1-21-22

IVINGSTON, NJ — Gebroe-Hammer As- sociates has announced L Firm’s market specialists orchestrate transactions involving 12,804 units Gebroe-Hammer Associates announces $2.02 Billion in 2021 multifamily sales

ISSUE HIGHLIGHTS Volume 34, Issue 1 January 21 - Feb. 17, 2022

known as ‘transit villages,’ which continue to be invest- ment magnets,” said executive managing director David Oro- peza , one of the nation’s lead- ing urban-market specialists who was recognized in 2021 as a Multifamily Influencer. Central New Jersey also drew abundant multifamily investment across virtually every multifamily investment pocket, from Somerset and Middlesex toMonmouth, Ocean and Mercer counties. Featured sales include: • Mercer County : 258 units/$80.43M, where the firm closed the $65+M trade of a new-construction luxury apart- ment complex • Middlesex County : 949 units/$240.18M, including the sale of a 500+ unit complex that sold for $150+M • Monmouth & Ocean Counties : 383 units/$86.15M, among which was the sale of a 300-unit garden apartment property that sold for $70+M • Somerset County : 151 units/$34.99M, where the sale continued on page 8A at Wissahikon is less than a five-minute walk from the SEPTA Queen Lane train sta- tion, providing quick access to University City, Center City, and Chestnut Hill. In addi- tion, there are three bus stops at the property and residents enjoy convenient and quick access to the major transit arteries of Roosevelt Blvd. and Schuylkill Expressway. “We were able to provide a strong offer from a local bank with a favorable pre-payment penalty. This allows our cli- ents to execute their business plan, while hedging downside rate risk giving them maxi- mum flexibility in the future,” said Gejerman. Founded in 1991, Meridian Capital Group is an active deal- maker and one of the nation’s leading commercial real estate finance, investment sales and retail leasing advisors. MAREJ

Ken Uranowitz , firm presi - dent and a 46-year multifamily brokerage leader. “Apartment- property investments experi- enced a tremendous pandemic- recovery bounce due to pent-up demand and an abundance of dry powder that went unde- ployed in 2020. These condi- tions were compounded by an anticipated capital gains tax increase and elimination of the 1031 exchange, which both now seem unlikely going forward.” “The next 12 months are expected to bring much of the same, in terms of the multifam- ily investment frenzy,” said Uranowitz, who has spent his entire brokerage career with Gebroe-Hammer. “Continued deal flow and capital veloc- ity will feed record demand, especially among private and institutional investors, funds and lenders.” During 2021, Gebroe-Ham- mer’s highest concentration of sales were scattered through- out New Jersey’s urban and suburban submarkets as well as the South Jersey/Greater Philadelphia Metro.

In North Jersey, county sales totals and highlights included: • EssexCounty : $317.37M in sales/2,137 units, includ- ing the $113M sale of an East Orange workforce- housing portfolio • Union County : $217.67M in sales/1,362 units, which involved the $82.72M sale of a mixed-use portfolio spanning three municipalities •HudsonCounty : $170.79M in sales/861 units, among which was a 200+ unit apartment- home community fronting Boulevard East – the area’s primary commercial corridor • Morris-Sussex-Warren Counties : $89.94M/428 units, including the sale of a 200+- unit legacy garden-style prop- erty that sold for $50+M • Bergen/Passaic Counties : $52.36M in sales/311 units, including the $22.75M trade of a 118-unit high-rise “Gateway markets – cit- ies and high-building, high- population-density train line suburbs – created a sustained shortage of available for-sale product in what has become

SPOTLIGHT

full-year 2021 sales results of $2.02 Bil- lion. In total, the firm re- corded 12,804 units sold in 124 t r an s - a c t i o n s t o eclipse its for- mer all-time-

ECONOMIC DEVELOPMENT

5-7A

Ken Uranowitz

high sales benchmark of $1.9B from 2019. In December alone, Gebroe-Hammer recorded 22 deals encompassing 3,462 units sold for $574M. Included in the total unit count are 59 commercial units and a transaction count that consists of two land sales. With regard to the latter, one was in Monmouth County and the other was in Warren County, both in New Jersey. “As Gebroe-Hammer Associ- ates continues its focus on mul- tifamily investment sales, our firm has once again established the gold standard in this niche area of specialization,” said

6-7A

2022 FORECAST

9-21A

RRA reveals new national CRE platform

22A

The Arlington Group reps. Hudson Equities in lease at 90 Matawan

Meridian arranges $25M in acquisition financing for the purchase of the Willows at Wissahikon

PHILADELPHIA, PA — Meridian Capital Group , America’s most active deal- maker, arranged $24.75 mil- lion in acquisition financ- ing for the purchase of the Willows at Wissahikon, a

Directory ROP (Front Section) ........................................... Section A Financial Digest.........................................................3-4A Economic Development. ...........................................5-7A 2022 Forecast.......................................................... 9-21A Retail Development Reimagined. .......................... 23-25A DelMarVa................................................................... 27A New Jersey.............................................................. 1-10B Pennsylvania........................................................11-BC-B Owners, Developers & Managers....................... Section C www.marej.com

