August 2025 issue of the Mid‑Atlantic Real Estate Journal — featuring the Thriving Under 40 and regional spotlights on Central New Jersey, Central & Western Pennsylvania, and Washington, DC.
- DC THE MOST COMPREHENSIVE SOURCE FOR COMMERCIAL REAL ESTATE NEWS IN THE REGION
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ISSUE HIGHLIGHTS Volume 37, Issue 8 August 2025 Amalfi Capital Expands Portfolio
Zweibel represents Romema Capital in landmark New Jersey deal Hudson Atlantic Realty closes $39M sale of 803 South Apartments, Plainfield
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transfer of ownership and PILOT agreement. Romema Capital is proud to contribute to this vibrant community and looks forward to future opportunities here.” “Closing a $39 million trans- action at $375K per unit in to- day’s market is a testament to our ability to deliver exception- al results. 803 South combines unmatched amenities with prime accessibility, a winning formula for both residents and investors, and we were proud to bring this deal to the finish line,” Zweibel said. About Hudson Atlantic Realty: Hudson Atlantic Realty is a premier multifam- ily real estate investment brokerage firm specializing in the sale of New Jersey investment properties. With a focus on strategic market insight and client-centric solutions, Hudson Atlantic Realty drives transformative real estate projects across the region. MAREJ
LAINFIELD, NJ — Hudson Atlantic Re- alty announced the
successful sale of 803 South Apart- ments, a newly built, premier 104- unit luxury residential mixed-use building lo-
3
Adam Zweibel
cated at 803 South Ave, Plain- field, NJ. The property sold for $39 million, represent- ing $375,000 per unit. The transaction was exclusively listed and brokered by Adam Zweibel , president of Hudson Atlantic Realty, on behalf of developers Romema Capital . Completed in 2023, 803 South offers a mix of studio, one-bedroom, and two-bed- room-plus-den residences, each designed with high-end finishes and contemporary layouts. Residents enjoy more than 15,000 s/f of resort-style WASHINGTON, DC — M&T Realty Capital Cor- poration (M&T RCC) an- nounced the closing of a $21 million bridge loan for The Lanes at Union Market, a 110-unit multifamily property with 95 market rate units and 15 inclusionary zoning (IZ) units, located in Washington, DC. This transaction high - lights the collaborative efforts
THRIVING UNDER 40
8-10
803 South Ave.
Cushman & Wakefield Secure $33M Loan
“803 South is a testament of Plainfield’s commitment to revitalization, led by Mayor Mapp and director Zenobia Fields of Economic Develop- ment. We are deeply thankful to the city for their long-stand- ing partnership throughout the life of the project, includ - ing their cooperation in the
amenities, including an expan- sive outdoor deck with swim- ming pool, state-of-the-art fit - ness center and an integrated co-working lounge that sets a new standard for luxury living in Plainfield. Eyal Gagin of Romema Capital expressed apprecia- tion for the city’s support:
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M&T Realty Capital Corporation provides $21M bridge loan for student housing in Washington, DC
CONFERENCES 11th Annual New Jersey Capital Markets Conference September 11, 2025 Sheraton Edison, NJ 11th Annual New Jersey Office & Industrial Conference October 2, 2025 Sheraton Edison, NJ For speaking & sponsorship info., please contact: Lea at 781-740-2900 or lea@marejournal.com
between HH Fund and M&T Realty Capital Corporation to create additional dedicated
student hous- ing in the DC market. The Lanes at Union Market, built in 2022, was acquired by HH Fund at a foreclosure
Dan Lynch
Directory
auction in July 2024. Rec - ognizing the need for addi - tional student housing units in the market, the borrower worked diligently with local universities to repurpose the building from a conventional multifamily project into a modern student housing proj - ect. The apartment building currently houses close to 50% local student residents, with additional units expected to become available to students in the future. After an introduction from M&T Bank , M&T RCC utilized
CRE Across America.....................................................3-4 Financial. .................................................................... 5-7 Thriving Under 40.....................................................8-10 DelMarVa................................................................ 11-12 CIRC Organization . ....................................................... 12 New Jersey featuring Central NJ..............................13-21 Pennsylvania featuring Central PA...........................22-28 Owners, Developers & Managers ............................ 29-37 CRE Organization’s Events Calendar .............................. 39 People on the Move.....................................................40 www.marej.com
The Lanes at Union Market
Quigley , VP. “M&T was able to provide liquidity in the market for this transitional multifamily asset via our proprietary bridge loan platform,” said Lynch. “This bridge loan exemplifies our commitment to providing flexible financing solutions that drive positive change in our communities.” MAREJ
its proprietary bridge lending platform for the financing of this asset. The two-year, interest only loan will allow the borrower to have the necessary time to execute on their business plan. Dan Lynch , senior VP, led the transaction with contribu- tions from Joanie Wilson , deputy CCO, and Connor
Inside Cover — August 2025 — M id A tlantic Real Estate Journal
