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Russo Development secures five-year loan for 398-unit multifamily property JLL Capital Markets secures $75 Million in financing for Vermella Harrison

ISSUE HIGHLIGHTS Volume 38, Issue 10 October 2026

ORRISTOWN, NJ — JLL Capital Markets has arranged $75 mil-

SPOTLIGHTS

lion in financing for Vermella Harrison, a 398-unit multifamily building in Harrison. Working on behalf of the bor- rower, Russo at Harrison Urban Renewal, LLC , JLL placed the five-year loan with a correspondent life insurance company. Completed in 2015, Vermella Har- rison is a six-story apartment build- ing offering studio, one- and two- bedroom units. Unit features include stainless steel appliances, hardwood floors, in-unit washer/dryers, walk- in closets and private balconies in select units. Residents have access to a full amenity package, including a fitness center and yoga studio, bocce court, dog run, rooftop ter- race, swimming pool and clubhouse. The property is 97.0% occupied and also includes five ground-floor retail spaces totaling 15,011 s/f. Vermella Harrison is located at 1100 Frank E Rogers Blvd., just steps from Harrison Station, which

APPRAISAL

8-12

Thomas Didio

Thomas E. Didio Jr.

SAGE expands NJ transaction momentum with multifamily, mixed- use & medical office deals

Vermella Harrison

a thriving mixed-use community with luxury residential develop - ments. Just across the Passaic Riv - er lies Newark’s Central Business District, where more than 380,000 people are employed in New Jer- sey’s largest city. Residents benefit from exceptional transit access via the PATH system, along with con - venient connectivity to Interstates 95, 280, and 78. JLL’s Capital Markets Debt

Advisory team representing the borrower was led by senior man- aging directors Thomas Didio and Thomas E. Didio Jr. , senior director Gerard Quinn and senior analyst Tyler Caricato . “We had strong lender interest in the offering given the strength of the borrower, the quality of the property and the exceptional loca- tion in a growing submarket outside NYC,” said Didio, Jr. MAREJ

Gerard Quinn

Tyler Caricato

provides direct PATH connectivity to NYC with seamless access to Manhattan’s financial district and midtown employment centers. Harrison represents one of the most anticipated transit-oriented redevelopment stories in the North - east, having transformed over the past few years from abandoned rail yards and industrial buildings into

Bergenfield Medical Arts

WOMEN IN BUSINESS

41-46

NJ-based firm acquires 308,656 s/f Dulles Corridor industrial & flex portfolio Victoria Industrial Properties marks entry into industrial market with $75M Northern VA transaction

UPCOMING CONFERENCES 5th Annual Delaware Office, Industrial & Logistics Conference December 3, 2026 5th Annual NJ Healthcare & Medical Properties January 14, 2027 For speaking & sponsorship info., please contact: Lea at 781-740-2900 or lea@marejournal.com

NORTHERN VIRGINIA — Victoria Industrial Properties , a real estate investment firm founded

greater Washington, DC region. “This acquisition reflects the investment strategy I had in mind when I formed Victoria Industrial Properties,” said Schulder. “We’re looking for industrial assets in strong markets where there are identifiable opportunities to create additional value. The Dulles Corridor is par - ticularly compelling because data center development continues to reduce an already limited supply of industrial and flex space, resulting in favorable leasing dynamics for the remaining inventory. We be - lieve those fundamentals support a compelling long-term environment for these assets.” The JLL Capital Markets team that arranged the financing and helped facilitate the equity invest - ment for Victoria’s Dulles Corridor acquisition was led by senior man- aging director Thomas E. Didio , managing director Jason Lundy , senior directors Max Custer, Evan Parker and Craig Childs , director Nazario Paragano and associate John Cumming . MAREJ

by veteran in - dustry executive Jacob Schul- der , has com- pleted its first acquisition with the purchase of a seven-building industrial and flex portfolio in Northern Virginia’s Dulles Corridor, a transaction repre- Jacob Schulder

