26A — June 10 - 23, 2016 — M id A tlantic
Real Estate Journal
www.marejournal.com
M id A tlantic R eal E state J ournal
Kirkor Ajderhanyan installed as World President of Global Real Estate Federation
At 2016 National Assoc. for Ind. & Office Parks gala Donald Witmondt receives lifetime achievement award
S
tions may impact financing. Rules and regulations for pub- lic construction often outweigh and outnumber those in the private sector. Understanding these rules is half the battle. Developers and their lenders must also be willing to accept the cost implications of their implementation. For instance, New Jersey requires develop- ers on public projects that are awarded tax credits to use prevailing wage labor, which adds to both labor and compli- ance costs. At TCNJ, state law requires developers to issue a letter of credit as surety that the project would be completed and another letter of credit to ensure that labor will be paid – a sharp contrast to private rules and more costly than typical bonding requirements. Work with a finance source sophisticated enough to man- age the entire lifecycle. Cre- ative finance at the college and university levels requires both short-term and long-term vi- sion. As projects move from the planning through the financ- ing and construction stages, there are multiple boxes that must be checked. At Rowan University, M&T financed the tax credits, pro- vided a bridge loan for con- struction, and then success- fully positioned the project “I am honored to receive the Lifetime Achievement Award from NAIOP and to be recognized by my peers for my dedication to the New Jersey real estate industry,” said Wit- ognizes an individual’s exem- plary service and longstanding impact on the real estate indus- try,” said Clark Machemer , president of NAIOP-NJ and senior vice president of The Rockefeller Group . “The Lifetime Achievement Award is our highest honor, and we congratulate Donald on this significant accomplishment. It’s a true testament to his com- mitment to excellence.” Witmondt founded Wood- mont Properties in 1963, and has since served as the com- pany’s chairman. With more than 53 years in the real estate industry, Witmondt has pur- chased, developed and built high-quality commercial and residential properties, while simultaneously building an outstanding reputation among his peers and the financial com- munity.
for long-term institutional financing. In such cases, it’s imperative to structure the deal correctly from the outset to enhance its long-term at- tractiveness. At TCNJ, M&T Bank served as lead lender, partnering with smaller lend- ers to deliver the deal. Some- times, project timelines can become significantly longer than typical commercial deals and their financing stacks, comprised of public and pri- vate funds, can take time to piece together. For instance, financing at TCNJ started in 2011. The deal closed in 2014. In the end, these projects represent important initia- tives to meet growing en- rollments and the needs for higher education in the state. Rowan’s enrollment has grown by an astounding 20 percent to about 16,000 students over the past two years and is expected to increase to 26,000 students over the next ten years. The public-private partnership model gives public entities the ability to meet their growth plans without adding to bal- ance sheet liabilities. Mike Saraco (VP, Rela- tionshipManager) and Jim Morris (Admin VP, Group Manager) are commercial real estate financing spe- cialists for M&T Bank. n For 53 years, Woodmont Properties, based in Fairfield, NJ, has contributed to the re- gion’s residential and commer- cial marketplace by developing residential communities, office buildings, retail centers and industrial properties. n mondt. “This award is truly a reflection of the dynamic team we’ve assembled at Woodmont. Their unwavering commitment to excellence has enabled us to bring to market the highest quality real estate in which people work, live, travel, shop and dine.” Witmondt’s high level of expertise has enabled him to provide significant contribu- tions to the company in areas including site selection, design, land approvals and land devel- opment. His most significant contribution to his team has been the insight he attained from years of hands-on activ- ity with clients, contactors, partners, investors, financial institutions, vendors and real estate professionals on every level.
