AUGUST 2023

ISSUE HIGHLIGHTS Volume 35, Issue 8 August 2023

B Pipitone, Gent, and Henning close 18 properties across United States M&T Realty Capital Corporation funds $434.7 Million for seniors housing deals • Fannie Closings: $130 million 3 properties in TN, FL and SC

ALTIMORE, MD — M&T Realty Capital Corporation (M&T RCC) , a wholly-owned sub- sidiary of M&T Bank an- nounced that their Seniors Housing Team has closed a total of $434.7 million in loans during the first six months of 2023. The loans are for senior living properties, health and rehabilitation centers and re- tirement communities in the South, Southwest and North- west of the United States. “Extraordinary work has been accomplished by our Seniors Housing Team,” said Michael Berman , CEO of M&T Realty Capital Corpora- tion. “In a challenging time, we were able to provide strong refinancing solutions for our clients through a variety of products – HUD, Bridge, Fan- nie Mae and Freddie Mac.”

SPOTLIGHTS

• Freddie Closings: $133 million 2 properties in CO and TX • Bridge $101.5 million 6 properties in TX and NC Working in partnership on the Seniors Housing Team were Matt Pipitone , Seniors Housing Platform Manager, Nick Gent , Senior Vice Presi- dent and Matt Henning , Senior Vice President. “Our team worked creatively, col- laborating with clients and identifying innovative solu- tions to meet their financing needs,” said Pipitone. “M&T is a family of companies and as a Bank, we are able to deal with all facets of financ - ing. That sets us apart and is critically important in this environment.” MAREJ

MAJOR REASONS FOR NJ’S INDUSTRIAL CRE MARKET & PRICING GROWTH

M&T RCC financed 18 prop - erties in eight states across the entire acuity spectrum – from standalone indepen- dent living to skilled nursing and everything in between. The breadth of the types of properties (acuity and size), locations and loan products

are impressive, with some properties as small as 15 units and others as large as 371 units. Loans and amounts include the following: • FHA Closings: $75 million seven properties in OR, WA and VA

By Howard Applebaum 2A

THRIVING UNDER 40

11-22A

Developers Accurate and DeVimy Equities host ribbon-cutting event for retail center

UPCOMING CONFERENCES & WEBINAR 9th Annual NJ Apartment & Multifamily Conference Thursday, September 21, at the Sheraton Edison 9th NJ Annual Capital Markets Conference TBD For speaking & sponsorship info., please contact: Lea at 781-740-2900 or lea@marejournal.com

Morris Marketplace opens with an array of community- oriented public amenities and attractions designed to reimag- ine the conventional suburban shopping experience. From interactive children’s play ar- eas to charming pocket parks, splash pads, inviting seating areas, al fresco dining spaces, and other active and passive recreational spots, the retail center invites visitors to im- merse themselves in a lively and welcoming environment. “We’re delighted to declare the official opening of Mor- ris Marketplace,” said Jack Klugmann , president & CEO of Accurate. “With an ideal location on the border of Mor- ris Twp. and Morristown, we wanted this to be a destina- tion property where commerce and community converge in a welcoming setting. Thank you to the Morris Twp. officials for sharing that vision. Together, we have thoughtfully created a space that will enrich the lives of all who work, shop, and visit.” MAREJ

MORRIS TOWNSHIP, NJ, — Morris Marketplace, a cutting-edge retail center rede- fining the concept of suburban shopping, is now officially open in the heart of Morris Twp. Morris Township Deputy Mayor William “Bud” Ravitz led a ribbon cutting ceremony on Tuesday, August 8th, to officially open the property which combines shopping and dining options and services

Shown from left: Morris Township Committeewoman Donna Guariglia, Morris Township Committeewoman Cathy Wilson, Morris Township Deputy Mayor William “Bud” Ravitz, Accurate President and CEO Jack Klugmann, and DeVimy Equities Owner Robert Indig.

Directory ROP (Front Section) ...................................................... Section A CIRC Delaware........................................................................4A DelMarVa.............................................................................5-6A Financial Digest featuring Investing/Multifamily Financing .... 7-10A Thriving Under 40............................................................11-22A CRE Organization’s Events Calendar ....................................... 23A Business Card Directory......................................................IBC A New Jersey.......................................................................FC-10B Central New Jersey...............................................................3-5B Pennsylvania.....................................................................9-BC B Owners, Developers & Managers.................................. Section C www.marej.com

with engaging community spaces to foster a vibrant des- tination. He was joined by principals of the development firms, Accurate and DeVimy Equities , as well as fellow local municipal officials and mem - bers of the business community. Morris Marketplace delivers more than 140,000 s/f of new re - tail space to 191 East Hanover Ave. on the former corporate campus of Colgate-Palmolive in Morris Twp. Twenty-eight busi- nesses have leased commercial

space to date, 17 of which are already open. Morris Twp. Deputy Mayor William “Bud” Ravitz said “We are thrilled to welcome so many new business part- ners to Morris Twp.. All these new businesses enhance the experience for our residents and those of the surround- ing area. We know that The MarketPlace will enjoy great success and look forward to celebrating it with all our new friends and partners.”

