8-19-22

Section D SPOTLIGHTS INVESTMENT/ MULTIFAMILY FINANCING BEST & BRIGHTEST UNDER 40 6-9A ISSUE HIGHLIGHTS Volume 34, Issue 8 Aug. 19 - Sept. 15, 2022 UPCOMING CONFERENCES & WEBINAR September 21, 2022 PA Office & Industrial Conference September 22, 2022 8th Annual NJ Apartment & Multifamily Conference Sheraton Edison Hotel October 6, 2022 How to Manage a Construction Project Webinar December 1, 2022 Commercial Real Estate Leadership Conference For speaking & sponsorship info., please contact: Lea at 781-740-2900 or lea@marejournal.com

L Record occupancies fortify resilience of apartments for foreseeable future Gebroe-Hammer’s multifamily investment demand yields $979+M in sales at midyear

capital craving multifamily product, regardless of whether it is coming from institutional entities and private equity, or family offices and high net- worth individuals. “During the first half of the year, many legacy owners re- alized that taking chips off the table sooner rather than later would be the wisest choice,” he said. “This is especially prescient with the ‘R-word’ and additional rate hikes in the offing – two conditions they have lived through in past cycles.” In recent months, across New Jersey and the Philadel - phia MSA, Gebroe-Hammer Associates’ deal closings in - volved a mix of property vin - tages/types ranging from pre- 1970s-era garden-style and low-rise properties to value- add and new construction mid- rise and hi-rise assets. All were located in high-population density urban-core and subur- ban edge-city municipalities. continued on page 10A historically low vacancy lev- els. Investor interest in the market has vastly increased as a result.” The Fields at Rock Creek is a two-story, 289,278-square- foot property consisting of 144 one-bedroom units, 137 two- bedroom units and 30 three- bedroom units. Units feature stainless steel appliances, balconies and patios, vaulted ceilings, ceiling fans, walk-in closets, spacious floorplans, in-unit laundry and fireplaces. Amenities include a busi - ness and co-working center, community clubhouse, play- ground, fitness center, swim - ming pool with sundeck, grill stations and tennis courts. The property is located along the Interstate 270 Corridor, providing direct access to major employment hubs in the DC MSA. The asset is also adjacent to Interstate 70 which connects residents to the greater Baltimore MSA. MAREJ

IVINGSTON, NJ —– Unquenched de- mand among the GenZ tenant pool at midyear and the pricing out of millennial would-be homebuyers from the single-family home mar- ket are the launching pad for record-high multifamily investment and enduring op- timism, according to Gebroe- Hammer Associates , a na- tionally ranked multifamily- focused investment brokerage firm based in North Jersey. At the close of Q2, the firm’s New Jersey-Greater Philadelphia MSA-New York State mar - ket specialists are reporting a chart-topping $979+M in sales involving 56 deals and 4,587 units. “Since the post-World War II apartment-building boom and every challenging market cy- cle thereafter – at least those that have occurred in the past 47 years that I’ve experienced – multifamily properties have always proven to withstand economic and geopolitical

Unquenched investor and tenant demand is driving multifamily optimism for all property vintages/types, from garden-style and low-rise properties to value-add and new construction midrise and hi-rise assets.

headwinds better than any other real estate sector,” said Ken Uranowitz , president. “Moreover, inflationary peri - ods drive investment strate- gies toward real estate assets where apartments are at the top of the food chain due to their inherent stability as a human need for shelter in a rising rental environment.” According to Uranowitz, this has translated into a remarkable first half of busi - ness for Gebroe-Hammer. “As interest-rate hikes cool the

single-family home market, the ceiling on rents seems lim- itless and occupancies are at record levels as unaffordabili- ty is forcing people to rent,” he said. “Demand for multifamily continues unabated and at historic highs, far exceeding pre-pandemic levels. Values and cap rates will adjust ac- cordingly based on increased debt-service costs but should not have any impact on trans- actional activity.” Uranowitz also points to the massive amounts of available

Cushman & Wakefield arranges $85 million sale of The Fields at Rock Creek in Frederick, Maryland

FREDERICK, MD — Cushman & Wakefield an- nounced that the real estate services firm has arranged the sale of The Fields at Rock Creek, a 314-unit multifamily asset located at 100 Alessan - dra Court in Frederick. The fi - nal sale price was $85 million. Cushman & Wakefield’s

Directory ROP (Front Section)........................................... Section A Financial featuring Investment/Multifamily Financing...3-9A DelMarVa.............................................................. 11-12A Retail Development Reimagined...........................13-14A Billboards & Business Card Directory..........................15A CRE Organization’s Events Calendar............................16A New Jersey..............................................................1-10B Pennsylvania........................................................11-BC-B Owners, Developers & Managers.......................Section C Best and Brightest Under 40.............................. Section D

100 Alessandra Court in Frederick, MD

has been experiencing un - precedented growth over the past few years due to the rapid expansion of biotech, pharma - ceutical and life sciences along the I-270 corridor,” said Rosa. “Apartment fundamentals have remained strong with significant rental growth and

Jorge Rosa and TJ Lib- erto represented the seller, Elite Street Capital Crystal Parl Equity DE, LLC , in the transaction. The property was acquired by Rose Valley Capital , an affiliate of Hamp- shire Properties . “The Frederick submarket

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Inside Cover A — August 19 - September 15, 2022 — M id A tlantic Real Estate Journal

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M id A tlantic Real Estate Journal — August 19 - September 15, 2022 — 1A

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IHOP Grove City, OH $1,948,479 Fortunoff Backyard Store Metuchen, NJ $5,130,000

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2A — August 19 - September 15, 2022 — M id A tlantic Real Estate Journal

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We see deals from your perspective.

