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L A new e-commerce development totaling more than 3M s/f on 718-acres Russo Dev. & Forsgate Industrial Ptrs. break ground onKingslandMeadowlands
ISSUE HIGHLIGHTS Volume 31, Issue 21 November 8 - 21, 2019
KING OF PRUSSIA, PA — Newmark Knight Frank’s (NKF) greater Philadelphia Capital Markets team com- prising Mike Margolis, Dave Dolan and Dave Garonzik , along with local market expert, Jim Dugan , have successfully completed the sale of 200 N Warner Rd. in King of Prussia. The team represented the joint venture of Taconic Capital YNDHURST, NJ — Russo Development and Forsgate Indus- trial Partners broke ground today on Kingsland Meadow- lands, a new e-commerce de- velopment totaling more than three million s/f on a 718-acre site spanning the municipali- ties of Lyndhurst, Rutherford, and North Arlington. Plans include up to six build- ings, with the ability to deliver a single building totaling more than 1,200,000 s/f in an indus- trial/warehouse submarket that is nearly fully occupied and rarely offers floorplates of more than 250,000 s/f. Kingsland Meadowlands features the dimensional ef- ficiencies of a modern distri- bution facility while being able to offer unparalleled size and trailer parking positions within the competitive market set. The initial phase will offer
ter, offering abundant food and retail amenities directly across the street from the property. Additionally, 200 N. Warner Rd. is one-quarter mile from the King of Prussia Mall, the United States largest mall in terms of retail space. The property’s prominent King of Prussia location benefits from direct access to major limited access roadways including the Schuylkill Expressway (I-76), the Pennsylvania Tpke. (I-276), Rte. 202 and Rte. 422. 200 N. Warner Rd. is situ- ated within one of the highest performing, most sought-after micro-markets in the entire suburban Philadelphia area, the Swedesford/Warner Rd. class A Office Corridor. Driven by an intense concentration of wealth and talent, proximity to an abundant amenity base, and excellent vehicular access to the entire PhiladelphiaMSA, this corridor boasts a direct va- cancy factor of 8.6% and rental rates that soar above average suburban Philadelphia rental rates. said Alex Klatskin , general partner for Forsgate Indus- trial Partners. “We are proud to be part of the economic and environmental revitalization of such an important site in the Meadowlands.” Russo and Forsgate won a competitive bidding process in June of 2015 and engaged in a complex entitlement and engineering design process to ready the site for its intended use. The Partners expect to deliver the first building to the market in late 2021. There have been multiple failed attempts over the years to redevelop the Kingsland Tract with options that were not practical or consistent with the attributes of the site. This new logistics center will benefit from the strong and skilled workforce in the region bringing many new jobs to the surrounding communities.
SPOTLIGHTS
LENDER’S DIRECTORY
5-24A
CONTRIBUTING COLUMNIST
Kingsland Meadowlands
1,280,000 s/f in two buildings with more than 1,400 trailer positions and 800 car parking spaces available. “Kingsland Meadowlands will bring a truly unique prod- uct offering to the market at a time when demand has been aggressively outpac- ing supply.” said Ed Russo , CEO for Russo Development. “Many governmental agencies were involved in the approval
process and we want to espe- cially thank Lyndhurst, North Arlington, Rutherford and the NJSEA for their collaborative efforts in helping to unlock the potential for this property.” “Forsgate Industrial Part- ners has been developing fa- cilities in the region for over 50 years, and we look forward to continuing our tradition of delivering the highest quality product for local businesses,”
2A
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December 2019 6 th Annual NJ Capital Markets Conference
Newmark Knight Frank represents seller in 165,000± s/f office transaction totaling $37.85M
December 2019 4 th Annual Philadelphia Apartment Multifamily Conference For speaking and sponsorship information, please contact: Lea at 781-740-2900 or lea@marejournal.com
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200 N Warner Rd.
as well as the addition of two common area tenant confer- ence rooms and a lobby grab n’ go. This capital investment led to momentous leasing suc- cess, and rental rates increas- ing approximately 35% at the property. The ±165,000 s/f, four-story, class A office building benefits from a truly unique amenity- rich environment. Tenants and visitors of 200 N. Warner Rd. enjoy unmatched proximity to the King of Prussia Town Cen-
and Cohen Equities , both of New York, NY, in the $37.85 million sale to Pembroke Capital of Bryn Mawr, PA. When Taconic Capital and Cohen Equities acquired the property in May of 2016, the occupancy rate was at 65%. The seller completed a $4.2 million comprehensive modernization program that included enlarg- ing and remodeling the lobby, creating all new common areas and restrooms, full replace- ment and addition of windows,
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Mid Atlantic R eal E state J ournal Publisher, Conference Producer . .............Linda Christman AVP, Conference Producer ...........................Lea Christman Publisher ........................................................Joe Christman Section Publisher ............................................. Steve Kelley Section Publisher ............................................... Kim Brunet Editor/Graphic Artist ......................................Karen Vachon Office Manager ............................................... Kerrin Devine Contributing Columnist ............................ Cullen Company Mid Atlantic R eal E state J ournal — Published Semi-Monthly Periodicals postage paid at Hingham, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal, 350 Lincoln St., Suite 1105 Hingham, MA 02043 USPS #22-358 | Vol. 31, Issue 21 Subscription rates: $99 - one year, $148 - two years, $4 - single copy REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion 781-740-2900 | Fax: 781-740-2929 www.marej.com The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal