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M id A tlantic R eal E state J ournal Publisher, Conference Producer ..............Linda Christman VP, Conference Producer .............................Lea Christman Editor/Graphic Artist ......................................Karen Vachon Contributing Columnist ........David Hansel, Lucern Capital Partners 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. 37, Issue 8 Subscription rates: 1 year $99.00, 2 years $148.50, 3 years $247.50 & $4.00 single issue - plus postage
David Hansel
How to Unlock Yield in Underperforming Small Bay Assets S mall bay industrial as- sets have been an un- derappreciated segment of the commercial real estate market for decades. These flexible building structures, typically range from 10,000 – 100,000+ s/f, offer the abil- ity to scale individual tenant spaces up or down as needed, making them a staple of the US industrial market. Yet not all small-bay assets deliver the same return potential. Older, legacy-owned assets are often under-managed, requiring a specialized, hands-on ap- proach to unlock value. Where some see stagnation in small-bay industrial assets, others see untapped potential. With the right operational strategy and a focus on value creation, these overlooked properties can become consis- tent performers. Unlocking yield starts with a disciplined, hands-on approach. 1 | Start with Mispriced Opportunity
REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion Phone: 781-740-2900 www.marej.com
Many older small-bay prop- erties are owned by mom-and- pop operators who have tradi- tionally prioritized long-term stability over maximizing net operating income (NOI). As a result, rents are below market, common area maintenance (CAM) charges are inconsis- tently recovered, and higher vacancy rates are accepted as a cost of doing business. This dynamic creates op- portunities for yield-oriented investors. Mispricing in these assets is often tied to three primary characteristics: be- low-market rents relative to comparable properties, inef- ficient property management, and a clear runway for lease- up within a relatively short time horizon. When these ele- ments converge, there is often
significant embedded value that can be realized through strate- gic operational improvements. 2 | Re-Tenant with Intent Small-bay tenants are sticky, but not forever. As leases roll, underperforming assets often rely on conve- nience to retain occupancy, leaving yield on the table. A more intentional approach to leasing can dramatically improve performance. Attract- ing higher-quality tenants that align with both local market dynamics and broader national trends, such as last-mile lo- gistics, clean tech services, and e-commerce support, can improve cash flow and tenant retention. Additionally, shorter lease terms should be viewed as opportunities for rent resets, continued on page 38
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
M id A tlantic Real Estate Journal — Commercial Real Estate Across America — August 2025 — 3
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C ommercial R eal E state A cross A merica
South Florida’s momentum drives latest real estate push From New Jersey to Florida: Amalfi Capital expands its multifamily and industrial portfolio
nounced its recent invest- ments in four multi-family and two in- dustrial dis- tribution properties in Florida. Our Boca Raton W
ICKATUNK, NJ — New Jersey based Amalfi Capital an-
Raffaella Schnurr
office allows Amalfi to oversee and expand on our real estate holdings in the state, which now totals 17 properties, and provides us with a razor sharp focus to continue investments with our partner network of highly experienced sponsors in the rapidly growing state. “As we all know, Florida has seen a tremendous amount of migration over the last decade—especially since the COVID years—from companies either relocating or opening satellite offices, to the explo - sive growth in commercial and office properties, and now the fintech sector pushing the boundaries with young and vi- brant talent flowing into South Florida. From a growth per- spective, we continue to focus our investment capital here, where it just makes sense for us,” said Raffaella Schnurr , president of Amalfi Capital. “Florida’s explosive growth, driven by migration and emerging sectors like fintech, makes it a prime focus for our continued investment.” - Raffaella Schnurr, president of Amalfi Capital. About Amalfi Capital Amalfi Capital is a real estate equity firm founded in 2015 that is an investor in over 5 million square feet of property throughout the US. Amalfi fo - cuses on expanding its portfo- lio by partnering with highly experienced sponsors who are experts in their respective markets by investing in com- mercial & industrial assets that we believe are well positioned for above market returns over the long run. Our conservative approach combined with mar- kets and properties that have historically high occupancy, such as our concentration on multi-family, industrial distri- bution & flex space facilities, has been a winning formula since our inception. MAREJ
Avanti Residential Artistry - St. Pete
Terra Grove Central - Miami
INVESTING I N EXC ITING PR OJECT S FOR THE FUTURE! Amalfi Capital is a real estate equity firm founded in 2015 that is an investor in over 5 million SF of property throughout the U.S. Amalfi focuses on expanding its portfolio by partnering with highly-experienced sponsors who are experts in their respective markets, and by investing in residential, commercial, and industrial assets that we believe are wellpositioned for tremendous returns over the long run.