Willows at Wissahikon

multifamily property located in Philadelphia, on behalf of Silverstone Properties. The seven-year loan, pro- vided by a local bank, features a rate of 3.125% and three years of interest-only pay- ments. This transaction was negotiated by Meridian vice president, Max Gejerman

and managing director, An- drewLiebhard , who are both based in the company’s NYC headquarters. Located 549 Manheim St., this 228-unit property is fea- tures a mix of one-, two-, and three-bedroom units over 12 buildings. Situated in a tran- sit-oriented location, Willows

Inside Cover A — January 21 - February 17, 2022 — M id A tlantic Real Estate Journal

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2A —January 21 - February 17, 2022 — 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 AVP, Conference Producer ...........................Lea Christman Publisher ........................................................Joe Christman Editor/Graphic Artist ......................................Karen Vachon Contributing Columnist ...... Jason Salmon, Kay Properties & Investments 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. 34, Issue 1 Subscription rates: 1 year $99.00, 2 years $148.50, 3 years $247.50 & $4.00 single issue - plus postage REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion Phone: 781-740-2900 www.marej.com

Jason Salmon

Investing Across Market Cycles and Delaware Statutory Trust Investments ey Takeaways: tate Cycle? ● What are some Current Macro Real Estate Trends Impacting Investment Real Estate? ● Why Should Delaware Statutory Trust Investors Be Aware of Current Real Estate Trends? ●What are the Four Stages of a Real Es - One of the common topics that frequently pops up in investment conversations these days involves questions about what stage of the “real estate cycle” is the market currently in, and how does the current real estate market cycle impact the world of Dela - ware Statutory Trust 1031 exchanges? The first caveat that must be iterated here is that nobody can predict the future of any market, and there are always material risks associated with investing in real estate, which investors should carefully consider with their own tax K

and legal advisors. However, by taking a closer look at typi - cal real estate cycles and why these cycles are important to understand, investors can be better prepared for the future, and maybe recognize why more and more real estate owners are selling their prop - erties and moving into DST 1031 exchanges. What is a Real Estate Cy- cle? A market cycle basically refers to the periodic ebbs and flows that occur in the economy and across individual sectors, such as technology, stocks and bonds, and real estate. Real estate cycles typi - cally include a wave pattern

continued on page 4A ● Trough/Recession: In the recession phase, supply has over-exceeded demand, and demand drops—causing downward pressure on val - ues, high vacancy rates and that moves across the four phases of trough, expansion, peak, and contraction. Un - derstanding the real estate cycle can help people antici - pate shifts in the market and make more informed decisions relating to their real estate as - set, whether it’s single-family home, multifamily building, commercial building, or net leased property. Understanding the Four Real Estate Cycles:

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 A t t o r ne y s a t Law

F inancial D igest

M id A tlantic Real Estate Journal —January 21 - February 17, 2022 — 3A

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Commercial real estate deals extend across 18 different property types in 32 states Eastern Union secures financing in 240 cities throughout America in 2021

fielding a well-trained and well- rounded team of brokers, we’re building successful careers while also building the long- term success of Eastern Union.” Founded in 2001, Eastern Union is a leading, national commercial mortgage broker - age firm. It employs more than 90 real estate professionals and closes an average of $4 bil - lion in transactions annually. Eastern Union leverages its relationships with lenders and its marketplace knowledge to secure the best available rates and terms. Headquartered inNewYork, Eastern Union secures fi - nancing for transactions of all sizes across the United States. Transactions, which can include multi-state and multi-site portfolios, encom - pass conventional commercial mortgages, structured debt, healthcare, hospitality, mobile home parks, investment sales, and -- handled in conjunction with company affiliate East - ern Equity Advisors -- equity placement. MAREJ Washington St., Hoboken, NJ. The properties combined contain a total of 4 commer - cial units and 40 residential apartments, ranging from 1 to 4 bedrooms. The buildings are situated in the best areas of Uptown Hoboken with easy access to numerous forms of public transportation, including the Hoboken Path, as well as the 126 Bus which offers easy access to New York City. Hoboken Bike and Lime scooters are also available on almost every corner making local transportation more convenient for local residents. Progress Capital is a com - mercial real estate advisory firm with over $40 Billion in closed loans and $150 Million of directly funded bridge loans. Since 1990, we consistently get our clients to the closing table… plain and simple! MAREJ

EW YORK, NY — Eastern Union , one of the country’s largest

commerc i a l real estate fi - nance firms, closed trans - actions across 32 states in 2021. The deals, representing 18 different

AbrahamBergman

property types, were located in 240 cities throughout the United States. Transactions were concluded with 153 dif - ferent lenders. Noteworthy transactions in - cluded a $70.9-million deal for a multifamily property in At - lanta secured by senior manag - ing director Michael Muller , a $58.1-million loan for a self- storage complex in Virginia Beach, VA closed by managing director David Merkin , and a $42-million investment sale in Oxon Hill, MD arranged by director of investment sales Alex Bensahel . Two other prominent deals