Inside Cover A — August 2023 — M id A tlantic Real Estate Journal

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2A — August 2023 — M id A tlantic Real Estate Journal

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M id A tlantic Real Estate Journal

M id A tlantic R eal E state J ournal Publisher, Conference Producer ..............Linda Christman AVP, Conference Producer ...........................Lea Christman Editor/Graphic Artist ......................................Karen Vachon Contributing Columnists ......................Howard Applebaum

Mid Atlantic R eal E state J ournal ~ Published Monthly Periodicals postage paid at Hingham, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal 117 HMS Halsted Dr., Hingham, MA 02043 USPS #22-358 | Vol. 35, Issue 8

Howard Applebaum

Major Reasons For NJ’s Industrial CRE Market & Pricing Growth he industrial real es- tate market in New Jersey has experienced remarkable growth over the past decade, fueled by the strong demand from e-com- merce retailers and increased container traffic into nearby ports. This growth has re- sulted in a 300% surge in the average sales price psf for in- dustrial properties. However, limited supply and antiware- house development in some municipalities have created a highly competitive market for investors. In this article, we will explore the key factors driving this growth, analyze market trends, and provide investment considerations for those looking to enter this thriving market. 1. Strong Demand and Limited Supply: The rise of e-commerce has revolutionized the retail industry, leading to an exponential demand for industrial space in New continued on page 24A T

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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.

Contact: NEIL A. STEIN • nstein@kaplaw.com 910 Harvest Drive, Blue Bell, PA 19422-0765 • 610-941-2469 • kaplaw.com Other Offices: • Cherry Hill, NJ 856-675-1550 • Philadelphia, PA 215-567-3120 Kaplin Stewart Attorneys at Law

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M id A tlantic R eal E state J ournal

Lombardi brokers sale of a two-tenant retail building in Voorhees, NJ Horvath & Tremblay completes the sale of three Mid-Atlantic retail properties for $11,015,717

the sale of QuickChek in Som- erset, NJ. Horvath & Trem- blay represented the buyer to complete the transaction at a sale price of $7,065,217. QuickChek is located at 1850 Easton Ave. in Somerset, NJ The stand-alone building con- sists of 5,670 s/f and sits on large 3.13-acre parcel of land. The building was constructed for QuickChek in 2021 and they have 18+ years remain- ing on an NNN Ground Lease with four, 5-Year Renewal Options. The lease features attractive 10% rent increases every five years throughout the primary lease term and at

ID ATLANTIC — Horvath & Trem- blay has complet-

the start of each of the 5-year renewal options. QuickChek is situated along Easton Avenue just seconds from Interstate 287’s on-off ramp. The newer construction Property benefits from outstanding frontage and visibility in one of the area’s primary commercial corridors. The Property is surrounded by office buildings, commercial businesses, and nationally branded hotels that drive traffic to the area and just outside the commercial corridor, the area is home to densely populated residential neighborhoods that provide a built-in customer base. MAREJ

ed the sale of three Mid-At- lantic retail properties for $11,015,717. Michael Lombardi of Hor- vath & Tremblay has com- pleted the sale of a two-tenant retail building in Voorhees, NJ. Horvath & Tremblay rep- resented the seller to complete this transaction at a sale price of $2,553,000. Fed-Ex and NJ Plant Based Compassion is located at 903 White Horse Rd. The two-tenant plaza is improved with FedEx Office and a NJ Plant Based Compas- sion dispensary and contains 6,664 s/f on a 1.98-acre parcel. FedEx signed a brand new, 10-year lease in 2020 that currently has over 7 years of term remaining followed by two, 5-year options. NJ Plant Based Compassion (an affiliate of lease guarantor Sweetspot Brands LLC, which has af- filiated cannabis cultivation and retail entities in several states) is also on a new 10-year lease, followed by one, 10-year option. The FedEx lease calls for 10% rental increases at the start of each renewal op- tion, while the NJ Plant Based Compassion lease calls for 2% annual rent increases through- out the base term and renewal option. The property has site plan approvals in place for an additional 2,136 s/f of space, only a building permit from the town is needed to build the additional space. Steven Schiavello and Patrick Gray of Horvath & Tremblay have completed the sale of Pizza Hut in Kittan- ning, PA. Horvath & Tremblay represented the seller to com- plete the transaction at a sale price of $1,397,500. Pizza Hut is located at 15 Hilltop Plaza and has been operating at this location since 2000 and has 13+ years remaining on their Absolute NNN lease followed by four, 5-year renewal options. The lease features attractive 2.0% annual rent increases throughout the primary term and the first two renewal op - tions. Hilltop Plaza is located just off of Franklin Hill Rd. and is adjacent to Franklin Village, a Shop ‘N Save and Tractor Supply Company anchored shopping center. The two shop- ping centers together create the premier shopping destination for the residents of Kittanning and other neighboring towns.