71 Sponsors Years of Experience
86 Current Investments
4 Specialist Industries
39 Sponsor Partners
7740 Multi- Family Units
3270 k Industrial Square Footage
520 k Square Footage
Amal fiCap italInfo@gmail.com
Amal fiCap ital.biz
P.O. Box 306, Wickatunk, NJ 07765
(732) 433-2811
4 — August 2025 — Commercial Real Estate Across America — M id A tlantic Real Estate Journal
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C ommercial R eal E state A cross A merica StorageCafe Quarterly Sales Report Coastal New Jersey Market posts one of Q1’s top storage sales totals
upported by solid demand and a diversifying con- sumer base, the self stor- age sector continues to attract investor attention. Transaction volume in Q1 2025 reached $855 million, up 37% from Q1 2024, indicating renewed confi - dence in the asset class despite macroeconomic headwinds and higher interest rates. 12.5 million s/f of rentable space changed hands during the first quarter, marking a 22% increase year-over-year. This uptick in sales volume is underscored by rising prices. The average price psf climbed to $117, up 31% from Q1 2024. Overall, despite tighter cap- ital markets, the self storage sector remains resilient. Un- like the explosive growth of the 2020-2021 boom, today’s momentum is more strate- gic and selective, targeting markets constrained by sup- ply and buoyed by ongoing population growth and strong move-in rates. These condi- tions help maintain high occu- pancy levels, supporting both pricing power and attractive cap rate dynamics. Some cities are emerging as front-runners — not just in transaction volume but also in the premiums commanded per square foot. According to the latest StorageCafe Quarterly Sales Report , which analyzed data from our sister division, Yardi Matrix , Q1 2025 saw several standout deals that put smaller, supply-starved metros in the spotlight. By digging into the data on sale prices, inventory volumes and price psf, we uncovered which cities are leading the pack for self storage acquisi- tions — and where investor interest is heating up. Non-REITs Step into the Spotlight Q1 2025 reveals an interest- ing trend: non-REIT buyers accounted for nearly 85% of acquisitions. On the sell side, REITs represented just 7% of dispositions, underscoring a selective strategy aimed at portfolio optimization and maximizing long-term value. This dynamic is creating fertile ground for private equity and regional opera- tors to capitalize on softer pricing and broader deal flow — particularly in undersup- plied secondary and tertiary markets where competition is lighter and growth prospects are stronger. S
than ever. 2. Murfreesboro, TN — $29.8M in self storage sales Self storage supply: 10.1 s/f per capita Murfreesboro recorded near- ly $30 million in self storage sales in Q1 2025, with more than 225,000 s/f of space chang- ing hands across three major transactions. That impressive volume places the Nashville suburb firmly in the top 10 self storage markets by transaction size for the quarter. 3. New Orleans, LA — $29.6M in self storage sales Self storage supply: 4.7 s/f per capita New Orleans is experiencing a resurgence in urban storage demand, driven by shifting de- mographics and a post-recovery boost in tourism and construc- tion activity. Historically lim- ited by land availability and zoning restrictions, the city’s constrained development envi- ronment has helped preserve pricing power, creating op- portunities for well-positioned infill facilities. 4. Seattle, WA — $29M in self storage sales Self storage supply: 4.0 s/f per capita On the West Coast, Seattle stood out with a $29 million transaction involving a 94,000 s/f facility, marking one of the quarter’s most notable urban deals. Strategically located between three of Seattle’s most densely populated neighbor- hoods — Queen Anne, Magnolia and Ballard. 5. Vista, CA — $24M in self storage sales Self storage supply: 4.5 s/f per capita In Southern California, Vista saw a major Q1 transaction with Ancora Group Holdings acquiring a 110,000 s/f facility for $24 million at the start of 2025. The deal reflects robust demand for self storage in a market where supply remains relatively tight. 6. Manahawkin, NJ – $23M in self storage sales Self storage supply: 5.9 s/f per capita Manahawkin, NJ, stood out as Q1’s sole representative from the Northeast, notch- ing a $23 million transaction involving 119,000 s/f of self storage space. Located in Ocean County, the southern- most part of the New York metro area, Manahawkin may be a smaller market, but it continues to draw investor
interest — especially in a region where new develop- ment faces zoning hurdles and tight land availability. With limited supply and a competitive consumer base, the market presents an attractive opportunity for investors looking to ac- quire rather than build. This deal highlights how even quieter, secondary markets can capture attention when conditions align — strong fundamentals, underserved demand and fewer barri- ers to entry. Manahawkin proves that strategic plays in smaller metros can still deliver big potential. 7. Vallejo, CA — $22M in self storage sales Self storage supply: 5.6 s/f per capita Interest in the Bay Area continues to shine for self storage investors, and Vallejo is quickly emerging as a market to watch, following closely behind its Southern CA counterpart, Vista. A recently completed facil- ity offering approximately 76,000 s/f of rentable space traded hands in a deal that commanded an impressive $22 million, reflecting strong investor confidence in the mar - ket’s long-term fundamentals. 8. Birmingham, AL – $21.6M in self storage sales Self storage supply: 7.6 s/f per capita In Birmingham, Alabama, two self storage transactions totaling $21.6 million closed during the first quarter of 2025, signaling ongoing in- vestor confidence in the sec - tor’s steady income potential. 9. Plantation, FL – $21M in self storage sales Self storage supply: 1.7 s/f per capita Plantation, Florida, se- cured a spot among the top 10 cities for self storage transac- tions in Q1 2025, with a $21 million deal closing during the quarter. Much like its neighbor Davie, Plantation is experiencing strong tail- winds from rapid population growth — the city’s popula- tion jumped 9.7% between 2020 and 2024, a clear signal of heightened demand for services like self storage. 10. Henderson, NV – $19M in self storage sales Self storage supply: 6.6 s/f per capita Henderson, Nevada,
