October 2025

MAREJ October Issue

- DC THE MOST COMPREHENSIVE SOURCE FOR COMMERCIAL REAL ESTATE NEWS IN THE REGION

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ISSUE HIGHLIGHTS Volume 37, Issue 10 October 2025

The Maxal Group spearheads Hudson River transit-oriented dev. S3 Capital lends $255M for first phase of rental development in Edgewater, NJ

units and more than 1,000 parking spaces. The property will also include a new pub - lic ferry terminal, providing direct service to Manhattan’s West Side. The new ferry terminal will provide residents with direct access to Manhattan’s West Side and the Hudson Yards tech pocket in under 15 minutes. It will also have onsite super stops with access to NJ Transit bus routes with service to the Port Authority Bus Terminal. Once complete, the devel - opment will feature a mix of market-rate and affordable housing, six levels of park - ing, and unparalleled access to retail amenities including Whole Foods, Trader Joe’s, and Target, all within a short walk. The Maxal Group will also construct a 2.5-acre public

waterfront park with 650 feet of river frontage that will be- come part of the Hudson River Waterfront Walkway, an 18.5- mile promenade that runs from Fort Lee to Bayonne. Galaxy Capital brokered the transaction, helping bring together S3 Capital and The Maxal Group for this trans - formative development. With this closing. S3 Capital Co-Founder Rob- ert Schwartz added, “Our strategic expansion in key markets across the country strengthens our position as one of the leading private construction lenders in the US. Our ability to underwrite with precision, deploy capital quickly, and bring in-house construction expertise to each project enables developers to successfully execute time after time.” MAREJ The onsite Hyatt, which under - went its own renovation in 2021 and also designed by Gensler, features 31,000 s/f of meeting and conference space with four large ballrooms, 32 flexible conference rooms, and catering and audiovisual services. The reinvention also extends outdoors, where a 50,000 s/f public plaza has been rede - signed to accommodate tenant and community events, com - plementing HQ Plaza’s new dining lineup, which includes Sushi Lounge, Parkside Tav - ern, and Masseria by Joe Ce - trulo. The restaurants now ac- tivate the exterior streetscape with outdoor seating, further connecting HQ Plaza to Mor - ristown’s bustling downtown and vibrant street life. Centrally located along the Morristown Green, HQ Plaza offers direct access to New Jersey Transit, a diverse array of retail and dining, and the area’s historic and residential neighborhoods, further so - lidifying its role as a defining presence in one of NJs most dynamic suburban down- towns. MAREJ

DGEWATER, NJ — S3 Capital announced the origination of a

with assets in the New York and New Jersey markets, in - cluding the 236-unit Harbor 1500 in Weehawken. S3 Capital’s Steven Je- mal worked closely on this transaction and has played an instrumental role in driv- ing S3’s expansion across New Jersey and other key US markets. He said, “We see immense opportunity in financing transit-oriented residential developments ad - jacent to major city centers. This project’s innovative on- site ferry terminal will create lasting value for the entire Edgewater community, and we look forward to supporting The Maxal Group throughout the construction process.” 615 River Rd. will be the first building in the planned devel - opment that will ultimately deliver 1,200+ residential

APPRAISAL

4-7A

$255 million cons t ruc - tion loan to finance the first phase of a landmark $1 billion mixed-use development at 615 River

4-5A

WCRE 3RD QTR 2025 REPORT

Steven Jemal

Rd. located on the Hudson River in Edgewater. The proj - ect’s initial phase will deliver a 25-story luxury rental build- ing featuring 381 apartments, ground-floor retail space, and parking for more than 500 vehicles. Upon full buildout, the development is expected to include 1,200 residential units. The community is being developed by The Maxal Group , a tri-state developer MORRISTOWN, NJ — The ownership team of Fish- er Development Associates and The Olnick Organiza- tion have unveiled the results of a major renovation at HQ Plaza, the 1 million s/f com - plex at the heart of downtown Morristown. The culmination of a multi-year effort, HQ Pla - za’s renovation reintroduces the property as a vibrant hub for office, hospitality, retail, din - ing, and entertainment, while reinforcing its role as a central gathering place for work, leisure,

16A

26-27A

Section B WOMEN IN BUSINESS

Fisher Development Associates and The Olnick Organization unveil transformed HQ Plaza

CONFERENCES 11th Annual New Jersey Office & Industrial Conference

November 6, 2025 Sheraton Edison, NJ

For speaking & sponsorship info., please contact: Lea at 781-740-2900 or lea@marejournal.com

Morristown Mayor Timothy P. Dougherty, Brian Fisher of Fisher De- velopment Associates, Seth Schochet of The Olnick Organization, Rene Cruz of Gensler and other officials and key collaborators cut the ceremo - nial ribbon to mark the unveiling of HQ Plaza’s fully renovated spaces.

Directory

Financial. ................................................................ 3-10A Appraisal................................................................... 4-7A Southern NJ Chapter of The Appraisal Institute.........4-5A CIRC Organization...................................................... 11A New Jersey ............................................................ 12-20A Pennsylvania......................................................... 21-24A Owners, Developers & Managers..........................25-33A CRE Organization’s Events Calendar............................34A People on the Move...................................................36A Women in Businss..............................................Section B www.marej.com

milestone in HQ Plaza’s on - going evolution, celebrating both the property’s revital - ized design and its continued prominence in Morristown’s downtown core. HQ Plaza encompasses 650,000 s/f of class A office space, 100,000 s/f of retail, the 256-room Hyatt Regen- cy Morristown, a 40,000 s/f Crunch health club, and a 10-screen AMC theater atop a 3,000-space parking garage.

