18A — April 23 - May 20, 2021 — Retail Development Reimagined — M id A tlantic Real Estate Journal
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E The Seventy-Six to bring jobs to Albany’s South End KennedyFunding closes loan towards mixed-use project
NGLEWOODCLIFFS, NJ — The Seventy-Six development promises to be a transformative addition to Albany, New York’s South End neighborhood, and thanks to a loan from direct private lender Kennedy Funding , this proj- ect is one step closer to reality. The Englewood Cliffs, New Jersey-based lender has closed a $850,000 loan to South End Development LLC and 76 South Holding LLC. Proceeds from the loan will be used for working capital for soft costs toward the 1.69-acre site, comprising 25 parcels totaling 73,680 s/f. According to Kevin Wolfer , CEO and President of Kennedy Funding, the lender worked closely with the borrower to navigate significant challenges. “We pride ourselves on find - ing a way for our borrowers to get the funding they need,” Wolfer said. “The merits of the deal are what’s most important for us. With the impressive proposals and tremendous excitement generated around The Seventy-Six, this project has the potential to become the next crown jewel for Albany.” As a direct private lender, Kennedy Funding’s borrowers are not encumbered by the bu- reaucracy of loan committees and red tape like they are with traditional lenders or banks. Wolfer said the firm takes a creative approach to each po- tential deal, looking for reasons to say “yes” to an applicant. EWINGS MILLS, MD — Greenberg Gibbons is in the final stages of raising a $100 million private equity fund to make strategic shopping center acquisitions throughout the East Coast, Southeast and premier Midwest markets to fuel its continued growth. The new Greenberg Gibbons Real Estate Income Fund officially closed last month with the majority of equity committed and is finalizing re - maining equity commitments through the second quarter of 2021. With the addition of a co-investment vehicle, the fund will have the capacity to acquire $300 million of assets. According to Greenberg Gib- bons CEO Brian Gibbons , plans for the fund have been in the works for more than
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The Seventy-Six
“Traditional lenders have such stringent criteria that viable projects can often get left behind because the bor- rower doesn’t fit a checkbox on their list,” Wolfer said. “This can be especially difficult for a borrower with a lucrative opportunity on the table but without the credit score to match. Because of our flexible lending parameters, our bor- rower can finally secure the funding they need.” The Seventy-Six is one of the most ambitious develop- ment plans ever proposed for the South End neighborhood. Plans for the development call for four buildings over 2.4 acres, each one no more than eight stories tall. The development is planned for an area located between Second Ave., Krank St., Leonard St., and Seymore Ave., steps from Krank Park and the Albany Charter Community School. According to Wolfer, The
Seventy-Six is widely regarded as a development that could re- vitalize the neighborhood. The South End has faced signifi - cant closures and departures, including the closing of the last drugstore, restaurants, and the DMV that brought visitors and jobs to the neighborhood. “The Seventy-Six will be one of the most significant propos - als the South Side has seen in decades,” Wolfer said. Plans for The Seventy-Six tout it as a “high-performance” development, with room for ap- proximately 240 apartments, including affordable housing; retail space; and commercial space. The triple net-zero project will generate its own power and recycle stormwater for toilets and other uses. “Housing, jobs, and retail – The Seventy-Six is generating tremendous excitement for the South End neighborhood and for Albany at large,” Wolfer said. MAREJ valuations.” The Greenberg Gibbons Real Estate Income Fund will seek strategic investments with a focus on essential, retail-driv- en shopping centers including value-add grocery-anchored community, neighborhood, and power centers that may need to be revitalized through repositioning of retail spaces, property upgrades, developing additional uses and improving operations. “We have a proven track re- cord of selecting and acquiring great retail destinations while taking underperforming prop- erties and turning them into valuable community assets,” said Eric Walter , executive vice president and chief in- vestment officer for Greenberg Gibbons. MAREJ
Unlike most lenders, we won’t get cold feet at closing time.
Greenberg Gibbons launches $100 Million Real Estate Income Fund
A long courtship full of promises ... then they can’t come through with the cash. We’ve been the leading private lender to the commercial real estate industry for decades. We offer 24- hour commitments and closings in as little as 5 days. It’s the millions you need to land your next big project. With over $3 billion in closed loans, why would you trust anyone else?
Shown from left: Eric Walter and Brian Gibbons a year but were accelerated due to the coronavirus pan- demic. “Due to operational and investment challenges affecting retail shopping cen- ters caused by COVID-19 and other e-commerce trends, we saw a rare opportunity to leverage our team’s expertise by acquiring necessity-based shopping centers well below replacement cost and at sig- nificant discounts to historical
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