rounds out the top 10 US cities in self storage transac- tions for Q1 2025, with two deals totaling $19.2 million. Investor interest in Henderson is driven by significant popula - tion growth — about 20% from 2013 to 2023—and a demo- graphic profile that includes 20% of residents aged 65 and older, a segment that often relies on self storage when downsizing or transitioning between homes. West Coast sees the most expensive prices psf The West Coast dominated the rankings for highest price per square foot in Q1 2025, with five of the top 10 cities located in the region. This pricing strength isn’t surpris- ing — ongoing affordability challenges, limited housing space and dense urban liv- ing continue to fuel strong demand for storage across compact metro areas. What’s more, nine of the 10 most expensive cities psf are dealing with limited supply, with eight operating below 4.8 s/f of storage per capita. That supply pressure sup- ports pricing power, allowing facilities in these tight mar- kets to command premium rates — especially in areas where new development is constrained by space, zoning or high construction costs. In the Northeast, three cit- ies stood out: • Brookline, MA , ranked third nationally at $265 psf, driven by the lowest per cap- ita supply in the U.S. — just 0.1 s/f per resident. • Byram, NJ , saw inves- tors paying $228 psf, with supply at 2.7 s/f per person. • Liverpool, NY , posted $211 psf, despite having a relatively better — though still limited — supply of 4.6 s/f per capita. In the South, New Orleans, LA, led the region with an average sale price of $231 per square foot, securing its position among the nation’s top 10 priciest markets. The first quarter of 2025 saw high-value deals in both underserved urban areas and growing suburban markets, reflecting a shift toward lo - cations with strong demand fundamentals. While overall transaction volume remains measured, investors are pri- oritizing long-term value and market positioning over short-term gains. MAREJ
New, Modern Assets Capture Investor Interest Investors are increasingly targeting newer self storage properties, with 38% of as- sets built since 2010. Modern facilities command a premium thanks to operational effi- ciencies, advanced security, and amenities tailored to to- day’s customers — support- ing healthy occupancy and continued rent growth. At the same time, roughly 60% of acquisitions focus on B-grade self storage properties, reflecting a balanced market approach. Offering a blend of affordability and strong growth potential, B-grade assets avoid the high costs associated with A-rated facilities and the ex- tensive renovations typical of C or D properties. This middle-ground strategy pres- ents ample opportunities for portfolio expansion, especially beyond overheated primary metro areas. Where Self Storage is Selling Big in Q1 2025: Southern Suburban and Feeder Cities Lead the Pack for Top Acquisitions Investor focus is increasingly turning toward secondary and suburban markets, especially in the Sunbelt, where self stor- age development often lags behind population growth. With limited availability and expanding demand, these mar- kets offer solid fundamentals and long-term upside. 1. Davie, FL — $36M in self storage sales Self storage supply: 3.3 s/f per capita Davie, part of the Miami metro area, saw the biggest self storage sale of Q1 2025 — a $36M deal that put it at the top of the charts. With Florida’s population still on the rise, investors are increas- ingly turning their attention to high-demand suburban spots like Davie. Here, a mix of tight supply and strong population growth is pushing property values higher and making stor- age assets more appealing Source: StorageCafe analysis of Yardi Matrix data (Data refers to January–March 2025. Pub. July 2025).
M id A tlantic Real Estate Journal — Financial — August 2025 — 5
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F inancial Chase Wolfer delivers $2M financing for Powder Horn’s subdivision project Kennedy Funding closes raw land loan for residential subdivision in Suffern, New York
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the legacy at Kennedy Funding, a bridge-loan lender known worldwide for financing land deals other lenders won’t touch. Kennedy Funding has earned a reputation for say- ing “yes” to land loans that others won’t—across the U.S. and around the globe. Wolfer emphasized that this type of deal is a prime example of what Kennedy does best: help borrowers quickly access the funds they need when tra- ditional financial institutions are not an option. “Since 1987, our firm has worked with borrowers all over the world to help them obtain the funding they need to kick- start or complete their real estate projects,” said Wolfer. “Kennedy Funding brings a vi- sion and flexibility to deals that don’t fit the traditional criteria banks typically require.” Located at 32-34-36 Powder Horn Dr., the property is zoned for three single-family homes
Long Island. Suffern is ideal for residents seeking regular adventure, as Sterling Forest, Bear Mountain, and Harriman State Park are all less than a 30-minute drive away. “Given the location of these three parcels, the value of building here is clear,” shared Kevin Wolfer , CEO and president, Kennedy Fund- ing. “Although raw land is a non-starter for other private and traditional lenders, the borrower’s understanding of what attracts residents to the area means that they are well-poised to position the completed project for success.” Kennedy Funding is known for closing land loans inside and outside the United States. While categorically excluded by all traditional banks and by most private lenders, brokers and others in the commercial real estate industry know that Kennedy Funding can close on raw land, and often in a frac-