Fed-Ex in Voorhees, NJ

Both centers enjoy convenient access from US Highway 422 and the Allegheny Valley

Expressway. Horvath & Tremblay’s Mi- chael Lombardi also facilitated

About Corporate America Realty & Advisors

New Jersey-based and “National in Scope,” Corporate America Realty & Advisors ("CARA") was established in 1984."CARA" is an industrial real estate brokerage specializing in exclusive tenant/buyer representation services for those who seek to lease, acquire or dispose of industrial properties. “CARA” will provide “Industrial Strength Representation®.” They will customize “Recession Proofing” actions, strategies, and implementations to navigate today’s rapidly changing Real Estate and Business Markets.

To learn more about CARA, please visit www.corporate-america.com P: 201-507-5700 or 732-721-2500 h.applebaum@corporate-america.com

4A — August 2023 — M id A tlantic Real Estate Journal

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Great CRE Events Cont. Ed…Speakers…Networking www.CircDelaware.org EVENTS SCHEDULE Sept. 12 (Tues., 11:30-1:30) Membership Meeting & Lunch Topic: Avenue North Mixed-Use Development Update Speakers: Ernest Delle Donne, Delle Donne & Associates, Inc. Location: DuPont Country Club, Wilmington, DE Oct. 11 (Wed., 11:30-1:30) Membership Meeting & Lunch Topic: Climate Change and its Impact on the Life-Cyle of CRE Panelists: Kirsten McGregor of Sagax Associates, Randal Waters of Marsh Marsh Advisory, and [to be named] bldg. sustainability. Location: DuPont Country Club, Wilmington, DE Nov. 16 (Thurs., 5:30-8:00) Joint Holiday Dinner Network with SIOR / CCIM / CIRC / TCSR / DREW / AI Speaker: Gerard "Jerry" Sweeney, Brandywine Realty Trust. Location: Harry's Savoy Ballroom, Wilmington, DE Register online: circdelaware.org goto Event pages RE Continuing Education Classes January - April 2024 Our next complete rotation for credits needed for your real estate license renewals in Delaware, Pennsylvania, Maryland, and New Jersey will be hosted by CIRC at the DuPont Country Club starting on January 10, 2024. Fred- erick Academy of Real Estate Instructors Andrew Taylor, Esq. and W. Duncan Patterson, CCIM, will teach classes. Jan. 10, 2024 8:30 - Agency & Fair Housing - DE Mod 1, PA Fair Hous- ing-Elec, MD Fair Housing-Req., NJ Fair Housing-Core 1:30 - Legislative Updates - DE Mod 5, MD Legislative Issues-Req., PA and NJ Real Estate Hot Button Issues-Elec. Feb 14, 2024 8:30 - Real Estate Documents - DE Mod 3, PA Contracts/ Contract Law-Elec, MD and NJ Contracts Formation & Termination-Elec. 1:30 - Office Management - DE Mod 4, MD Risk Reduction Practices-Elec., PA and NJ Risk Reduction-Elec. For a complete listing of classes, accreditation, dates and times, and to register online, visit us at circdelaware.org and go to the Education page.

—OFFICERS— President: Cindy Fleming Jones Lang LaSalle Vice President: Barton L. Mackey, Jr. Patterson-Woods Associates Secretary: Daniel Wham DSM Commercial Real Estate Co-Treasurers: Robert Stenta Chatham Financial Michael Hahn 44 Business Capital *Board of Directors *as of 7/1/23* —DIRECTORS— Past President: Jay L. White , MAI, CRE® Apex Realty Advisory Program Co-Chairs: Lorraine Sheldon NAI Emory Hill Ryan Kennedy Harvey Hanna & Associates

Site Readiness Fund The Delaware Site Readiness Fund pro- motes economic growth and stability by investing in the development or improve- ment of commercial and industrial sites to attract job-creating businesses. The Fund provides grants, loans or other economic assistance to qualified busi- nesses or local governments that invest in constructing, renovating or improving infrastructure for sites that will attract new businesses or expand existing businesses within the State. Qualified applicants must demonstrate a public utility advantage to the citizens of Delaware. The Delaware Di- vision of Small Business is now accepting applications for the Site Readiness Fund: business.delaware.gov/site-readiness-fund CIRC Supports 'Ready in 6' Bills On June 20, Delaware Governor John Car- ney signed the first half of four bills HBs 101–104 known as "Ready in 6" that are designed to lessen the regulatory burden on building in Delaware. The Site Readiness Fund (above) assists in these efforts. Passed: • HB 102 Expedites issuance of temporary entrance permits within 10 days (Level 1)… • HB 104 Allows developer to be exempted from pre-application process (Levels1/2)… Two additional "Ready in 6" bills that CIRC continues to support are: • HB 101 Expedited review with DelDOT and DNREC… • HB 103 Allows developer to pay Traffic Impact Fee for projects in Levels 1 & 2…

Membership Chair: James Manna BrightFields, Inc.