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Meet Cullen Company, Your Local Pump Manufactures’ Representative C ullen Company has celebrated over six- ty years of business, founded in 1954 by Hugh J. Cullen and developed by his son, Richard Cullen. The small business has grown from an operation in Jersey City, New Jersey to the pres- ent centralized engineering and warehouse facilities in Neptune, New Jersey, with satellite offices in Upstate, New York and Philadelphia, Pennsylvania. Cullen Com- pany has had the distinct honor and privilege of being chosen for many notable jobs including: • Replacement of pumps and controls to run the 260 elevator motors in both World Trade Center buildings after the 1993 bombing. • Consultation for pumping and engineering issues asso- ciated with the containment of Hudson River water away from Ground Zero after 9/11. • The first sewage treat-
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ment plant at the Statue of Liberty and Pump equipment for Ellis Island. • Pump equipment for Dis- ney World • Pump equipment for 26 Rockefeller Center sites. • Pump equipment for the American Consulate in India. Cullen Company’s expe- rienced sales and engineer- ing support staff provides a wide array of consulting and design services utilizing the best pumps in the trade. Cul- len Company has supplied equipment to major hospi- tals, sports arenas, corporate headquarters, malls, water treatment facilities, andmajor office and residential build- ings in NYC and throughout
the Tri-state area. Cullen Company represents the fol- lowing pump lines: •Weil manufactures a broad line of wastewater pump mod- els and accessory items. The trade often calls Weil the "Heavyweight". A Weil pump consistently outweighs and outlasts similar competitor’s pumps. The difference is by design to make "the best". The result is a distortion-free part with high rigidity, consistent machined dimensions, and a longer service life. The Weil product line is certified to the American Recovery and Rein- vestment Act. Buy American! • Wilo USA offers a full line of highly reliable and extremely continued on page 3A
STATEMENT OF OWNERSHIP MANAGEMENT & CIRCULATION (required by 39 U.S.C. 3526) Title of Publication: MidAtlantic Real Estate Journal. 2. Publication No. 22-358. 3. Date of Filing: 10/23/2019. 4. Frequency of Issue: Semi-Monthly. 5. No. of Issues Published Annually:24.6.AnnualSubscriptionPrice:$99.00.7.Completemailingaddressofknown office of publication: 350Lincoln St, Suite 1105Hingham,MA02043. 8. Completemailing address of the headquarters of general business offices of the publisher: Same as above. 9. Full names and complete mailing addresses of publisher, editor and managing editor: Publisher, LindaM. Christman, 113 Fitzroy Dr, Hingham, MA02043. Editor: Karen Joy Vachon, 34 Nautical Way, Plymouth, MA. Managing Editor: Joseph A. Christman, 113 Fitzroy Dr, Hingham, MA 02043. 10. Owner (if the publication is owned by a corpora- tion, give the name and address of the corporation immediately followed by the names and addresses of all stockholders owning or holding 1 percent or more of total amount of stock. If not owned by a corporation, give the names and addresses of the individual owners. If owned by a partnership or other unincorporated firm, give its name and address as well as those of each individual owner. If the publication is published by a nonprofit organization, give its name and address). Linda M. Christman, 113 Fitzroy Dr, Hingham, MA 02043; Joseph A. Christman, 113 Fitzroy Dr,, Hingham, MA 02043. 11. Known bondholders, mortgagees and other security holders owning or holding 1 percent ormoreoftotalamountofbonds,mortgagesorothersecurities.None.13.Publicationtitle: Mid Atlantic Real Estate Journal. 14. Issue date for circulation data below: 11/08/2019. 15. Extent and nature of circulation. A. Total no. copies (net press run) 7638, 9825. B. Paid and/or requested circulation. 1. Paid/requested outside-county mail subscriptions; 5369, 7588. 2. Paid in-county subscriptions: 0, 0. 3. Sales through dealers and carriers, street vendors, counter sale, and other non-USPS paid distribution: 0, 0. 4. Other classes mailed through the USPS: 0, 0. C. Total paid and/or requested circulation: 5369, 7588. D. Free distribution by mail: 0, 0. 1. Outside-county: 0, 0. 2. In-county: 0, 0. 3. Other classes mailed through the USPS: 2164, 2037. E. Free distribution outside the mail: 0, 0. F. Total free distribution: 2164, 2037. G. Total distribution: 7533, 9625. H. Copies not distributed: 105, 200. I. Total: 7638, 9825. J. Percent paid and/or requested circulation 71%, 78%. 16. Publication of Statement of Ownership: 10/25/19. 17. Signature and title of editor, publisher, business manager or owner: Linda M. Christman, Publisher/CEO. DECEMBER 13 ........................................DEADLINE: NOV. 29 ROP (FRONT SECTION) ........................................................... DEL/MAR/VA................................................ WASHINGTON DC NEW JERSEY................................................... NORTHERN NJ PENNSYLVANIA.....................................NORTHEASTERN PA SPOTLIGHT....... COMMERCIAL REAL ESTATE LAW Special Advertising Rates to All Participating Firms! Contact Joe Christman or your Account Rep Jchristman@marejournal.com NOVEMBER 22 ........................................DEADLINE: NOV. 13 ROP (FRONT SECTION) ........................................................... SHOPPING CENTERS....................... NY ICSC DEAL MAKING ODM.................................... CONST. MGMT & DESIGN BUILD SPOTLIGHT... COMMERCIAL OFFICE PROPERTIES UPCOMING features SPOTLIGHTS 781.740.2900
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AGSBORO, DE — Wesley Cox, CCIM a senior advisor with Kenton of Investors Realty handles sale of 56,000 s/f on behalf of purchaser Cox of SVN Miller Commercial Real Estate sells $5.5 million office complex in Dagsboro, DE D
Cox commented about the sale saying, “This transaction is a true testament of how the SVN Difference, putting our client’s needs ‘first’, and my teams combined 86-years of experience helps to achieve our client’s goals. I had an amazing seller who approached me with very specific goals in mind and my team was successfully able to accomplish those goals with the help of a wonderful buyer. This deal had all the recipes of a successful deal and I would really like to thank Casey Kenton from Investors Re- alty for all his hard work in helping make this happen.”
