14A — June 26 - July 16, 2020 — M id A tlantic Real Estate Journal
www.marej.com
P eople on the M ove
DeMarco of Mack-Cali joins NJ advisory council
New owners are Cole Banks and Barrows EXIT Realty Corp. announces new ownership in Virginia
mortgage will consist of five payments of $100,000 each, with each payment bearing its own interest. The payments will be due October 1st of each of the next five years. If the restaurant can fully operate by July 4th, 2020, the first payment will be due October 1, 2020. If the restaurant can- not be fully opened by July 4th of this year, then the first payment will be due October 1, 2021 with subsequent notes due on each of the next four years. By having each note bear its own interest, each payment will be greater than the previous year’s payment. Should the buyer choose, he can prepay all or part at any time without penalty. While retailers are ramping up their businesses during search for a ‘NewNormal” cre- ative financing can help in the sale of a business. A first year with an interest only structure can help a business regain footing before being saddled with principal payments. The ability to be creative is more necessary than ever before. The limits are only the limits of your imagination. Be creative! Paul Fetscher is presi- dent of Great American Brokerage Inc. a New York based commercial real estate firm special- izing in restaurants and retail as well as business brokerage. MAREJ esteemed group of New Jer- sey organizations from both the public and private sector. “I am honored to join the Restart & Recovery Advisory Council and take part in this important opportunity to serve the state of New Jersey in the fight against COVID-19,” said DeMarco. “The health and economic crisis caused by the virus continues to present numer- ous challenges for our great state. I applaud Governor Murphy and the council co- chairs for engaging experts and business leaders from diverse fields to help miti - gate the pandemic’s impact and strengthen our local economy.” The council will be co- chaired by NJ Secretary of Higher Education, Dr. Zakiya Smith Ellis, New Jersey Economic Devel- opment Authority CEO Tim Sullivan , and Choose New Jersey president and CEO Jose Lozano . MAREJ
JERSEY CITY, NJ — Mack-Cali Realty Cor- porat ion (Mack-Cal i )
announced t h a t M i - chael De- M a r c o , chief execu- tive officer o f M a c k - C a l i , h a s been invited to serve on
ORTON, VA — Tami Bonnell , CEO of EXIT Realty Corp. Interna- tional announced a change of ownership of the subfranchisor rights for the state of Virginia. The new owners are long-time EXIT Realty franchisees from Maryland, Bernadette Cole and Koy Banks , and their business partner, Randy Bar- rows . Bernadette Cole is the bro- ker/owner EXIT Landmark Realty with two locations in Maryland, and a co-owner of EXIT Realty Associates in Lorton, VA. She holds a BS de- gree in Financial Services from Wright State University. She is a John Maxwell Certified Mentor, Coach and Speaker, a Brian Buffini Certified Mentor and holds GRI and CDRS Elite certification. Cole’s office has a proven track record of new agent suc- cess, producing the Rookie of the Year (highest producing new agent) for Charles County, Maryland for several years. In 2019, the office was recognized by REAL Trends America’s Best as one of the top 1% of brokerages in the nation. Koy Banks, is the broker/ owner of EXIT Community Re- alty inMaryland and a co-own- er of EXIT Realty Associates in Virginia. He has been in the real estate business for fifteen years and a broker for twelve. As a broker and franchisee, Banks is committed to provid- L
Michael DeMarco
Bernadette Cole
Koy Banks
Randy Barrows
Conversely, there is the world of private financing. When deals may not fit neatly into the bank’s lending parameters there can be other options to pursue. “Hard Money” comes with higher interest rates con- comitant with the perceived higher risk involved that what the bank would underwrite. Hard money is usually funded by private lenders. The cost is higher than a bank but less than having a partner. Privately help businesses are typically sold with the in- corporation of seller financing often referred to as a Purchase Money Mortgage. Inherent with this form of financing is generally the ability to be most flexible. In todays challenging cash flow environment, an ad - justment in financing is often just one phone call away. A call to your lender can lead to inter- est only for a period of time, or forbearance on all payments. A usual resolution would be for something along the lines of several months with no pay- ments. The resolution would provide for interest to accrue during that time. A loan can be extended to amortize any delayed payments or accrued interest. Modification agree- ments can usually be written up in a single page modification agreement. On a seasonal restaurant lo- cation, the seller is carrying a $500,000 first mortgage. The New Jersey’s Restart & Re- covery Advisory Council. The council was formed by New Jersey Governor Phil Murphy to advise state lead- ership on economic matters impacted by the COVID-19 pandemic. In addition to focusing on issues related to the restarting of businesses in New Jersey, the council will also work on a frame- work to facilitate the long- term growth of the state’s economy. DeMarco will serve on the Facilities and Construction Subcommittee, joining an
