11-25-16

8B — November 11 - December 8, 2016 — Owners, Developers & Managers — M id A tlantic

Real Estate Journal

www.marejournal.com

O wners , D evelopers & M anagers

lifton, NJ — Tul- fra Real Estate , a New Jersey-based Tulfra’s Young and Lee, along with Bowman Consulting’s Corsey & Irwin Kizel of Jarmel Kizel accept award Tulfra Real Estate & The Hampshire Cos. win ‘Commercial Beautification Award’ C accepted the award.

award yesterday for Tulfra’s recently completed, 65 Indus- trial Street South, a 204,000 square foot e-commerce and distribution facility. The award recognizes “the inherent beauty and harmony of the human spirit that en- ables humankind to enrich life…and to create buildings of architectural distinction where little existed before.” Tulfra Real Estate’s Don Young and Marcus Lee , Wayne Corsey of Bowman Consulting and Irwin Ki- zel, principal of the architec- tural firm of Jarmel Kizel

Sonny Jumani , presi- dent and partner of Tulfra Real Estate said that “it is an honor to receive such a prestigious award. Our entire team worked tirelessly to transform this building into a beautiful and productive business center - one that the entire community can be proud of.” Tulfra Real Estate and its partner, the Hampshire Com- panies recently completed their $10 million renovation and upgrades to the building including raising the roof to a 27’ ceiling height. Four months of demolition and structural foundation work preceded the roof lift. n Kennedy Funding closes a $1.7million land loan Suitland, MD — The principals of Bedford Crest, LLC knew they were on to something big when they en- tered into contract to purchase 10.66 acres of raw land in Suitland in 2014 for $900,000. They had one of the best land sites in the area at Old Branch Rd. It took two years for the bor- rowers to successfully rezone the property allowing for 175 apartments units and 57 town- home units, thus improving the value of the property by millions. But when it came to finding a lender willing to lend based on only the borrower’s vision and using the land as collateral, that’s altogether another story. “That’s where we come in,” said Kevin Wolfer , president and CEO of Kennedy Fund- ing Financial . “There are very few lenders in the country - if any - willing to take the risk. While valuing real estate in any market is extremely challenging, we based this loan strictly on the land value with the new zoning in place. “We saw the potential of this site,” he adds. “The borrower doubled the density of the project which in turn boosted our loan size. It’s a win-win for Kennedy and the borrower, alike.” Kennedy Funding closed on the $1.7 million loan. The borrower, Bedford Crest, LLC will use the loan proceeds for acquisition of the property, infrastructure improvements and for working capital. n

real estate investment company and the Morris- town-based Hampshire Companies have been awarded the 2016 ‘Com-

Sonny Jumani

mercial Beautification Award’ from the City of Clifton, NJ. The Honorable James Anzal- di, Mayor of Clifton and the Clifton Council presented the

Shown from left: Councilman Joseph C. Kolodziej; Marcus Lee and Don Young, both of Tulfra Real Estate; Irwin Kizel, Jarmel Kizel; and Wayne Corsey, Bowman Consulting.

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