—EX-OFFICIO— Business Manager Janet Pippert Landmark Science & Engineering Legislative Lobbyist Donald Robitzer The Commonwealth Group Benjamin Berger , Esq. Berger Harris, LLC Carmen Facciolo NAI Emory Hill Neil Kilian, SIOR, CCIM NAI Emory Hill Pamela Scott , Esq. Saul Ewing Arnstein & Lehr LLP Claymont Rennaissance Dev. Corp. Economic Development Liaisons Joseph Zilcosky, Del. Becky Harrington, DPP contact us (302) 633-1705 Janet@circdelaware.org www.circdelaware.org C. Scott Kidner C. S. Kidner & Associates Legislative Affairs Chair Brett Saddler

Platinum Sponsors

M id A tlantic Real Estate Journal — August 2023 — 5A

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Abramson, McCarty & Signor rep. seller in the sale of 103,193 s/f distribution facility Newmark facilitates $20.4 Million sale of 8700 Ritchie Drive in Capitol Heights, Maryland C

APITOL HEIGHTS, MD — Newmark announced the $20.4 million sale of 8700 Ritchie Dr., a 103,193 s/f last-mile distribution facility inside Washington DC’s Capital Belt- way in Capitol Heights. The industrial asset traded from a joint venture comprising The Pinkard Group , a real estate investment and development company, and Principal As- set Management –a leading global financial company –to LBA Realty , a full-service real estate investment and management company. Newmark executive manag- ing director Cris Abramson and managing directors Ben McCarty and Nicholas Si- gnor represented the seller in the sale transaction. “Despite economic head- WILMINGTON, DE — Agi- lent Technologies Inc., a global leader in analytical instrumen- tation development and manu- facturing and one of Delaware’s largest private-sector employ- ers, has chosen to modernize and expand its Newport, DE, manufacturing facility to meet growing global demand for its biopharma consumables. Agilent plans to invest nearly $22 million to increase the capacity of its lab-based manu- facturing site in Newport, leasing 12,000 s/f adjacent to its existing facility and fitting out 9,900 s/f as lab space with new infrastructure, equipment and instrumentation. Over half of the remaining square foot- age will become a warehouse, storage and shipping/receiving area, and the balance will be used for offices. This latest expansion follows another investment by Agilent last year to its Wilmington-area Little Falls R&D labs. Agilent employs 18,000 people world- wide, including more than 950 in Delaware. The Newport site employs 110 workers, and the expansion is expected to create

Cris Abramson

Ben McCarty

Nicholas Signor

winds, institutional interest in the asset was robust,” said McCarty. “A dearth of product on the market, coupled with a limited development pipeline in Prince George’s County continues to drive investor demand for well-located assets in the region.” The facility is 100% leased, with an in-place WALT of 6.64 years, to three tenants–HD Supply, a national industrial distributor of maintenance, re-

pair and operations products; REW Materials, the fourth largest distribution company in the US of interior and ex- terior construction materials, services, and equipment; and The General Services Adminis- tration (GSA), the independent agency of the US government that manages federal property and provides contracting op- tions for government agencies. 8700 Ritchie Dr. sits in the Washington DC industrial

8700 Ritchie Dr.

market, which encompasses 197 million s/f of product stretching two states and Washington DC. The Wash- ington DC industrial market saw 4.79 million s/f of net absorption in 2022 and is

currently showing its lowest vacancy on record at 3.4%. There is currently 6.1 million s/f of industrial product under construction in the market, accounting for only 3% of total inventory. MAREJ

Agilent invests $22 Million in Delaware Biopharma Consumables expansion, boosts economic growth

a leader in the chemical and biopharma industry.” Delaware Prosperity Part- nership has been engaged with Agilent as the company explored growth possibilities in Delaware. Recently, DPP supported Agilent’s request to the Council on Develop- ment Finance for a Dela- ware Graduated Lab Space Grant of up to $693,000 from the Delaware Strategic Fund. Distribution of grants from the Delaware Strategic Fund are dependent on the company meeting commit- ments as outlined to the CDF, which reviewed and approved Agilent’s request. “Agilent has been operat- ing in Delaware for more than 20 years, and we are pleased to continue investing in our manufacturing and R&D facilities in the First State,” said Henrik Ancher- Jensen, Agilent’s order ful- fillment and supply chain president. “We are honored to be part of this dynamic community that supports innovation and growth and attracts top talent.” MAREJ

Agilent Technologies Inc.

additional new jobs over the next 10 years. “Delaware has a strong manufacturing history, and this latest investment by Agi- lent Technologies confirms the company’s commitment to innovating in the First State,” said Governor John Carney. “We are pleased Agilent will be expanding and bringing more good-paying jobs to the state’s strong science, technology and biopharmaceutical sectors.”