ing his agents with efficient systems, leadership, training, and fostering a high-energy motivational atmosphere. Banks is also a top-producing agent and team leader having sold more than 500 homes in his real estate career. He has achieved several sales awards with EXIT including induction into the company’s Sapphire Circle and his sales team has ranked among the top 10 in the company. Randy Barrows is a co-owner of EXIT Realty Associates in Virginia, and the Director of Operations for Cole’s EXIT Landmark Realty offices. Pri - or to joining EXIT, Barrows served in the United States Air Force, was co-owner of a real estate investment company and had a 20-year career with Verizon Communications. Barrows is a trusted and proven expert in operations and management. During his time with Verizon, he received top accolades for his leader- ship and expertise successfully resurrecting four multimillion- dollar contracts from can- cellation and returning two projects in multiple markets. Over this period of time, he has managed the investment of approximately $300 million in equity in nearly $1.0 billion of commercial assets while expanding the firm’s footprint and influence for commer- cial office product to markets including Atlanta, Central Florida, Nashville and Texas. Many transactions involved the identification of emerging operator talent and joint ven- tures structured to best lever- age FCP’s platform and capital the company’s MidAtlantic market, providing property management services in the metropolitanWashington, D.C and Virginia areas. “I consider this to be an- other advancement in our strategy to expand and serve community associations in the
underperforming program centers to profitable status in less than three months. He additionally held various se- nior management positions at Verizon in both the Customer Service Center and Network Operations Center. Virginia’s new ownership team accepted the baton from Nancy Shaver and Tom Shav- er, Regional Owners of EXIT Realty Virginia since 2004. While they have retired from their regional roles, the Shav- ers will continue their associa- tion with EXIT Realty. “This change of ownership is the perfect passing of the baton in Virginia,” said Bon- nell. “Nancy and Tom will still be with EXIT and able to spend more time with several grandchildren, while Berna- dette, Koy and Randy bring their success and skillset for the next chapter. My heart was warmed when during a transition meeting, Nancy told their brokers she loved them and believed that she and Tom were putting them in the right hands to go to the next level.” MAREJ
continued from page 2A Creative Financing: The Key to . . .
CHEVY CHASE, MD — FCP congratulates Erik Weinberg on his promotion structure. Weinberg also grew FCP’s commercial division into a six-person team focused on 10 U.S. markets. In recent years, Weinberg led the company through a highly successful off-market purchase, reposi- tion, lease and sale of 1 Dulles Tower, a 400,000 s/f value-add office building in Herndon, VA. The resulting lease to Amazon Web Services was one of the largest private sector leases in Northern Virginia in the last 15 years. MAREJ FCP promotesWeinberg to principal of firm Erik Weinberg to principal. W e i n b e r g ha s , s i n c e joining the company in 2012, led the private eq- ui ty f i rm’ s commercial real estate FirstService Residential promotes Ken Martin
strategy and implementation, including the highly successful program for adaptive reuse BOSTON, MA — FirstSer- vice Residential announced a new business development role for its New England mar- ket and tapped top business development director – Ken Martin – for the role. Martin previously served as the busi- ness development director in
New England market,” said Michael Mendillo, president, FirstService Residential. “I’m confident Ken will bring his tenacity and expertise, as well as his deep understanding of our sales methodology and the needs of association boards to this new role.” MAREJ
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