Castleton Commerce Center a $15-million loan for an office building in Howell, NJ. Also in 2021, senior man - aging director Marc Tropp closed on a $14.85-million loan for a retail asset in Lawrencev - ille, GA, and Muller arranged $10.37 million in financing for a Miami Beach hotel. East - ern Union also secured $54.7 million in financing for two single-family rental portfolios in Baltimore, as well as $12.77 million in financing for a mobile home site in Houston. “In 2021, Eastern Union

were a $28-million construc - tion loan in Monroe NY secured by company CEO Abraham Bergman , senior loan origina - tor Becky Friedler and vice president Yossi Orzel , as well as a $26-million healthcare sector transaction in Venice, FL arranged by a team led by healthcare team leader Na- chum Soroka . The year also saw the closing of a $26.9-million loan for an industrial facility in Lancaster, OH arranged by Bergman and Orzel, who together also secured

successfully shifted into expan - sion mode,” said Bergman. “We widened the scope of our opera - tions by closing transactions in almost 20 asset categories in more than 30 states across America. Eastern Union also deepened our relationships with scores of lenders through - out the country. “Our company also nurtured the professional development of our brokers by expanding our training programs and open - ing new doors to their personal advancement,” he said. “By

Domenico and Stanislaski of Progress Capital arranges $14 Million in refinancing for trio of Hoboken, NJ proper ties

HOBOKEN, NJ — Brad Domenico and Frank Stan- islaski of Progress Capi-

tal arranged $14 million in refinanc - ing for a cli - ent ’ s com - mercial real estate prop - erty portfolio consisting of three mixed- use proper - ties located in Hoboken. V a l l e y N a t i o n a l Bank pro - vided the fi - nancing ac - c ompan i ed

Brad Domenico

Frank Stanislaski

by favorable terms including a 2-year interest only period. “Valley National Bank was able to provide aggressive but flexible terms for the borrower and his team to

Hoboken Properties

ties include 1327 Willow Ave - nue, 221 Washington St., 1224

complete their business goal – It was a Win-Win deal!”

Domenico said. The locations of the proper -

4A —January 21 - February 17, 2022 — Financial Digest — M id A tlantic Real Estate Journal

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F inancial D igest

U Rosado and Kennedy of Capital One closes transactions STRO lands $22Mto refinance two NJ warehouse assets NION, NJ — The STRO Companies (STRO) has ref i -

JLL works on behalf of developer SilverTreeCommercial Real Estate places loan with Provident Bank

nanced 510 Ryerson Rd. i n L i nc o l n Park and 600 Green Lane inUnionwith $22 million, in separate l oans f rom Capital One, N.A.

Jack Shulman

Port Newark Junction

510 Ryerson Rd. is a 148,000 s/f industrial warehousing facility with 24’ clear ceilings, 22 loading docks, and 1 drive in. The property is close in proximity to I-287 and I-80. 600Green Lane spans 88,000 square feet, serving as a single tenant warehouse- distribu - tion Freezer/Cooler facility with 14 loading docks and 1 drive in. The property provides flawless access to the Port of Newark submarket, Newark airport, and Interstates 95 negative rent growth. Anyone who owned real estate during the “Great Recession” faced dramatic events such as loan defaults, massive layoffs, and vacated homes that owners abandoned after property values plummeted. Still, some speculative investors look at this cycle phase as a good time to buy as property values will be at rock bottom. Some of the advantages of buying real estate during recessions include lower prices, less competition, and many sellers might be more willing to offer provisions as improvements and amenities. If successfully executed, a buyer who pur - chases during a trough or re - cession will wait and hold the investment property until the real estate cycle circles back, and the downturn is over—as the market begins to recover and eventually expand. ● Recovery/Expansion: English theologian and histo - rian Thomas Fuller once fa - mously said, “It’s always dark - est before the dawn”, which many real estate investors apply to the earliest moments of a recovery. In the recovery phase, the real estate market begins at a low point from the recession and gradually rises in strength. Some people who invest in the recovery phase look at Core real estate assets that will generate stable in -