45745 Nokes Boulevard in Sterling, VA

Herndon Pkwy. in Herndon; and Chantilly Plaza I-IV at 14155, 14175, 14201 and 14225 Sullyfield Cir. in Chantilly. The properties serve a diverse roster of industrial, technology, defense, healthcare, distribution and service-oriented tenants, including Honeywell, defense technology company Artis, Nightwing, Capital Electric and Inova’s blood donor and distribution facility. The build- ings feature a mix of drive-in and dock-high loading and are posi- tioned near Washington Dulles Int’l. Airport and major transportation routes serving Northern VA and the

senting a $75 million capitalization. The NJ-based firm acquired the portfolio from Klein Enterprises in partnership with Lincoln Equi- ties Group , with InterVest Capi- tal Partners providing LP equity. JLL Capital Markets arranged acquisition financing and helped facilitate the equity investment on behalf of Victoria. The portfolio totals 308,656 s/f across 40 suites and was 90 percent occupied at closing. The seven shallow-bay and flex industrial buildings include 45745 Nokes Blvd. in Sterling; 380 and 400

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Inside Cover — October 2026 — M id A tlantic Real Estate Journal

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M id A tlantic R eal E state J ournal Publisher, Conference Producer ..............Linda Christman VP, Conference Producer .............................Lea Christman Editor/Graphic Artist ......................................Karen Vachon Contributing Columnist .................Lucern Capital Partners 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. 38, Issue 10 Subscription rates: 1 year $99.00, 2 years $148.50, 3 years $247.50 & $4.00 single issue - plus postage

Inside Small-Bay Industrial: Why Service Businesses Need the Right Space S ervice-based businesses such as HVAC contrac- tors, plumbers, electri- cians and roofing companies use small-bay industrial space very differently. Most of their work happens somewhere else. Their technicians spend the day at homes, offices, construction sites and other customer loca- tions. Yet the space they return to every morning and evening still plays an important role in keeping the business running. The Building Is the Operational Home Base Consider an HVAC contrac- tor. Most customers will never visit the company’s facility, but the property plays an im- portant role in what happens before and after each service call. Technicians may start the day there, loading equipment, replacement parts and supplies before heading out to custom- ers. Service vehicles need some- where to park, inventory needs to be stored and organized, and office staff may be working from the same location, managing scheduling, customer service and billing. All of that shapes what the

REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion Phone: 781-740-2900 www.marej.com

business needs from its real estate. An HVAC company may not need a large warehouse or a prominent retail storefront, but it does need the right bal- ance of warehouse and office space, along with enough room for vehicles, equipment and inventory. Just as we saw with collision repair, the square foot- age only tells part of the story. What matters is whether the space works for the way the business operates. Location Means Access to Customers Location is always impor- tant in real estate, but for service-based businesses, it can have a direct impact on the workday. An HVAC con- tractor, for example, may have technicians traveling to

several homes or businesses throughout the day, making convenient access to major roads and the surrounding service area particularly im- portant. A property may have the right amount of ware- house space, office space and parking, but if technicians regularly lose time getting to and from job sites, it may not be the right fit. When a busi - ness has a fleet of vehicles on the road every day, even small differences in drive times can add up. The service area matters, too. As an HVAC company grows, it may add technicians and begin serving customers across a wider geographic area. The property needs to remain continued on page 46

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

M id A tlantic Real Estate Journal — Retail Development — October 2026 — 3

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R etail D evelopment

Cushman & Wakefield’s Brad Domenico and team source debt from Provident Bank Holmdel, NJ’s Bennett Capital Advisors acquires $8M Giant Eagle-anchored Ohio retail center

pad site, as well as building a partnership with Giant Eagle and retainment of existing Tenants within the Center. “This closing exemplifies our thesis of service-based middle-market assets that require a hands-on approach” said Andrew DeNardo , chief investment officer for BCA. CEO, Tyler Bennett add- ed “Giant Eagle has been a staple here for over 40 years and the combined tenure of the other tenants exceed 20 years. Upside with stability is hard to source and we are incredibly proud and grateful

to have gotten this done.” BCA takes the responsibil- ity of managing its partners’ capital seriously with mutual alignment being a core foun- dational pillar of BCA. Nick Binder of Bennett Realty & Development rep- resented BCA and Cush- man & Wakefield’s Brad Domenico and his team sourced the debt from Prov- ident Bank . Cushman & Wakefield will also be handling property manage- ment and SVN rounds out the team has the exclusive leasing partner. MAREJ

ARREN, OH — Bennett Capital Advisors (BCA)

