Brochure Maker