March 2025

Mid Atlantic Real Estate Journal's March 2025 Edition. Features: Best of 2024, 1031 & more!

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ISSUE HIGHLIGHTS Volume 37, Issue 3 March 2025 SPOTLIGHTS Spencer Savings Bank strengthens CRE portfolio with $100M construction pipeline 8-9A NEPA ranks top 10 in US for Economic Development

J HLW was the architect and AMA Group served as MEP engineer JT Magen delivers 178,000 s/f Global Headquarters for Lord, Abbett & Co.

space are executive offices and open work areas, multipur- pose conference rooms, a pro- duction studio for podcasts, videos, webinars and other digital content creation, and an auditorium, as well as a game room, fitness lounge and training rooms. The Ex- change, a double-height space on the 40th floor, acts as the main amenity space and fea- tures a commercial cooking kitchen, event areas, audio/ visual booth, and a café with a barista bar and grab & go op- tions. A feature staircase clad in stone sits on the northeast corner and connects the upper three floors. The space also features millwork paneling throughout and a series of unique wallcoverings. MAREJ

ERSEY CITY, NJ — JT Magen announced the completion of a new global headquarters space for Lord, Abbett & Co. LLC , a privately-held investment management firm, at 30 Hudson St. in Jersey City. JT Magen served as con- struction manager for the project, which spans 178,107 s/f across five floors, oversee - ing all aspects from budgeting and scheduling, procurement of materials, managing sub- contractors and conducting the final handover upon comple - tion. HLW served as architect and interior designer, while AMA Group was the project’s MEP engineer. Lord, Abbett & Co. relocated from 90 Hudson St., where it COLUMBIA, MD — Enter- prise Community Develop- ment has closed on financ- ing for the redevelopment of Ranleagh Court and Waverly Winds, two modern, new af- fordable housing communities in Columbia. These projects, which will bring 205 apart- ment homes to Howard County, mark a significant milestone in the nonprofit’s commitment to preserving and expanding af- fordable housing in Columbia, replacing aging, 1960s-era properties with high-quality, energy-efficient, mixed-income communities. Ranleagh Court and Waverly Winds provide an industry-

Mike Van Tassel ©

30 Hudson St. in Jersey City

kept roughly 239,000 s/f across five floors for more than two decades. The firm was look - ing for a right-sized space that could offer employees more natural light, enhanced collaboration and amenity spaces, and areas for social- izing. The firm also required

elegant venues for hosting clients as well as meetings of senior leadership. Lord Abbett & Co. has additional offices in London & Dublin. The new environment fea- tures a variety of areas for work and colleague interaction. Included in the multi-level

22A

Enterprise Community Development closes financing on two major redevelopments in Columbia, Maryland

M ID A TLANTIC R

The BEST of 2024

Section B

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Ranleagh Court

Waverly Winds

leading mixed-income model, ensuring that one-third of the homes are reserved for the lowest-income residents, one- third designated for workforce housing, and one-third offered at market rate. Ranleagh Court will re- place a 41-unit develop- ment with 82 new apart- ment homes in a four-story, elevator-served building. The $47.88 million redevel- opment is financed through a combination of public and private investment, including $21.44 million in short-term bonds from JPMorgan Chase Bank , a $13 million HUD 221(d)(4) permanent loan via M&T Realty Capital Cor- poration , and $13.04 million in Low Income Housing Tax Credit (LIHTC), Section 45L and Investment Tax Credit eq- uity syndicated by Enterprise’s housing credit investments

business. Additional funding includes a $3 million Rental Housing Works soft loan from the Maryland Community Development Administra- tion , a $5.5 million grant from Howard County’s Hous- ing Opportunities Trust Fund and MIHU Fee In Lieu program, $2.8 million in loan funds through HUD’s Section 108 Loan Guarantee Program, $850,000 Congressionally di- rected Community Project Funding and project-based rental assistance contracts supporting 29 units. Waverly Winds will replace an aging 62-unit property with a newly constructed, 123-unit community across two four- story buildings. The $64.15 million redevel- opment is financed through a combination of public and private investment, includ- ing construction loans from

Bank of America of $32.24 million, permanent first mort - gages from Bellwether En- terprise of $18.40 million, and additional funding from the Maryland Community Development Administration’s Housing Trust Fund and Rent- al Housing Works programs of $4.59 million, Howard Coun- ty’s Housing Opportunities Trust Fund and MIHU Fee In Lieu programs of $4.72 mil- lion, and loans through HUD’s Section 108 Loan Guarantee Program of $2.96 million in collaboration with Howard County. The 4% LIHTC portion of the project will be Enterprise Green Communities certified, ensuring adherence to high environmental performance standards. Waverly Winds 9% meets DOE Zero Energy Ready standards with high-efficiency appliances and advanced air filtration. MAREJ