ark Junction is along US Rte. 9 on the eastern side of Newark. This irreplaceable location also provides the tenants access to service more than nine million residents within 15 miles and 58 million consumers within a five-hour drive. The property is within the highly sought- after Port submarket, the largest submarket in Northern New Jersey, which, according to JLL Research has a vacancy of only 1.4%. MAREJ About Kay Properties and www. kpi1031.com Kay Properties & Investments is a national Delaware Statutory Trust (DST) investment firm. The www. kpi1031.com platform provides ac- cess to the marketplace of DSTs from over 25 different sponsor companies, custom DSTs only available to Kay clients, independent advice on DST sponsor companies, full due diligence and vetting on each DST (typically 20-40 DSTs) and a DST secondary market. Kay Properties teammembers collectively have over 115 years of real estate experience, are licensed in all 50 states, and have participated in over $21 Billion of DST 1031 investments. Diversification does not guarantee profits or protect against losses. There are material risks associated with investing in real estate, Delaware Statutory Trust (DST) properties and real estate securities including illiquidity, tenant vacancies, general market conditions and competition, lack of operating history, interest rate risks, the risk of new supply coming to market and softening rental rates, gen- eral risks of owning/operating com- mercial and multifamily properties, short term leases associated with mul- tifamily properties, financing risks, potential adverse tax consequences, general economic risks, development risks and long hold periods. All of- ferings discussed are Regulation D, Rule 506c offerings. There is a risk of loss of the entire investment principal. Past performance is not a guarantee of future results. Potential distribu- tions, potential returns and potential appreciation are not guaranteed. For an investor to qualify for any type of investment, there are both financial requirements and suitability require- ments that must match specific objec - tives, goals, and risk tolerances. Secu- rities offered through Growth Capital Services, member FINRA, SIPC Office of Supervisory Jurisdiction located at 2093 Philadelphia Pike Suite 4196 Claymont, DE 19703.

NEWARK, NJ — JLL Cap- ital Markets announced that it has arranged a $12 mil - lion facility for Port Newark Junction, a fully leased, six- building, 154,149 s/f industrial complex near Port Newark. JLL worked on behalf of the developer, SilverTree Com- mercial Real Estate , to place the three-year, facility loan with Provident Bank. Situated on 13.81 acres at 150 St. Charles St., Port New - now, the length of the current economic expansion has many people suspecting that we are close to a peak market cycle. However, others suggest cur - rent slow and steady growth may be sustainable, and there doesn’t appear to be anything imminent that could derail that pattern. The peak could very well turn out to be more of a plateau than the beginning of the end. Even if there is a contraction or trough ahead, it could be a slight downturn rather than a sharp drop off a cliff. There are numerous variables that contribute to the shape of market cycles that range from Fed monetary policy to market bubbles that pop, such as the housing and Dot.com booms that caused the last two recessions. But real estate experts point to several macro real estate trends that suggest it might be a good time for investment property owners to consider selling their buildings and con - sider DST 1031 investments. Even if we cannot know if we are currently experiencing a peak in the real estate market cycle, many real estate inves - tors have seen their proper - ties appreciate significantly and recognize an opportunity to sell and potentially unlock trapped equity. Jason Salmon is senior vice president at Kay Prop- erties & Investments. MAREJ

510 Ryerson Rd.

and 78. “We are pleased to have consummated another trans - action with Capital One,” said Jack Shulman , STRO’s di - rector of acquisitions and capi - tal markets. “Louis Rosado, Katie Kennedy and their team were great to work with and we look forward to continuing to do more business with them in the future.” come with very low risk. These assets include a NNN property with a long-term lease or a fully leased office building in a prime location. Other assets that savvy investors target during a recovery phase of real estate investment include value-add real estate, and op - portunistic investments like distressed properties or even raw land. While many people have a hard time identifying when the trough stage seg - ues into the recovery phase, experts look at trends like gradual occupancy increases or growing demand to identify when the recovery stage has begun. The recovery phase is a popular time for real estate investment and speculation since prices of properties are typically high, which helps the potential for a solid return upon the sale of the asset. ● Peak: The peak phase will be when supply catches up with and even exceeds demand pushing prices up. During this phase, assets are fully priced, and some real estate investors feel eager to sell at attractive prices and reap profits. How - ever, the peak market can also be a good time for savvy inves - tors to refinance any leverage while interest rates are low and fixed. ● Contraction: The con - traction phase generally oc - curs after the business cycle peaks, but before it becomes

In announcing this trans - action, STRO also noted their expansion plans. “We are eager to continue pur - chasing more industrial warehouses in Northern New Jersey. We have a con - siderable amount of capital to deploy and are interested in either core+, value-add, or opportunistic acquisitions,” said Shulman. MAREJ a trough. If growth stalls or becomes negative, it can fall into a recession, which is usu - ally defined as two consecutive quarters of negative growth. During this period, investors need to act very cautiously while simultaneously monitor - ing the market for opportuni - ties - because while contraction cycles can be difficult, they can also coincide with some great opportunities. For example, in a recessionary environment, the worst-performing assets are those that are highly lev - eraged, very speculative, and fraught with risk. For many years, Kay Properties has avoided the sectors of hospital - ity, senior care, and oil & gas for this exact reason. While this cycle pattern is widely accepted to view the real estate market over the long-term, there are many variables that come into play with real estate. For example, real estate is a highly local - ized industry with different conditions in every state, market, and sub-market mak - ing real estate a constantly moving target. Record-breaking expan- sion cycle and DST Invest- ment Opportunities Timing investments cor - rectly may potentially help to increase returns. Yet getting market timing exactly right is never easy unless you happen to be a fortune teller. Right

continued from page 2A Investing Across Market Cycles and Delaware Statutory Trust Investments . . .