Casey Kenton from Inves- tor’s Realty out of Dover, Dela- ware had this to say about the transaction on behalf of the purchaser. “The Clayton Crossing acquisition checked all of the boxes for us as a good long-term investment. Right location, growing area, solid tenant base and quality construction. Sussex County is experiencing a tremendous amount of growth and we be- lieve the fundamentals and future for this property are bright. Wesley Cox and the seller were very easy to work with which always makes for a smooth transaction.”
SVN Miller Commercial Real Estate announced the sale of Clayton Crossing, a high dollar value investment property. The property consists of 56,000 s/f within three build- ings and is located in Dagsboro, continued from page 2A Meet Cullen Co. , Your Local Pump . . . durable pumps and mixers, as well as, high-efficiency circula- tor pumps and well pumps. Wilo pumps are used in do- mestic households, multi unit residential, administrative and commercial buildings. Wilo is the forerunner in ECM technology and has a complete ECMpump line. The Wilo ECM pump and pump systems allows up to 80% energy savings. • Canariis is dedicated to the manufacture of quality packaged systems for domes- tic water applications. Every packaged system manufac- tured is electrically, hydro- statically and flow tested to design conditions prior to shipment. The manufacturing and testing is designed to as- sure ease of installation, sim- plified start-up procedures, andmany years of trouble-free service. • See Water, Inc. designs and manufactures custom pump controls. Their Oil Smart ™ line provides mul- tiple options for pumping water - not oil. Cullen Company has a well- proven field service staff to handle all of your pump and pump-related service require- ments. The knowledgable and dedicated Cullen Company ser- vice team provides the following: • After hours and off-peak service • Diagnostic service calls • Emergency service • Field surveys • Professional start-up assistance • Tailored repairs • Technical assistance • Trouble shooting Contact Cullen Company for all your pump needs. Cullen Company is locat- ed in: NJ – NYMetro 10 Me- morial Drive, Neptune, NJ 07753; NY – Capital Region 90 State Street, Albany, NY 12207; Philadelphia, PA – 1800 JFK Blvd, St. #300 PMB #23, Philadelphia, PA 19103.
Clayton Crossing
fronting on Rte. 113. The prop- erty was designed to be the home of multiple commercial tenants and at the time of the sale there were eight tenants
in place. The property is also the home of the regional office for NVR Homes, a fortune 500 seven-billion-dollar company who occupied 30% of the space.
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D el M ar V a Company hires Richmond native to grow steel operations Kinsley project wins AIA Baltimore’sPeople’sChoiceAward
T
IMONIUM, MD — Kinsley Construc- tion’s MOI office fit-
out project at the McHenry R o w S t a r Building Of- fice has won t h e A I A Baltimore Exce l l ence i n De s i g n Awards Peo- ple’s Choice Award.
MOI’s new corporate headquarters
Micah Lynn
development manager in Richmond, VA. Lynn will lead Kinsley’s efforts to grow their steel fabrication and erection operations throughout Vir- ginia and the Carolinas. “Micah brings years of expe- rience and a strong tie to the area that will help us build partnerships with new and current clients,” said Bobby Chenault, vice president of Kinsley’s steel operations. Lynn has worked with in various construction markets in Richmond including com- mercial asphalt and heavy equipment. He joins Kinsley with four years of experience in project management, esti- mating and sales. Earlier this year, Kinsley opened the doors to their new steel plant in Richmond,
and is working to fill nearly 70 positions with local trade professionals. This additional location will allow Kinsley to produce 60,000 tons of steel annually for construction proj- ects throughout Virginia and the Mid-Atlantic region. Kinsley Construction, Inc. is a master builder headquar- tered in Central PA, with offices in Baltimore and Hag- erstown, MD; Metro DC; and Eastern PA, serving clients throughout the Mid-Atlantic region. Kinsley delivers build- ing solutions through precon- struction, construction man- agement, general contracting and design-build services as well as steel fabrication and erection, highway and bridge, site work, rebar, materials and industrial.
Kinsley partnered with FOX Architects to deliver the fit- out of the 13,000 s/f space to create MOI’s new corporate headquarters. The space also houses a public-facing, highly flexible furniture showroom which displays a number of features for collaborative spaces, technology integration and custom working environ- ments. The People’s Choice Award is presented to the project who received the most public votes for its design during the weeks leading up to the 2019 AIA Baltimore and BAF Excellence in Design Awards Celebration. In other news, Kinsley Construction, Inc. announced they have recently hired Mi- cah Lynn as their business
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Loan proceeds will fund the completion of renovation plan at Essex County property JLL arranges financing totaling $117.86M for New Jersey apartments
OSELAND, NJ — JLL has arranged f inanc ing t o ta l ing $117.86 million for Everly Roseland, a 360-unit apart- ment community located in Roseland. JLL worked on behalf of the borrower, Novel Prop- erty Ventures , to secure the $96.36 million senior loan through an international bank and a $21.5 million mezzanine loan through J.P. Morgan Asset Management . Pro- ceeds from the financing were used to refinance the exist- ing loan and provide future funds to allow the borrower to complete its unit renovation program at the property. Everly Roseland is locat- ed at 28 Nob Hill Rd. with convenient access to I-80, 280 and 287 and the Garden State Parkway. Constructed between 1979 and 1980, the property is situated on 37.7 acres and includes a mix of one-, two- and three-bedroom floor plans. Amenities include a newly constructed club- house, modern fitness center, swimming pool, tennis court, grilling area, on-site dog park and individual unit garage parking. R HAMDEN, CT — Cron- heim Mortgage has ar- ranged $34.4 million in fi- nancing for Buildings 1-5 at Canal Crossing at Whit- neyville West, a seven-build- ing, 393-unit multifamily community when complete, situated on over 16 acres in Hamden. The loan was structured in two phases of $19.9 million for Phase I and $14.5 million and Phase II, both with a 20-year term and three years of interest- only payments followed by a 30-year amortization. The loans were both placed with one of Cronheim’s correspon- dent life companies for whom Cronheim acts as servicing agent. Canal Crossing at Whit- neyville West is being devel- oped inmultiple phases. Phase I, totaling 165 units, includes
pipeline for years to come.” Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc. NETCONG, NJ — JLL has arranged $19.88 million in financing for the development of 34 Bank, a 126-unit, transit- oriented apartment property located in Netcong. JLL worked on behalf of the borrower, a joint venture be- tween CrownPoint Group , The Hampshire Compa- nies and Circle Squared Alternative Investments , to secure the 36-month, floating- rate construction loan through M&T Bank . 34 Bank will contain a total of 126 luxury units, of which 113 are market rate. Market- rate units will feature a mix of one- and two-bedroom floor plans and affordable units will feature one-, two- and three- bedroom options. The property will be situated within walking distance to the Netcong Train Station and downtown Netcong and offers accessibility to all of the region’s major roadways, including I-80 and Rtes. 206 and 46, all of which are within