tion of the time it takes for other lenders to close. With more than $4 billion in closed loans to date across multiple project types, including raw land, the firm’s track record more than demonstrates the firm’s expertise and experience in the private lending realm. “Accessing capital is the most crucial step to success,” Chase Wolfer said. “It’s my honor to be a part of that pro- cess for Powder Horn.” About Kennedy Funding Kennedy Funding is a global direct private lender specializ- ing in bridge loans for commer- cial property and land acquisi- tion, development, workouts, bankruptcies, and foreclo- sures. Kennedy Funding has closed more than $4B in loans to date. Their creative financ - ing expertise provides funding up to 75% loan-to-value, from $1M ($3M international) to more than $50M in as little as five days. MAREJ
or may be used to build one or three single-family homes. Powder Horn Dr. is easily ac- cessible by car from Rte. 202 or from the Palisades Interstate Parkway. For commuters to midtown Manhattan, the property is six miles from the Suffern New Jersey Transit station to Hoboken, NJ, and a six-minute drive from the Route 202 & Viola Road bus stop to the Port Authority. “When we’re evaluating a deal, we look beyond the stan- dard paperwork—such as a clean title, environmental report, and recent appraisal, among other materials,” Wolfer said. “It’s about walking in step with the borrower and imagin- ing the possibilities together.” Just 35 miles from midtown Manhattan and directly across the border from northern New Jersey, Suffern is a vil- lage within the township of Ramapo, the most populous town in New York outside of
NGLEWOOD, NJ — When a local mortgage broker needed help se-
curing fund- ing for a $2 million land deal in Suf- fern, NY, they turned to Chase Wolfer —a funding spe- cialist who
Chase Wolfer
knows how to perform under pressure. As both a Loan Of- ficer at New Jersey-based di - rect private lender Kennedy Funding , and a firefighter with the Alpine Twp. Fire De- partment, Wolfer is no stranger to high-stakes situations. He quickly delivered financ - ing to Powder Horn LLC for the purchase of three undevel- oped residential lots totaling 5.951 acres in Suffern. An alumnus of the University of Arizona’s Eller College of Management, Wolfer continues
GREA Capital Services Group announces four loan closings in Philadelphia & Washington DC
Cronheim secures $32.97M financing for mixed-use property in Hawthorne, NJ
Spring Garden Court in Philadelphia
Hart Wardman Apartments in Washington, DC
Hedges at Hawthorne
HAWTHORNE, NJ — Cronheim Mortgage has arranged $32.97 million for the refinancing of Hedges at Hawthorne, a newly con- structed mixed-use develop- ment consisting of 118 luxury apartment units and 16,400 s/f of retail in Hawthorne. Brandon Szwalbenest, Dev Morris, and Andrew Stewart secured the 5-year financing at a rate of 5.82%, which closed as the last apart- ments were being leased up. According to Andrew Stewart, “This project has been many years in the making. The Bed- rin Organization did a terrific job addressing the needs of the community and creating a truly special project. We were able to obtain a 35-year amortization after an interest-only period
due to the project quality.” The multifamily component of the asset includes 118 luxury apartments consisting of 10 studio units, 27 one-bedroom units, 76 two-bedroom units, and five three-bedroom units. The Hedges at Hawthorne is part of a larger development project that also includes a 955-unit self-storage facility operated by CubeSmart. Cronheim Mortgage secured the fixed-rate financing on be - half of the Bedrin Organization. Hawthorne is a charming North Jersey suburb located less than 15 miles northeast of Manhattan. Within Haw- thorne, the subject is located just steps away from the Haw- thorne Train Station, which provides access to NY Penn Sta- tion in just 47 minutes. MAREJ
for a newly constructed, eight- story, 49-unit, 30% occupied multifamily property with a ground floor commercial space in Philadelphia. The bank loan featured a five-year fixed rate at 2.10% over the five-year Treasury and 70% LTV. A $4.7 million refinance loan for a 27,000 s/f mixed use property with 35 units in Philadelphia. The bank loan featured a five-year term, spread of 1.75% plus the five- year Treasury and 67% LTV. A $3.4 million refinance loan for a 14-unit, 8,360 s/f multi- family building in Washington DC. The five-year bank loan featured an interest rate of 3% plus the five-year FHLB and 75% LTV. A $3.3 million refinance loan for two buildings in the
University City area of Phila- delphia. The five-year fixed rate non-recourse bank loan featured an interest rate of 2.15% plus the five-year Trea - sury, one year interest only, 30-year amortization schedule and 70% LTV. “The GREA Capital Services Group has been highly active across all buckets of capital in the Philadelphia market and we have seen strong success by running a full process and serving as true advocates for our clients,” Schlegel said. Wellar added, “The power of GREA lies in combining deep local expertise, exemplified by our Philadelphia office, with the reach of our national debt advisory platform to secure the best possible terms for our clients.” MAREJ
PHILADELPHIA AND WASHINGTON DC — The Capital Services Group of GREA (Global Real Estate Advisors) has announced the closing of four separate refinance loans totaling $21 million for multifamily prop- erties in Philadelphia and Washington DC. The transactions were ar- ranged by a GREA deal team that included Ben Schle- gel, a director in the Capital Services Group, and Paul McCormick , partner - Sales Management, both in the NYC office, and in the Philadelphia office, Ken Wellar , founding partner, and associate direc- tors Daniel Yadgaroff and Alan Krawitz . The transactions included: A $9.5 million refinance loan
M id A tlantic Real Estate Journal — Financial — August 2025 — 7
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Visit us online. Just closed, funding for 3 residential lots in Suffern, NY
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8 — August 2025 — Thriving Under 40 — M id A tlantic Real Estate Journal