M id A tlantic Real Estate Journal —January 21 - February 17, 2022 — 5A

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Mid Atlantic R eal E state J ournal ’ s E conomic D evelopment N ew J ersey P ennsylvania

G overnor P hil M urphy

G overnor T om W olf

D elaware

M aryland

G overnor J ohn C arney

G overnor L arry H ogan

6A —January 21 - February 17, 2022 — Economic Development — M id A tlantic Real Estate Journal

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E conomic D evelopment

PA’s 3 rd largest county offers the road, rail, air, & sea connections that make it globally accessible Montgomery County, PA creates an environment that attracts, retains, and develops talent

ery few locations can offer the diversity of place that Montgom - ery County, Pennsylvania has to offer along with all the ben - efits that come with being lo - cated in one of America’s most livable counties. Located at the keystone of the northeast corridor, Pennsylvania’s third largest county offers the road, rail, air, and sea connections that make it a globally accessi - ble location with communities, schools, and cultural assets that rank amongst the best in the state & nation. The value proposition that comes from a dynamic mix of market entice - ments and talent attractors means that businesses can come to Montgomery County and plan for long term growth and prosperity. As the home to several For - tune 500 companies, the most manufacturing jobs in Penn - sylvania, and the highest loca - tion quotient for bio-medical sector jobs in Greater Phila - delphia, the county’s economy is poised for continued growth in sectors that will be the bell - wethers of innovation in the decades ahead. From the ex - citing new investments in life sciences facilities in the King of Prussia area combined with its exemplary life, work, and play advantages, to the trans - formational redevelopment of municipalities like Pottstown, Conshohocken, Ambler, and Lansdale that offer walkable communities with unique V

takes a special partnership in a unique place to be able to boast achievements such as hosting international attrac - tions that many cities with larger populations could only dream about. When you come to Mont - gomery County, you’re not just coming to us alone, but to an entire region that is col - laborating like never before. We work closely with eco - nomic and workforce develop - ment leaders in our neighbor - ing counties and the City of Philadelphia to continually examine how we can all ally to support the investment and growth needs of business; a win for one of us is a win for all of us. The cooperative spirit of the region means that companies looking to make the move here benefit from the expertise of not just the person they’re talking to, but the entire network of economic and workforce development leaders. Our Montgomery County leaders and Commerce De - partment want to share our passion for the county and are excited to talk more with any - one looking to come and grow here; you can learn more about everything our county has to offer at www.montcoforward. org and www.montcopa.org/ Commerce. Come to Montgom - ery County, Pennsylvania and move your business forward in 2022 in the place to live, work, learn, and invest. MAREJ

years. Alongside hard infra - structure investments, the county continues to commit to investments in its economic development infrastructure. This includes growing our MontcoForward Loan Pro - gram as well as being a lead - ing county in Pennsylvania for the implementation of the Commercial Property As - sessed Clean Energy Program (C-PACE). These economic development financing tools are just some of the ways in which we can help businesses grow in addition to workforce development training funds, environmental remediation assistance, site search guid - ance, and connections to the Commonwealth of Pennsyl - vania economic development tools as well. Creating an environment that attracts, retains, and develops talent is at the heart of our economic and work - force development strategies. Within fifty miles there are over 100 institutions of higher learning. The county’s com - munity college continues to make historic investments so

it can be a strong partner with the private sector while train - ing the workforce of today and tomorrow at its two campuses. The education system in the county also benefits from hav - ing four career and technical schools that are providing critical skill development and vocational learning as the entryway to critical career paths in our lead and emerg - ing sectors. The quality of life is second to none in Montgom - ery County as well. Award winning county and regional trails, one of America’s larg - est destination malls, and a National Historic Park are just some of the opportunities that are available for your desired workforce to enjoy. Our economic development approach and the emphasis on quality of life benefits from having a close collaborative relationship with the county’s nationally acclaimed destina - tion marketing organization, the Valley Forge Tourism and Convention Board, as our partner in raising the profile of the county to the advantage of visitors and residents. It

David Zellers, Jr., Director of Commerce, Montgomery County, PA

locational opportunities for companies large and small, to the open spaces throughout the county that can give com - panies room to grow at their own pace, it all comes back to being able to find the right fit and the right connections all in one place. The County is poised on the verge of the largest invest - ment in public transportation in the region’s history with the upcoming King of Prussia rail extension. Once full funding is received, it will be pos - sible to travel via passenger rail from the King of Prussia employment center (the third largest in the region) to the employment centers in the City of Philadelphia. More - over, the county has over a half dozen interchanges with the Pennsylvania Turnpike system with more planned for construction in the coming

MONTGOMERY COUNTY Keystone of the Northeast Corridor. Open to the world.