and community activity. The newly transformed spac - es were formally unveiled at a ribbon-cutting ceremony on Wednesday, October 8th, at - tended by Morristown Mayor Tim Dougherty , municipal officials, the ownership team, project architect Gensler , rep - resentatives of Hyatt Regency Morristown, property manager JLL , and members of the local business and civic community. The event marked a major

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

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

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2A — October 2025 — M id A tlantic Real Estate Journal

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M id A tlantic Real Estate Journal

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 ...........................Meghan Anderson & Michael Feinberg of Greenbaum Rowe Smith & Davis LLP

STATEMENT OF OWNERSHIP MANAGEMENT & CIRCULATION

(required by 39 U.S.C.3526) Title of Publication: Mid Atlantic Real Estate Journal. 2. Publication No. 22-358. 3. Date of Filing: 10/24/2025. 4. Frequency of Issue: Monthly. 5. No. of Issues Published Annually: 12. 6. Annual Subscription Price: $99.00. 7. Complete mailing address of known office of publication: 117 HMS Halsted Dr. Hingham, MA 02043. 8. Complete mailing address of the headquarters of general business offices of the publisher: Same as above. 9. Full names and complete mailing addresses of publisher, editor and managing editor: Pub- lisher, Linda M. Christman, 117 HMS Halsted Dr, Hingham, MA 02043. Editor: Karen Joy Vachon, 34 Nautical Way, Plymouth, MA. 10. Owner (if the publication is owned by a corporation, give the name and address of the corporation immediately followed by the names and addresses of all stockholders owning or holding 1 percent or more of total amount of stock. If not owned by a corporation, give the names and addresses of the individual owners. If owned by a partnership or other unincorporated firm, give its name and address as well as those of each individual owner. If the publication is published by a nonprofit organization, give its name and address). Linda M. Christman, 117 HMS Halsted Dr, Hingham, MA 02043; 11. Known bondholders, mortgagees and other security holders owning or holding 1 percent or more of total amount of bonds, mortgages or other securities. None. 13. Publication title: Mid Atlantic Real Estate Journal. 14. Issue date for circulation data below: 10/24/2025. 15. Extent and nature of circulation. A. Total no. copies (net press run) 1343, 1295. B. Paid and/or requested circulation. 1. Paid/requested outside-county mail subscriptions; 1343, 1295. 2. Paid in-county subscriptions: 0, 0. 3. Sales through dealers and carriers, street vendors, counter sale, and other non-USPS paid distribution: 0, 0. 4. Other classes mailed through the USPS: 0, 0. C. Total paid and/or requested circulation: 1343, 1295. D. Free distribution by mail: 0, 0. 1. Outside-county: 0, 0. 2. In-county: 0, 0. 3. Other classes mailed through the USPS: 12, 10. E. Free distribution outside the mail: 0, 0. F. Total free distribution: 521, 620. G. Total distribution: 1864, 1915. H. Copies not distributed: 16, 10. I. Total: 1880,1925. J. Percent paid and/or requested circulation 72.04%, 67.62%. 16. Publication of Statement of Ownership: 10/24/2025. 17. Signature and title of editor, publisher, business manager or owner: Linda M. Christman, Publisher/CEO.

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 10 Subscription rates: 1 year $99.00, 2 years $148.50, 3 years $247.50 & $4.00 single issue - plus postage

Meghan Anderson

Michael Feinberg

One Big Beautiful Bill Act: An Overview of Tax Impacts for Individuals he One Big Beautiful Bill Act (OBBBA) was signed into law on July 4, 2025. The legislation con- tains a multitude of changes to the tax law that may af- fect an individual’s personal income, estate, and gift taxes. This Alert summarizes some of those provisions. T Increased Estate & Gift Tax Exclusion Amount Taxpayers are allowed to exclude a certain amount (re- ferred to as a lifetime gift and estate tax exclusion amount) before gift or estate tax would apply. The exclusion amount in 2025 is $13,990,000. Under the Tax Cuts and Jobs Act of 2017 (TCJA), the exclusion amount was scheduled to be reduced to its pre-2018 level of $5,000,000, as adjusted for inflation, in 2026. The OBBBA has enacted a permanent in- crease, with the lifetime exclu- sion amount at $15,000,000 for

REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion Phone: 781-740-2900 www.marej.com

2026, and indexed for inflation for years thereafter. Extension of Income Tax Rates and Brackets The TCJA had temporarily modified the rates and brack - ets applicable for calculating an individual’s income taxes due. For example, in taxable years beginning in 2025, the highest applicable individual income tax rate imposed is 37% for married individu- als filing jointly for taxable income over $751,600, and for single individual taxpay- ers for taxable income over $636,350 (not including heads of household and surviving spouses). The OBBBA has enacted those changes as per- manent, with certain adjust- ments for inflation for taxable years beginning in 2026, and

for years thereafter. Extension of Increased Standard Deduction The TCJA had temporarily increased the standard deduc- tion available to individual taxpayers that did not itemize on their income tax returns. While the IRS published in October 2024 standard deduc- tion amounts for taxable years beginning in 2025, the OBBBA has replaced those amounts for 2025 and adjusts each standard deduction for inflation for years thereafter. Pursuant to the OBBBA, the standard deduc- tions for 2025 are $15,750 for single individuals (and married individuals filing separately), $23,625 for heads of house - hold, and $31,500 for married individuals filing jointly (and continued on page 10A

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 — Financial — October 2025 — 3A

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F inancial Anderson & Miro rep. the borrower and developer, Hiren Ramani of the Ramani Group Cushman & Wakefield arranges $60M construction loan for Phase 2 of Plainfield, NJ development