OMERSET , NJ — Woodmont Properties , one of region’s leaders in
commercial and residen- tial develop- me n t , a n - nounced that its chairman Donald Wit- mondt has been named r e c i p i e n t
Donald Witmondt
grants and tax credits and their impact on feasibility. Making these projects work often requires local, county and state financial support. Understanding the interplay of these outside sources of capital are key to their feasi- bility. At Rowan, for instance, financing depended on state tax credits that were at risk of expiring if legislation was not renewed. By understanding the status of the legislation and the attitude of the legis- lature, M&T was confident that the tax credits would be renewed in time for the project to move forward. The success of public/private development often hinges on this kind of local knowledge. Know that local rules can go beyond zoning. Local de- velopment rules govern more than curb cuts and parking spaces. New Jersey towns are under significant pressure to provide affordable housing, and overall project approvals can depend on such add-ins. On the Rowan project, the developer was required to set aside some units for affordable housing, limiting the number of market-rate units available and ultimately changing some assumptions about the project. Public construction regula- Witmondt was honored at NAIOP-NJ’s 29th annual gala, which was held at The Palace at Somerset Park in Somer- set, NJ. The organization’s highest honor, the Lifetime Achievement Award recognizes an individual who has a dis- tinguished and longstanding record of exemplary service to the industry and community, as well as significant personal accomplishments. “Each year, NAIOP-NJ rec- of the 2016 National As- sociation for Industrial and Office Parks, New Jer- sey (NAIOP-NJ) Lifetime Achievement Award.
FIABCI World President Kirkor Ajderhanyan receives his presidential medal fromFIABCI Immediate Past President Danielle Grossenbacher
PANAMA CITY — Kirkor Ajderhanyan was installed today as the World President for FIABCI , the International Real Estate Federation, dur- ing an official ceremony at the 67th FIABCI World Congress, held in Panama City on May 21 - 26. Ajderhanyan is the owner of 107 Promenade International Real Estate in Nice, France, specializing in seafront properties throughout the French Riviera and luxury properties worldwide through select international partners. He holds the Certified Inter- national Property Specialist (CIPS) and the Transnational Referral Certified (TRC) pro- fessional designations. Active in organized real es- tate since 1999 through the French association Fédéra- tion Nationale de l’Immobilier (FNAIM), Ajderhanyan was instrumental in the formation of an International relations department at FNAIM and in expanding the group’s annual congress to attract attendees from more than 40 countries. In 2009, he initiated the cre- ation of the Global Real Estate Think Tank, a forumwhere for- ward-thinking industry leaders gather to discuss real estate global development issues and industry responses. He is presi- dent of the FNAIM French Riviera International Rela- tions Committee . In 2010, Ajderhanyan was elected as the first president of the FIABCI World Coun- cil of Brokers , established to provide services that en- ables its members to do more cross-border business. He is vice president of the FIABCI French Chapter. He was elect- ed as World President-elect in 2015 and succeeds Danielle Grossenbacher from the USA as FIABCI World Presi- dent. Elected as World President- elect during the 2016 Con-
gress was FarookMahmood , chairman&managing director of Silverline Group , based in Bangalore, India. Mahmood has worked in the real estate business for 35 years and cur- rently serves as the president of FIABCI India. Ajderhanyan plans to build upon the group’s current busi- ness plan with a focus on business success and busi- ness opportunities for FIABCI members. “It’s a great time to be working in the global real estate market,” said Ajderh- anyan. “Never before have we been so connected by so many shared goals and enabled by technology.” Among his top priorities are the growth of FIABCI through innovative membership mod- els and the sharing of indus- try best practices worldwide through education, industry events, communications and advocacy. Ajderhanyan says that in all initiatives, atten- tion will be given to increasing the global awareness of FIAB- CI, developing future leaders, and delivering real business value to FIABCI members. “I am proud to be a member of this great family and look forward to working with other FIABCI leaders to realize our vision for FIABCI.” With members in 65 coun- tries, including 100 profes- sional associations and 65 academic institutions, FIABCI is the only representative real estate organization in the world and holds special consultative status with the Economic and Social Council (ECOSOC) of the United Na- tions. Its members work in all types of property sectors and represent all real estate disciplines including broker- age, property management, valuation, investment, de- velopment, consulting, legal, architecture, planning and insurance, among others. n
Creativity is hallmark to financing the higher education. . . continued from page 6A
Made with FlippingBook - Online Brochure Maker