#MontcoForward

M id A tlantic Real Estate Journal — Economic Development —January 21 - February 17, 2022 — 7A

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E conomic D evelopment

8A — January 21 - February 17, 2022 — M id A tlantic Real Estate Journal

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M id A tlantic R eal E state J ournal

ALTIMORE, MD — In an expansion of its current leadership B Berman & Chandler expand current leadership team M&T Realty Capital Corp. names Edelman president

SVN Miller welcomes advisorMeredithMears

owners and investors, and privately operating companies across the globe. Mears is a dedicated and very active member in her community. She has served in a multitude of commu - nity leadership roles such as Regent for the University System of Maryland, Board Member of Leadership Mary - land, Board Member of the Maryland Economic Develop - ment Association and Board Member of Maryland Capital Enterprises, among others. In 2020, she was named a Top 100 Woman in the state of Maryland by The Daily Re - cord for her vast contributions in business, community, and mentoring. MAREJ the millennial cohort may have migrated to edge-city suburban markets during the pandemic in search of more space for their growing families, the first wave of Gen Z graduated college, secured high-paying remote-to-hybrid jobs and built up their savings while living with their parents during the pandemic,” said executive managing director Joseph Brecher . “Now that society is opening up, they are flood - ing the tenant pool to bridge already low vacancies in most Northeastern submarkets.” Keeping an eye on the fu - ture, Uranowitz said cap rate compression levels are ex - pected to continue into 2022, notwithstanding an antici - pated rise in interest rates in the coming months. Also, he reports single-family home - ownership remains elusive to many. “As borrowing costs become more expensive, rent - ers will stay in place to solidify occupancy levels – resulting in the continued upward tra - jectory of multifamily per - formance in the foreseeable future,” he said. MAREJ Pritchett, district manager, Greenix Inc. “In addition to downtown Bridgewater offer - ing exceptional visibility in terms of drive- and walk-by awareness, the township is perfectly suited as a central hub for dispatching service providers. As an example, New Brunswick is only a 20-minute drive, while Edison, Morris - town, and Woodbridge all are just 25 minutes away.” MAREJ

SALISBURY, MD — SVN Miller Commercial Real Estate is pleased to welcome Advisor Meredith “ Mer-

ry” Mears . Mears wi l l be based out of the Salis - bury of f i ce with a focus on the East - ern Shore. Mears is a commercial

team, M&T Realty Capital Corporation (M&TRCC) an - nounced that Michael Edel- man , previously group vice president, has been named president of the organization. In this new role, Edelman will report directly to M&T RCC CEO, Michael Berman, and will be responsible for external customer and capital relation - ships, including continuing his previous work leading the or - ganization’s relationships with Fannie Mae and Freddie Mac. Edelman, a six-year veteran of M&T RCC, will also focus on growing the FHA and the Life Co-Placement platforms as well as enhancing M&T RCC’s integration with M&T Bank. “Mike has been a key player in the lending arena for over

Merry Mears

Michael Edelman Michael Berman Christine Chandler

served as vice president man - aging Freddie Mac’s Northeast Region. In that role, he was responsible for lender develop - ment, managing a staff of over 25 professionals, overseeing a loan portfolio over $30 billion and annual origination volume of approximately $5 billion, in - cluding mixed-use properties, senior housing, co-ops, LIHTC and bond credit enhancements. Edelman’s new role is effec - tive immediately. MAREJ notary publics in New Jer - sey. LMC’s paralegals are vital in researching, reviewing and upholding quality control measures for commercial real estate leases as well as other complex forms and records. As corporate secretary, Garrity is also directly responsible for LMCmatters related to regula - tory and statutory compliance. “Our team at Levin is com - prised of a diverse and tal - ented group of experts across many disciplines,” Harding said. “We strongly believe in recognizing and rewarding outstanding performance and always take great pride in promoting from within. Stacy and Antoinette are ac - complished, highly detail-ori - ented team players and great examples of the dedicated, high-caliber professionals who are moving our company forward.” MAREJ the director of development for Roseland Residential Trust, where she maximized project efficiency through the facilita - tion and execution of technical and constructive administrative processes. Prior, she held the role of vice president of develop - ment at Mill Creek Residential Trust, where she oversaw the design and construction pro - cesses across a portfolio of high- value multifamily residential spaces. MAREJ

25 years, and we welcome his increased leadership role at M&T RCC, “said Berman. “I look forward to collaborat - ing with Mike and our chief operating officer, Christine Chandler , as the three of us and our team continue to grow our lending and servicing enterprise with the highest standards of excellence.” Prior to joining M&T, Edel - man held various roles at Fred - dieMac in NYC, and ultimately His 2021 transactional high - lights included leases with Ulta Beauty (St. Georges Crossing, Woodbridge) and German gro - cer Lidl (Mayfair Shopping Center, Commack, NY), both of which were cited by CoStar as second-quarter “Top Retail Leasing” deals. “E.J.’s professionalism, work ethic and impeccable client service make him a true asset to our company and the clients we represent,” said Matthew Harding , LMC’s chief ex - ecutive officer. “He has been a significant contributor to our leasing team’s impressive 2021 transactional volume – which has exceeded 1 million s/f of new leases, renewals/exten - sions and license agreements.” Key members of the LMC corporate team, Garrity, a resident of Colonia, N.J., and Puccia, of Green Brook, both joined LMC in 2010 and are

