4A — March 2025 — M id A tlantic Real Estate Journal
www.marej.com
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
O
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
Made with FlippingBook Ebook Creator