M id A tlantic R eal E state J ournal Publisher, Conference Producer ..............Linda Christman AVP, Conference Producer ...........................Lea Christman Publisher ........................................................Joe Christman Conference Producer ...............................Jordaan Van Oort Editor/Graphic Artist ......................................Karen Vachon Contributing Columnist ...Brian Hosey, Marcus & Millichap 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 8 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

Brian Hosey

ESCAPE VELOCITY

n physics, there is a term called escape ve- locity, which refers to the amount of energy it takes for an object, in this case a rocket, to lift off the ground and escape earth’s gravitational pull. The amount of energy required to lift a rocket off the ground and push it through the upper atmosphere takes tremendous force. I Most salespeople underes- timate the amount of energy it takes to become successful. In commercial real estate bro- kerage, the gravitational force keeping you on the ground is strong. A new salesperson needs to build a database, learn underwriting, study the comps, cold call, and overcome objections. Most importantly, a new salesperson needs to learn how to sell their services to a future prospect. The list goes on. As if that was not

Our global network of 75 commercial real estate offices is the clear choice.

challenging enough, there is a sea of competitors trying to put you out of business. Commercial real estate is a full-contact sport that requires a level of dedication and sac- rifice that most people are not prepared to give. If you find yourself hoping that the phone will ring with a “hot lead” you will surely fail. Hoping a rocket will somehow find its way into outer space without the appropriate planning and energy required is foolish. There is good news! Sales- people that engage in high ac- tivity levels, aka high energy output, build momentum and become successful. And the

continued on page 10A But don’t get lazy! Even a spaceship needs to turn on the booster rockets every now and then to stay on course. A good salesperson must do the same. I recommend that new sales- people commit to at least five years of high activity levels. best part? You can control your activity levels. Once you have listed and closed several transactions, you now produce your own gravitational force. Prospecting becomes easier. Underwriting is less mysteri- ous. Cold calling is less scary, and referrals will start to come to you. An object in motion wants to stay in motion.

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

F inancial D igest F eaturing I nvestment /M ultifamily F inancing

M id A tlantic Real Estate Journal — August 19 - September 15, 2022 — 3A

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E Partnership secures loans to fund latter phases of booming New Jersey projects Advance Realty & Greek Development land $227 Million in financing from Wells Fargo

called upon and our develop- ment partnership looks for- ward to more opportunities to grow together in the future,” said Alexander Cocoziello , principal & managing director at Advance Realty Investors. The partnership of Advance and Greek also closed on an- other loan from Wells Fargo, totaling $85 million, for the third phase of Logan North Industrial Park, the 3.2 mil- lion s/f industrial project in Logan Township, NJ. Phase III is set to be delivered in Q2 of 2023 and comprises Build B and Building CD, measuring 274,200 s/f and 475,000 s/f, re- spectively. Nate Demetsky, Dean Torosian, and Matt Kemery of JLL represent Greek and Advance for leasing on the park. The loans for both Linden Logistics Center and Logan North Industrial Park were sourced by John Alascio, TJ Sullivan , and Chuck Ko- haut of Cushman & Wake- field’s debt team. MAREJ

AST BRUNSWICK, NJ — The partnership of Advance Realty Investors and Greek De- velopment announced it has closed on totaling over $227 million, to support the part- nerships development projects at Linden Logistics Center in Linden, NJ and Logan North Industrial Park in Logan Twp. “We are excited to close these loans, thanks to our longstanding relationship with Advance, even in this volatile capital markets en- vironment — validating the strength of sponsorship and the properties we are devel- oping,” said David Greek , managing partner of Greek Development. “The success we’ve had in leasing Linden and Logan thus far speaks volumes about the pace of demand for strategically lo- cated warehouses in New Jersey and the ability for us to deliver true economic value to our strategic partners and the communities we build in.”

Linden Logistics Center

The partnership secured a $142-million loan from Wells Fargo for Phase III of its 1.32 million s/f Linden Logis- tics Center development in Linden— comprising Build- ing 100, totaling 332,635 s/f, and Building 200, spanning 516,600 s/f. The project is

expected to be completed in Q2 of 2023. Phase II, which includes Buildings 300, 400, and 700, is currently under construction and is expected to be delivered at the end of 2022. Tom Monahan, Larry Schiffenhaus , and Stephen D’Amato of CBRE are the

current leasing brokers for the project. “We’re grateful and humbled to have long standing relation- ships with great partners across the brokerage, lending, and equity capital markets space. They have continually stepped up and executed when

Belmont Crossing Greysteel arranges affordable housing property sale in Washington, DC WASHINGTON, DC — Greysteel , a national com- mercial real estate invest- ment services firm, has ar - ranged the sale of Belmont Crossing, a multifamily Af- fordable Housing asset lo- cated in Washington, DC. Director Fletcher Hult- man , and senior managing director Henry Mathies of Greysteel’s National Afford- able Housing practice group, in conjunction with Kyle Tangney and Herb Schwat of Greysteel’s DC Multifam- ily practice, all of whom are based in the company’s Wash- ington, DC, office, negotiated the transaction on behalf of the seller.