1.5 miles of the development. Due for completion in 2020, the property will provide an afford- able luxury option to supple- ment the area’s current supply of vintage, garden-style apart- ments and will offer resident’s several amenities, including a great room with business sta- tions, communal kitchen, gas fireplace, large-screen TVs, billiards room, fully equipped fitness facility and electric car charging stations. Outdoor amenities include a community gathering space with fire pit and a walking path along the Musconetcong River. The JLL Capital Markets team representing the borrow- er was led by senior managing director JonMikula and man- aging director Michael Klein . “M&T put together very at- tractive terms and was able to accommodate the borrower as the deal continued to evolve throughout the closing pro- cess,” Mikula added. “It was a pleasure to work with them on this transaction.” Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc. fitness center, pet park and grooming area, playground, saltwater swimming pool, sundeck with cabanas, fire pits, bike racks, and a walk- ing trail. Uncovered surface and garage parking and car- ports are also available. The Subject is situated in an established, in-fill location with a minimal amount of de- velopable land. It is the only newmarket-rate multifamily development in the area since 2000. The property is a half- mile south of Exit 60 along Wilbur Cross Parkway / CT 15 and under 5 miles from downtown New Haven, CT. The site is located just off of the Route 10 retail corridor, home to a variety of national, regional, and local retail ten- ants including Walmart, T.J. Maxx, Dollar Tree, and Shop- Rite, among many others.
Everly Roseland
The JLL Capital Markets team representing the bor- rower was led by managing director Michael Klein and director Matthew Pizzolato . “The borrower has done a tremendous job implementing their capital renovation pro- gram since purchasing the as- set in January 2017,” Pizzolato said. “Both lenders recognized Novel’s proven success at the property and, as a result, we were able to team them up and negotiate extremely accretive financing that lowered the borrowers cost of capital while also providing them with a future funding facility to allow them to finish their renovation
program.” “JLL is thrilled about the execution of this transaction on behalf of Novel Property Ventures,” Klein added. “Rose- land and the surrounding area have a limited supply of quality class A multifamily communities. The amenities Novel has added to the prop- erty, the upgrades it has made to the individual units and the tranquil parklike setting that surrounds the property will enable the borrower to maintain Everly’s historically high occupancy and allow it to compete with recently com- pleted communities as well as new ones in the development
Cronheim secures $34.4 million for 280 multifamily units
the interest rate and fund the permanent mortgage several months prior. Building 4 is fully leased and Building 5 is close to stabilization. The subject units feature open floor plans, a private balcony or patio, 9-foot ceil- ings, in-unit washer and Canal Crossing at Whitneyville West
Buildings 1 through 3 and was completed in early 2018. Phase II encompasses 120 units in Buildings 4 and 5 which were delivered in December 2018 and August 2019, respectively. Despite the fact that Building 5 was delivered post-closing, Cronheim was able to lock
dryer, and stainless steel appliances. Units include studio, 1-bedroom, and 2-bed- room layouts ranging from 611 s/f to 1,075 s/f. Com- munity amenities include a clubhouse, business center, tenant storage, on-site man- agement and maintenance,
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By Brenner Green, Real Property Capital, Inc. “It’s a New World”
E
arlier this week, the above words were spo- ken to me by a cli-
ket. This occurred after nine months of effort by three members of our team, my- self included, to recreate the books and records of the project into a legible format, shop the deal to over 60 lend- ers and then toil away on the due diligence for six months which, incidentally, hap- pened to be like pulling teeth at times with the client’s organization. The lender had done their part by figur- ing out how to accommodate an unusual structure that included a second mortgage from a government agency
that had to stay in place be- hind their loan. In addition to this an- nouncement, my client in- formed me that he didn’t feel that I was providing adequate service in repre- senting his position vis a vis the lender. I was ac- cused of “just trying to get the deal closed” rather than represent his best interest. I responded to my client that I had no idea that he wasn’t happy with the terms; he had negotiated and accepted the term sheet on the table with everyone acting in good faith
and had never expressed hesitation to move ahead, and that I consider myself a good broker, and that’s what good brokers do, they find ways to get to closed. I also noted that he had hired me to provide guidance as to what the market would bear, and he had decided that we were no longer at “market” deal terms without consulting with me as to what I thought of the prospects of getting a better deal. The reason I bring this up is not at all to whine about a client I find to be somewhat
difficult. Closing over 500 individual transactions has shown me the old adage of “you can’t make everybody happy all of the time” is true. Despite busting your hump and doing your best, it may not be good enough and you have to be honest with your- self and find a way to be ok with the outcome regardless of who’s right or wrong in order to keep moving ahead. The point here is that we may be at an inflection in the market with further tilt to greed away from fear. It feels like it is getting more difficult to get a deal done in an economical way and to everyone’s satisfaction. The high volume of transac- tions occurring is pushing up closing costs, particularly legal expense on both sides. Many lenders are running leaner and files are often not reviewed until shortly before closing which can cause ad- ditional questions to arise when we should be preparing for closing. All of this is highly aggra- vating to both borrowers and brokers alike. However, the world hasn’t changed. There is no better mousetrap, and if one wants to mitigate risk by borrowing non-recourse in cash-out and zero cash flow bridge situations, capital markets are often the only viable option. In addition, the cost of capital is as cheap as it’s ever been. The psycho- logical effect of a flat yield curve can make one feel like they are getting ripped off by borrowing short, without looking at the cost of capital relative to historical norms. Capital, in addition to being super cheap, is also about as available as it gets. Closing can be annoying and more expensive than it sometimes should. When that happens, we help cover it out of our end, because it’s the right thing to do when you work collaboratively with the cli- ent as we do. So, let’s not lose sight of the goal, which is to get to closing instead of look- ing for the next best thing. R. BrennerGreen is a 20- year veteran in commer- cial real estate finance and president of Real Property Capital, Inc., a full-service commercial mortgage banking firm based in the Philadelphia suburbs.