EDENS secures $850M in equity commitments for retail acquisitions & redevelopment WASHINGTON, DC — EDENS announced the com- pletion of $850 million in equity commitments from long-standing institutional investment partners. The commitments increase the investment of existing insti- tutional investors in EDENS and provide capital for acqui- sitions and (re)development. “We are incredibly grate- ful for the continued con- fidence our investors have placed in EDENS and our team,” said Jodie McLean , CEO, EDENS.” EDENS will deploy the capital through new acquisi- tions and investments across its existing national portfo- lio, focusing on high-quality retail real estate where its integrated investment, oper- ating, merchandising and (re) development capabilities can create long-term value. The company is actively pursu- ing investment opportunities across its existing markets and select growth markets. The capital comes at a time of strong fundamentals for high-quality retail real estate. New supply remains limited, retailer demand for well-locat- ed space is strong and consum- ers continue to prioritize the places and experiences that earn their time. MAREJ Located in Warren, OH, the 107,000 s/f center is anchored by Giant Eagle and was ac- quired for $8 million, or $75 psf, at roughly 80% occupancy. This acquisition reflects the type of opportunity the BCA platform has modeled: fundamentally strong real estate with focused owner- ship, active management, and thoughtful execution to create additional value over time. BCA plans on strengthen- ing the center’s tenant mix, pursuing new leasing oppor- tunities for inline vacancies and the pursuit of a potential announced the acquisition of Jamestown Village Plaza, marking BCA’s first acquisi - tion since its inception earlier this year.

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4 — October 2026 — Retail Development — M id A tlantic Real Estate Journal

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R etail D evelopment

Including Water Tower Square in Montgomeryville CBRE arranges two PA retail center sales totaling 379,272 s/f

Wilder & J.P. Morgan Asset Management acquire 257,000 s/f shopping center in PA

ENNSYLVANIA — CBRE arranged the sale of two Pennsylva- nia shopping centers totaling 379,272 s/f, including Water Tower Square in Montgom- eryville and Dickson City Commons in Dickson City. In Montgomeryville, ECHO Realty and TPG acquired the 269,018 s/f Water Tower Square from The Goldenberg Group through a newly formed joint venture, marking the partnership’s first acquisition. Chris Munley, Colin Behr, Ryan Sciullo and Casey Smith of CBRE’s National Re- tail Partners team represented the seller. Located at 751 Horsham Rd. near the Five Points intersec- tion of U.S. Rte. 202, PA Rte. 309 and PA Rte. 463, Water Tower Square is anchored by The Home Depot and Sprouts Farmers Market. Other tenants include Planet Fitness, Flag- ship Cinemas, Bob’s Discount Furniture, World Market and Miller’s Ale House. “Water Tower Square offered investors the opportunity to acquire a best-in-class shop- ping center in a dominant Philadelphia MSA retail cor- ridor, anchored by a unicorn tenant in Home Depot,” Behr said. “The transaction further underscores the strength of the region, serving as the first P JERSEY CITY, NJ — Plan- et Fitness is coming to Twin City Shopping Center in Jersey City, bringing the 95,000 s/f, grocery-anchored property to full occupancy. The nationally recognized fitness brand has leased a 16,000 s/f space at the center, located at the intersec- tion of Garfield Ave./Broadway and 53rd St. Levin Management Cor- poration (LMC) serves as leasing and managing agent for Twin City Shopping Center. E.J. Moawad , LMC senior leasing representative, ar- ranged the lease on behalf of the property ownership. Jack Chera of RIPCO Real Estate LLC represented Planet Fit- ness in the transaction. The Planet Fitness com- mitment builds on significant leasing momentum at Twin City Shopping Center, where recent additions include PB Club, Jersey City’s first dedi - cated indoor pickleball facility;

The Marketplace at Huntingdon Valley

“The Marketplace at Huntingdon Valley repre- sents exactly the type of asset we’re seeking as we continue to grow our investment plat- form,” said Brian Cosentino , senior VP, Acquisitions and New Business at Wilder. “The center combines the durable fundamentals of a grocery-anchored property with exceptional demograph- ics, established tenancy, and multiple opportunities to en- hance long-term performance. We’re especially proud that this acquisition continues our relationship with J.P. Morgan Asset Management and cre- ates a strong foundation for future investments.” Ken McEvoy, Bart Delfin - er and Keith Seymour of Equity CRE represented the seller in the transaction. MAREJ