Directory

Financial Featuring 1031 Exchange............................5-9A Retail Development...................................................10A DelMarVa.............................................................. 11-12A CIRC Organization . ..................................................... 12A New Jersey............................................................13-19A Pennsylvania......................................................... 20-24A Owners, Developers & Managers................ Section 25-31 People on the Move...................................................30A CRE Organization’s Events Calendar ............................ 32A Best of 2024....................................................... Section B www.marej.com

Inside Cover A — March 2025 — M id A tlantic Real Estate Journal

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M id A tlantic Real Estate Journal — March 2025 — 1A

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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 Columnists .......................... Justin Amos, JTC Group; Todd Monahan, Wolf Commercial Real Estate, LLC/ CORFAC International 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 3 Subscription rates: 1 year $99.00, 2 years $148.50, 3 years $247.50 & $4.00 single issue - plus postage REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion Phone: 781-740-2900 www.marej.com

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2025 Philadelphia Multifamily Investment Forecast Report P HILADELPHIA, PA — Marcus & Milli- chap , has published its Philadelphia Multifamily Investment Forecast Report for 2025. “Philadelphia’s multifamily market is poised for growth in 2025, driven by strong em- ployment trends and rising demand from young profes- sionals and investors,” said Timothy Stephenson , re- gional manager. Marcus & Millichap’s 2025 Philadelphia Multifamily In- vestment Forecast Report provides investors with vital insight and analysis on the current state of the Phila- delphia multifamily market, including: Life sciences expansion fuels rental demand – With major in- vestments such as Legend Bio- tech’s new facility and Spark Therapeutics’ $500 million Innovation Center, job creation is expected to attract young

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professionals to rental markets in Center City and Fishtown. Employment growth re- mains strong – The metro area has added nearly 40,000 jobs since 2022, outpacing all other major Northeast metros. While job growth is expected to slow slightly in 2025, total em- ployment will have increased by 4% since 2022. Vacancy rates set to decline – For the first time in four years, demand is projected to outpace supply, reducing vacancy to 4.5%, making Philadelphia the third-tightest rental market in the Northeast. Rent growth accelerates – Effective rents are expected to rise at their fastest rate in three years, reaching an aver- age of $1,910 per month, nearly matching the national average. Investment opportunities

expand beyond the urban core – While institutional investment remains strong in the city, policy changes and rent-setting software restric- tions may shift investor focus toward high-performing sub- urban markets like Burlington and Bucks counties, where va- cancy rates hover around 3%. “The Philadelphia multifam- ily market continues to present significant investment poten - tial, with vacancy compression, rent growth, and expanding business sectors creating at- tractive opportunities for in- vestors,” added Stephenson. About Marcus & Millichap, Inc. Marcus & Millichap, Inc. is a leading national brokerage firm specializing in commer - cial real estate investment sales, financing, research and advisory services. MAREJ

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M id A tlantic Real Estate Journal — March 2025 — 3A

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M id A tlantic R eal E state J ournal

By Todd Monahan, Wolf Commercial Real Estate, LLC/CORFAC International Return to Office: Workplace Strategies for Office, Current Trends and Challenges

he shift to hybrid work models is one of the most significant chang - es occurring in the work- force today. Companies are balanc- ing remote work with in-office presence, leading to a reevaluation of their office space needs. Efficient use of space is becoming crucial. Companies are looking for ways to opti- mize their office layouts to accommodate flexible work ar - rangements and collaborative spaces. Advanced technology is also playing a vital role in transforming office environ - ments. Smart building sys- tems, enhanced connectivity, and digital collaboration tools are becoming standard. Experts emphasize the need for office spaces to be adapt - able. This includes flexible furniture, modular designs, and spaces that can be easily reconfigured. There is also a growing focus on employee well-being. Offices are incorpo - rating wellness features such as exposure to more natural light, green spaces, and ergo- nomic furniture to enhance productivity and satisfaction. Sustainability is also a key concern. Green building prac- tices, energy-efficient systems, and sustainable materials are being prioritized to reduce the environmental impact of office spaces. Frequently green ini- tiatives are mandated through corporate governance and emphasized as important to conscientious employees. Future Outlook While remote work is here to stay, there is still a demand for office space, particularly for collaborative and client- facing activities. Depending on the nature of one’s work, remote work is accepted and does not necessarily drive more productivity. For oth- ers, collaborating in the office is essential to drive perfor- mance and improve the out- come for client engagements. The future of office design will likely include more open spaces, communal areas, and technology-driven solutions to support a hybrid workforce. The commercial real estate market is adapting to these changes, with a focus on flexible Todd Monahan

their tasks and personal pref- erences. This can mean work- ing from home a few days a week and coming into the of- fice for meetings or collabora - tive projects. • Work-Life Balance: Hy- brid work offers employees greater control over their schedules, helping them bal- ance professional and per- sonal responsibilities more effectively. • Increased Productiv- ity: Employees can choose environments that suit their work styles, which can lead to higher productivity. For

example, some tasks might be better suited to a quiet home office, while others benefit from in-person collaboration. • Talent Attraction and Retention: Offering hybrid work can make companies more attractive to top talent, as many employees now ex- pect flexibility in their work arrangements. • Cost Savings: Companies can save on office space and related costs, while employees save on commuting expenses. Challenges • Managing a hybrid workforce requires effective