real estate advisor specializ - ing in industrial, medical, and retail properties, as well as land development. For over 20 years, Mears has worked with a client base that includes local and statewide govern - ments, commercial property of a prominent garden-apart - ment community recorded a $248,000+ per-unit price To the south, in the South Jersey/Greater Philadelphia Metro, Gebroe-Hammer’s mar - ket specialists’ sales activity spanned the following counties: • A t l a n t i c & C am - den County, NJ (2,194 units/$294.73) • Philadelphia County, PA (1,307 units/$139.87M) • Burlington County, NJ (324 units/$54.1M) •MontgomeryCounty, PA (227 units/$38.37M) • Delaware County, PA (227 units/$26.65M) • Bucks County, PA (152 units/$22.5M) Rounding out the firm’s sales activity are 993 units/$89.95M in sales in the Philadelphia/ Mid-Atlantic Region and New York State sales of 540 units sold for $62.29M. The Future Looks Bright for Multifamily One “trend” industry fore - casters are following closely is the entry of a new generation into the tenant pipeline. “While BRIDGEWATER, NJ — A 3,158 s/f office space at 711 E. Main St. in Bridgewater has been leased to Greenix Inc. by Richard and Monica Skydell. The transaction was managed by Sheldon Gross Realty president Marcy Gross and vice president E ric Weston . “This lease represents a new location for our pest control business, and it’s ideal for several reasons,” said Matt

continued from FC-A Gebroe-Hammer Associates

Levin Management Corporation promotes three long-time teammembers

NORTH PLAINFIELD, NJ — Levin Management Corporation (LMC) has

a nn o un c e d thr ee s t a f f promo t i ons amid contin - ued business momentum. In the leas - ing depart - ment , E. J . Moawad has

E.J. Moawad

been named senior leasing rep - resentative, while Stacy Gar- rity and Antoinette Puccia have been elevated to senior paralegal; Garrity has also assumed the role of corporate secretary for the North Plain - field-based company. Moawad, of Palisades Park, joined LMC in 2016 and is responsible for 1.7 million s/f of gross leasable area at 13 properties within LMC’s man - agement and leasing portfolio. PATERSON, NJ — Blue Onyx Companies (Blue Onyx) announced the hiring of Tricia Wood as vice presi - dent of development. Wood joins the firm at a pivotal time as Blue Onyx continues to expand its Northeast portfolio and development pipeline of mixed-use properties, which exceeds $600 million of esti - mated construction costs. In this new role, Wood will be responsible for the oversight of

Sheldon Gross Realty brokers deal on 3,158 s/f office space

Blue Onyx adds Wood as new vice president of development strategic processes and objec - tives for the firm’s development team, the implementation of best practices across the firm’s portfolio, and the identification of new development opportu - nities to support Blue Onyx’s growth. Wood will be joining the firm’s current executive team led by founder and CEO L evi Kelman .

Wood, who joins the firm with close to two decades of experience, formerly served as

M id A tlantic Real Estate Journal —January 21 - February 17, 2022 — 9A

www.marej.com

Mid Atlantic R eal E state J ournal ’ s 2022 F orecast

Featuring:

Edwin Cohen Prism Capital Partners

Jonathan Glick Sheldon Gross Realty

Robert Holland The Kislak Company, Inc.

Joseph Latina Patterson-Woods

Commercial Properties/ CORFAC International

Thomas Olson, Esq. McKirdy, Riskin, Olson & DellaPelle, P.C.

Michael Realbuto, Esq. McKirdy, Riskin, Olson & DellaPelle, P.C.

Caroline Shelly HF Planners

David Zimmel Zimmel Associates

Inside Edwin Cohen, Prism Capital Partners.................................................................................................................. 10-11A Robert Holland, The Kislak Company, Inc........................................................................................................... 12-13A Zimmel Associates................................................................................................................................................. 14-15A Jonathan Glick, Sheldon Gross Realty..................................................................................................................... 16A Thomas Olson, Esq., and Michael Realbuto, Esq., McKirdy, Riskin, Olson & DellaPelle, P.C................................ 17A Joseph Latina,Patterson-Woods Commercial Properties/CORFAC International................................................ 19A Exchange Solutions.................................................................................................................................................... 20A Caroline Shelly, HF Planners. .................................................................................................................................... 21A