HUNTINGDON VALLEY, PA — Wilder announced the acquisition of The Market- place at Huntingdon Valley, a 257,000 s/f community shop- ping center in Pennsylvania, through a newly formed in- vestment partnership with in- vestors advised by J.P. Mor- gan Asset Management . Located at 2010 County Line Rd. in Huntingdon Valley, the center is anchored by Weis Markets, the tenant roster in- cludes a complementary mix of national, regional, and service- oriented retailers, including LA Fitness, Penn Cinema, Starbucks, Chipotle, Dunkin’, Hand & Stone, and Pennsylva- nia Fine Wine & Good Spirits. The property is 95% occupied and has long served as a lead- ing retail destination for the surrounding community.

Water Tower Square

Dickson City Commons

acquisition for the new Echo Realty and TPG venture and highlighting continued demand from new institutional capital.” Munley credited The Golden- berg Group with strengthening the asset by securing Sprouts Farmers Market as a new an- chor and enhancing the center’s long-term fundamentals. In Dickson City, Getty Corp. acquired the 110,254 s/f Dick- son City Commons from Meri- tus Realty Ventures . Mun- ley, Behr, Sciullo and Smith

also represented the seller in the transaction. Located at 1106 Commerce Blvd. in the Scranton-Wilkes- Barre metropolitan area near I-81, U.S. Rte. 6 and Rte. 11, the center is anchored by Mar- shalls and Michaels. Other ten- ants include Skechers, Famous Footwear, Pet Supplies Plus and Fine Wine & Good Spirits. Munley said Meritus Re- alty Ventures repositioned the property and improved its value ahead of the sale. MAREJ

Institutional Property Advisors brokers shopping center sale in Capitol Heights, MD

Moawad of Levin Management Corporation brokers 16,000 s/f lease for Planet Fitness at Twin City Shopping Center in Jersey City

Coral Hills

international bank. Constructed in 1988 on over six acres, the Coral Hills shop- ping center serves surrounding residential neighborhoods and the broader Prince George’s County trade area. The center is home to a mix of national re- tailers, medical and profession- al service providers, and casual dining concepts. Its prominent location along Marlboro Pk., a highly trafficked commercial corridor, provides convenient access and strong visibility within the greater Washington, DC metropolitan area. MAREJ

CAPITOL HEIGHTS, MD — Institutional Property Advisors (IPA) , a division of Marcus & Millichap, an- nounced the sale and financ - ing of Coral Hills, an 85,514 s/f shopping center in Capitol Heights. David Crotts and Dean Zang of IPA represented the seller, a national investment management company, and procured the buyer. Jared Cassidy , senior director in MMCC’s Washington, DC of- fice, secured the financing on behalf of the buyer through an

Twin City Shopping Center

children’s play concept Catch Air; and Sakura Teriyaki. The center’s tenant lineup also in- cludes Aqui Market, Wendy’s, Taco Bell, Popeyes Louisiana Kitchen and Dunkin’, along with a variety of neighborhood retailers and service providers. The Planet Fitness lease brings Twin City Shopping Center to full occupancy and fol- lows a period of leasing activity and capital investment at the

property. Recent improvements include façade and stonework upgrades, sidewalk enhance- ments, LED site lighting, pylon signage, fencing, landscaping and Tesla EV chargers. The transaction also con- tinues LMC’s activity with Planet Fitness, with the firm completing several leases with the fitness brand across its managed portfolio in recent years. MAREJ

M id A tlantic Real Estate Journal — Financial — October 2026 — 5

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F inancial Philadelphia Debt + Equity team led by Banas, Wood, Singer and Steigerwalt Northmarq lends $19.1M through Freddie Mac’s Optigo platform for 154-unit Dover, PA community