communication and coor- dination to ensure that all team members are aligned and productive. • Reliable technology and digital tools are essential to support remote work and en- sure seamless collaboration between in-office and remote employees. • Maintaining a strong com - pany culture and keeping re- mote employees engaged can be challenging. Regular check- ins and virtual team-building activities can help. Best Practices continued on page 4A

lease terms and innovative prop- erty management strategies. Definition and Structure Many employers are imple- menting hybrid models, which allows employees to split their time between working in the office and working remotely. The exact balance can vary depending on the company’s policies and the nature of the work. A hybrid model provides tremendous benefits to both employers and employees, which are: • Flexibility: Employees have the flexibility to choose where they work based on

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4A — March 2025 — M id A tlantic Real Estate Journal

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M id A tlantic R eal E state J ournal

JLL & Pensam structure Fannie Mae Loan Reynolds secures $30.5M refinancing of The Mural

By Todd Monahan, WCRE/CORFAC Int’l. Return to Office: Workplace strategies for office . . . continued from page 3A

extra time off to motivate and appreciate employees. • Technology: Ensure employees have access to the latest technology and tools to perform their jobs efficiently. • Training Programs: Provide opportunities for em- ployees to develop new skills through workshops, courses, and seminars. • Action Plans: Act on the feedback received to make meaningful changes and im- provements in the workplace. • Decision-Making: In- volve employees in decision- making processes and give them autonomy over their work. • Ownership: Encourage employees to take ownership of their projects and respon- sibilities. • Training for Leaders: Invest in leadership devel- opment programs to ensure managers and supervisors are equipped to support and engage their teams effectively. • Mentorship: Establish mentorship programs where experienced employees can guide and support newer team members. Hybrid work is transform- ing the traditional work mod- el, offering flexibility and benefits for both employees and employers. It’s important for companies to address the challenges and implement best practices to make the most of this modern work ar- rangements. Todd C. Monahan is ex- ecutive VP & managing director at WCRE/CORFAC International. MAREJ

• Clear Policies: Establish clear guidelines on hybrid work arrangements, including expectations for in-office and remote work, communication protocols and performance metrics. • Technology Investment: Invest in technology that sup- ports remote work, such as collaboration tools, secure access to company resources, and reliable communication platforms. • Employee Support: Pro- vide resources and support to help employees adapt to hy- brid work, including training on new tools and best practices for remote work. • Regular Updates: Keep employees informed about company goals, changes, and achievements through regu- lar meetings, newsletters, or intranet updates. • Open Door Policy: En- courage open communication between employees and man- agement to build trust and transparency. • Team Building: Organize team-building activities and social events to strengthen relationships and collabora- tion among employees. • Surveys and Polls: Regu- larly gather feedback from employees through surveys and polls to understand their needs and concerns. • Acknowledgment: Rec- ognize and celebrate employ - ees’ achievements and con- tributions, both publicly and privately. • Incentives: Offer rewards such as bonuses, gift cards, or

RANGE, NJ — Fol- lowing a strong and successful lease-up,

Reynolds Asset Manage - ment (Reynolds) closed on a $30.5 million loan to refi- nance The Mural, a 103-unit luxury apartment community in Orange. After celebrating the grand opening of The Mu- ral in May 2024, this five-year refinanced loan provides Reyn - olds with permanent debt as it moves into the next phase of management of the state-of- the-art complex. The Fannie Mae anchored loan was struc- tured by lenders JLL Capital Markets (JLL) , who worked with Pensam’s Ray Cleeman to provide the preferred equity. The debt was brokered by JLL’s Thomas E. Didio, Jr. and Max Custer , marking their sixth successful closing with the duo in the last 12 months. “We are immensely proud of our work at The Mural, from inception to the grand open- ing,” said Matthew Earl , COO of Reynolds Asset Man- agement. “This successful refinancing, with improved conditions from our previous loan, allows us to continue supporting the residents and this thriving community while enhancing the long-term value of the property.” The Mural, located at 606 Freeman St. in the heart of Orange’s Valley Arts District, was designed with residents in mind. The complex features eight studio apartments, 59 one-bedrooms, and 36 two- bedrooms with modern details, such as high ceilings, open floor

The Mural

plans and oversized windows. It boasts luxurious amenities, including its covered parking garage, rooftop lounge with a grill area, fitness facility, and a resident lounge. Located two blocks from the Highland Av- enue Train Station, The Mural provides convenience and ease for resident’s commutes, as well as easy access to several restaurants and shops. The Mural is located at the site of the former Orange Valley Hardware store, and the lob- by’s custom artwork, created by nationally exhibited artist Dan Fenelon, pays tribute to the history of the site and Or- ange Valley Arts District. In January 2024, Reynolds announced a $28.5 million refinanced bridge-to-perm construction loan, providing the team with the flexibility to complete its lease-up and ob- tain permanent financing with this stabilization. The previous loan was also brokered by the JLL Capital Markets team, adding this refinancing to the list of successful deals complet- ed between Reynolds and its partners, including projects in Shreveport, Louisiana, Hyde