LAINFIELD, NJ — Cushman & Wake- field announced that it

has secured $60 million in construction financing for The Bishop, a 266-unit multifamily development located at 401 E. 3rd St. in Plainfield. The loan was provided by Invictus Real Estate Part- ners LLC. Cushman & Wakefield’s Brian An- derson and

game room, a screening room, a children’s area, and a pick - leball court. The development benefits from a 30-year PILOT agreement, with 20% of the units designated as workforce housing. MAREJ

Brian Anderson

The Bishop

Eddie Miro

Eddie Miro represented the borrower and developer, Hi- ren Ramani of the Ramani Group , in the transaction. The Bishop marks the sec - ond phase of construction at the multi-phased development called The Heritage, a massive 1,181-unit project. Developed by the Ramani Group, the project is being built to create significant new housing near a transit hub and help transform the town of Plainfield. Phase I of the master plan, a 131-unit building called CitiVillage at The Heritage, was completed in December 2023 and is over 98% occupied. “Our team is pleased to be involved in the second phase of construction at this mas- sive, transformative project in Plainfield,” said Anderson. “ Hiren and his entire team have developed a thoughtful vision to help the town tap into its potential as a vibrant transit hub in New Jersey, afford- ing residents access to some of the largest employment centers in the Northeast. We look forward to our continued partnership and watching the project come to life.” Rising six stories, The Bish- op will feature a mix of studio, one-, two-, and three-bedroom apartments, along with 12,617 square feet of ground-floor retail space and 206 parking spaces. The project is centered around 1.16 acres of new green space and is situated within a 10-minute walk of the Plainfield Train Station. Residents of The Bishop will have access to over 8,000 square feet of amenities, in- cluding an outdoor lounge, a pool, a golf simulator, a gym, a

4A — October 2025 — Appraisal Institute Southern NJ Chapter — M id A tlantic Real Estate Journal

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www.ai-snj.org Telephone 856-415-0281 • Fax 856-415-1952

2025 Olasin Award: Joshua D. Garretson, MAI, ARA, AI-GRS, AI-RRS The George Olasin award is given to a member of the Southern New Jersey Chapter of the Appraisal Institute who has given years of dedicated service to the chapter and exhibited a high standard of ethics and professionalism in their appraisal practice. This award is named after George Olasin, 1962 Chapter President, who passed away in February 2011. The George Olasin award for 2025 is being awarded to Joshua D. Garretson, MAI, ARA, AI-GRS, AI-RRS. This prestigious honor will be recognized at the December 2nd installation event. https://tinyurl.com/ynru64yy

2025 OFFICERS AND DIRECTORS President: Maria Nucci, SRA, AI-RRS

Vice President: Meghan Linaris, MAI

Joshua D. Garretson, MAI, ARA, AI-GRS, AI-RRS has worked as an appraiser specializing in agricultural real estate in Southern New Jersey for over 18 years. He graduated from Pennsylvania State University with a Bachelor of Science in Finance and a minor in Economics. He joined the Appraisal Institute when he began his appraisal career in 2007 with Farm Credit East, formerly First Pioneer Farm Credit. Now a Se- nior Appraiser at Farm Credit East, Joshua specializes in valuing land and agricultural properties throughout New Jersey and New York. He has also appraised various other

Treasurer: Deborah Tordella, MAI, SRA Secretary: Joshua Garretson, MAI, AI-GRS, AI-RRS Past President: Sherrie Lisa Galderisi, SRA, AI-RRS Directors: Steve Bartelt, MAI, SRA, AI-GRS Michael Descano, MAI Danielle Fischer Lee Ann Kampf, MAI

specialized property types including cold storages, food processing facilities, apartments, and office buildings. In addition to valuing real estate, he is also responsible for the management of all collateral in the branch portfolio, which includes a variety of vehicles, machinery, specialized equipment, and other chattel. He handles the ordering and reviewing of outside appraisals for the branch and completes appraisal reviews in Farm Credit East’s offices throughout the northeast. In addition to the Appraisal Institute designations, Joshua also has an Accredited Rural Appraiser (ARA) designation with the American Society of Farm Managers and Rural Appraisers (ASFMRA). Joshua has served the Southern New Jersey Chapter as 2017 President and 2015-2016 Vice President. He has also served as a director position and represented the chapter at LDAC from 2015-2017. He is currently the Secretary and Education Chair has been elected as the 2026 Treasurer. Joshua has also served Region VI as chair, vice chair, and third director from 2020-2024. He served on the Appraisal Institute on the National Board of Directors from 2021-2024. He chaired the Region VI Nominating committee in 2025 and will do so again in 2026. He previously served on the Appraisal Institute’s National Admissions and Designation Qualifications Committee, Finance Committee, and Strategic Planning Committee. He has also served on several national project teams including the Governance Structure Project Team, CEO Performance Review Project Team, and Board Meetings and Motions Project Team.

Congratulations to Joshua D. Garretson, MAI, ARA, AI-GRS, AI-RRS: our 2025 George Olasin Award recipient!!!