OVER, PA — North- marq’s Philadelphia Debt + Equity team, led by John Banas and Kris Wood , along with David Sing- er and Jeff Steigerwalt , has lent $19.1 million for the refi - nancing of Dover Run Apart- ments located at 2670 Spring- house Bend in Dover, PA. Northmarq arranged the deal on behalf of the borrower, Boyd Wilson . The financing was secured through Freddie Mac’s Optigo platform. The transaction was structured on a five-year term with a 35-year amortization schedule. “In a challenging lending environment, our team and the team at Boyd Wilson were Newmark launches multifamily bridge program with inaugural financing for Independence Pl. in Hinesville, GA NEW YORK, NY — New- mark announces the com- pany has provided a $35 million bridge loan to MFP Capital (the “Sponsor”) for Independence Place, a 264- unit multifamily commu- nity in Hinesville. The in- terest-only, adjustable-rate loan marks the inaugural financing under the firm’s newly launched Multifam- ily Bridge Program. Capital markets strategies vice chairmen Henry Stimler and Bill Weber and manag- ing director Ricky Warner originated the financing. D Newmark’s Multifamily Bridge Program provides short-term financing solu - tions for qualifying multi- family borrowers seeking to transition into permanent financing through Fannie Mae, Freddie Mac or FHA lending programs. Origi- nated and serviced directly by Newmark, the program is designed to address in- terim capital needs while providing a pathway to long-term agency financing. Independence Place of- fers one- through four- bedroom residences, with floor plans ranging from approximately 600 to 1,270 s/f. The community fea- tures renovated apartment interiors and amenities such as a swimming pool, 24-hour fitness center and clubhouse. MAREJ

on top of our game to secure great long-term financing,” Banas said. Built in 2019, Dover Run is a 154-unit, 13-building garden- style community with a mix of one- and two-bedroom units. Each has modern finishes, an in-unit washer and dryer, and a private balcony or patio. Community amenities in- clude a clubhouse, fitness cen - ter, dog park, and walking trail. The property has easy access to Route 30 and Interstate 83, connecting residents to employ- ment in York, Harrisburg, and Lancaster. MAREJ

John Banas

Kris Wood

David Singer

Jeff Steigerwalt

Dover Run Apartments - Boyd Wilson Property Management ©

Whether you are buying, selling or financing commercial real estate, we are invested in your success. At Northmarq, we deliver a personalized experience, with unmatched access to lenders, investment sales experts, a best-in-class loan servicing platform, timely trends and insights, and much more. For us, it’s personal.

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6 — October 2026 — Financial — M id A tlantic Real Estate Journal

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F inancial

NGLEWOOD, NJ/ CARTAGENA, CO- LOMBIA — Kennedy NJ-based lender provides cash-out refinance for planned residential subdivision in Colombia Kennedy Funding expands international lending footprint with $1.26M land loan in Cartagena E

agena-Barranquilla Access Rd. The property, which has direct access to National Rte. 90A-01, is currently in the feasibility stage, with subdi- vision approvals in process. Residential development along the Cartagena-Barranquilla corridor is expected to accel- erate, with new condominium communities and planned residential buildings benefit - ing from proximity to the coast and destination amenities such as Crystal Lagoon. The transaction was sourced through local commercial mortgage brokers in Colombia, reflecting Kennedy Funding’s expanding network of trusted relationships and its contin- ued commitment to financing opportunities throughout the region. The transaction high- lighted Kennedy Funding’s ability to overcome the unique challenges of cross-border lending, providing certainty of execution where many tra-

ditional lenders lack the expe- rience or flexibility to finance international opportunities. International commercial real estate lending requires far more than evaluating collater- al. Every country presents its own legal framework, lending regulations, valuation meth- ods, land ownership struc- tures, and closing procedures. Kennedy Funding has suc- cessfully financed transactions throughout Latin America, the Caribbean, Europe, and other international markets by un- derstanding how to navigate these complexities and deliver financing where conventional lenders often cannot. “International lending isn’t just about financing a prop- erty—it’s about understanding the market behind it,” said Ed- win Urrego, executive loan offi - cer at Kennedy Funding. “Every country has its own legal, regu- latory, and cultural landscape. Our experience allows us to

navigate those differences and provide financing solutions for borrowers pursuing opportuni- ties that many lenders simply aren’t equipped to handle.” Located on Colombia’s Ca- ribbean coast, Cartagena is one of the country’s most recognized commercial and tourism centers. Its strategic port, expanding infrastruc- ture, growing population, and continued residential develop- ment have made it an increas- ingly attractive destination for real estate investment. Beyond working capital, Kennedy Funding struc- tures loans for land acquisi- tions, cash-out refinancing, development, foreclosures, bankruptcies and other com- mercial real estate needs, giving borrowers flexible capital solutions tailored to each project’s objectives. “International lending has been part of Kennedy Fund- ing’s DNA for decades,” said