Production Trust Fund. Fletcher Hultman, director of the National Affordable Housing Practice, added, “There were several mov- ing pieces to this transac- tion that included working through complicated timing issues, working with DC’s DHCD to secure funding, and successfully navigating

phases of new construction, resulting in the creation of several hundred luxury Af- fordable Housing units in South East Washington, DC. The project will be financed with Federal and State Low- Income Housing Tax Credit (LIHTC) Equity, as well as subordinate loan funding pro- vided through DC’s Housing

the TOPA process in DC. We formed a market on behalf of the Seller, and the folks at Gilbane immediately saw the value in the opportunity. With their integrated de- velopment and construction platforms, they [Gilbane] are very well positioned to bring quality affordable housing to SE DC.” MAREJ

by TM Associates of Rock- ville, MD, worked with the lo- cal community to re-zone the underlying land and formed a plan to completely replace the existing, obsolete housing that exists today. The buyer, a partnership led by Gilbane Development , will execute the development plan which includes multiple

Built-in 1952, Belmont Crossing is a 275-unit afford- able housing property located at 4201 7Th Street SE, Wash- ington, DC, that will undergo a complete redevelopment which is expected to begin in the very near future. Since ac- quiring the property in 2018, the seller, a partnership led

4A — August 19 - September 15, 2022 — Financial Digest — M id A tlantic Real Estate Journal

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F inancial D igest By David L. Church, CCIM Competing Lease Structures: Net Effective Rents and Annual Cash Flows

the Covid-19 Pandemic immediate- ly, the rami- fications of working from home or the hybrid model of em- W

hile most office properties were not affected by

leasing commissions and ten- ant improvements. Free rent is accounted for as reduced rent in the first year. The Initial Investment below and the following 10 years of Cash Flow generate the Incremental Annual Lease Return (IALR). If an owner has excess cash, is not concerned about the significantly diminished cash flow in year one due to free rent, and the tenant is credit-rated, they may want to invest excess funds for a 40% IALR – an excellent return in any environment. However, most mid-sized and smaller companies are interested in retaining cash in an unstable market and would prefer more stable cash flows through the entire lease term - and benefit from a phenomenal 79% IALR. U.S. Realty Capital assists in analyzing new lease oppor- tunities, managing rollover and cashflows, and arranging a variety of financing. David L. Church, CCIM is managing director at U.S. Realty Capital, LLC. MAREJ

ployment will ripple through the office sector for years to come. I suspect that this impact will be felt as tenants downsize, shorten their lease terms, or demand additional tenant improvements and/ or free rent to remain in oc- cupancy for a longer period. There may never have been a more important time for owners to consider the net effective rent, annual cash flows, and overall cash re- turn ramifications of various lease proposals. While public companies and large investor groups employ analysts to work on these issues, many mid-sized and smaller op- erations do not. Faced with the following lease proposals David L. Church

offering a 10-year term, the key is which proposal meets the needs of the owner. Although the parameters of the proposals are vastly different, they generate the same net effective rent per s/f (face rent per s/f less free rent cost, leasing commis- sions, and tenant improve- ments). This is the first level of analysis. While most owners will intuitively know that the proposals will generate vastly different annual cash flows and overall returns, they may not be able to quantify the

decision-making. The Initial Investment above includes

variances quickly. Precise quantification leads to better

M id A tlantic Real Estate Journal — Financial Digest — August 19 - September 15, 2022 — 5A

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F inancial D igest

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6A — August 19 - September 15, 2022 — Investment/Multifamily Financing — Financial Digest — M id A tlantic Real Estate Journal

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I nvestment /M ultifamily F inancing

Company provides funding to owners/operators, brokers and investors American Standard Capital is now a Nationwide lender for small balance and middle market CRE

N YACK, NY — Ameri- can Standard Cap- ital (ASC) has ex-

occupied properties. Financing is available across all commer- cial asset classes: mixed use,

the needs of these owners and investors. The initial focus was on New York City’s five boroughs and the surrounding NY/NJ metro region. The firm now has lending power in all 50 states. Decades of experience with a consultative approach ASC’s principals, Glenn Thomas and Tom Ravert , each have decades of experi- ence working with real estate owners and investors, mort- gage and commercial real es- tate brokers, and third parties involved in the commercial

real estate space, such as at- torneys and accountants who refer their clients for financ - ing. They have developed a proprietary, highly efficient, secure CRE lending platform backed by their consulta- tive approach to business, transparency throughout the lending process, and straight- forward decision-making. “What sets us apart is not only the efficient platform we’ve developed but how we work with our clients and the third parties that refer us,” said Thomas. “For one, we look at the whole picture, address