ent who six months af- ter signing a loan appli- cation and putting up a considerable deposit with the lender, decided he
Brenner Green
wanted to renegotiate the original terms because he felt that in his view the deal terms were no longer relevant to the current mar-
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COMMERCIAL REAL ESTATE DEBT & EQUITY | INVESTMENT SALES | LOAN SERVICING
S T U D E N T H O U S I N G $16,000,000 BLACKSBURG, VA | 215 BEDS REGIONAL BANK A F F O R D A B L E H O U S I N G $20,525,000 HOBOKEN, NJ | 79 UNITS BANK MU LT I F AM I LY $34,150,000 RICHMOND, VA | 212 UNITS FANNIE MAE
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Lender’s Directory
xperienced commercial mortgage originators know that one of the By Enrique Gomez. Commercial Mortgage Depot. 30-Year Fixed Rate Loans: The Non-Bank Opportunity for Originators E help prospective borrowers who fail to meet bank tax re- turn requirements. to concern themselves with looming balloon notes or gen- eral market volatility.
from traditional banks by enhancing their commercial guidelines with new 30-year fixed rate lending solutions. These loans operate much like the typical residential mort- gage investors and business owners are used to. Here are three common bor- rower needs that originators have been able to meet with 30-year fixed rate commercial loans this year. 1. Investors craving greater stability for their commercial investment The commercial real estate mortgage market today contains
a wide range of investor types, from the fix-and-flip investor in need of a quick financing solu- tion to those looking to establish a long-term strategy with com- mercial real estate investments. 30-year fixed rate solutions are naturally a more appeal- ing option for those who wish to hold onto their investment property for a long period of time. These borrowers are not interested in refinancing every few years, especially if they’re able to secure a comparatively low interest rate right now. By locking in a 30-year fixed loan, investors do not need
However, originators and their lending partners have historically offered few op- tions for a commercial loan’s term – mostly in the 5, 7, or 10-year range. In this way, mortgage pros have not been able to provide much of an al- ternative for those prospective borrowers considering bank financing. Thankfully, all that is changing in today’s market. More alternative lenders are further distancing themselves
keys to busi- ness growth i s t o keep a d j u s t i n g one’s prod- uct offering to meet cur- r e n t b o r - rower needs and expecta- tions.
2. Business owners wish- ing to maximize cash flow A 30-year repayment sched- ule gives borrowers more avail- able funds with which to grow their business each month. Those operating relatively young businesses may be inclined to prioritize cash flow over all else. Originators can greatly relieve stress for these owners by providing an alternative to the adjustable rate loans offered by more traditional funding sources. It should be noted that banks and SBA lending pro- grams may include fixed rate options for business owners. But those with cash flow concerns are less likely to be approved for those types of solutions. 3. Residential investors looking to expand into multifamily opportunities One common strategy for diversifying a residential real estate portfolio is to pur- chase a 1-4-unit rental prop- erty, such as a duplex or triplex. This allows investors to familiarize themselves with multi-unit property ownership without dealing with the com- plexity of a retail strip center or apartment complex. Originators can create a smoother transition by offer- ing a 30-year fixed rate lend- ing solution that more closely mirrors the type of financing these investors have likely secured in the past. The next step for com- mercial loan originators Those interested in supple- menting their existing offer- ing with a 30-year fixed rate product should schedule time with their lending partners to determine who is currently offering such an option. From there, one can perform the usual comparative analysis and match the best solution to each prospective client. In today’s commercial mort- gage market, this is the type of evolution that can make a marked difference in an origi- nator’s pipeline. Enrique Gomez is presi- dent of Commercial Mort- gage Depot. Over 30 years of Commercial Mortgage Experience, underwriting commercial mortgages and SBA Loans as well as Bridge (hard money) Loan.
Enrique Gomez
In the past, a mortgage pro- fessional may have adopted reduced documentation or stated income solutions to
In commercial real estate nancing, “experience” is what matters most. Commercial Mortgage Depot (CMD) is a nationwide commercial real estate nancing rm. We o er wholesale rst mortgage commercial loans as a direct lender. We also have the exibility to tailor the right loan product for the borrower, as a correspondent or agent, through our investor network. Our highly trained, knowledgeable sta examines each transaction to place it in the best program based on your unique scenario. We understand the complexity of a commercial transaction in today's market and, most importantly, we have the relationships with lenders, investors and banks to close deals e ciently and quickly.