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T hriving U nder 40 Spotlight on Bohler Engineering’s Ben Crowder and Joe Holzapfel Two Leaders. One Mission — Redefining What’s Possible in New Jersey Development
Ben Crowder Principal – Branch Manager Years with the company/firm: 14 Years in field: 16 Years in real estate industry: 16 Real estate organizations / affiliations: ULI Northern NJ, USGBC
Joe Holzapfel Director, Land Development Years with company/firm: 10 Years in field: 10 Years Years in real estate industry: 10 Years
What is your most notable project, deal or transaction? One of the most no- table projects in my career at Bohler was the successful design and approval of a 1,065-unit residential development in Woolwich Twp., NJ. Known as Kings Meadow, this multi-phase project spans approximately 243 acres. We successfully navigated the entitlement process and secured all necessary approvals in under two years. How do you contribute to your company and/or the industry? I lead with a growth mindset, evolving over the past five years from managing one person to directing our 15-person Red Bank, NJ office while overseeing major land development projects. I adapt my leadership style to fit both the situations and the individual, enabling me to grow teams and align the right people to create efficient, high-performing teams. By combining my engineering expertise with real estate insight, I build strategic relationships across North and Central Jer- sey, positioning my team as true partners in helping clients reach their goals. Who or what has been the strongest influence in your career? Bohler’s Rise program has been a turning point in my career. It’s a nine-month leadership journey that transcends titles and focuses on skills gained through real-world ex- perience and collaboration. Spanning 10 evolving modules, from self-awareness to project management to people leadership, Rise has sharpened my ability to grow and align teams while leading with both confidence and adaptability. It has fundamentally shaped the leader I am today and continues to influence how I approach every challenge and opportunity. Tell us how and when you began your career in the profession you are in, about your current position and why you choose the field/profession you are in today? I’ve always been drawn to the real estate industry because it offers a unique combination of transactions, strategy, and hands-on problem- solving. I started my career ten years ago and four years later purchased my first real estate investment property. While I enjoyed the investment side, I also wanted to deepen my understanding of the engineering and development process. In my current role, which I’ve held for six months, I lead Bohler’s Red Bank team and focus on building strong, relationship-based connections that drive success. My experience and relationships in North Jersey have been invaluable, helping me bring insight, best practices, and trusted connections to Central Jersey and Monmouth County. Networking across offices and leveraging those relationships allows us to grow our business and execute projects more effectively across the region. What were some of your early goals, and did anything happen to change them? Early in my career, I didn’t anticipate being in my current role at this stage, but my initial goal was to lead a team. Bohler has provided opportunities to essentially run a small business within a larger organization, and the trust and support from colleagues and leadership have been instrumental. Learning from others’ experiences has given me a clear path forward, while still allowing me to shape my own approach and style. What unique qualities or aspects of your personality do you feel make you most successful in your profession? I think my ability to connect with people, both internally and externally, has been key. Building trust, regardless of age or experience, helps me assemble high-performing teams that support both Bohler’s goals and individual career growth. I focus on relationships, trust, and partnership, showing clients and colleagues alike the value we can deliver under Bohler’s leadership. What challenges or obstacles did you need to overcome to become as successful as you are today? One major lesson has been learning to fully utilize available resources. In a larger firm, there’s so much expertise around you, and recognizing that you don’t have to be the best at everything allows you to be more efficient and effective. Understanding that we’re all on the same team and leveraging others’ strengths has been critical to my success. What inspiring word of advice would you give to a young executive graduating from college today? One of the biggest lessons I’ve learned is not to let the fear of imperfection hold you back. Early in my career, I felt I had to get everything exactly right, which sometimes slowed my progress. At Bohler, I’ve seen firsthand that taking initiative and moving forward—while staying open to feedback—drives growth. You’ll gain valuable insights, sharpen your skills, and continue advancing with each experience. MAREJ
How do you contribute to your company and/or the industry? As one of the four partners leading Bohler’s New Jersey operations, I spear- headed the establishment of our Ridgewood office. My focus has been on building a strong presence in the region, emphasizing both staff development and client experience. By fostering a collaborative and supportive environment, we aim to deliver exceptional service and contribute to the growth of the land development industry in Northern New Jersey. What impact has social media/networking had on your career? I believe in the power of continuous learning and networking. Engaging with industry leaders and staying informed through various platforms has broadened my understanding of different sectors within civil engineering. This approach allows me to offer well-rounded and informed advice to clients, aligning with their visions and goals. What were some of your early goals and did anything happen to change them? Initially, my goal was to