any credit issues with recom- mendations for remediation, with an excellent track record of closed commercial real es- tate transactions. And with our referral partners, we get their deals done while they maintain their valuable cli- ent relationships . . . and get a finder’s fee from us for every deal of theirs that we close. Everyone wins.” Supporting bankers with financial solutions Ravert added that ASC has launched a special banker pro- gram for bank officers who are seeking to close more transac- tions or whose clients require more complex financing solu - tions, without adding to their staff or workload. “Many bankers are not able to close deals for various reasons,” said Ravert. “The loans may be for properties or amounts outside of the banks’ footprint or strict lend- ing criteria, for instance. We offer support with fast turn- arounds, flexible terms, and a strong credit product without the need for a deposit relation- ship. Plus, our team handles all the loan origination and underwriting, and gets to clos- ing more quickly.” MAREJ Souder celebrates one year at Surety MARLTON, NJ — Nick Souder of Surety Family of Companies (Surety) celebrates his one-year an- niversary with two milestone announcements. The expe- rienced business develop- ment executive has been an integral part in launching the Souder Team – a dedi- cated group of title industry specialists that will expand the company’s reach in Cen- tral NJ, specifically Mercer, Middlesex and Monmouth counties. Simultaneously Souder worked hand-in-hand with company management to op and home to the Souder Team. During his busy year, he has focused on strength- ening client relations and building new relationships through networking. “Nick is a force to be reckoned with,” said Red Bank Branch co-managers, Christina Mey- er and Debbie Freedman . “His passion for superior cus- tomer service paired with hon- ing and improving his skills every day make him a pleasure to manage.” MAREJ

multifamily, community retail, profes- sional office, warehouse/ logistics and self-storage. ASC was l aunched earlier this

panded its focus beyond the NYC metro mar- ket to now of- fer financing nationwide to the com- mercial real estate mar-

Glenn Thomas

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M id A tlantic Real Estate Journal — Financial Digest — Investment/Multifamily Financing — August 19 - September 15, 2022 — 7A I nvestment /M ultifamily F inancing

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OUTHAMPTON, NY — G.S. Wilcox & Co. announced that principal S Thrivent Financial for Lutherans finances loan with a 15-year term and 30-yr. amortization G.S. Wilcox & Co. secures $9.5 million in financing for a grocery anchored neighborhood center

David Fryer has secured $9.5 million to refinance an 81,000 s/f grocery an- chored neigh- borhood cen- ter in Hamp- ton Bays, a

hamlet within the Town of Southampton, Suffolk County. Thrivent Financial for Lutherans , a correspondent life insurance company lender of the firm, financed the loan with a 15-year term and 30- year amortization. The com- pany also provided the exist- ing mortgage on the property which Fryer also originated. “We value the opportunity to work with this long-stand- ing client on another strong retail asset. We have been working together now for over 20 years.” said Fryer in a prepared statement. MAREJ David Fryer NITA opens satellite office in Northfield MARLTON/NORTH- FIELD, NJ — National Integrity Title Agency (NITA) , a full-service title insurance and settlement agency for commercial and residential real estate, has expanded its footprint with the opening of a new satel- lite office in Northfield, NJ. Already with clients in the area, this location provides a convenient base for servicing homeowners and realtors from the entire Jersey Shore re- gion. NITA will provide a full range of title and settlement related services at this site and its business development professionals will seek further growth throughout the region. Located at 1811 Shore Rd. and the intersection of Tilton Road, this is the agency’s 7th loca- tion with others throughout South Jersey and the Greater Philadelphia area. “When we took over back in 2015, Fran and I couldn’t imagine how quickly we would grow,” said NITA co-founder and CEO George E. Duffield Sr. of the agency that is cel- ebrating its 7th year and his partner and president Fran Turchi. MAREJ

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8A — August 19 - September 15, 2022 — Investment/Multifamily Financing — Financial Digest — M id A tlantic Real Estate Journal

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I nvestment /M ultifamily F inancing

Partnership of nonprofit companies bring social responsibility lens to mortgage lending CPC adds National Equity Fund, Cinnaire as partners in CPC Mortgage Company

N EW YORK, NY — The Community Preservation Cor-

conventional, affordable, and small balance lending for the acquisition, refinance, reha- bilitation and development of multifamily housing. “Our mission is to leverage the unique expertise of this partnership to bring flexible agency mortgage capital to communities to expand and preserve affordable and work- force housing. We’re moving the mortgage industry towards a place where we can ask the question, where do we need to be to make the biggest impact, and how can we use our unique skills and reach as nonprofits and affordable housing ex- perts,” said John Cannon , president of CPC Mortgage Company. “Whether it’s afford- able, conventional, or small we look at every deal through a lens of impact and potential, and every borrower and every transaction has the ability to help us continue our work of investing in communities.” “At a time when we are facing a national housing availability and affordability crisis we need to marshal our resources to expand and preserve housing in our communities. When we originally launched CPC Mort- gage Company, our goal was to use our unique experience as a nonprofit lender to reach multifamily owners who either didn’t have access to agency products, or didn’t have the