CMD Commercial
We also work with other Commercial Lenders:
Lite Doc Loans
• 100k - 2.5MM • Min. 700 Credit • Max LTV 80% • 1.15 DSCR • Full Documentation Full Doc Loans
Property Type: Investor 1 to 4 Family, Multi Family, Mixed Use, Office, Retail, Warehouse, Self Storage, Mobile Home Park, Automotive, Gas Stations, Car Wash, Industrial, Funeral Homes, Rooming House, Marinas, Day Care, Hotel/Motel, Medical, Restaurant, other properties considered. All types of businesses considered. Types of Lenders: Conventional Banks, SBA Lenders, CDC Lenders, Fannie Mae, FHA, Hard Money / Private Lenders
• 100k - 2.5MM • Min. 650 Credit • Max LTV 80% • 1.15 DSCR • No Tax Returns, Bank Statement option available
No Doc Loans
1-4 Loans
• 100k - 300k • Min. 650 Credit • Max LTV 75% • 1.15 DSCR • No Documentation
• 100k - 2.5MM • Min. 650 Credit • Max LTV 80% • 1.00 DSCR • No Tax Returns
Enrique Gomez (201) 259-7170 | O ce: 973-742-1111 email: Gomez@cmdnj.com | Fax: 973-742-8899 www.commercialmortgagedepot.com
Real Estate Journal — Lender’s Directory — November 8 - 21, 2019 — 9A
www.marej.com
M id A tlantic
L ender ’ s D irectory
George D. Johnson, Jr., Rittenhouse Capital Advisors Sourcing debt for multi family and commercial real estate
rea of Interest: Sourc- ing debt for multi fam- ily and commercial real estate. These loans could be for the acquisition or refinance of stabilized properties or the acquisition and renovation of a value-add project or even ground up construction. We also have access to private eq- uity for development projects. Who is your target mar- ket? It is a wide range of real estate investors, from the “mom and pop“ level up to institu- tional type real estate owners and everything in between. What is your most note- worthy transaction or proj- ect this year? It is difficult to select one deal so I would note a certain deal type. We placed a number of ground-up construc- tion loans where we were able to provide a fixed rate for the A NITA expands with the hiring of four new members for operations team MARLTON, NJ — Nation- al Integrity Title Agency (NITA) has added four new title insurance specialists to its operations team. Gabri- elle Bergman, Annamarie Lazar, Gena Prybella and Margaret (Meg) Stezzi are all experienced professionals in the title industry and will work at the company’s new corporate headquarters at 1 Holtec Dr. in Marlton. These new hires come on the heels of NITA’s move to Evesham Twp. and the launch of its Closing Café, a high-tech shared work environment and meeting venue for realtors, lenders, attorneys and other professionals. The quartet of new hires are each seasoned professionals with a shared passion for the title business. Gabrielle Berg- man is a title processor licensed in both New Jersey and Penn- sylvania with nearly 17 years’ experience. Annamarie Lazar is another title processor. She may be new to NITA, but this licensed title producer has been in the business for more than three decades. Gena Prybella joins the com- pany having been in the title industry since 1999. The latest new hire is Margaret (Meg) Stezzi, a settlement officer who brings more than six years’ experience to the position and cannot get enough of the personal interaction with both clients and peers.
growth to be had in the medical office space and other health- care related projects such as As- sisted Living and Memory Care projects as the demographics are now such that there is and will be continue growing de- mand for the foreseeable future in this asset class What separates you from the competition? We are a boutique firm that oversees and manages our client’s transac- tion from beginning to end. Our team has over 60+ years of commercial real estate lending experience and the lenders we work with love that we have
sat on their side of the table and understand the lending business. Name some of your most unique qualities/reasons why someone should do business with your finan- cial institution? Our strong track record with the lenders we have worked with helps us to negotiate the most favorable loan structures and terms. And I would reiterate from above that we work our deals from start to finish and are involved in every step of the way ensur- ing successful execution for our clients.
George D Johnson, Jr. President & CEO Rittenhouse Capital Advisors Headquarters: 107 S 2nd Street, 4th floor, Philadelphia, PA 19103 # of Commercial RE specialist: 16 including our partner firm, Rittenhouse Realty Advisors Years with company/firm: 6 Years Years in field: 36 Years
developer right out of the gate and take interest-rate risk off the table. These projects ranged anywhere from $8 million up to
$30 million+. Where do you think your largest growth area is and why? We feel like there is
RCA Sources Financing for the Full Range of Commercial Real Estate Assets: Retail, Office, Industrial, Healthcare, Hospitality, Multi-Family, Development, Special Purpose, Senior Apartments, Student Apartments, Mixed-Use & More!
