10B — February 2025 — Owners, Developers & Managers — M id A tlantic Real Estate Journal
www.marej.com
O wners , D evelopers & M anagers
Skanska lands $220m deal to Restore Commodore Barry Bridge
B In category for companies with +25 properties CRC climbs to #13 among multifamily management
equity contributions. Lenders recognize C-PACE as a stabiliz- ing force in the capital stack, reducing overall project risk. Since C-PACE assessments are structured as a tax obligation, they hold a priority lien but do not accelerate in case of default, making them lender-friendly. For example, a developer constructing a $50 million mixed-use project may secure a $35 million senior loan but require additional funding for infrastructure, systems, and envelope improvements. Instead of turning to high-cost mezzanine debt, the developer can secure a $10 million C- PACE loan, freeing up cash flow and reducing overall borrowing costs. The remain- ing $5 million can be raised through equity, ensuring the project moves forward without excessive financial strain. Conclusion In an environment where securing construction financ - ing has become increasingly difficult, C-PACE offers com - mercial real estate stake- holders—owners, developers, and financial advisors—a vi - able solution to keep projects funded and moving forward. As more states, including New Jersey, embrace this model, developers should consider integrating C-PACE into their capital strategies. Whether for new construction, major renovations, or repositioning assets, C-PACE enhances financial flexibility, lowers borrowing costs, and ensures project success, even in turbu- lent credit markets. Stephen Arrivello is Man- aging Director at PACE Equity LLC, a nationwide C-PACE lender. MAREJ Commodore Barry Bridge will ensure long-term reliability and safety, and significantly enhance the commute for the 41,000 vehicles that utilize the passageway daily.” The scope of the bid-build project includes blast cleaning and repainting the cantilever truss, steel barriers, and over- head gantries, as well as re- pairing and strengthening the truss members, stringers, bear- ings, vibration absorbers, wind pins, and the installation of temporary jacking systems. Ad- ditional project work includes concrete deck repairs, replace- ment of electrical conduit and wiring, and the replacement of the existing movable barrier and barrier machine. MAREJ
reliance on high-interest debt. Major Renovations and Redevelopments – Property owners upgrading buildings or converting properties for new uses can utilize C-PACE to cov- er costs associated with struc- tural improvements, build- ing system replacements, and energy-efficient enhancements. Capital Stack Optimiza- tion – Developers can use C-PACE to refinance existing obligations or replace expensive short-term loans, improving overall financial stability and project viability. C-PACE in New Jersey A Game-Changer for Project Financing New Jersey recently launched its C-PACE program, creating new opportunities for develop- ers seeking to finance projects amid rising borrowing costs. The program, which began accepting applications in late 2023, aligns with national best practices to ensure accessibility and efficiency. With traditional lenders tightening their underwrit- ing standards, New Jersey’s adoption of C-PACE allows developers to secure additional funding without stretching their balance sheets. In cities like Newark, Jersey City, and Camden, C-PACE is already helping to bridge financing gaps for commercial develop- ments, ensuring projects stay on track despite challenging financial conditions. Integrating C-PACE with Senior Debt A Capital Stack Strategy One of the most strategic applications of C-PACE is its ability to complement senior debt, mezzanine financing, and CHESTER, PA — Skan- ska announced it has been awarded a contract by the Delaware River Port Authority (DPRA) to carry out the $220 million phase three paint- ing and rehabilitation of the Commodore Barry Bridge in Chester, PA and Bridgeport, NJ. Serving as a critical pas - sageway, this project will revi- talize the bridge and upgrade the user experience. “We are proud to play a pivot- al role in advancing the critical infrastructure improvements for this vital link between Pennsylvania and New Jersey,” said Bill Matre , Skanska Koch senior vice president and gen- eral manager. “Upon comple- tion, the revitalization of the
ALTIMORE, MD — Continental Realty Corporation (CRC) ranked #13 nationally in ApartmentRatings.com third party survey of top multifamily management companies, based on epIQ (Experience & Perfor- mance Intelligence Quotient) Index scores. The Baltimore- based commercial real estate and investment firm. Twenty-six CRC multifamily communities earned an “A” or better epIQ Index rating, and cumulatively, the company ranked #66 among all man- agement companies in all size categories. CRC scored 91.21 on the epIQ Index, a single-perfor-