Kevin Wolfer , CEO of Kenne- dy Funding. “Our experience, creativity, and willingness to think beyond traditional lend- ing boundaries allow us to help borrowers move projects for- ward where others may not.” The Cartagena financing marks another milestone in Kennedy Funding’s growing international portfolio and re- flects the firm’s continued com - mitment to helping borrowers capitalize on commercial real estate opportunities across the globe. As demand for cross-bor- der financing continues to grow, Kennedy Funding remains focused on delivering creative lending solutions backed by experience, flexibility, and a global perspective. About Kennedy Funding Kennedy Funding is a global direct private lender specializing in bridge loans for commercial property and land acquisition, development, workouts, bank- ruptcies and foreclosures. MAREJ

Funding , one of the world’s leading direct private land- loan lenders, has closed a $1.26 million cash-out re- finance loan for a residen-

Edwin Urrego

tial land development project in Cartagena, Colombia. The transaction showcases the firm’s ability to structure financing for complex land opportunities in international markets where many traditional U.S. lenders have limited experience or are unwilling to lend. The financing provides working capital to Cocoa & Company SAS for a planned residential subdivision on ap- proximately 200,000 square meters (nearly 50 acres) of land located along the Cart-

Berkadia arranges $114M financing for multifamily next to Falls Church Metro

Provident Bank partners with CBRE on $20M construction loan

FALLS CHURCH, VA — Berkadia arranged $114 mil- lion in debt and equity financing for developer Rushmark Prop- erties to build a 305-unit class A multifamily community adja- cent to the West Falls Church Metro Station in Falls Church. The $136 million project, set to open in 2028, is part of a larger master planning effort across 42 acres in Fairfax Coun- ty and the City of Falls Church to redevelop former parking lots and obsolescent buildings into a mixed-use neighborhood encompassing retail, commer- cial office, apartments, senior living, for-sale condominiums and for-sale townhomes. Senior managing directors Patrick McGlohn and Brian Crivella , managing directors Yalda Ghamarian, Brian Gould and Bill Gribbin , and vice president Patrick Cunningham of Berkadia DC Metro led the transaction on behalf of Rushmark Properties. The financing includes a $92 million senior construction loan provided by PNC and $22 mil- lion in preferred equity from Federal Capital Partners . “Rushmark will create high- quality multifamily housing in one of Northern Virginia’s most established and well- connected communities,” said

80 Arena Way rendering

Rushmark West Falls Multifamily rendering

where demand for small-bay, multi-tenant industrial space has outpaced availability,” said Pizzolato. “By partnering with Provident Bank, we were able to structure a construc- tion loan that supports New Vernon Equities’ vision for a class A facility with the flex - ibility to accommodate ten- ants from 20,000 s/f up.” Located on a 17.89-acre site within the Arena campus, the development will feature 32’ clear heights, 26 dock-high loading doors, two drive-in doors and parking for 196 ve- hicles. ARCO Design/Build is the general contractor, with delivery scheduled for the first quarter of 2027. Suites can be subdivided to as small as 20,000 s/f, each with up to 5% office space, plus up to 20,000 s/f of mezzanine. MAREJ

EAST HANOVER, NJ — CBRE announced that it secured a $20 million con- struction loan from Provi- dent Bank on behalf of New Vernon Equities for the development of 80 Arena Way, a 100,000 s/f speculative industrial facility on the site of a former office building in East Hanover. The CBRE Capital Mar- kets team of Matthew Piz- zolato, Josh Stein and Carlos Silva arranged the financing on behalf of the bor - rower. Newmark has been retained to handle leasing at the property, with a team led by Michael Schipper, Kyle Eaton and Robert Loderstedt out of its East Brunswick, NJ office. “80 Arena Way addresses a clear gap in Morris County,