PAST AWARD RECIPIENTS George Olasin, MAI, SRA • Allen Black, MAI, SRA • Richard Sheldon, MAI, SRA Norman C. LeGore, MAI, SRA • Henry Herskowitz, MAI, SRA • Alvin Rosen, SRA Edward J. Bligh, MAI, SRA • Michael D. Jones, MAI • E. Guy Elzey, Jr. SRA Robert Sapio, MAI, SRA • Howard Rosen • A. Craig Black, SRA • Tim Sheehan, MAI, SRA Patrick Conover, MAI • Edward T. Molinari, SRA, AI-RRS • Joseph V. Heenan, MAI, SRA Mary Fox, MAI • Steven Bartelt, MAI, SRA, AI-GRS • Jerome J. McHale, MAI

Jerry McHale, MAI Errett Vielehr, MAI

The Appraisal Institute Supports Your Success

Check us out if you are:

• A practicing valuer in any stage of your career • Looking for better opportunities and are intersted in real property valuation or a career in the real estate industry • A full or part-time student looking to learn about your best career choices and want to jump start connections and networking

M id A tlantic Real Estate Journal — October 2025 — 5A

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The Appraisal Institute is a global professional association of real estate appraisers, with over 13,000 professionals in almost 50 countries throughout the world. The Southern New Jersey Chapter has well over 100 members. They perform a variety of services ranging from single family valuation to feasibility studies for regional malls & hotel- casinos. Whether it’s assistance on a home purchase or providing expert testimony for litigation, our members are uniquely qualified to meet these needs. For more information regarding the Southern NJ Chapter of the Appraisal Institute visit: www.ai-snj.org, or call Executive Director Lisa Weiss at 856-415-0281. 2025 Designated Members of the Southern NJ Chapter

(732) 886-6695 (267) 253-5926 (609) 221-7274 (215) 842-0649 (732) 928-1410 (609) 832-2102 (609) 914-4679 (856) 853-7622 (732) 682-9949 (732) 571-3660 (267) 675-4905 (609) 214-8418 (609) 292-2573 (732) 389-3600 (856) 396-0000 (609) 914-4679 (856) 292-3021 (856) 468-0068 (856) 662-0027 (856) 787-6290 (856) 218-2800 (609) 918-1000 (732) 576-2037 (609) 943-3492 (609) 391-0404 (856) 761-3012 (856) 795-8700 (732) 605-0791 (469) 228-4123

J. Paul Bainbridge, MAI Steven Bartelt, MAI, SRA, AI-GRS Sergey Belov, MAI Lawrence E. Bowne, MAI Pamela J. Brodowski, MAI Steven Brownell, MAI Richard J. Carabelli, Jr, MAI J. S. Carduner, MAI, AI-GRS Cynthia Carpenter, MAI, AI-GRS Lana Chiappetta, MAI, AI-GRS John P. Corbett, MAI Albert Crosby, MAI Susanne Curran, MAI, AI-GRS Eugene P. Davey, SRA Thomas C. Davis, SRA Michael A. Descano, MAI Russell V. DiLello, MAI, AI-GRS John E. Doyle, MAI Scott A. Eiffes, MAI, AI-GRS Jack Jerome Enright, MAI Philip Fortuna, MAI, SRA Sherrie Lisa Galderisi, SRA, AI-RRS Joshua Garretson, MAI, AI-GRS AI-RRS Timothy P. Golden, Jr., MAI Mark J. Hanson, MAI, SRA, AI-GRS Joseph V. Heenan, MAI, SRA Tony F. Kamand, Jr, MAI Lee Ann Kamph, MAI Jessica Klauder, MAI Robert M. Klein, MAI, AI-GRS

Cape May Ct. House Turnersville Marlboro Burlington

Lakewood Audubon

(609) 465-9978 (856) 582-5892

Samuel Levi, MAI Meghan E. Linaris, MAI

Philadelphia Philadelphia Jackson Maple Shade Lumberton Woodbury New Egypt Rumson Burlington West Deptford Trenton Shrewsbury Medford Cherry Hill Linwood

Bonnie L. Longo, MAI, SRA Eileen Lynn, MAI, AI-GRS Peter A. Maher, SRA, AI-RRS Charles A. McCullough, MAI, AI-GRS Jerome J. McHale, MAI Edward Molinari, SRA, AI- RRS Leonard Molinari, SRA Donald Moliver, MAI Christopher Murphy, MAI Maria Nucci, SRA, AI-RRS Robert Parmley, SRA Richard A. Plock, MAI, AI-GRS

(267) 675-4907 (609) 261-4220 (856) 753-3030 (609) 438-9063 (609) 223-4911 (215) 280-4563 (609) 220-3791 (215) 587-6004 (215) 928-7526 (215) 493-5000 (215) 806-3268 (856) 764-6500 (856) 375-2148 (973) 970-9333 (215) 231-9900 (856) 234-9250 (732) 237-6413 (215) 925-1212 (973) 283-2266 (856) 451-0933 (215) 561-8976 (609) 457-7297 (609) 391-8862 (732) 286-9250 (609) 736-0695 (215) 514-0896 (215) 963-4047

Eastampton West Berlin Hamilton Robbinsville

Summit Medford

Philadelphia Philadelphia Yardley Philadelphia Delran Cherry Hill Morris Plains Philadelphia Moorestown Brick Philadelphia Ocean View Bridgeton Philadelphia Audubon Ocean City Toms River Ocean City Marlton Philadelphia

Jeffrey D. Richwall, SRA Susan T. Roettger, MAI Michael S. Sapio, MAI

Jack Sheehan, MAI, AI-GRS Timothy Sheehan, MAI, SRA Richard Shorter, SRA Thomas J. Sliwowski, SRA Peter E. Sockler, MAI James Stuart, MAI, SRA, AI-GRS Robert J. Tighue, MAI Deborah P. Tordella, MAI, SRA Errett Vielehr, MAI John H. Walton, Jr, MAI, SRA Richard J. Ward, SRA Thomas Westerfield, SRA