Apartment Complexes
Medical Buildings
Retail/Shopping Centers
Industrial
Office Buildings
Mixed-Use Projects
George Johnson, President & CEO george@rittenhousecapital.com
Joe Hanuscin, Sr. Client Manager joe@rittenhousecapital.com
For information visit www.RittenhouseCapital.com or call (215) 454-2852
10A — November 8 - 21, 2019 — Southern NJ Chapter Appraisal Institute — M id A tlantic
Real Estate Journal
www.marej.com
Southern New Jersey Chapter www.ai-snj.org Telephone 856-415-0281 • Fax 856-415-1952
Galderisi Earns AI-RRS Designation
Effective October 4th, Sherrie Lisa Galderisi earned her AI-RRS designation. The AI-RRS designation is aimed at providing professional residential re- viewers with the knowledge and skills needed to satisfy issues related to due diligence and risk management often requested by their employers and clients. Sherrie has worked as an appraiser since 2005. She attended Morris County Community College, then continued at William Paterson College and Black Stone Real Estate Law. She joined the Appraisal Institute in 2006 and worked under Metro’s chapter president Michael Hedden in 2008. She then moved to Southern New Jersey and continues to keep involved with the Southern NJ Chapter and served as one of the board members (2015-2017) and is slated to start a new board term in 2020. She specializes with high end properties, newer construction and tax appeals. Her past automotive experience, as the dealer principal’s controller of a four franchise hub, has also helped her to assist her peers with numerous commercial appraisals to add to her portfolio of experience. She is the owner and Senior Appraiser of ATP Appraisals. Sherrie earned her SRA designation last December. In addition, Sherrie has also earned her Independent Fee Appraiser (IFA) and Ac- credited Senior Appraiser (ASA) designations and was the National Association of Independent Fee Appraisers (NAIFA) State Director for the past two years (2016-2018). She is committed to have all appraisers be as one unit to keep our industry thriving, no matter which organization they are with. She was also involved in the legislation presented to Governor Christie, (Assembly bill 1973) which did pass, to have New Jersey register AMC companies and to pay a licensing fee. Sherrie is passionate about the appraisal industry and believes time is the most precious gift. She also believes being the best means to never stop learning. She looks forward to her next journey and continuing to the next level, while still supporting her peers. CONGRATULATIONS, Sherrie Lisa Galderisi, SRA, AI-RRS! Appraisers Provide aWide Variety of Services, Appraisal Institute Says Hiring a Designated Member of the Appraisal Institute can provide a broad range of benefits to commercial and residential clients, the president of the nation’s largest professional association of real estate appraisers said in a recent press release. “When hiring a valuation professional, clients should first understand the role of an appraiser,” said Appraisal Institute President Stephen S. Wagner, MAI, SRA, AI-GRS. “The appraiser’s role is to provide objective, impartial and unbiased opinions about the value of real property — helping those who own, manage, sell, invest in and lend money on the security of real estate.” Before clients select an appraiser, Wagner recommended that they make Appraisal Institute Designated Members their preferred source for reliable appraisal services. Appraisers who become Designated Members of the Appraisal Institute have gone beyond the minimum requirements that each state requires for appraisers, he said. “Appraisal Institute Designated Members have completed stringent educational requirements, have considerable professional experience, and adhere to standards of professional practice that exceed those required by state or federal law,” Wagner said. “Designated Members also are required to participate in continuing education programs, including those that emphasize the most-up-to-date valuation techniques.” Wagner also encouraged potential clients to take advantage of the wide range of services that appraisers offer. Depending upon an appraiser’s designation and qualifications, he or she can provide or assist with: ● Estate planning and estate settlements; ● Tax assessment review and advice; ● Advice in eminent domain and condemnation property transactions; ● Dispute resolution — including divorce, estate settlements, property partition suits, foreclosures and zoning issues; ● Feasibility studies; ● Expert witness testimony; ● Market rent and trend studies; ● Cost/benefit or investment analysis, e.g., financial return on remodeling; ● What professional designations do you have and from whom? ● Are you licensed or certified in the state in which you live? ● How long have you been in practice? ● What level of experience do you have in this particular market and with this type of property? ● Are you familiar with property in this neighborhood? ● What types of clients have you had? To find a Designated Member of the Appraisal Institute, visit the Appraisal Institute’s website https://ai.appraisalinstitute.org/eweb/DynamicPage. aspx?webcode=aifaasearch&_ga=2.8343410.1705780953.1571066568-657729976.1527084299. UPCOMING EVENTS WITH THE SOUTHERN NJ CHAPTER OF THE APPRAISAL INSTITUTE! Nov. 14: Chapter Dinner Meeting/Seminar (2hrs), Adelphia Dec. 9: 7-hour USPAP Update, Adelphia Dec. 11: Topics for NJ: New Jersey Regs & Demographic/Economic Trends Affecting Real Estate Demand, NJ DOT (7 hrs) The Appraisal Institute is a global professional association of real estate appraisers, with nearly 18,000 professionals in almost 50 countries throughout the world. Its mission is to advance professionalism and ethics, global standards, methodologies, and practices through the professional development of property economics worldwide. Organized in 1932, the Appraisal