The Newport facility, one of several Agilent manufacturing sites across the United States, produces liquid chromatogra- phy columns used for chemical and biochemical analysis, drug discovery, environmental con- trol and analytical chemistry. Growing worldwide demand for these analytical consum- ables led the company to re- view its U.S. facilities to de- termine the best opportunity to grow production capacity.

Agilent’s decision to invest in its Newport site in New Castle County reflects confidence in Delaware’s dynamic business environment and the large pool of regional talent. “Agilent’s latest expansion is proof that New Castle County is a great place to create and grow your business,” said New Castle County executive Matt Meyer . “It’s become well known that we have the resources and the talent to continue to be

6A — August 2023 — DelMarVa — M id A tlantic Real Estate Journal

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D el M ar V a

Strengthening services through a dedication to historic preservation Breckstone Architecture is now part of The Martin Architectural Group, P.C.

decades-long stalwart ar- chitectural and engi- neering firm in the Wilm- ington, Dela- ware archi- tectural com- munity – is now part of W

the local and regional market. Breckstone Architecture brings historic preservation,

and architectural firm based in Philadelphia with satellite offices in New Britain, CT, Baltimore MD, and Coconut Creek, FL. “As we integrate with TMAG, we will maintain and augment their current capabilities in Delaware. While both firms have significant overlaps with residential and commercial projects, we bring the ability to add our historic preserva- tion, industrial, and specialty consulting experience to the team’s capabilities,” said Todd Breck , former owner of Breck- stone Architecture.

ILMINGTON, DE — Breckstone Architecture – a

About The Martin Architectural Group Established in 1967, The Martin Architectural Group’s rise to success was initiated by a desire to plan, design, docu- ment and deliver the highest quality professional services to the private sector real estate and development industry. Our commitment to client service and design excellence has always remained strong. Through the years, the firm has cultivated a diverse and accomplished portfolio of single and multi-family homes, age- restricted communities, retail

and office designs, mixed-use and transit-oriented develop- ments, mall re-positioning, and sustainable projects. “We are very excited and proud to have the local Wilm- ington, DE team at Breckstone join our growing family of architects and land planners at Martin. We are anticipat- ing great things to come for all as we serve existing and new clients throughout the region,” said Drew Romanic , a partner with The Martin Architectural Group. MAREJ KLNB Team secures 15,000 s/f, industrial lease in Beltsville, MD WASHINGTON, DC — KLNB has secured a lease for 15,000 s/f of industrial space at 12000 Baltimore Ave. in Beltsville. KLNB principal Ken Fellows represented the landlord, Bernstein Manage- ment Corporation in the transaction. The tenant, Cima Food, is a provider of processing and packaging equipment for freeze drying and spray drying of foods. Cima was represented by Gary Edell from 4Dimen- sional Real Estate Solutions . Fellows has worked with the client on multiple transactions in the past and overseen leas- ing of the property for several years. This expertise allowed Fellows to quickly oversee a deal that perfectly suited both the landlord’s goals and the tenant’s needs. “This area is a growing submarket that has gained significant interest,” said Fellows. “KLNB has a phe- nomenal understanding of the region and that translates to our clients not having to wait very long to find great tenants. Our team knows which types of tenants will thrive and be able to take full advantage of the amenities and aspects the submarket, and how to pro- mote a property in a way that will attract ideal businesses.” The commercial industrial real estate sector across the DMV continues to be very ro- bust, with limited vacancy and few landlords willing to sell their properties. In addition, ground-up development op- portunities are scarce. KLNB’s industrial brokers have gone on record as saying the industrial market “will continue to be as strong as ever.” MAREJ

industrial, and specialty consulting experience to the team’s ca- pabilities. “We are ex- cited to an- nounce that, as of July 3, 2023, Breck-

Todd Breck

Drew Romanic

stone Architecture has become a studio of The Martin Ar- chitectural Group (TMAG) , a 34-person land planning

The Martin Architectural Group , expanding their abil- ity to serve existing clients and provide additional services to

Breckstone Architecture is now part of The Martin Architectural Group Serving the local and regional area for over 100 years combined! IT’S ALL ABOUT THE PLAN TM

Delaware Military Academy

www.MartinAIA.com • 215.665.1080 • Philadelphia, PA www.Breckstonearchitecture.com • 302.654.3646 • Wilmington, DE

F inancial D igest F eaturing I nvestment /M ultifamily F inancing

M id A tlantic Real Estate Journal — August 2023 — 7A

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EW YORK, NY — In a significant real estate loan transac- The loan aims to refinance a unique 100,000 s/f marketplace in Manhattan Domenico of Progress Capital secures $42.5M loan for Maddd Equities’ Bridgemarket in NYC N

over a century, this designated individual Landmark holds cultural and architectural sig- nificance that is second to none. Established in 1990, Prog- ress Capital stands out as a leading commercial real estate advisory firm, offer- ing a wide range of services to investors and developers. With a remarkable track record of closing over $40 bil- lion in commercial loans and directly funding $150 million in bridge loans, Progress Cap- ital has established itself as a trusted partner for investors and developers alike. Whether you’re a seasoned investor or a newcomer to the real estate industry, Progress Capital is the trusted partner you need to navigate the com- plexities of commercial real estate investments. MAREJ

tion, Brad Domenico , partner of Progress Capital, has successfully arranged a $42.5 mil- lion loan for Maddd Eq-