Wenonah Cherry Hill Mt. Laurel Sewell Hightstown Colts Neck Trenton

Ocean City Haddonfield Cherry Hill Monroe Township Fort Wayne, IN

6A — October 2025 — Appraisal — Financial — M id A tlantic Real Estate Journal

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Appraisal

By Jay L. White, MAI, CRE ® , Apex Realty Advisory How technology is redefining accuracy and speed in CRE appraisals

echnology and the ad- vancement of artificial intelligence (AI) are

and objectivity. The speeding up of organized market data analysis to arrive at appraised values can be compressed from weeks into days, allowing for a swifter delivery of valuations to expectant clients. Speed, precision, and profi - ciency all benefit lenders and investors in terms of gaining clarity through faster pro- duced asset values. This is highly beneficial to lenders and investors as it permits them to make business deci - sions at a more rapid pace, which has positive impacts on commercial real estate

from sales volumes to loan underwriting. The result is a process that’s not just quicker and more open but also more consistent, helping everyone involved to make more in - formed, confident decisions in less time. This technological shift comes at a crucial moment. Deploying capital wisely is im- portant, especially as interest rates remain high and liquid- ity is hard-won. Every delay now carries opportunity cost. By rethinking how apprais - als fit into the broader deal timeline — and by embracing technology that enhances both accuracy and speed — brokers, lenders, and owners can turn what was once a logjam into a differentiator. Technology, digital tools, and advanced analytics can help appraisers better understand the factors influencing property values, improving efficiency and thus streamlining the appraisal process significantly. Doing so will better match the pace for how modern real estate deals get done and improve customer service. Given these advancements in technology, the role of the appraiser is being redefined. However, it is important to remember that technology- driven appraisal reports need to provide clear, concise data in presenting trends and analysis that supports their reported final value conclu- sions without ambiguity. It’s a tool to enhance and improve the appraisal process; a savvy appraiser will capitalize on the advantages AI can offer. While AI technology can be extremely beneficial to the appraising process, it’s not a replacement for a knowledge - able, expert, human appraiser. Appraisers are using AI and other tools to supplement their skills to elevate and improve their appraisal processes so they can focus on the more complex aspects of the valua- tion process. However, it still comes down to the appraiser making the value judgement calls and forming the final value opinions. The combina- tion of technology and human judgment is leading to more reliable, transparent, and effi - cient real estate appraisals for the user of appraisal services. Jay L. White, MAI, CRE ® , is the founder of Apex Real- ty Advisory in Wilmington, DE. MAREJ

“The combination of technology and human judgment is leading to more reliable, transparent, and efficient real estate appraisals.”

changing the landscape across all in- dustries, and commercial real estate is no exception. Technology known as proptech is

work for lenders and under - writers into a core element of deal investment strategy where speed, accuracy, and data clarity all drive competi- tive advantages. AI, like any other tool, is starting to play a more prominent role in achieving those goals. Nationally, appraisers pro- duce more than half a million property valuations each year for commercial properties. Us-

ing traditional methods, many stakeholders wait weeks for appraisals, but technology be- ing used by several appraisal firms is proving that precision doesn’t have to come at the cost of effectiveness. The use of AI, data analytics, mobile devices, integrated comparable data databases, and digital tools are all employed to enhance accuracy and productivity while improving transparency

Jay L. White

impacting every facet of the commercial real estate in- dustry, including appraisals. Commercial appraisals are evolving from routine paper-

Jay L. White, MAI CRE® 101 Brandywine Boulevard Wilmington, DE 19803 P: 302-479-5300 www.apexrealtyadvisory.com

O UR S ERVICES

O UR Q UALIFICATIONS • Certified General Real Appraisers serving Delaware, Maryland, and Pennsylvania with 37+ years of appraising experience • MAI designated real estate appraiser • CRE® Counselor of Real Estate o Awarded to real estate practitioners recognized for their expertise, experience, and ethics in providing advice

• Real Estate Appraisal

o Expert valuation of commercial properties o We provide critical thinking and analysis of the commercial markets o Financial Analysis used to better evaluate development options o Appraisal reviews, arbitration, real estate tax appeals, loan workouts, and litigation support o Analysis of current market conditions and research into comparables for client internal asset management purposes o Retrospective for estate tax purposes and current for future planning

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M id A tlantic Real Estate Journal — Financial — Appraisal — October 2025 — 7A

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Appraisal

By Carlo L. Batts, MAI, Rittenhouse Appraisals and The Reduxx Group Why now is the time to audit your multi-state property tax bills

unicipal revenue pressures and re- assessment cycles

ditions may not reflect cur - rent values, particularly in markets impacted by the shift to remote work or changing retail patterns. Second is the variation in methodologies. Assessors in different jurisdictions may use varying approaches to similar properties, creating disparities that favor some locations over others within the same portfolio. Next is missed appeal dead- lines. With each municipality setting its own deadline, some as early as 30 days from no- tice, busy portfolio managers may simply miss the window

to challenge assessments. Finally is a lack of com - parative analysis. Without systematic review, companies miss opportunities to identify properties assessed higher than comparable assets in similar markets. The Cost of Inaction For a company with a $100 million, multi-state real es- tate portfolio, even a 5% reduction in property tax assessments could yield six- figure annual savings. Over multiple years, the cumula- tive impact becomes substan- tial. This total represents capital that could be deployed

for expansion, improvements, or operational needs. Taking Action Portfolio managers face a choice: build internal capacity to systematically review prop- erty taxes across jurisdictions, or partner with specialists who have the infrastructure in place. The scope of work is sub - stantial. Tracking bills and deadlines across multiple states, conducting compara- tive analysis, understanding local reassessment cycles, and navigating varying regula- tions. Most corporate real es- tate teams lack the bandwidth

and specialized knowledge to handle this while managing core responsibilities. With municipal revenue pressures intensifying, now is the time to establish system- atic review processes, whether through internal resources or external partnerships. The question isn’t whether sav- ings opportunities exist. It’s whether companies have the right expertise to capture them before deadlines pass. Carlo L. Batts, MAI is the principal of Rittenhouse Appraisals and The Reduxx Group, both based in Center City Philadelphia. MAREJ

are creating hidden costs for portfolio owners. For direc- tors of real estate and corporate portfolio m a n a g -