Park, Ohio and more. “The successful arrange- ment of this $30.5 million financing package for The Mu - ral demonstrates the strength of the multifamily market in Orange and the wider Essex County area,” said Didio, Jr. “This newly built luxury apartment community is well- positioned to meet the grow- ing demand for high-quality rental housing in this vibrant suburban market with easy access to New York City.” “We are pleased to have partnered on the refinanc- ing of The Mural, helping Reynolds Asset Management secure the incremental capi- tal required to complete the transaction,” said Cleeman, head of capital markets and lending at Pensam. “This partnership reflects both our focus on creating program- matic lending relationships with innovative multifamily sponsors, and our commit- ment to delivering flexible and innovative capital solutions that empower our partners to achieve their strategic goals while maximizing the value of their investments.” MAREJ

Advance Realty expands Riverbend District with new culinary destination

Premier Dev./Garden Communities rentals ready for move-in

HARRISON, NJ — Epi- scope Hospitality -- led by David Morton of the re- nowned Morton’s Steakhouse family, Ryan Gaudin, and Daniel Orrison announced the construction of Keepers and Keepers Coffee, two new culinary concepts set to open in Harrison in spring 2025. Situated directly across from Sports Illustrated Stadium within the Riverbend District, a 35-acre mixed-use neighbor- hood developed by Advance Realty Investors , this addi- tion is designed to be a vibrant centerpiece of the community, offering an inviting atmo- sphere for daily gatherings and gameday celebrations. A collaboration with Advance Realty Investors, Keepers and

without losing the extras like fireplaces and dens, and for newcomers drawn to upscale living in this charming town.” Designed by BlackBird Group Architects , elegant apartments range from 985 s/f to oversize, 1,944 s/f floor plans. All include elegant kitchen designs with two- tone cabinetry and top-tier hardware, two bathrooms, a balcony, efficient heating and cooling, ample closets, and other luxury finishes and materials. Select floor plans feature a fireplace, and many have a separate den. Nestled in idyllic Westfield, Parkside at Westfield’s cov - eted address gives it a distinct market advantage. MAREJ

WESTFIELD, NJ — Leas- ing is underway at Parkside at Westfield, and the first apartment homes at this new joint venture development of Premier Development and Garden Communities are ready for immediate move- in. The multifamily commu- nity offers 162 luxury rentals complemented by a full suite of lifestyle amenities. Situated at 524 Springfield Ave. in Westfield, on the site of a former garden center, Park- side at Westfield boasts gener - ously sized one-, two- and three- bedroom apartments in three, three-story elevator buildings. “Enthusiasm for Parkside at Westfield and its over- sized apartments has quickly

Keepers Coffee will occupy the street-level retail space of The Wyldes, the latest luxury rental property with- in the Riverbend District. Together, the restaurant and café will offer an all-day din- ing experience. Breakfast of- ferings will include premium coffee, fresh pastries, and grab-and-go items tailored for commuters. MAREJ The Wyldes

Parkside at Westfield gained momentum, and for good reason,” said Michael Kaplan , senior vice-presi- dent of property management at Premier Development. “Westfield is an outstanding community – a vibrant place where people come to stay. We are thrilled to be providing a rental option for local home- owners looking to downsize

M id A tlantic Real Estate Journal — Financial — 1031 Exchange — March 2025 — 5A

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6A — March 2025 — 1031 Exchange — Financial — M id A tlantic Real Estate Journal

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1031 E xchange

By Justin Amos, JTC Group Key tips for choosing a trusted 1031 Exchange Intermediary

Holland, Waisbrod & Wolf arrange sale Kislak closes $15.8M sale, assisting 1031 buyer

o successfully complete your 1031 exchange, you’ll need a Qualified

with strong relationships with trusted CPAs and attorneys across the industry and the U.S. Since IRS regulations prohibit QIs from provid- ing tax advice, you’ll need a CPA or attorney to guide you through your exchange. Access to information at your fingertips – Your QI should offer 24/7 access to infor- mation on where your money is held. Transparency matters. A strong QI provides a robust re- porting system that records and archives all exchange events, offers a full audit trail, and lets you monitor account activity anytime, from anywhere. Some QIs are rock stars: To ensure compliance with federal and state tax laws, a QI should submit to an an- nual third-party audit of its business practices and tech- nologies. Exceptional QIs go beyond the minimum require- ments and undergo regular reviews of their technologies, procedures, and control objec- tives like we do at JTC Group. Justin Amos, a 1031 Ex- change executive at JTC Group, is a recognized expert in tax-advantaged investments, including DSTs and Opportunity Zones. MAREJ

due diligence process: Not all friends know best – Many people pick a QI based on a friend’s recommendation or a quick online search. That’s too risky. Due diligence is es- sential. Understand what type of QI you need and retain the most qualified one. Not all exchanges are the same – In a forward exchange, the relinquished property sells first. In a reverse exchange, the replacement property is ac- quired first. Each exchange is unique, so your QI must accom- modate your specific situation. Mind the bank – Your QI holds your sale proceeds between closings, so fund security is key. Choose a QI with strong controls, ensuring funds are in FDIC-insured, fully liquid accounts at top-tier banks – never commingled in operating accounts. Funds should only be released from escrow with approval from both the QI and the exchanger. Some QIs work with only one bank, so if their bank isn’t your preference, you could be stuck with a partner you don’t trust. Get that information and de- tails upfront before signing on the dotted line. As good as the company you keep: Look for a QI