Institute advocates equal opportunity and nondiscrimination in the appraisal profession and conducts its activities in accordance with applicable federal, state and local laws. Individuals of the Appraisal Institute benefit from an array of professional education and advocacy programs, and may hold the prestigious MAI, SRPA, SRA, AI-GRS and AI-RRS designations. For more information regarding the Southern New Jersey chapter, contact Lisamayweiss@hotmail.com, visit our Web site at www.ai-snj.org or www.appraisalinstitute.org. ● Land utilization studies and ● Supply and demand studies. Wagner suggested that the best way for consumers to combat potential problems with appraisals performed for lending purposes is to ensure the appraiser hired by their lender is highly qualified and that the right questions are asked. He said homebuyers should request that their lender ask the appraiser:
Real Estate Journal — Southern NJ Chapter Appraisal Institute — November 8 - 21, 2019 — 11A
www.marej.com
M id A tlantic
Southern New Jersey Chapter Of the Appraisal Institute www.ai-snj.org
As the leading organization for professional real estate appraisers, the Appraisal Institute represents nearly 19,000 members in nearly 90 chapters worldwide. The Southern New Jersey Chapter has nearly 175 members. They perform a variety of services ranging from single family valuation to feasibility studies for regional malls & hotel-casinos. Whether it’s assistance on a home purchase or providing expert testimony for litigation, our members are uniquely qualified to meet these needs. For more information regarding the Southern NJ Chapter of the Appraisal Institute visit: www.ai-snj.org, or call Executive Director Lisa Weiss at 856-415-0281. 2019 Designated Members of the Southern NJ Chapter of the Appraisal Institute
J. Paul Bainbridge, MAI Steven Bartelt, MAI, SRA, AI-GRS
Newark, DE Lakewood Philadelphia Philadelphia Jackson Lavallette Point Pleasant Maple Shade Mt. Laurel Woodbury New Egypt Rumson Forked River Audubon Fair Lawn, NJ Philadelphia Wilmington, DE Medford Lumberton Marlton Philadelphia Absecon Wenonah Cherry Hill Haddon Heights Mt. Laurel Sewell Bellmawr Linwood
Cape May Ct. House Turnersville Haddon Heights Clayton
(856) 287-3690 (732) 886-6695 (609) 221-7274 (215) 842-0649 (732) 928-1550 (732) 974-9333 (732) 505-4900 (609) 923-5879 (856) 722-0205 (856) 853-7622 (732) 682-9949 (732) 571-3660 (609) 292-2573 (856)-617-6427 (201)-794-4386 (215) 888-3560 (302) 575-0955 (856) 396-0000 (609) 914-4679 (856) 983-5500 267-256-1803 (856) 933-1272 (609) 927-5728 (609) 568-0432 (856) 468-0068 (856) 662-0027 (856) 546-4900 (856) 787-6290 (856) 218-2800 (609) 918-1000 (856) 234-2893 (732) 576-2037 (610) 331-9031 (609) 792-0684 (609) 391-0404 (856) 761-3012 (856) 784-7036 (856) 795-8700 (732) 605-0791 (609) 586-3500 (856) 914-4591
(609) 465-9978 (856) 582-5892 (856) 906-7890 (856) 307-6445 (267) 675-4907 (856) 795-4042 (856) 753-3030 (609) 438-9063 (609) 223-4911 (215) 280-4563 (856) 795-4042 (609) 714-7402 (215) 963-4061 (609) 922-4815 (609) 923-9097 (215) 493-5000 (215) 523-9104 (856) 764-6500 (212) 916-4614 (856) 375-2148 (973) 970-9333 (215) 231-9900 (856) 234-9252 (856) 429-8800 (215) 925-1212 (609) 884-1995 (856) 753-3030 (973) 283-2266 (609) 599-3892 (856) 451-0933 (856) 691-7055 (609) 457-7297 (856) 453-8889 (609) 391-8862 (609) 463-4622 (732) 286-9250 (609) 736-0695 (609) 597-2211 (609) 915- 6404
Bruce Leff, SRA Samuel Levi, MAI
Bonnie L. Longo, MAI, SRA Eileen Lynn, MAI, AI-GRS Peter A. Maher, SRA, AI-RRS Gerald R. Malanga, SRA Kathy J. Marmur, SRA Charles A. McCullough, MAI, AI-GRS Jerome J. McHale, MAI Edward Molinari, SRA, AI- RRS Leonard Molinari, SRA Donald Moliver, MAI Robert Parmley, SRA Meghan E. Payne, MAI Michael Pratico, Jr., AI-GRS Jacob Ramage, MAI Thomas C. Reynolds, SRPA Jeffrey D. Richwall, SRA Susan T. Roettger, MAI Lee L. Romm, MAI, SRA Taylor Santoro, MAI Michael Sapio, MAI William J. Sapio, MAI Dennis A. Scardilli, Esq, MAI Jack Sheehan, MAI, AI-GRS Timothy Sheehan, MAI, SRA Richard Sheldon, MAI, SRA Richard Shorter, SRA Thomas J. Sliwowski, SRA James Stuart, MAI, SRA, AI-GRS Robert Thompson, MAI, SRA Robert J. Tighue, MAI Deborah P. Tordella, MAI, SRA Errett Vielehr, MAI Benjamin R. Vukicevich, SRA John H. Walton, Jr, MAI, SRA Richard J. Ward, SRA John Weber, Jr., MAI, SRA Thomas Westerfield, SRA Peter E. Sockler, MAI Pasqual A Sorge, MAI
Craig A. Bickel, MAI A. Craig Black, SRA
Lawrence E. Bowne, MAI Pamela J. Brodowski, MAI Steven Brownell, MAI Richard J. Carabelli, Jr, MAI J. S. Carduner, MAI, AI-GRS Cynthia Carpenter, MAI, AI-GRS Harry Carroll, Jr., MAI, SRA Lana Chiappetta, MAI, AI-GRS John P. Corbett, MAI Albert Crosby, MAI David A. Curley, SRA Susanne Curran, MAI, AI-GRS Eugene P. Davey, SRA Thomas C. Davis, SRA Thomas A. DeMartin, MAI, SRA Michael A. Descano, MAI Russell V. DiLello, MAI, AI-GRS John E. Doyle, MAI Scott A. Eiffes, MAI, AI-GRS E. Guy Elzey, III, SRA Philip Fortuna, MAI, SRA Mary F. Fox, MAI David J. Frett, SRA Sherrie Lisa Galderisi, SRA, AI-RRS John M. Gapszewicz, MAI Joshua Garretson, MAI, AI-GRS Ronald A. Hagel, MAI, SRA Mark J. Hanson, MAI, SRA, AI-GRS Donna Harris, SRA Joseph V. Heenan, MAI, SRA Michael D. Jones, MAI Tony F. Kamand, Jr, MAI Lee Ann Kamph, MAI Robert W. Kirwan, SRA H. Rick Kline, SRA, AI-RRS
Burlington Eastampton West Berlin Hamilton Robbinsville Summit Cherry Hill Medford Philadelphia Sewell Mt. Laurel Yardley Philadelphia Delran New York, NY Cherry Hill Morris Plains Philadelphia Moorestown Haddonfield Philadelphia Cape May
West Berlin Ocean View Camden Bridgeton
Hightstown Mt. Laurel Colts Neck Ocean City Cherry Hill Ocean City Haddonfield
Vineland Audubon Shiloh Ocean City Cape May Court House
Stratford Medford Old Bridge Hamilton Square Mt. Laurel
Toms River Ocean City Manahawkin East Windsor
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