F inancial D igest F eaturing C reative F inancing
M id A tlantic Real Estate Journal — June 12 - 25, 2020 — 5A SEDA-COG offers businesses impacted by COVID-19 new loan program
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MADDD Equities acquires vacant Ruppert Ice House Progress Capital arranges $50 million construction loan B
CENTRAL PA —Business- es impacted by the COVID-19 crisis in 11 central Pennsylva-
Economic Development Administration (EDA) and thanked them. “We know businesses are hurting and we are using cre- ative solutions to help meet the current needs in this ever- changing economic climate,” Brown said. “As the local com- munity and economic develop- ment agency, we are thrilled to partner with the EDA to further assist our region.” Doug Wilburn , director of SEDA-COG’s Business Fi- nance program, worked with the EDA to get these funds reallocated for a broad array of businesses since they were originally limited to specific business sectors. “This loan fund was real- located by SEDA-COG in re- sponse to the COVID-19 crisis. The partnership of SEDA-COG and the EDA will give busi- nesses in our region some relief. SEDA-COG has heard the voice of our communities and we will continue to look for ways to help local businesses through these trying times,” Wilburn said. As a community and eco- nomic development agency, SEDA-COG enhances the quality of life and economic advantage for residents and businesses in 11 central Penn- sylvania counties through its vital partnerships and initia- tives. SEDA-COG also is an advocate for the interests of its communities at the state and federal levels. MAREJ
nia counties now have an- other fund- ing option – a new loan pro- gram estab- lished by SE- DA-Council of Govern- ments (SE- DA-COG) .
RONX, NY — Brad Domenico , partner at Progress Capi- tal secured a $50 million construction loan for the long-vacant Ruppert Ice H o u s e l o - cated at 18- 22 Bruckner Blvd. in the Mott Haven neighborhood of the Bronx. Jorge Madruga’s MADDD Equities acquired the prop- erty along with partners Eli Weiss and Drew Katz and is converting the building to a K-12 “DREAM” Charter School. DREAM (non-profit) provides inner-city youths of East Harlem, the South Bronx and Newark with opportuni- ties and inspiration by recog- nizing their potential to fulfill their dreams. One of the challenges that Brad faced during the loan process included the ongo- ing impact resulting from COVID-19. With volatility in the markets, difficulties in underwriting credit risk and disruption with construction projects, Domenico needed to navigate many hurdles to get to the closing table. The 188,000 s/f space will be designed by world renowned architect, Sir David Adjaye, who designed the National Af- rican American Museum and was recently knighted by Her Majesty the Queen for services to Architecture. All levels will be fully renovated, including adding specialty classrooms such as a dance Room, art Room, graphic design lab, a Brad Domenico
Douglas Wilburn
No payments are due in the first six months for the new SE - DA-COGEDA COVID-19 Loan Fund. There is a limited pool of funds available, so interested businesses should apply now. Funds are available until they are exhausted. Funds can be used for ac- quisition of commercial real estate, working capital, and equipment. Funds can be dis- bursed based on past working capital expenses. For-profit businesses can ap - ply for loans of at least $10,000. Contact SEDA-COG for inter- est rate information. The loans are for businesses in SEDA-COG’s region of Cen- tre, Clinton, Columbia, Ju- niata, Lycoming, Mifflin, Mon - tour, Northumberland, Perry, Snyder, and Union counties. There is a $500 underwriting fee and a $100 Uniform Com- mercial Code (UCC) filing fee. SEDA-COG executive direc- tor John Brown said SEDA- COG worked hard to secure these funds through the U.S.
18-22 Bruckner Blvd.
JLL secures $20M refi. for cold storage facility located near Port Newark-Elizabeth
library hall, and a large 6,670 s/f gymnasium. The rooftop will be transformed into a full recreational space/playground for the students. “It’s one of these projects that you feel will define your whole life,” said Weiss. “You’re taking a building that’s been vacant for decades and using it to educate and facilitate liquidity in an all-in-one secure environment. “Powered by Nth Round, our private, proprietary pro- gram enables our investors to access financial reports, K-1’s, tax information, and periodic operating updates about the properties in which they have invested. We plan to also provide information about new investment op-
inner-city youth.” The property’s history in- cludes serving as a former ice warehouse built at the turn of the century by American brew- er Jacob Ruppert, Jr. Ruppert is best known as the owner of the New York Yankees and the man who built the original Yankee Stadium. MAREJ
PHILADELPHIA, PA — Stockton Real Estate Ad- visors, LLC has collaborated with Nth Round to provide a new tool for Stockton’s inves- tors to gain “real-time” 24/7 access to investment portfolio information. Nth Round is a comprehensive equity man- agement platform for com- panies that wish to manage equity, engage shareholders, portunities, enabling current and prospective investors to review information at their convenience. This is the start of an evolving investment management process that provides our investors with enhanced transparency, con- venience, and clarity,” said Sean Myers , Stockton’s head of acquisitions and develop- ment. MAREJ Stockton Real Estate Advisors syncs with Nth Round to Premiere
735 Dowd Ave.
MORRISTOWN, NJ — JLL Capital Markets announced has arranged a $20 million re- financing for 735 Dowd Ave., a 175,000 s/f cold-storage facility near Port Newark-Elizabeth in the suburban NYC community of Elizabeth, NJ. JLL worked on behalf of the borrower, Elberon Develop- ment Group , to place the
20-year, fixed-rate loan with a life insurance company. Loan proceeds were used to refi- nance the existing debt on the property. The JLL Capital Markets teamrepresenting the borrow- er was led by senior managing directors Michael Klein and Jon Mikula and analyst Carlos Silva . MAREJ
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