Carlo L. Batts

ers who oversee properties across multiple states, 2025 presents a perfect storm of factors that could be inflating property tax obligations. Federal funding cuts under the One Big Beautiful Bill are forcing municipalities to seek new revenue sources, with property taxes on commercial uses representing the most reliable option. Simultane- ously, many jurisdictions are in active reassessment cycles, creating opportunities for overvaluations that can remain for years if they are left unchallenged. The result? Significant mon - ey may be left on the table by portfolio owners managing doz- ens or hundreds of properties across different states, simply because no one is systemati- cally reviewing the bills. The Multi-State Challenge Single-property owners likely scrutinize their annual tax bill, but companies with multi-state portfolios face a different real- ity. Tax bills arrive from dozens of municipalities, each with different assessment method- ologies, appeal deadlines, and valuation standards. A retail chain with 50 locations across five states could be receiving 50 different tax bills, each requir- ing individual analysis. Even if a company has excel- lent financial controls, prop - erty taxes are often viewed as a fixed cost, rather than a negotiable expense. The level of complexity increases when a company owns different property types. A portfolio mixing office space, warehouse facilities, and retail locations faces different valuation chal- lenges for each asset class, compounded by varying local market conditions. Common Overpayment Patterns We see several patterns where multi-state portfolio owners commonly overpay. First is outdated assess- ments. Properties assessed during stronger market con -

Reduce Your Commercial Real Estate Tax Burden

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

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F inancial

Rapid-funding leader supports critical upgrades at Florida senior housing community Chase Wolfer of Kennedy Funding secures $3.7M for Crown Court renovation in Inverness, FL

begin facility upgrades. “The Crown Court commu- nity is known for providing

closing dates. We’re here to get you to the closing table as soon as possible.” Known for lending both in the US and abroad, Kennedy Fund- ing has seen a surge in lending activity in the Sunshine State. Recent transactions include a $3.375 million loan for a mixed- use development in Apopka, a $7.5 million land loan for a luxury townhome development in Santa Rosa Beach, and a $4.85 million purchase for a future Alzheimer’s care facility in Jacksonville. “Florida remains a hotspot for commercial real estate invest- ing and development,” Chase Wolfer said. “As people continue to move to FL in high numbers, they’ll need housing, shops, places to work, and assisted liv - ing facilities like Crown Court, to support them at every stage of their lives.” The direct private lender clos- es loans ranging from $1 million to $50 million in as little as five days. Loan proceeds can be used for acquisitions, working capi - tal, workouts, bankruptcies, and foreclosures. MAREJ Association and most re- cently co-founded the Tier One Network . Recognized as a connector throughout the community, Madanick serves on the Strategic Expansion Committee for NAIOP Greater Philadelphia and was co-chair of the Real Estate Professional Networking with the Jewish Federation of Southern NJ . She is also a strategic partner with the Camden County Bar Association , underscoring her commitment to fostering professional collaboration and supporting local growth. “Natalie’s drive and ability to connect people have had a direct and lasting impact on our success,” said George Duffield, Sr. , co-owner and CEO of National Integrity Title Agency. “Her energy is un- matched, and her relationships across the real estate and busi- ness communities will continue to open doors and strengthen NITA’s presence.” “At NITA, we work like family — everyone is passionate about supporting clients and each other. I’m excited to continue building on the relationships we’ve established while looking ahead to new opportunities for growth,” said Madanick. MAREJ

NGLEWOOD, NJ — The Crown Court se- nior housing community

high-quality care, and the planned im- provements will make this facility even better for its resi- dents,” Wolf - er said. “Se-

will soon un- dergo reno- vations to its 120-year- old facility, thanks to a loan from Kennedy Funding , a New Jersey

Chase Wolfer

Kevin Wolfer

curing this loan so quickly for a project this important is exactly why borrowers turn to Kennedy when they need funding in a short turnaround time.” The demand for senior hous- ing is growing as millions of Americans reach the age of 80; half of assisted living residents are aged 85 or older. More than 900,000 people aged 80 or older live in FL alone. The need vastly exceeds current construction trends; around 4,000 new senior living units will be developed this year and next year, but 100,000 beds per year are needed to keep up with projected demand. “There’s exponential growth

based direct, private lender. Borrower Vseva Crown Court LLC purchased the 0.697-acre property for $3.725 million. Crown Court is centrally located in a tranquil neighbor- hood ideal for retirement. The Inverness area, about 75 miles north of Tampa in central Florida, has a reputation as a safe, closely connected commu- nity. Easily accessible by Flor- ida Hwy. 44 and US Hwy. 41, Crown Court is close to nearby parks, lakes, restaurants, and healthcare facilities. According to Kennedy Funding Loan Officer Chase Wolfer , who closed the deal, the borrower was eager to

Crown Court

in the senior living commercial real estate market, and an ur - gent need to meet the expected demand for beds over the next decade,” Wolfer said. “Facilities like Crown Court are providing a sorely-needed service in an incredibly in-demand sector.” The Crown Court transac- tion is a perfect example of the direct private lender’s leading areas of expertise: closing loans in days or weeks instead of months. When big banks and traditional lenders put up road-

blocks that slow clients down, Kennedy clears the way for a smooth funding journey. “Time is money when it comes to commercial real estate projects, and with traditional lenders, the lengthy funding process stalls work on the kind of renovations Crown Court wants to make,” Kevin Wolfer , CEO and president of Kennedy Funding, said. “When you part- ner with Kennedy, you don’t have to worry about unpredict- able, unreliable, or drawn-out

Kennedy Funding delivers bridge financing for Montclair, NJ property

NITA promotes Madanick to VP Commercial Business Development

MARLTON, NJ — Nation - al Integrity Title Agency (NITA) , a full-service title insur-

MONTCLAIR, NJ — Ken- nedy Funding has announced the closing of a refinancing

ance and set- tlement agen- cy serving the commercial and residen- tial real es- tate markets, proudly an- nounces the promotion of

loan for 40- 46 Church St. in Montclair, a two-story, three-build- ing mixed- use property offering both retail and of- fice space in the heart of downtown.