Brad Domenico

uities, LLC , a New York- based real estate development and investment firm. The loan aims to refinance Bridge- market, a unique 100,000 s/f marketplace situated at the intersection of East 59th St. and First Ave. in Manhattan. Bridgemarket’s esteemed commercial tenants including Gustavino’s, TJ Maxx, Ship Essentials, and Trader Joe’s,

Bridgemarket

Nestled in the heart of New York City, Bridgemarket stands as an iconic and vibrant mar- ketplace, offering a plethora of shopping experiences for both residents and visitors. With a captivating history that spans

form the foundation of its vi- brant commercial landscape. By combining elegance, val- ue, convenience, and quality, these tenants have established Bridgemarket as a go-to desti- nation for urban dwellers seek-

ing a diverse range of options “Bridgemarket is more than just a marketplace, it’s where history, culture, and commerce converge, making it a destina- tion of choice for both residents and visitors.” – Brad Domenico

Stewart, Morris, and Villamagna of Cronheim Mortgage arrange $13,100,000 for New Jersey Retail Properties

ROSELLE AND ELIZA- BETH, NJ — Cronheim Mortgage arranged $13.1

million in fi - nancing for two shop- ping centers located in Roselle and Elizabeth. A n d r e w Stewar t , Dev Morris, and Allison Villamag- na secured the 10-year interest-only financing on behalf of an affiliate of NJ-based Color Man- agement. C o l o r

Andrew Stewart

Dev Morris

Plaza is a 49,309 s/f retail prop- erty located in Elizabeth, NJ, just min- utes from I-95, Newark International Airport, and the Allison Villamagna

Roselle Commons

Port of Newark. At closing, the Subject was fully leased to a diverse mix of 12 tenants, with several tenants having been in occupancy since the 90’s. The subject property is anchored by Seabras, a Por-

tuguese market, and CVS. The property has experienced low vacancy rates given its strategic location in one of the densest neighborhoods. Elizabeth has a population of 137,298 residents.

Roselle Commons is a 50,142 s/f shopping center that is lo- cated on the north side of E. 1st Avenue in Roselle, less than two miles from Color Plaza. The property was developed in 2004 and was 100% leased at closing

to 18 tenants including Pep Boys, Green Grocer, Quest Di- agnostics, GNC, and T-Mobile, among many others. The site is shadow anchored by Home Depot, and ShopRite is less than half a mile away. MAREJ

8A — August 2023 — Financial Digest — Investment / Multifamily Financing — M id A tlantic Real Estate Journal

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I nvestment / M ultifamily F inancing

JLL Capital Markets led financing efforts for Amaranth at North Brunswick $47 Million in financing secured for New Jersey active adult community development

nance living with one- and two-bedroom floorplans with up to 1,397 s/f of living space. Residents have access to onsite amenities such as a versatile clubhouse with a state-of-the- art fitness center, yoga room, package room, multipurpose room, dog spa and demonstra- tion kitchen. The property also features a heated swimming pool with barbeque area and fire pits, as well as a dog park, putting green, shuffleboard and bocce. Amaranth at North Bruns- wick is located at 2775 U.S. Rte. 130, in North Brunswick,

which is a growing community with almost 40,000 residents spanning 12.3 square miles. The property is directly proxi- mate to Rte. 130, Rte. 1, and the NJ Tpke., giving residents easy access to local restaurants and shopping destinations. The JLL Capital Markets Debt Advisory team was led by senior managing director Mi- chael Klein , managing direc- tor Matthew Pizzolato and associate Michael Meisner . “Nuveen quickly recognized the quality product that The Kaplan Companies had devel- oped, the leasing velocity that this amenity-laden property had demonstrated throughout lease-up, and the sense of com- munity that the borrower and its on-site management team created here and at its other properties throughout the region and provided a strong quote that best met Kaplan’s needs,” said Klein. MAREJ M&T Realty Capital Corp. provides $2M for an AHP BALTIMORE, MD — M&T Realty Capital Corporation has provided a $2 million Fred- die Mac Targeted Affordable Housing (TAH) Tax-Exempt Loan (TEL) for the Preserva- tion and Rehabilitation of Bon Secours Apartments, a 119- unit affordable housing prop- erty located in Baltimore uti- lizing 4% Low-Income Housing Tax Credits (LIHTC). The transaction was led by Sandra DeFelice of M&T Realty Capital Corporation’s Baltimore, office. “We are proud to finance the perma - nent loan for this exciting project in Southwest Balti- more, this transaction utilized numerous funding sources and government partnerships,” said Defelice. “This trans- action demonstrates M&T’s longstanding commitment to Baltimore. The Freddie Mac TAH TEL Loan program pro- vides much needed financing for the acquisition or refinance of stabilized affordable multi- family properties with 4% Low- Income Housing Tax Credits (LIHTC),” she continued. Bon Secours Apartments offers one-, two- and three- bedroom affordable units for rent. Unit amenities include a fully equipped kitchen, in-unit washer and dryer, central A/C and heating. MAREJ