Intermediary (QI). Here are a few key fac- tors to con- sider when choosing the right one. For over 100 years, investors

Justin Amos

have used IRC Section 1031 Like-Kind Exchanges to defer capital gains taxes and depre- ciation recapture on the sale of real estate held for investment or used in a trade or business. A powerful wealth-building tool, 1031 can be a smart investment strategy for real estate owners. Yet, one critical requirement – often overlooked but essential to a successful ex- change – is selecting the right Qualified Intermediary. The QI holds the proceeds from the sale of the relin- quished property until the replacement property is pur- chased, ensuring the inves- tor never takes possession of the funds. To successfully complete a 1031 exchange, selecting the right QI is just as important as having one. Here are key tips to simplify your

4800 Mantlewood Way

ABERDEEN, MD — The Kislak Company, Inc. an- nounced the recent sale of

Holland also said, “Since Kislak was engaged as the seller’s exclusive broker, we were able to produce multiple offers and obtain the highest and best price. The all-cash buyer, whose offer was not contingent upon financing even though they obtained a loan, closed in a relatively short period of time.” Newly constructed in late 2023, Holly Oaks consists of five garden style buildings with 12 residential units in each building with large two- and three-bedroom units of approximately 1,100-1,400 square feet each. All units feature a patio or balcony and thoughtfully designed interi- ors with spacious living areas, modern fixtures, washers and dryers, and walk-in closets. A short drive from Bel Air and Havre De Grace, as well as I-95, in a commuter-friend- ly location providing many choices for recreation and re- laxation, Holly Oaks is close to golf courses, Ripken Stadium, several local parks and the historic B&O Railroad Station. Part of the Baltimore-Towson Metropolitan Statistical Area, which is the 20th-largest Unit- ed States metropolitan area. Robert Holland joined Kislak in 1984, is one of the firm’s all- time leading sales producers and became president in 2012. Barry Waisbrod joined Kis- lak in 2001 and is consistent- ly among the firm’s leading salespeople. He specializes in the sale of multifamily and other investment properties throughout New Jersey and its neighboring states. Matt Wolf joined Kislak in 2017 following over a decade of success in the commercial real estate industry focused on multifamily and other invest- ment sales transactions in cen- tral and eastern PA. MAREJ

Holly Oaks, a new 60-unit multifamily property at 4800 Man- tlewood Way in Aberdeen, H a r f o r d County, MD, for $15.8 mil- lion. K i s l a k marke t ed the property on exclusive basis with ex- ecutive vice president Barry Wais- brod and senior vice president Matt Wolf handling the assignment. president Robert Hol- land pro- cured the New Jersey-

Barry Waisbrod

1031 exchange funds off-market transaction Feldman Ruel handles sale Hyattsville, Maryland’s historic Masonic Lodge

Matt Wolf

HYATTSVILLE, MD — Feldman Ruel announced the sale of 4207 Gallatin St. and 4210 Farragut St., Hyatts- ville. The property, a historic Romanesque Revival-style Masonic Lodge paired with a separate parking lot parcel, sold for $1.339 million in an off-market transaction. The sellers, Mount Hermon Lodge #179, built the Masonic Lodge in 1893, marking 131 years of ownership. A corner- stone of Hyattsville’s history, the Lodge served as a hub for community events ranging from banquets to political ral- lies. However, like many frater- nal organizations nationwide, Mount Hermon Lodge #179 has seen its membership decline in recent years, prompting the decision to sell the property and preserve its legacy. The purchaser, local devel- oper Kayleigh Kulp , repre- sented by Hannah McCann

preservation,” said Hannah McCann, investment associate at Feldman Ruel. “Kayleigh’s commitment to adaptive reuse and local investment ensures this historic property will con- tinue to serve as a meaningful part of Hyattsville’s story.” The transaction exempli- fies problem-solving and col - laboration over the course of 17 months, including five months to secure a letter of intent and 275 days from con- tract to close. Feldman Ruel worked closely with the sell- ers to address their concerns and craft a tailored offer, including the preservation designation. The extended closing period provided the Lodge members with time to prepare and relocate 131 years of artifacts, while also allowing the buyer to plan for grants and permits, and uti- lize a 1031 exchange to fund the purchase. MAREJ

Robert Holland

based purchaser, which com- pleted an I.R.C. Section 1031 Exchange with the purchase. The parties were not disclosed. The transaction was han- dled in brokerage partnership with W. Duncan Patterson, CCIM , of Patterson Woods & Associates, LLC . Waisbrod said, “The seller, an active developer in the area, wanted to market the property throughout the Mid- Atlantic and particularly to NJ-based investors. Given our established relationship, he engaged Kislak as the ex- clusive broker to market sane sell the property.” Wolf added, “The property traded at a record price per unit for the area given our marketing efforts.”