technical expertise needed to take advantage of them. We’re extremely pleased to have two mission-aligned companies like Cinnaire and NEF joining us to help expand our impact and ability to reach the owners and communities that are most in need,” said Rafael E. Cestero , CEO of The Community Pres- ervation Corporation. “Cinnaire is acutely aware of the challenges that many developers face in accessing capital in the affordable hous- ing industry, and we are com- mitted to expanding access to financing that supports multi - family development in areas that need it most,” said Mark McDaniel , president and CEO at Cinnaire. “It was a priority for us to partner with organi- zations with the same mission and we are looking forward to joining CPC and NEF in pro- viding developers expanded ac- cess to quality financial tools to build equitable communities.” “At National Equity Fund, everything we do is in service of our mission to deliver innova- tive, collaborative financial so - lutions to expand the creation and preservation of affordable housing,” said Matt Reilein , president and CEO of NEF. “Our joint partnership in CPC Mortgage Company presents a powerful opportunity to offer additional nonprofit, mission- driven capital solutions for

developers to build and main- tain safe, stable, and affordable housing to help residents and communities to thrive for the long-term.” CPC Mortgage Company is the only Agency seller/servicer bringing an impact model to mortgage lending. CPC Mortgage Company works with owners and investors of all sizes, who are seek- ing a like-minded partner that understands the unique capital needs of their hous- ing stock, to increase access to flexible agency capital with the ultimate goal of expanding and preserving affordable and workforce housing, CPC Mortgage Company is a mission-aligned partner helping Freddie Mac and Fan- nie Mae achieve their goals under Duty to Serve plans. By reaching beyond the tradi- tional Agency customer base to owners of multifamily rental properties in overlooked and underserved communities, the new cooperative owners of CPC Mortgage Company aim to preserve the stability and affordability of rental housing in neighborhoods where it’s needed most. For borrowers and institu- tional investors who are fo- cused on Environment, Social, and Governance (ESG) princi- pals, CPC Mortgage Company provides the unique opportu- developing,” said Pizzolato. “Co- lumbia Bank recognized this, and we were able to negotiate a five-year, fixed-rate loan at an attractive interest rate with several years of interest only.” In a separate transaction, JLL Capital Markets an- nounced today that it has arranged $9.775 million in construction financing for One Mallory, a 44-unit, seven-story luxury multi-housing develop- ment at 70 Fisk St. in Jersey City’s West Side. JLL represented the bor- rower, 70 Fisk, LLC, to secure the 2.5-year, floating-rate con - struction loan through Spen- cer Savings Bank. With an anticipated comple- tion by the spring of 2024, One Mallory will feature studio, one and two-bedroom units with gourmet kitchens, quartz countertops, subway tile back- splashes, wood plank-style flooring, in-unit washers and dryers, stylish tiled bathrooms,

nity to put their mortgage dol- lars to work supporting social equity in communities. The revenue generated through CPC Mortgage Company’s lending and servicing supports its three members’ nonprofit missions and work to create a positive social impact through their investments in housing and community development across the country. By doing business with CPC Mortgage Company, its cus- tomers are helping CPC, Cin- naire and NEF create more sustainable communities, ad- dress issues of racial equity in housing and development, and expand and preserve affordable and workforce housing in un- derserved communities. CPC Mortgage Company was initially launched as a fully-owned subsidiary of CPC in Fiscal Year 2019, with its fo- cus on bringing the company’s expertise in affordable housing and small building finance to the mortgage market. In Fis- cal Year 2022 CPC Mortgage Company executed more than $560 million in Agency origi- nations, keeping up a pace of roughly 32 percent year over year growth. Since inception, 97 percent of units financed by CPC Mortgage Company have been affordable, 77 percent being affordable to households earning less than 80 percent of area median income. MAREJ stainless steel appliances and private terraces in select units. The building will offer state-of- the-art community amenities, including an 1,800 s/f rooftop deck with lounge seating and scenic city views, a modern fit - ness center, an oversized resi- dent lounge with televisions and a wet bar, a secure package room, electric car charging sta- tions, bike storage and covered parking for 22 vehicles. Situated at 70 Fisk St., the property benefits from its ex - ceptional access to the area’s strong transportation network. The Hudson-Bergen Light Rail West Side Avenue station is just two blocks from the prop- erty, which provides service to commuters along the water- front and transfers into NYC The JLL Capital Markets Debt Advisory team repre- senting the borrower was led by director Max Custer and senior director Thomas E. Didio, Jr. MAREJ

porat i on (CPC), Na- tional Eq- uity Fund (NEF), and Cinnaire an- nounced their joint partner- ship in CPC Mortgage

John Cannon

Company , a national mort- gage lending company special- izing in multifamily agency finance products. This first-of- its-kind cooperative leverages the resources and expertise of its three nonprofit owners to increase access to flexible agency mortgage capital in communities where it is needed most, with the goal of expand- ing and preserving affordable and workforce housing. CPC Mortgage Company also pro- vides a new avenue for socially responsible investments in housing, giving multifamily owners and investors an op- portunity to access permanent capital, while supporting and advancing its members’ non- profit work to create a positive impact in communities. CPC Mortgage Company is the only nonprofit lender with a suite of Freddie Mac, Fannie Mae, and Federal Housing Administration (FHA ) products including MORRISTOWN, NJ — JLL Capital Markets announced that it has arranged the $19 million financing for 231WHK, a newly built 60-unit multi- housing community in Wee- hawken. JLL represented a private developer to secure the five- year, fixed-rate loan through Columbia Bank . 231WHK is a LEED Plati - num and Energy Star certified building featuring cutting edge architectural limestone and a glass façade on the exterior. It offers a unique unit mix of studio, one- and two-bedroom floorplans, as well as a retail space off Palisades Avenue. Units include real wood veneer cabinetry, stainless steel ap- pliances, in-unit washers and dryers, high efficiency tankless hot water heaters and quiet hydronic-ducted HVAC units. The property offers two garag- es with 70 parking spaces, bike storage, electric car charging, a