ORTH BRUNS- WICK, NJ — JLL Capital Markets ar-

ranged $47 million in financing for the recently constructed Amaranth at North Brunswick, a 222-unit, luxury, 55+ active adult community in North Brunswick. JLL represented the borrow- er, The Kaplan Companies , in securing the 7-year, fixed rate loan from Nuveen Real Estate . Proceeds were utilized to retire its existing construc- tion loan. Amaranth at North Bruns- wick features low-mainte-

Amaranth at North Brunswick

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M id A tlantic Real Estate Journal — Financial Digest — Multifamily Financing — August 2023 — 9A

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I nvestment / M ultifamily F inancing Walker & Dunlop served as lender

Reynolds Asset Management closes $6.7 Million refinancing of ‘The Vibe’ in Bound Brook, NJ

OUND BROOK, NJ — Reynolds Asset Management (Reyn- olds) , a New Jersey-based real estate investment and develop- ment firm, in conjunction with its lender, Walker & Dunlop , announced it has success - fully refinanced its multi-fam - ily commuter-friendly apart - ments, The Vibe, located in Bound Brook. The refinancing follows a successful lease-up and stabilization of the new construction project, replacing construction debt with long- term stabilized financing. The Fannie Mae loan, total - ing $6,738,000, was issued with a 10-year term and a rate of 5.835%. Reynolds and Walker & Dunlop were able to secure full-term interest- only payment terms for the life of the loan, demonstrat - ing the confidence placed in The Vibe and its potential for long-term success. This favorable arrangement pro - vides ample flexibility for the property’s ongoing operations and financial management. “We are delighted to have successfully secured long- term financing with favorable terms for The Vibe, especially while operating in a challeng - ing capital market for many borrowers,” said Lou Reyn- olds , founder and CEO of Reynolds Asset Management. “This refinancing deal not only strengthens the financial stability of the property but also empowers us to pursue new growth opportunities and deliver exceptional value to our investors and tenants.” The Vibe apartment com - plex houses a mix of 12 one- bedroom and 16 two-bedroom apartments. Each home boasts open floor plans with modern finishes, along with in-unit washers and dryers. Situated just blocks from the Bound Brook Train Station, The Vibe offers direct access to New York City. The property is also home to the WeMa Gallery, a 500-plus-square-foot art gal - lery, named for its location on West Main Street. Founded in 2003, Reynolds Asset Management is based in Paramus, Reynolds’ investment and development portfolio in- cludes multifamily, mixed-use, office, and industrial projects in New Jersey, New York, Penn - sylvania, Ohio, and Florida, bringing positive change to the communities it touches. MAREJ B

The Vibe

10A — August 2023 — Financial Digest — Investment / Multifamily Financing — M id A tlantic Real Estate Journal

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I nvestment / M ultifamily F inancing

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M id A tlantic Real Estate Journal — August 2023 — 11A

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Mid Atlantic R eal E state J ournal ’ s A nnual S potlight T hriving U nder 40

Featuring:

Brad Domenico Progress Capital

Dana Carstens Carrabine NFP

David Betesh Gebroe-Hammer Associates

Eli Herskowitz Gebroe-Hammer Associates

Abideen Jallow Long & Foster Commercial Division

Chay Lapin Kay Properties and Investments

Matt Leonelli Sheldon Gross Realty, Inc.

Dana Miarmi JLL

Orry Michael Faropoint

Manveer Sanghera Veerman Asset Management

Ryan Skupski AKF Group

Inside: David Betesh, Gebroe-Hammer Associates................................................................................................21A Dana Carstens Carrabine, NFP................................................................................................................12-13A Brad Domenico, Progress Capital................................................................................................................16A Eli Herskowitz, Gebroe-Hammer Associates...............................................................................................21A Abideen Jallow, Long & Foster Commercial Division................................................................................18A Chay Lapin, Kay Properties and Investments.............................................................................................19A Matt Leonelli, Sheldon Gross Realty, Inc.....................................................................................................14A Dana Miarmi, JLL...........................................................................................................................................15A Orry Michael, Faropoint.................................................................................................................................20A Manveer Sanghera, Veerman Asset Management......................................................................................22A Ryan Skupski, AKF Group............................................................................................................................17A

12A — August 2023 — Thriving Under 40 — M id A tlantic Real Estate Journal

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T hriving U nder 40

Dana Carstens Carrabine, NFP Shaping insurance strategies through informed environmental insights

think it’s important to let people know you’re thankful for the work they are doing. What challenges and or obstacles do you feel you needed to overcome to be- come as successful as you are today? I struggled with speaking up during meetings and presen- tations at the beginning of my career. My confidence began to grow as I learned more over the years. It’s important to speak up, ask questions and share your insights! What outside activities

do you enjoy during you free time? Spending time with my hus- band and dog, playing tennis and being outside! What inspiring word of advice would you give to a young executive graduat- ing from college today? Don’t compare yourself to others! It’s easy to compare yourself to your friends or your peers. Everyone is on a different timeline. Give yourself time to learn at your first job and grow from there! MAREJ

hat is your most no- table project, deal or transaction?