specialize in structural engineering, given my strong background in that area. However, over time, I developed a passion for site-civil land development, finding fulfillment in transforming conceptual plans into tangible communities. This shift allowed me to make a more direct impact on the built environment and the lives of residents. What unique qualities and or personality do you feel makes you most successful in your profession? Active listening. Rather than hastily providing solutions, I prioritize under- standing my team’s perspectives and motivations. This approach fosters a col- laborative atmosphere where individuals feel valued and empowered, leading to more effective teamwork and innovative problem-solving. What challenges and or obstacles do you feel you needed to overcome to become as successful as you are today? The early stages of your career are very technical and design-focused, centered around the execution of tasks. As you grow in your career, learning how to manage people and getting the best version of your teammates is not as easy. By investing time in understanding their values and motivations, I learned to cultivate an environment that brings out the best in each individual, recogniz- ing that a business’s growth is inherently tied to the development of its people. Who do you feel was most influential in your life when choosing this profession? My cousin, who founded Crowder Engineering & Surveying in Choctaw County, Mississippi, was a significant influence. Through our early conversations and his experiences, I became inspired to pursue civil engineering, leading me to earn my degree and follow a similar path in the field. What is the funniest, most unique situation you have faced/conquered during your career? Or in your life? Graduating with a Bachelor of Science in Civil Engineering from the University of Pittsburgh, I initially specialized in structural engineering, applying my ex- pertise to early projects. However, after a few years, I sought a more tangible connection to my work. This led me to transition into site-civil land development, where I found immense satisfaction in transforming clients’ visions into reality. From the conceptual phase to the final development, it’s incredibly motivating to drive through a community and witness the lasting impact of our efforts. What outside activities do you enjoy during your free time? Spending quality time with my two young daughters is a priority. They are growing very quickly, and being present in their lives is very important to me. What inspiring word of advice would you give to a young executive graduating from college today? “If you enjoy what you do for a living, you’ll never work a day in your life.” Seek out what truly fulfills you and aligns with your passions. Surround yourself with people and opportunities that support your growth and pursue a path that brings both personal and professional satisfaction. MAREJ
M id A tlantic Real Estate Journal — Thriving Under 40 — August 2025 — 9
www.marej.com
T hriving U nder 40
CONGRATS, THRIVING UNDER 40 WINNERS!
BEN CROWDER Associate // Ridgewood, NJ
JOE HOLZAPFEL Director, Land Development // Red Bank, NJ
Bohler is a land development consulting and technical design firm that helps developers, owners and other real estate professionals identify and act on opportunities and, ultimately, move their projects forward faster.
BOHLERENGINEERING.COM
10 — August 2025 — Thriving Under 40 — M id A tlantic Real Estate Journal
www.marej.com
T hriving U nder 40 NAI DiLeo-Bram & Co., Woodbridge, NJ | Commercial Real Estate Brokerage A Q&A with the visionaries shaping NAIDB’s future
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everaging the powerful support of the NAI Glob- al Network, NAI DiLeo- Bram & Co. (NAIDB) offers a full suite of CRE services backed by over 88 years of experience. The firm’s profes - sional team offers the person- alized service and knowledge of a local firm backed by the resources of a global company. Kelly Bayer, Associate Vice President Years with Company: 5 Years in CRE: 21 Q: What is one defining moment in your career that shapes your perspective or trajectory? A: Closing my first major transaction was a defining mo - ment. It wasn’t just about the specific transaction – it was about building trust, navigat- ing challenges and learning to truly listen. That experience taught me that successful bro- kerage is rooted in relation- ships and resilience. It shaped how I approach every client in- teraction, focusing on long-term value rather than quick wins. It also gave me the confidence to trust my instincts and advocate strongly for my clients. That moment set the tone for how I lead, communicate and grow in this industry every day. Christopher Chiusolo, Vice President Years with Co.: 6 months Years in CRE: 7 Q: What role has cross-
Kelly Bayer
Christopher Chiusolo
Robert V. DiLeo
Kyle Gerace
Catherine Goski-Vasquez Sweemit Goswami
forward – and that’s what makes it exciting. Sweemit Goswami Associate Years with Company: 1 Years in CRE: 1 Q: How do you see your- self contributing to your company or the broader industry, considering the current market dynamics? A: As a college student work- ing at NAIDB, I bring a fresh, relevant perspective on how my generation views CRE and how emerging technologies like AI are being integrated into the industry. Because our education system is still transitioning to meet new de- mands, I offer insight into how future talent is being shaped. Starting my career during the current market cycle is an in- valuable learning opportunity. This is when you gain a deep understanding of the business and build resilience. I’m grate- ful to be here now, laying the groundwork to make strong, lasting contributions as the market evolves. MAREJ