CRC ranks #13 in survey of national asset managers
mance metric powered by ApartmentRatings that is de- signed to function as the most authentic, transparent and actionable industry metric for renters and multifamily pro- fessionals. Information is com-
piled based on average ratings from renter reviews, number of reviews received, percentage of reviews with manager re- sponses and average manager response times as compared to all other communities. MAREJ
Unlocking capital for development: The power of C-PACE financing . . . continued from page 2B
Inspired by Somerset Development purchases Commvault HQ with plans to reimagine space under Bell Works Brand
this caliber are often few and far between, especially in more suburban areas, which is why we look forward to entering the market with workplaces designed to inspire creativity and boost productivity.” “The Commvault headquar- ters is a landmark in Mon- mouth County, having played a significant role in our region’s business landscape,” said Charles Terefenko , Borough administrator and director of Public Safety at the Borough of Tinton Falls . “We are ex- cited to see this iconic property retain its original purpose as a hub for innovation, now under the stewardship of Inspired by Somerset Development. With their proven track record, we are confident that this build - ing will continue to serve as a vibrant center for both busi- nesses and the community.” Commvault will remain a prominent tenant in the build- ing and will occupy approxi- mately 75,000 square feet of office space as part of a lease - back agreement with Inspired by Somerset Development. “For our employees, being in the office is about more than just workspace; it’s about col- laborating in a vibrant pro- fessional community,” said Danielle Sheer, chief trust officer at Commvault. “We’re excited to work with Inspired to transform the campus into a central hub that fosters com- munity and connection for both Commvault employees and the broader community.” JLL represented Commvault in the transaction. MAREJ
HOLMDEL, NJ — Inspired by Somerset Development (Inspired) , a national mixed-
erties,” said Ralph Zucker , president of Inspired by Som- erset Development. “Having already developed in the Fort Monmouth area, acquiring this property to create a more intimate version of Bell Works is a natural next step for us. Since the space was previously closed to the public, we look forward to collaborating with Commvault to reconfigure it, allowing residents of Tinton Falls and surrounding areas to enjoy the building’s extensive offerings, just like its tenants.” Building on the existing Bell Works projects, Inspired by Somerset Development plans to preserve the integrity of the Commvault headquarters while introducing a flexible office model, modern ameni - ties and community-centric public spaces. The space will include a range of office foot - prints as well as fully func- tional “Ready-To-Wear” office suites offering both short- and long-term leasing options, and coLab, a collaborative work- space membership concept. Additional building amenities will include a selection of local restaurants, a Bell Market, a coffee shop, retail spaces and a health club, creating a vibrant and engaging environment for businesses and the surround- ing community. “Expanding the coLab brand to Fort Monmouth is an excit- ing next step for us as we look to diversify the markets in which we offer our high-qual- ity, flexible coworking model,” said Sean Donohue, managing director of coLab. “Spaces of
use real es- tate devel- oper with a specialty in large-scale adaptive re- use projects, today an- nounced the purchase of
Ralph Zucker
cyber resilience and data pro- tection company Commvault’s headquarters in Tinton Falls, New Jersey. Inspired plans to enhance the 276,900 s/f property under the Bell Works brand and begin leasing the property to companies and or- ganizations in the area seeking high-quality experiential office and retail spaces with exten- sive amenities and offerings for employees. Originally constructed in 2014, Commvault’s headquar- ters was designed to support the company’s growth with an innovative, advanced infra- structure and amenity build- out that would enhance the work environment for employ- ees. The campus features a range of amenities, including open-concept workspaces, con- ference rooms, a fitness center, a cafeteria, outdoor spaces, walking paths and recreational areas. “The design of Commvault’s headquarters is a perfect fit for the vision and ethos of the ‘Metroburb’ model we have de- veloped at our highly success- ful Bell Works New Jersey and Bell Works Chicagoland prop-
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