Natalie Madanick

Natalie Madanick to vice president Commercial Business Development. Since joining NITA, Madanick has played a pivotal role in driving new busi- ness opportunities, strengthen- ing client relationships and ad- vancing the company’s mission to deliver exceptional service. In her expanded leadership role, Madanick will be responsible for furthering and building new key partnerships that focus on the unique needs of clients in the commercial real estate market, including attorneys, lenders, developers and brokers. Madanick is deeply engaged in the region’s business and real estate community. She is co-chair of the “Everything Real Estate Group” at the Pyra- mid Club , Board Member of the Voorhees Business

Edwin Urrego

Located in one of Montclair’s most vibrant corridors, the property—known locally as The Hall Building—is positioned for long-term growth. However, when it came time to secure financing, other lenders hesi - tated. That’s where Kennedy Funding stepped in. “We see this time and time again,” said executive loan officer Edwin Urrego . “Tradi- tional lenders slow down or shy away when there’s perceived risk. Our ability to act quickly, evaluate creatively, and fund decisively is what makes deals like this possible.” The refinancing loan pro- vided the borrower with the flexibility needed to consolidate

40-46 Church St. in Montclair, NJ

debt and position the property for future success, ensuring ongoing improvements and up- grades that will enhance both retail and office spaces. Kennedy Funding’s speed made the difference. In a com- petitive lending environment, the firm was able to move rapidly from evaluation to clos- ing—bridging the gap where traditional lenders could not. “This deal perfectly illus- trates what Kennedy Funding does best,” said Kevin Wolfer ,

CEO/president of Kennedy Funding. “We step in where other lenders can’t or won’t. When time matters most, our team delivers the funding so- lutions needed to keep projects moving forward.” About Kennedy Funding Kennedy Funding is a global direct private lender special- izing in bridge loans for com- mercial property and land acquisition, development, workouts, bankruptcies, and foreclosures. MAREJ

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

www.marej.com

F inancial

The Loan Closed!

When timing is everything, we’re always ahead of the game.

We fund in days — not months. That’s how we provided a loan for the $3.725 million acquisition of a 120-year-old senior housing community in Inverness, Florida — giving the borrower the capital to move forward with long-overdue renovations. No waiting. No guessing. Just funding that’s a bingo!

With over $4 Billion in closed loans, why would you go anywhere else?

Call 201-342-8500 or visit KennedyFunding.com

land, development and acquisitions, bankruptcies, discounted payoffs, note purchases, workouts and foreclosures

10A — October 2025 — Financial — M id A tlantic Real Estate Journal

www.marej.com

F inancial Vertical Realty Capital & Maybern Realty introduce premium Bergen County rentals

JLL secures financing for 67-unit luxury apartment community in Ho-Ho-Kus, NJ

New York’s Penn Station via a 50-minute train ride. Ho-Ho-Kus is one of New Jer- sey’s wealthiest municipalities, reporting an average household income of $318,020 and an average home value of over $1 million in 2024. The borough benefits from its prime location in the center of Bergen County, where residents can utilize the county’s extensive highway and public transportation infra- structure including close access to the Garden State Pkwy., I-287, Rte-17 and Rte-208. JLL Capital Market’s Debt Advisory team represent- Account generally cannot ex- ceed $5,000 (to be adjusted for inflation after 2027) per year (with certain limited excep- tions, including contributions from tax-exempt entities). Generally, distributions from the Trump Account are not al- lowed until the calendar year in which the child attains 18 years of age. Once the child attains 18 years of age, the Trump Account will function like an IRA. Thus, withdraw - als prior to age 59 ½ may incur penalties in addition to income tax, unless an exception ap- plies. Trump Account assets must be invested in either an S&P 500 stock market index fund or certain other index funds which are “comprised of equity investments in primar- ily United States companies.” The OBBBA has also created a corresponding Trump Account pilot program for U.S. citizens born in 2025 through 2028, where the federal government will contribute $1,000 per child into that child’s Trump Account. For such children, the Secretary of the Treasury will automatically create an account if one does not exist; parents of a child will have the option of opting out of a Trump Account. Contributions from parents and other individuals are not tax-deductible and cre- ate the basis in the Trump Ac- count that is not taxable when withdrawn. Employer contri- butions, the $1,000 federal contribution, and charitable gifts do not create basis and are taxable when withdrawn. Earnings are taxable when withdrawn. Gifts to a Trump Account will count towards your annual gift tax exclusion. Other Provisions The OBBBA has made