JLL Capital Markets completes financing for the 60-unit 231WHK

231WHK

The JLL Capital Markets Debt Advisory team repre- senting the borrower was led by Matthew Pizzolato and Gerard Quinn . “Even with all the market volatility, there was no short- age of interest from the lend- ing community for this luxury multi-housing asset that our client did a tremendous job

common room and terrace and a resident gym. Located at 231 32nd St., the property offers easy connectiv- ity to midtown Manhattan by car or public transportation. Residents have access to the waterfront in Hoboken, the arts and entertainment in Jersey City and the numerous restaurants in Union City.

M id A tlantic Real Estate Journal — Financial Digest — Investment/Multifamily Financing — August 19 - September 15, 2022 — 9A I nvestment /M ultifamily F inancing

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M id A tlantic R eal E state J ournal

Magazine ranks Commerce Park top 10 in the nation Weiss Realty LLC subsidiary completes 161,000 s/f lease

By Brian Hosey, Marcus & Millichap Escape Velocity

There should be no “work-life balance”. Most of your energy should go towards launching your brokerage business with the remaining time spent with family and on health and fitness. Bonus tip: work an extra six hours every weekend. Most new salespeople are working long hours during the week. That’s a good start, but there are diminishing returns to working long days. Those last few hours are usually not that productive. I recom- mend an agent work a full workweek and then add on an additional six hours over the weekend. Those six hours over the course of a year will result in an extra month and a half of productivity. continued from page 2A

Here is the math: 6 hours X 50 work weeks in a year = 300 hours 300 hours / 50 hours in a week = 6 additional work weeks By adhering to this sched- ule, a new salesperson can boost their productivity by 13 percent while avoiding burn- out. An added benefit of this schedule is that the salesper- son will save money on din- ning out and entertainment. Most salespeople underesti- mate the time and effort it will take to launch their brokerage career. By sticking to a strict schedule and high activity levels the sky is the limit! Brian Hosey is first vice president/ division manager of Marcus & Millichap’s Mid- Atlantic Division. MAREJ

ECATUR, IL — Queenanne Realty LLC , a Chicago based

subsidiary of Moonachie, New Jersey based Weiss Realty Co, Inc. , owner/ ma n a g e r has leased 161,000 s/f at Commerce

Jaime Weiss

Park located in Decatur, IL with Stripmasters Services Inc. Commerce Park, situated on 147 acres off US Route 51 and Interstate 72, is a strategi- cally located industrial park in the Decatur -Macon County Enterprise Zone, adjacent to the ADM Intermodal Ramp which allows for the process- ing of third-party international shipping containers. Decatur, Illinois is home to the Midwest Inland Port, a multi-modal hub with connectivity to two class I railroads and two short line railroads. The central loca- tion gives access to more than 99 million consumers within a 500-mile radius. Weiss’s masterplan plans call for an additional proposed expan- sion of 488,000 to 1,300,000

Commerce Park

s/f of warehouse space to be available in two to three sepa- rate buildings within the next three years. “Commerce Park consistently ranks as a Top 10 parks in the nation by Busi- ness Facilities Magazine ,” said Nicole Bateman , president of the Economic Development Corporation of Decatur-Macon County. “The park’s size, loca- tion to major Midwest markets, unparalleled utility and rail infrastructure makes it a solid choice for new and expanding

businesses alike.” Stripmasters Services Inc. is a leading commercial and in- dustrial blasting, painting and power coating company that services the Midwest region. “Decatur Commerce Park’s many connectivity attributes make it an ideal business location with domestic and international capabilities with close proximity to air, rail and five major highways ” said property owner/manager Jaime Weiss . MAREJ

Gebroe-Hammer’s multifamily . . . Throughout the Northern and Central New Jersey Met- ros, Gebroe-Hammer’s broker- age professionals’ sales efforts focused on this all-important economic corridor and high- population-density geographic region. In fact, one of the firm’s most-unique Q2 sales involved the $63.5M trade of Northwood Estates Apartments, a 253-unit garden-style community (North Brunswick), and the $14.5M sale of Beech Spring Village Apartments (Summit) to mark completion of a classic multi- family 1031 Exchange. director. “These healthy, ro- bust New Jersey submarkets have a lot to offer, the least of which is one-seat rail service to and from Midtown Manhat- tan and abundant NJ Transit bus options.” Similar trends prevail in the Greater Philadelphia MSA/ South Jersey Metro. Since Ge- broe-Hammer expanded into the region about 17 years ago, it has been representing client interests across New Jersey’s Burlington, Camden, Glouces- ter, Atlantic, Cumberland and Salem counties as well as Philadelphia proper, its northern neighborhoods and Bucks, Montgomery, Chester and Delaware counties. continued from page FC-A