207 Gallatin St.

of Feldman Ruel, has long admired the architectural significance of the Lodge. A Hyattsville resident and pro- ponent of historic preservation, Kulp specializes in adaptive reuse projects and plans to restore the Lodge’s distinctive exterior while converting the interior into a mixed-use prop- erty. A historic preservation designation was secured as a condition of the sale, ensuring the building’s character and legacy remain intact. “This acquisition is a per- fect alignment of communi- ty-focused development and

M id A tlantic Real Estate Journal — Financial — March 2025 — 7A

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F inancial

We make prosperity a reality. Any bank can make you money.

Member FDIC

We believe there’s no substitute for a real banking partnership — supported by real conversation and real interest in helping you finance your growth plans, drive projects to completion, improve cash flow or expand your portfolio.

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Recent projects financed by our Commercial Real Estate Lending Team:

Smyrna Mart Shopping Center

13 Story Mixed Use Building

• Description: 196 apartment units, 14,500SF of office space and 4,300SF of ground floor retail space. • Type: Construction/Permanent Loan • Location: Jersey City, New Jersey • Amount: $35,000,000

• Description: 172,000SF commercial/retail shopping center

• Type: Commercial Mortgage • Location: Smyrna, Delaware • Amount: $11,500,000

Cedar Village Apartments & Townhomes

Berwyn Grande - Apartment Building

• Description: 24-unit, 4-story apartment building • Type: Multi-Family • Location: East Orange, New Jersey • Amount: $5,300,000

• Description: 140 units in 74 townhouse style units and 66 apartment units. • Type: Commercial Mortgage • Location: Wilkes-Barre, Pennsylvania • Amount: $12,025,000

Contact Kearny Bank to discover how we can help with your commercial financing.

Gary F. Brozowski SVP/Director of Commercial Real Estate Lending 973-244-8834 gbrozowski@kearnybank.com

800-273-3406 | kearnybank.com

8A — March 2025 — Financial — M id A tlantic Real Estate Journal

www.marej.com

F inancial New Jersey financial institution closes key loans in Bergen County Spencer Savings Bank strengthens CRE portfolio with $100 Million Construction Pipeline

new construction loans, typically up to $10 million, focusing on for-rent ground-up multifamily construction projects, for-rent and for-sale townhome complex- es, and self-storage construction projects. Spencer Savings Bank’s lending footprint primarily spans the following counties: Bergen, Essex, Passaic, Hudson, Union, Morris, Middlesex, Somerset, and Mercer. Recent Highlights in Bergen County: ● Spencer Savings Bank construction specialist client manager, James Meicke , recently closed a $5,550,000

construction-to-permanent loan in Rutherford, NJ. The project involves constructing a two-story rental apartment building totaling approxi- mately 39,000 s/f, comprising 23 apartment units with 33 surface parking spaces. The loan was approved at a maxi- mum 70% loan-to-cost ratio. ● Spencer also closed a $5,060,000 construction-to- permanent loan for a 12-unit townhome complex in Oradell, NJ. Situated on a 1.4-acre site, the project will offer 30,000 s/f of rentable space within two two-story buildings. Each unit

will be 2,930-2,952 s/f, includ- ing additional garage space. The development will feature a total of 34 parking spaces. Beyond Construction Loans: In addition to construction fi - nancing, Spencer Savings Bank offers permanent loans secured by asset types such as medical office buildings, multi-tenanted industrial warehouses, small retail strip centers, multifamily properties, and mixed-use prop- erties. Ideal loan sizes range from $1.5 million to $10 million. The bank also provides niche fi - nancing options for LLC-owned properties with 1-4 units.

A Trusted Partner in Real Estate Financing Headquar- tered in North Jersey, Spencer Savings Bank has a proven track record of supporting real estate investors and develop- ers throughout New Jersey and the tri-state area. The bank’s target clientele includes experienced medium-to-large size real estate developers and owners within the market. Spencer Savings Bank offers comprehensive online banking services in addition to its ex- tensive 27-branch network. To discuss financing options for your upcoming construction project, contact Dana Berlin , senior vice president / director of Commercial Real Estate. About Spencer Savings Bank Spencer Savings Bank pro- vides a full suite of financing options for a range of prop- erty types, including medi- cal office, flex/warehouse, industrial, retail, mixed-use and multifamily. The bank specializes in construction loans for rental properties and smaller for-sale residen- tial properties. Additionally, Spencer offers financing and refinancing for LLC-owned, smaller-sized, 1-4 family in - vestment properties. Backed by a seasoned team of ex- perts, Spencer Savings Bank is committed to meeting the evolving financing needs of its clients. MAREJ MMCC arranges $3.5M acquisition financing for Fairfax County property CHANTILLY, VA — Mar- cus & Millichap Capital Corporation (MMCC) ar- ranged $3,500,455 in financ - ing for the acquisition of an asset occupied by Sheetz Gas Station and convenience store. Jared Cassidy , senior di- rector in MMCC’s Washing- ton, D.C. office, secured the fi - nancing with a National Bank on behalf of a private client. “This newly developed as- set was an ideal acquisition for our client given the phe- nomenal location in Loudon County and 18 plus years left on an original absolute net lease,” said Cassidy. Terms of the 7-year loan include a sub 5.99% interest rate, 25-year amortization, and no prepayment penalty. MAREJ