ing the borrower was led by senior managing director Jon Mikula , senior director Max Custer and analyst Michael Donohoe . The property features 67 units comprising a mix of one- and two-bedroom apartments and includes luxury features such as walk-in closets, in-unit washers and dryers, quartz countertops, stainless steel kitchen appliances and private terraces for select units. Com- munity amenities include a state-of-the-art fitness center, all-sport simulator, resident lounge, and pet spa. MAREJ permanent other TCJA pro- visions, with certain adjust- ments, including: • Limitation of acquisition indebtedness for mortgage interest deduction purposes to $750,000 ($375,000 for married filing separately) • Increase of the increased Alternative Minimum Tax ex- emption and threshold amounts (as indexed for inflation) • Increase to the child tax credit • Permanent disallowance of miscellaneous itemized deduc- tions (with some exception for certain educator expenses) • Permanent tax-free student loan discharge on death or disability Additionally, the OBBBA has created: • A non-itemized charitable de - duction up to $1,000 for single filers and $2,000 for joint filers • A reduction of itemized de - ductions by 2/37 of the lesser of (i) total itemized deductions and (ii) taxable income above the 37% bracket threshold • A 0.5% floor applied to ad - justed gross income (without regard to a net operating loss carryback) for charitable de - ductions • Expanded categories of cov - ered expenses for 529 plans and increased tax-free with- drawal limit to $20,000 for K-12 expenses • Repeal of clean energy tax credits, such as clean vehicle and energy efficiency home credits Meghan E. Anderson is an associate at Greenbaum, Rowe, Smith & Davis. Michael K. Feinberg is a Partner and Chair of Tax, Trusts & Estates Depart- ment at Greenbaum, Rowe, Smith & Davis. MAREJ

O-HO-KUS, NJ — JLL Capital Mar- kets has arranged the

financing of 619 North Maple Ave., a newly delivered 67-unit luxury apartment complex in Ho-Ho-Kus. JLL worked on behalf of the borrowers, Vertical Realty Capital and Maybern Real- ty in securing the seven-year, fixed-rate loan through a life insurance company. 619 North Maple Ave., locat - ed in Ho-Ho-Kus, Bergen Coun- ty, represents a best-in-class transit-oriented multifamily property differentiated by elite

619 North Maple Ave.

unit finishes and abundant community amenities. The development is strategically

positioned just a quarter mile from NJ Transit’s Ho-Ho-Kus Station, providing access to

continued from page 2A One Big Beautiful Bill Act: an overview of tax impacts for individuals

the taxpayer’s modified gross income exceeds the threshold amount, but the applicable limitation amount will not be “phased down” below $10,000. For taxable years beginning in 2025, the applicable limita- tion amount for taxpayers is $40,000 (other than married individuals filing separately, for whom the limit is $20,000) and the threshold amount is $500,000. Note that both the applicable limitation amount and the threshold amount are set to increase by 1% each year through 2029. For taxable years beginning in 2030 and thereafter, the OBBBA resets the limit of the SALT deduc- tion to $10,000 (for taxpayers other than married individuals filing separately). Creation of a Deduction for Certain Tips Income The OBBBA has established a new deduction for certain reported “qualified tips” for taxable years beginning in 2025 through 2028. It applies to qualified tips which are received by an individual in an occupation which custom- arily and regularly received tips on or before December 31, 2024; the Secretary of the Treasury (or a delegate of the Secretary) has been ordered to publish a list of such occupa- tions. The qualified tips deduc - tion is limited to $25,000 and is to be further reduced if the taxpayer’s modified adjusted gross income exceeds $150,000 ($300,000 if the taxpayer files a joint return). Note that this deduction does not apply if a taxpayer is married and files a separate return. Creation of a Deduction for Certain Overtime Income The OBBBA has established

a new deduction for certain re- ported “qualified overtime com - pensation” for taxable years beginning in 2025 through 2028. It applies to qualified overtime compensation which is paid to an individual as required by the Fair Labor Standards Act of 1938 and that is in excess of the individual’s regular pay rate. The qualified overtime compensation deduc- tion is limited to $12,500 for a single taxpayer and $25,000 in the case of a joint return and is to be further reduced if the taxpayer’s modified gross income exceeds $150,000 ($300,000 if the taxpayer files a joint return). Note that this deduction does not apply if a taxpayer is married and files a separate return. Creation of a Deduction for Certain Car Loan Interest The OBBBA has established a new deduction for certain in- terest on a “qualified passenger vehicle loan,” which must be a purchase loan incurred in 2025 or later for a new vehicle whose final assembly was in the U.S. and is used for personal pur- poses. The qualified passenger vehicle loan interest deduction applies for taxable years begin- ning in 2025 through 2028; it is limited to $10,000 for any tax- able year and is to be further re- duced if the taxpayer’s modified gross income exceeds $100,000 ($200,000 if the taxpayer files a joint return). Trump Accounts The OBBBA has established a new type of tax-favored sav- ings account called a “Trump Account,” which can be opened for certain eligible children starting in 2026. A Trump Account can be opened for a child who is not yet 18 years of age. Contributions to a Trump

surviving spouses).

Creation of a Deduction for Seniors An additional deduction of $6,000 is available for taxpay - ers who are 65 or older (at the end of the taxable year) for taxable years beginning in 2025 through 2028, subject to reduc- tions if the taxpayer’s modified adjusted gross income exceeds $75,000 ($150,000 if the tax- payer files a joint return). A $12,000 deduction is available, subject to reductions, on a joint return if both spouses are 65 or older (at the end of the taxable year). This senior deduction is in addition to the applicable standard deduction. Note that this deduction does not apply if a taxpayer is married and files a separate return. This deduction has been discussed as an offset to otherwise tax- able social security retirement income, in place of President Trump’s original campaign promise of exempting social security retirement benefits from taxable income. Increase to the State and Local Income Tax Cap The TCJA had imposed a new limit to the state and local tax (SALT) deduction against federal income taxes of $10,000 for taxpayers (note that this amount was $5,000 for married taxpayers filing separately). For taxable years beginning in 2025 through 2029, the OBBBA has increased the SALT deduction limit to an “applicable limita- tion amount,” which is subject to a phasedown that reduces that amount if the taxpayer’s modified adjusted gross income exceeds a “threshold amount.” The phasedown reduces the applicable limitation amount by 30% of the amount that

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