had learned in the brokerage business. This business truly showed me that if you work hard, learn and do everything the right way, with some luck, you will be rewarded. Catherine Goski-Vasquez, Associate Vice President Years with Company: 12 Years in CRE: 12 Q: What kind of profes- sional satisfaction do you get that sets CRE apart from other career paths? A: In industrial real estate, you’re not just finding space – you’re solving problems. I love helping businesses find locations that streamline their operations, support growth and make their day-to-day more efficient. Whether it’s improving logistics, expand- ing warehousing or unlocking access to new markets, every transaction directly impacts a company’s success. It’s reward- ing to know the work I do helps businesses run smarter and scale faster. Commercial real estate may seem “behind the scenes,” but it drives industry
Watching my dad hustle taught me that relationships are everything, and trust isn’t given – it’s earned through each transaction. Every cold call, every walkthrough, every signed lease is part of the long game. You’ve got to stay curi- ous, grounded and consistent. You learn fast that brokerage success is less about luck and more about mindset, relation- ships and showing up when others don’t. Kyle Gerace, Vice President Years with Company: 5 Years in CRE: 5 Q: Some say CRE gets “in your blood.” When did you first feel this industry was more than just a job? A: As a young broker, I leaned heavily on my bosses to guide me through nearly every part of the transaction process. But after about a year and a half in the business, I completed a transaction that I had sourced, without any assistance, and it sparked a real sense of prog- ress based on everything I
property expertise played in your success and ability to serve clients? A: Having the ability to be open-minded and understand your clients’ needs is critical to achieving success on behalf of the companies and people I represent. You may be show- ing one property and for one reason or another, it does not work. However, there might be another property down the road that does work. You need to be a chameleon in some ways and learn adaptation. There’s also a reason people have two ears and one mouth – you need to be an excellent lis- tener and respond accordingly to the information you learn. Robert V. DiLeo, Associate Vice President Years with Company: 6 Years in CRE: 6 Q: What does building a successful brokerage ca- reer look like in the initial years? A: The early years are a grind – long hours, cold calls, rejec- tions and learning by doing.
Celebrating more than 88 years of offering dependable real estate solutions based on knowledge, experience and vision
Commercial Real Estate Services, Worldwide. Since 1937
For more information, please visit: naidb.com
M id A tlantic Real Estate Journal — DelMarVa — August 2025 — 11
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D el M ar V a Prime Virginia retail locations attract buyers nationwide Horvath & Tremblay sells three retail properties in Virginia for $7,386,091
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the area’s primary commer- cial and commuter corridor. The property is positioned in between Walmart Super- center and a Kroger anchored shopping center in the heart of Lee’s commercial district and is surrounded by national retailers and restaurants that drive traffic to the area. The Property is convenient to resi- dential neighborhoods, area schools and is just 2 miles from Radford University, all of which provide a built-in customer base. The property offers convenient access to US Rte. 11, VA Rtes. 114 and 177 and I-81. MAREJ
IRGINIA — Horvath & Tremblay has com- pleted the sale of three retail properties in Virginia for a total of $7,386,091. Kyle Danielson and Aus- tin Smith of Horvath & Trem- blay have completed the sale of a Wendy’s in Ashland. Horvath & Tremblay exclusively repre- sented the seller to complete the transaction at a sale price of $2.1 million. Wendy’s is located at 11650 Lakeridge Pkwy in Ashland. Wendy’s occupies a 3,415 s/f building positioned on a 1.04-acre par- cel of land. Wendy’s has been at this location since 2014 and has 9+ years remaining on their absolute triple-net lease with four, 5-year renewal options. The lease calls for attractive rent increases every five years throughout the primary lease term and at the start of each renewal option. Wendy’s is situ- ated along Lakeridge Rd. inside Winding Brook, a 185-acre mixed-use development that features retailers, restaurants, entertainment, hospitality, and residential properties. Wendy’s enjoys outstanding frontage and visibility and is seconds from I-95 and US Rte. 1, the area’s primary commercial and commuter corridors. Matt Nadler and Kyle Dan- ielson of Horvath & Tremblay have successfully completed the sale of a Starbucks in Roanoke. Horvath & Tremblay exclusive- ly represented the seller to com- plete the transaction at a sale price of $2.977 million. Star- bucks is located at 7521 Friend- ship Lane in Roanoke. The new construction Starbucks is operating under a rare 15-year lease with six, 5-year renewal options. The lease features 10% rent increases every five years throughout the primary lease term and at the start of each renewal option. Starbucks is located at the signalized in- tersection of Friendship Lane and Plantation Rd. and enjoys excellent visibility, frontage, and prominent signage. The new construction property features a drive through and outdoor patio and is seconds from I-81 and less than 1-mile from US Hgwy. 11, the area’s primary commercial and com- muter corridor. Horvath & Tremblay’s Bob Horvath, Todd Tremblay , Kyle Danielson and Chris King have also facilitated the sale of Chipotle in Rad- ford. Horvath & Tremblay
Starbucks in Roanoke, VA
Wendy’s in Ashland, VA
12+ years remaining on their Triple Net Lease with four, 5-year renewal options. The lease features attractive 10% rent increases every five years throughout the primary lease term and at the start of each
represented the seller and procured the buyer to com- plete the transaction at a sale price of $2,309,091. Chipotle is located at 7406 Lee High- way in Radford. The newer construction Chipotle has
renewal option. The property features a Chipotlane (drive- thru) and outdoor patio space, both designed to enhance the customer experience and drive sales. Chipotle is well located along Lee Highway,
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