LMWOOD PARK, NJ – Spencer Savings Bank , a leading New

Jersey-based financial in- stitution, is making significant strides in the commercial real estate sector with a robust con-

Dana Berlin

struction pipeline totaling approximately $100 million across fifteen projects through - out New Jersey. The bank continues to originate

Flexible Capital Solutions for Commercial Real Estate Projects ACCOMPLISH MORE

Stephen Arrivello sarrivello@pace-equity.com

M id A tlantic Real Estate Journal — Financial — March 2025 — 9A

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F inancial

Spencer is C apable, R espected, E xperienced

Access loans on New Jersey properties, and secure your next deal with Spencer Savings Bank. Construction to Permanent Loans • Loan Amounts Up to $10 Million • For-Rent Multi-Family Apartments • For-Rent and For-Sale Small Residential Projects • Self-Storage Properties Permanent Mortgages • Loan Amounts Up to $10 Million (Commercial and Multi-Family) • Medical Office, Industrial, Retail, Mixed-Use, and Multi-Family • Fast, Local Decisions

Recently Closed Transactions $7,650,000 Apartment Building 30 units Construction Loan Bayonne, NJ $8,260,000 Industrial Building Complex

We’re not just lenders, we’re experts. Get in touch today. Dana Berlin SVP & Director of CRE Lending dberlin@spencersavings.com 1-201-703-3807

$3,960,000 Retail Building 20,871 SF/10 Tenants Commercial Mortgage Newark, NJ

$11,000,000 Self-Storage Building 979-unit, Climate-Controlled Bridge Loan Bound Brook, NJ

125,034 SF/65 Tenants Commercial Mortgage Rockaway, NJ

27 Financial Centers Throughout New Jersey • 1-800-363-8115 • spencersavings.com *Financing available for properties in NJ, NYC and Eastern PA. Loans subject to credit approval.

10A — March 2025 — Retail Development — M id A tlantic Real Estate Journal

www.marej.com

R etail D evelopment

DiFranco & Lombardi represent both parties Horvath & Tremblay sells Raising Cane’s in Glassboro

Mixed-use center rises in Middletown, DE Blenheim Group breaks ground on Weis Markets

LASSBORO, NJ — Rob DiFranco and Michael Lombardi

of Horvath & Trem- blay have successfully completed the sale of a Raising Cane’s in Glassboro, New Jersey. Horvath & Tremb l ay exclusively represented the seller and procured the buyer to complete the transaction at a sale

Rob DiFranco

Bayberry Town Center

Raising Cane’s in Glassboro, NJ

throughout the primary lease term and at the start of each renewal option. Raising Cane’s is extremely well located along Delsea Dr. N, the region’s pri- mary retail corridor. Situated at the signalized intersection of Delsea Dr. N and Donald Barg- er Blvd., the property enjoys outstanding visibility, frontage and access and is 1-mile from US Rte. 322, and 2.4-miles from the Jersey Freeway (NJ Rte. 55). Additionally, Raising Cane’s shares the intersection with Doubletree Shopping

Center (ALDI anchored) and College town Shopping Center (Lidl & Esporta anchored), the two largest retail centers in the area. The property is part of a dominant trade area that is home to countless national re- tailers and restaurants, Rowan University, Inspira Medical Center Mullica Hill, all of which drive traffic to the area. Additionally, the property is surrounded by densely popu- lated residential neighborhoods providing a built-in customer base. MAREJ

Michael Lombardi

price of $3.75 million which represents a 4.80% Cap Rate. The new construction Rais- ing Cane’s is located at 695 Delsea Dr. N in Glassboro, and consists of a 3,026 s/f build- ing with a drive thru. Raising Cane’s has a new 15-year Abso- lute NNN Ground Lease with five, five-year renewal options. The lease calls for attractive rent increases every five years OWINGS MILLS, MD –— Neuman Commercial Group, LLC has arranged the sale of Midtown Marketplace, a 39,000 s/f shopping center located at 2008 Maryland Ave., Balti- more. The property sold for $5.8 million. Anchored by original Save-A-Lot grocery in place since construction in 1998, the center was 100% occupied at the time of the sale, including national tenants Advance Auto and Dunkin Donuts. Neuman Commercial Group led by prin- cipal Gil Neuman represented the seller and original owner, Klein Enterprises , and pro- cured the buyer, a New York based private investor. MAREJ MARLTON, NJ — After 40 years as a South Jersey land- mark, the former Mexican Food Factory property has been sold. Alan Sussman of A.J. Suss- man Company represented the buyer in the purchase of the 1.2-acre site at 601 Route 70 W, Marlton.The seller was rep- resented by Richard Freed- man, Esq. MAREJ