Our team recently placed a complex military housing quota-share program that in- cluded 50 policies total. There was a significant amount of environmental data we had to sort through prior to sending out the submission. Our team worked diligently together and with multiple carrier partners to create a successful program for this client. How do you contribute to your company and/or the industry? I come from an environmen- tal consulting background where I spent most of my time working at contaminated sites or reviewing environmental data. The clients I work with now are often looking to in- sure properties with long and complicated industrial his- tories. My background as an environmental consultant al- lows me to better understand our clients’ sites and negotiate coverage on their behalf. What impact has social media/networking had on

Dana Carstens Carrabine Assistant Vice President Years with company/firm: 1 Years in field: 3 Years in real estate industry: 5

your career? Both social media and net- working have had huge im- pacts on my career. I wouldn’t be at my current job without these tools. Our team is con- stantly sharing insurance insights and claim examples on LinkedIn. Additionally, we use these tools to keep up with our clients and trading partners. Tell us how and when you began your career in the profession you are in, about your current posi- tion and why you choose the field/profession you are in today? I began my career as a

geologist working for an en- vironmental consulting firm. I worked for different clients, largely real estate and oil and gas clients, doing various en- vironmental characterization and site remediation. Eventu- ally I started doing insurance loss control work at the same company before moving jobs to become an environmental insurance broker. What unique qualities and or personality do you feel makes you most suc- cessful in your profession? I aim to treat all of my col- leagues, clients and trading partners with respect and appreciation every day. I

Few of my Favorite Things: College: University of Texas Book: The Stand by Stephen King Movie: Armageddon App: Notes App Sports Team: Texas Football Dessert: Churros

M id A tlantic Real Estate Journal — Thriving Under 40 — August 2023 — 13A

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T hriving U nder 40

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14A — August 2023 — Thriving Under 40 — M id A tlantic Real Estate Journal

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T hriving U nder 40

Matt Leonelli, Sheldon Gross Realty, Inc. “Always invest the time and effort necessary to cultivate relationships”

Few of my Favorite Things: Book: Lord of the Rings Trilogy What outside activities do you enjoy during your free time? I really love be- ing outside, so if I can find the time for fishing and boat - ing, plus some camping, I’ll aways do it. It’s relaxing, and actually reduces my stress. Beyond that, I’m a proud father, and I love taking out my daughter as frequently as possible. MAREJ I wanted to build solid, foun- dational relationships, and have a strongly positive repu- tation among brokers as well as clients. I wanted to be the person everyone enjoyed do- ing deals with. And nothing has really changed – those remain my primary business goals. Professionally, what has been your greatest accomplishment? I’d have to say working with Jersey Holdings’ Monmouth County Portfolio. I’ve added sig- nificant value for my client, having signed more than 40 distinct leases.

hat advice would you give to a young profes-

believe make you success- ful in your professions? Two things come to mind – and they’re not closely related. First, there’s creative thinking. To be effective in whatever you do, you need to develop new ways of approaching a chal- lenge that differ from what everyone else is doing. Sec- ond, there’s empathy, which I’d define as the capacity to understand someone else’s perspective and then adjust your mindset accordingly. What were some of your early goals and did any- thing happen to change them? From the start, I knew

Matt Leonelli Assistant Vice President Years with company/firm: 8 Years in field: 8 Years in real estate: 9

sional graduating from college today? Always in- vest the time and effort nec- essary to cultivate relation- ships. People are inclined to do business with individuals they like, feel comfortable with, and trust. So, the very last thing you want to be is a stranger or outsider. Who has had the stron- gest influence on you and your career? My parents un- doubtedly have had a greater impact on my life than anyone else. It’s not an exaggeration

to say that they molded how I view and understand the world around me. That said, since I began working for Sheldon Gross Realty, Execu- tive Vice President Jonathan Glick has been my mentor. He’s taught me a tremen-

dous amount about the entire commercial real estate field. Jonathan’s the consummate professional, and without his consistent guidance, I’d be far less capable than I am today. What unique qualities or personality traits do you

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Fax: 781-740-2929 www.marej.com S ection P ublishers Linda Christman lchristman@marejournal.com Lea Christman lea@marejournal.com S ection E ditor Karen Vachon editor@marejournal.com

SHELDON GROSS REALTY, INC. REALTORS ● Corporate Real Estate Services 80 Main Street, West Orange, NJ 07052 Tel. 973-325-6200 - Fax. 973-325-9090 www.sheldongrossrealty.com

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