Berson completes successful three-year term as Chair of RWJBarnabas Health Board of Trustees

since grown into a $6.5 billion health system, which routinely captures national awards for outstanding quality and safety, and its partnership with Rut- gers University has formed New Jersey’s largest academic healthcare system. “Marc’s influence goes well beyond the boardroom at RWJBarnabas Health. He cares deeply about our mis- sion and has dedicated him- self wholeheartedly to our organization for many years,” said Barry H. Ostrowsky , CEO, RWJBarnabas Health. “Marc not only helped to build our strategic vision, he was a true partner in executing on initiatives to improve health care delivery that continue to be transformative for our communities.” Berson is an established entrepreneur, attorney, and philanthropist with a focus in real estate development and operating manufacturing and service businesses. He is Chair- man of the Fidelco Group and of the Fidelco Realty Group , an owner-developer of residential, commercial, retail,

and industrial properties in the New Jersey, New York, Florida, and Ohio markets, which he founded in 1981. Capitalizing on Fidelco’s success developing distinct destinations in overlooked inner-city neighborhoods, Mr. Berson has invested in a wide- range of properties in urban areas throughout the country, including in his birthplace and the center of his civic and phil- anthropic endeavors – Newark. Fidelco has been an active in- vestor in residential, commer- cial and industrial properties requiring rehabilitation, repo- sitioning and/or environmental remediation, for the benefit of local communities. Recog- nized for its diverse portfolio of properties, Fidelco is leader in redevelopment as well as new construction projects, with those completed or under devel- opment encompassing millions of square feet of property. Berson will continue to serve as a member of the RWJBarnabas Health Board and as Chairman Emeritus at Newark Beth Israel Medical Center. MAREJ

WEST ORANGE, NJ — A stalwart of the New Jersey community, Marc E. Berson

Additionally, the trade of Ridgewood Commons (South Orange), a 66-unit five-story multifamily asset, was sold for a fourth time since 1999 for an unnamed price by Gebroe-Hammer. “In New Jersey’s urban and suburban markets, the mass exodus from New York City and its outer boroughs is continuing among those priced out of these markets. These renters-by-choice are now setting their sights across the Hudson River – beyond Hudson County and ‘inland’ – for lower rents and more square footage,” said David Oropeza , executive managing

concludes his success- ful three- year term as Chair of the RWJBarn- abas Health Board of Trustees at the end of

“In an about-face of previous investment approaches, inves- tors are open to expanding their reach beyond what was once defined by geography,” said Joseph Brecher , execu- tive managing director. “We have many sellers attracting out-of-area buyers who are ag- gressively bidding on for-sale product in order to achieve market diversification. As long as there is a shortfall of supply in many Northeast metros and submarkets, this branching out is expected to continue.” MAREJ

Marc E. Berson

this month. Berson’s tenure as Board Chair will forever be known as a transformational time of growth for the health- care system. A longstanding advocate for RWJBarnabas Health, Mr. Berson has served as Chair of the Board since 2019. He has also been Chairman of Newark Beth Israel Medical Center and Children’s Hospital of New Jersey, both RWJBarnabas Health facilities. Berson served as Chair of Barnabas Health in 2016, when the merger of Barn- abas Health and Robert Wood Johnson Health System formed RWJBarnabas Health. RWJBarnabas Health has

Vantage Commercial facilitates long- term lease in Mount Laurel, New Jersey

Centerton Square. The salon joins a diverse roster of co- tenants including AT&T and Mattress Warehouse. Mike Gries , advisor, and Corinne Giletto , director of client services at Vantage Com- mercial, represented the land- lord in the transaction. MAREJ

MOUNT LAUREL, NJ — Vantage Commercial an- nounced a retail lease at 3531 Rte. 38 in Mount Laurel. Vibe Salon has leased the last re- maining vacancy at the newly constructed retail center lo- cated at the corner of Rte. 38 and Marter Ave., adjacent to

M id A tlantic Real Estate Journal — August 19 - September 15, 2022 — 11A

www.marej.com

Meisel, Nicholson, Weir, Byrd and Baker of JLL broker transaction KBS sells 207,000 s/f, three-building class A office park in Fairfax, Virginia for $23 Million

AIRFAX, VA — KBS announced the disposi- tion of Redwood Plaza I, II & III, a three-building class A office complex span - ning 207,000 s/f in Fairfax, a submarket of Washington, DC. The property, originally acquired by KBS in 2000, was purchased by Network Re- alty Partners , an Arlington- based investor, for $23 million. “Based on Fairfax, Virginia’s robust office market funda- mentals and the increasing demand for premier office space, now is the ideal time to sell this asset,” said Marc DeLuca , CEO and Eastern regional president at KBS. “Of - fice employees in this market are looking for spaces of the highest quality, especially as they return to in-person work. According to CBRE , since 2018, starting rents among five major central business districts including Washington, DC F

five-story building that holds 99,297 total rentable s/f of space; Redwood Plaza II, a three-story building that offers 67,328 total rentable s/f; and Redwood Plaza III, a two-story building contain- ing 40,984 rentable s/f. The three buildings have recently been renovated, bringing an elevated experience to the Redwood Plaza complex. Employees now have ac- cess to a new tenant lounge, which features arcade games, shuffleboard, free Wi-Fi, craft beer on tap, and a 24-hour, on-demand café. Additional shared amenities for tenants include renovated lobbies, a conference center, cater- ing kitchen, and community pantry and coffee. Jim Meisel, Matt Nichol- son, Andrew Weir, Kevin Byrd and Dave Baker of JLL were the brokers of the transaction.