Weis Markets rendering

MIDDLETOWN, DE — Blenheim Group announced that construction has started on Weis Markets at Bayberry Town Center, a highly an- ticipated 280,000 s/f mixed-use retail destination in north Middletown. The 64,000 s/f store will be Weis Markets’ fourth store in Delaware and its first ground- up development in the state. It will feature Weis Markets’ lat- est in innovative store design, including expansive fresh de- partments, a pharmacy, a gro- cery department with excellent variety, as well as a Weis Gas N’ Go fuel center. Customers will be able to order groceries online with the option of home delivery or in-store pick-up. Both the grocery store and the fuel center are projected to open Q4 2025. “It is great to get started,” said Weis Markets chairman, CEO and president Jonathan Weis . “When completed, our new Bayberry store will offer a strong combination of qual- ity, value and convenience. We look forward to serving the Village of Bayberry and the surrounding communities.” The Bayberry Town Center project is gaining significant momentum, with a strong line- up of national and local tenants wanting to establish a presence in this growing trade area. Chi- potle, McDonald’s, and Bloom Nail Salon have signed leases. Blenheim Group is in negotia- tions with Chase Bank, Wing- stop, UPS, Great Clips, and

Verizon to finalize their leases. Additional first-class retailers, restaurants, and service provid- ers are in active discussions to secure space. The first buildings will begin construction this spring, with grand openings expected between fall 2025 and spring 2026. To celebrate the start of con- struction of this premier retail destination, a groundbreaking ceremony is planned at Bay- berry Town Center this spring. Date and time to be announced. “With this mix of nationally and locally known tenants, Bayberry Town Center will be a dynamic retail destina- tion with convenient access to essential offerings for the com- munity,” said Jay Sonecha , president of Blenheim Group. “We’re thrilled these tenants have chosen Bayberry Town Center for their next locations and look forward to celebrat- ing our groundbreaking.” Once complete, Bayberry Town Center will be a vibrant gathering place designed to complement the Village of Bay- berry, a thriving, rapidly grow- ing master-planned commu- nity developed by the Blenheim Group. The center will feature: • Seamless connectivity: in - ternal streets and trails link over 3,000 homes directly to the center • 145 townhomes integrated into the center •Two beautiful green spaces for community programming MAREJ

Neuman Commercial Group arranges the sale of Midtown Marketplace in Baltimore, MD for $5.8M

Midtown Marketplace

A.J. Sussman Company negotiates sale of former landmark restaurant in Marlton, NJ for $2.3 Million

601 Route 70 W

M id A tlantic Real Estate Journal — DelMarVa — March 2025 — 11A

www.marej.com

D el M ar V a

With acquisition of 3601 Wilson Boulevard, Arlington Gilbane Development Co. expands presence in Virginia

RLINGTON, VA — Gilbane Develop- ment Company has announced the acquisition of 3601 Wilson Blvd., a prominent six-story, 121,200 s/f office building in the vibrant Vir- ginia Square/GMU Metro sub- market. Conveniently located steps away from the Virginia Square/GMU Metro entrance, this acquisition marks a stra- tegic opportunity for Gilbane to transform the property into a premier market-rate multifam- ily community. “This acquisition underscores Gilbane’s commitment to en- hancing urban living experienc- es in dynamic neighborhoods,” said Robert V. Gilbane, Jr. , senior vice president, Gilbane Development Company. “3601 Wilson Boulevard’s proximity to Metro transit, job centers, and retail amenities positions it as an ideal location for a sophis- ticated residential community in Arlington. We’re grateful to the amazing team at Savills , led by the incomparable Rick A

3601 Wilson Blvd.

located adjacent to the Virginia Square-GMU metro entrance. The redevelopment plan will leave the facade of the build- ing intact and focus on interior changes that include state-of- the-art amenities designed to cater to modern lifestyles, such as premium tenant storage lo- cated on each floor, a wellness center, luxury tenant lounges, and coworking spaces. MAREJ

Rome, Dimitri Koutrouve- lis, and Brandon Hamm , who helped identify and close on this unique opportunity.” The property will under- go adaptive reuse to become a boutique, upscale residen- tial community featuring 94 market-rate units, 5,637 s/f of ground-floor retail space, and 207-parking spaces located in a below grade garage that’s

Commercial Real Estate Services Serving Delaware, Pennsylvania, Maryland & Around the Globe! 62 Rockford Road, Suite 12, Wilmington, DE 19806 | + 302 414 1000 | www.LMTCRE.com

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