R EAL E STATE J OURNAL the most comprehensive source for commercial real estate news

ISSUE HIGHLIGHTS Volume 24 Issue 19 October 12 - 25, 2012

By the Solar Energy Industry Association and the Vote Solar Initiative Hartz ranks among top 20 commercial solar power users

Guest Columnists


ECAUCUS, NJ — A recent report by the So- lar Energy Industry

Association (SEIA) and the Vote Solar Initiative (Vote Solar), lists Hartz Mountain Industries among the top 20 commercial solar power users in the U.S. alongside some of America’s most iconic brands and biggest businesses includ- ing WalMart Stores, Kohl’s and IKEA. Hartz ranked 19th in the report based on the five solar systems for which Hartz is the direct user of the elec- tricity generated. However, supplementing this total with an additional 10 systems for which Hartz’s tenants are the direct users of the electricity generated would have moved Hartz’s ranking to 9th place, and the addition of Hartz’s 8.5 MW Solar Farm in Hamil-


Naiop selects Brian Whitmer

Hartz Mountain Industries. “It is a key component to our sustainability efforts that benefits both Hartz Mountain Industries and our tenants who have taken advantage of our solar power program.” n

ton, NJ would have increased Hartz’s ranking to 5th place. Hartz’s solar portfolio now stands at a total of 17.5 MW, annually generating enough electricity to power 2,400 New Jersey homes.

“Solar power represents both a means to be kinder to the earth by reducing pollu- tion and is a significant factor in reducing our operational expenses,” said Emanuel Stern , president and COO for


Four building, 75,560 s/f medical office portfolio located in New Jersey Cronheim Mortgage’s Turley and Proscia arrange $20 million in financing

Project of the Month: William Penn Commons

Fair Lawn and Carlstadt, NJ. The 70% LTV, 10-year loan was placed with Continental Ca-

NEW JERSEY — David Turley and Janet Proscia of Cronheim Mortgage teamed up to arrange permanent mort- gage financing totaling $20 mil- lion for a four building, 75,560 s/f medical office portfolio lo- cated in Oradell, Hackensack,

sualty , one of Cronheim’s i n s u r a n c e company cor- respondents, andCronheim wi l l r e t a i n servicing. The proper- ties - one, two and three-sto- ry buildings - are each very unique assets containing a wide range of medical uses. “Three of the b u i l d i n g s were convert-



David Turley

Upcoming Spotlight Women in Business — October 26 th Featuring Insurance/Title............ 9-16A TriState Organization...................... 17A Calendar of Events. ........................ 24A New Jersey............................. Section B Pennsylvania.......................... Section C Auction Directory.......................... 4-6A Financial

New Jersey medical office portfolio

oncology/radiation therapy and surgery center space to more generic medical billing/admin- istration. We had to underwrite and understand each space type separately.” Turley added: “This was a highly strategic transaction for our borrower, a medical of- fice investor in growth mode.

He was able to consolidate four loans into one and correct underleverage and contingent liability issues to free up capital and borrowing capacity for new investments. We believe in the asset type and the health of the tenants that support the real estate. We are pleased to add it to our servicing portfolio.” n

Janet Proscia

ed 1980’s vintage structures while the fourth was completed only the month before closing,” noted Proscia. “The medical uses included highly specialized


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