“KBS has a long history of operating the properties in its client portfolio to exceptional standards, and Redwood Plaza is a perfect example,” says Meisel. “The company’s ability to provide the best of- fice space in the market is one of the reasons why assets like Redwood Plaza are so desir- able for potential buyers.” “We were pleased to work with KBS in the disposition of Redwood Plaza in one of the Mid-Atlantic’s strongest office markets,” said Bruce Fischer, Greenberg Trau- rig’s Chair of the West Coast Real Estate Practice and co- managing shareholder of the Orange County Office, who led the Greenberg Traurig team (shareholder, Howard Ch u, and paralegal, Amanda Kennedy ) representing KBS. Redwood Plaza is located at 10560, 10580, and 10600 Ar- rowhead Dr. in Fairfax. MAREJ

Redwood Plaza

have increased by 13% in prime office buildings making this market attractive to buyers.” The asset’s location is ideal for commuters across the D.C.-Maryland-Virginia (“DMV”) area, according to Luke Hamagiwa, asset man- ager for Redwood Plaza and vice president at KBS. “Redwood Plaza has been in KBS’ client portfolio since

2000 and has generated a steady stream of revenue ever since,” says Hamagiwa. “The buyer was attracted to the property’s easy access to Washington, D.C. and major airports as well as its proxim- ity to shopping and dining op- tions in the Fairfax market.” Redwood Plaza consists of three class A office build - ings: Redwood Plaza I, a

Green energy startup Versogen chooses Delaware for expansion

today to Delaware’s Council on Development Finance the company’s application for a Delaware Lab Space Grant of $450,380 and a Jobs Perfor- mance Grant of $151,343 from the Delaware Strategic Fund to support the company’s invest- ment of more than $4.8 million. Distribution of grants from the Delaware Strategic Fund are dependent on the com- pany meeting commitments as outlined to the CDF, which reviewed and approved Verso- gen’s request for up to $601,723 in total grant funding. “Versogen has been strongly supported by the State of Delaware directly or indi- rectly from its inception,” said Yushan Yan, Versogen co-founder and CEO. “The grants approved today for Versogen from the Delaware Strategic Fund demonstrate Delaware’s unwavering com- mitment to building a vibrant entrepreneurial environment for startups and to providing critically needed facilities grants for them to grow.” Versogen began with re- search conducted in Yan’s

lab in his role as Henry B. du Pont Chair of Chemical and Biomolecular Engi- neering at the University of Delaware. As Yan said, Del- aware recognized the start- up’s promise right away. So did entities throughout the United States, with numerous supporting the company’s work to bring to market a new class of poly- mer membranes that will make green hydrogen and fuel cells more economical. Originally branded as W7 Energy and rebranded as Versogen in 2021, the com- pany has been supported by more than $5 million in grants. These include the prestigious BIRD Project grant in 2020 and selection as one of three startups for the fourth cohort of the Shell GameChanger Accelerator (GCxN) program in 2021. Earlier this year, Versogen closed a Series A funding round that raised $14.5 million. This investment allows the company to scale development of its low-cost green hydrogen elec- trolyzer stacks. MAREJ

WILMINGTON, DE — Ver- sogen, an industry-leading green energy startup, has chosen Delaware as the site for a $4.8 million expansion that includes moving its operations from The Innovation Space in Wilmington to larger, upgrad- ed facilities at FMC Stine Re- search Center in Newark, DE. Versogen targets deep de- carbonization of the sectors of our economy that are not pos- sible by green electricity. The startup is focused on anion- exchange membranes (AEMs) and AEM based electrolyzers to produce low-cost green hy- drogen at scale. The company’s systems are engineered to make green hydrogen afford- able and sustainable – from the materials used in manu- facturing through to the costs of operations. “Delaware has been a hub for innovation for decades. Versogen is the latest success out of Delaware’s Innovation Space and a great example of the collaborative environ- ment we have for economic development in our state,” said Governor John Carney.

Versogen at FMC Campus

“We are excited for Versogen’s expansion, bringing new jobs and important technologies to New Castle County.” Versogen’s investment in- cludes renovating Stine Build- ing 115 and creating additional lab space at the site, which will be fully operational by 2024. The company’s relocation will accommodate its next level of operations, which includes adding forty-nine new jobs over the next three years to the 16 positions currently staffing the company. “New Castle County is the ideal place for startup compa- nies like Versogen to create innovative green technolo- gies,” said New Castle County executive Matt Meye r. “We

are proud to welcome Versogen and know that it will find the first-rate talent for employees and further growth.” Officials from FMC agreed. “At the FMC Stine Research Center, we work hard to change the world for the better,” said Dr. Kathleen Shelton, FMC ex - ecutive vice president and chief technology officer. “We are ex - cited to welcome Versogen and applaud them for developing industry-leading green energy technologies. We appreciate Delaware Prosperity Partner- ship for the continued collabo- ration and actively building a strong entrepreneurial and innovation ecosystem in the State of Delaware.” Versogen officials presented

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