10A —January 21 - February 17, 2022 — 2022 Forecast — M id A tlantic Real Estate Journal

www.marej.com

2022 F orecast

By Edwin Cohen, Prism Capital Partners Today’s Multifamily Development Mandates an Eye to the Future

ew Jersey’s quality educational systems and enviable con -

24/7-style environments with housing options proximate to dining, retail, culture and commuting. They are work - ing with developer partners to achieve this traditionally urban balance, encourag - ing more housing options and amenities to make their downtowns and commercial corridors attractive. Here in New Jersey, Mor - ristown was a frontrunner. Now others are successfully following suit. Woodbridge is a great current example, with several redevelopment projects integrating directly into the community’s vibrant, walkable downtown. Among them, Prism’s Avenue &Green recently introduced 232 rental apartments above 10,500 s/f of street-level retail, built on a five-acre former car dealer - ship parcel adjacent to the Woodbridge train station. Within four months, residen - tial leasing exceeded the 60% mark, and a lease had been drafted for the last available retail space. If you build it, they will come. The takeaway? New Jersey’s downtowns remain attractive places to live and do business; this is not a passing trend. As public/private partners respond sensibly and smartly, a new generation of infill re - development is successfully uplifting neighborhoods and positioning entire communi - ties for future growth and prosperity. Edwin Cohen is principal partner with Prism Capital Partners inNutley, NJ. MAREJ a transit theme to complement the neighborhood. Nutley-based Prism Capi - tal Partners is an estab - lished leader in the rede - velopment and adaptive reuse arena. The privately held owner/operator’s cur - rent Garden State mul - tifamily projects also in - clude Avenue & Green, a mixed-use, transit-village community in Woodbridge; Wonder Lofts, the conver - sion of the former Wonder Bread factory site on Clin - ton Street in Hoboken; and Edison Lofts, the redevelop - ment of Thomas Edison’s historic Invention Factory and Commerce Center cam - pus inWest Orange. MAREJ

c e n t r a t i o n o f l e ad i ng names in bio - tech, phar - maceuticals, e du c a t i o n , IT and tele - com, among others, have

Edwin Cohen

long positioned it as a desir - able place to live and work. Further, within the Mid-At - lantic region, the Garden State’s proximity to New York City is second to none. Within that context, New Jersey’s urban centers and transi t -served, walkable downtowns have attracted residents for decades, and even through the pandemic the state’s multifamily sec - tor’s positive trajectory has continued. Entering 2022, a robust development pipeline – including recently complet - ed, in-progress and planned product – is introducing a fresh generation of for-sale condominiums and rental apartments to meet demand. Developing Responsively Best-in-class, modern mul - tifamily communities are not cookie-cutter developments. Rather, their designs respond to the nuances of each site, and how the end product can best complement its sur - roundings and draw from regional demographics. New Jersey’s deep indus - trial roots have yielded a no - table inventory of character- rich, yet functionally obsolete

Wonder Lofts

factory product. Many of these century-old properties have the potential to check every box for their communi - ties. Consider Hoboken. This Hudson riverfront city offers a dynamic lifestyle and ease of access to Manhattan via public transportation; it is wildly popular with afflu - ent urban professionals and young families. Our firm’s recent industrial- to-residential adaptive reuse of the c.1909 Wonder Bread factory there leveraged these advantages by introducing luxury, for-sale condomini - ums with 14,000 s/f of indoor/

outdoor amenity space. At the same time, the Wonder Lofts project preserved historic ele - ments – including the original façade, smokestack and water tower – as critical components to maintain the character of both the property and its neigh - borhood. The reconstruction of this landmark building into loft-style condos indeed spoke to buyers. Just five months into Wonder Lofts’ launch, the homes were 60% sold. These types of adaptive reuse projects transform for - mer eyesores into beautiful community anchors. And they often carry improvements –

such as new sidewalks and street lighting, and updated landscaping – that boost sur - rounding property values and quality of life. Creating Balanced Downtowns

Looking toward the New Jersey suburbs, municipali - ties with rail service have long enjoyed a competitive edge in attracting residents. That advantage grows exponen - tially for those communities that also are led by forward- thinking local governments. Tuned-in suburban mu - nicipalities today are capital - izing on sustained demand for PrismCapital Partners: Second building under roof at Dunellen Station

DUNELLEN,NJ —Asecond structure is under roof ahead of winter weather at Dunellen

K. Hovnanian Companies . “Construction is progress - ing at a brisk pace,” said PrismCapital Partners’ Rob- ert Fourniadis , senior vice president, residential. “Inte - rior build-out is in full swing for the first two buildings. It’s exciting to see our vision for this project coming to life.” Dunellen Station residents will enjoy a host of lifestyle amenities, including a club - house, meeting rooms, fit - ness center, outdoor pool with patio and an entertainment area. Designed by Spiezle Ar- chitectural Group , the com - munity reflects the character of the former Art Color build - ing, with the clubhouse and retail elements incorporating

Station, with foundations and framing rising for the multifamily community’s four remain - i ng bu i l d - ings. Prism

Robert Fourniadis

Capital Partners’ redevel - opment of the former Art Color industrial facility at 100 South Washington Ave. is progressing right on schedule; Prism anticipates deliver - ing the first apartments at Dunellen Station this spring. Upon completion, the com - munity – located directly

Dunellen Station

across from the local train station, adjacent to Dunel - len’s vibrant downtown – will include 252 one- and two- bedroom market-rate rent - al apartments, 58 of which

are reserved for low- and moderate-income residents, and 10,000 s/f of street-level retail. The property also will include 130 for-sale town - houses, to be developed by

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