Crivella. “The project’s im- mediate proximity to the West Falls Church Metro Station, strong surrounding demo- graphics and limited near- term multifamily supply made it an exceptional investment.” “Capital is available for high-quality multifamily de- velopment, but lenders and equity investors remain highly selective,” said McGlohn. “For well-capitalized, experienced sponsors pursuing projects in markets with strong fun- damentals, we’re seeing com- petitive interest from multiple sources of capital. Rushmark’s experience in the market pro- vided a strong foundation for the financing.” Areas surrounding Metro sta- tions are a catalyst for economic activity. Station areas account

for only 3% of the region’s land, but they make up about 30% of the region’s property value ($330 billion), 30% of annual property tax revenue ($3.2 bil- lion), and host 40% of jobs (960,000), according to a 2024 Metro study. “We applaud Rushmark Properties and Federal Capi- tal Partners for this invest- ment in transit-oriented de- velopment. This partnership creates economic opportuni- ties through jobs and new tax revenues,” said Metro general manager and CEO Randy Clarke . “More housing near transit means more access to opportunity, stronger transit ridership, less traffic on our roads, and a better quality of life for residents across the region.” MAREJ

M id A tlantic Real Estate Journal — Financial — October 2026 — 7

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F inancial

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8 — October 2026 — Appraisal Institute Southern New Jersey Chapter — Financial — M id A tlantic Real Estate Journal

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www.appraisalinstitute.org/chapters/southern-new-jersey Telephone 856-415-0281 • Fax 856-415-1952

The George Olasin award is given to a member of the Southern New Jersey Chapter of the Appraisal Institute who has given years of dedicated service to the chapter and exhibited a high standard of ethics and profession- alism in their appraisal practice. This award is named after George Olasin, 1962 Chapter President, who passed away in February 2011. The George Olasin award for 2026 is being awarded to Maria Nucci, SRA, AI-RRS. This prestigious honor will be recognized at the December 3rd installation event. Maria A. Nucci, SRA, AI-RRS, has worked as a residential real estate appraiser throughout Southern New Jersey since 2015. She earned her Bachelor’s Degree in Liberal Studies from Rowan University and holds Certified Residential Real Estate Appraiser licenses in both New Jersey and Pennsylvania. Prior to entering the appraisal profession, Maria worked as a licensed real estate agent, gaining valuable experience in residential real estate markets and transactions. Announcing the 2026 Olasin Award Winner

2026 OFFICERS AND DIRECTORS

President: Meghan Linaris, MAI

Maria is the owner of South Jersey Appraisal Associates, LLC, specializing in residential real estate valuation for both lending and private assignments. Her experience includes single-family

Maria A. Nucci

and multi-family residential properties, condominiums, waterfront properties, vacant land, manufactured housing, and energy-efficient homes. She regularly completes appraisals for divorce proceedings, estate settlements, tax appeals, bankruptcy matters, pre-listing purposes, and litigation support. Her experience also includes appraisal reviews, complex residential valuation assignments, and expert witness testimony. Maria earned the SRA designation in December 2019 and the AI-RRS designation in May 2021 from the Appraisal Institute. She is also listed on the Appraisal Institute’s Valuation of Sustainable Buildings: Residential Registry, reflecting her specialized education in energy-efficient residential properties, green building practices, and solar photovoltaic systems. Maria has been actively involved in the Appraisal Institute’s Southern New Jersey Chapter, serving as a Chapter Director from 2020 through 2022, Treasurer in 2023, Vice President in 2024, and Chapter President in 2025. Her chapter service also includes participation on the Education Committee, Government Relations Committee, and Candidate Guidance Committee, supporting professional education, professional advocacy for real estate appraising, and the advancement of appraisal professionals pursuing Appraisal Institute designations. Maria represented the Southern New Jersey Chapter at the Appraisal Institute’s Leadership Development and Advisory Council (LDAC) in 2022 through 2024. Maria currently serves as an Alternate Regional Representative for the chapter. Her national service includes participation on the Residential Appraiser Project Team (RAPT), Comprehensive Examination Panel for 2025 to 2026 and a reviewer for the Appraisal Institute’s Valuation of Accessory Dwelling Units educational development review team. Through these roles, Maria has contributed to professional development initiatives and educational resources for residential appraisers. Throughout her involvement with the Appraisal Institute, Maria has supported professional education and chapter development through the coordination of educational seminars and events. In addition to her appraisal practice, Maria is a continuing education instructor with the Gloucester County Bar Association. She has developed and presented educational programs for attorneys, including topics in residential appraisal practices, valuation methodology, and appraisal issues encountered in legal proceedings. Maria remains committed to advancing the appraisal profession through education, professional leadership, and the development of future appraisers. Congratulations to Maria Nucci, SRA, AI-RRS: our 2026 George Olasin Award recipient!!! Other upcoming seminars on Zoom: Hands-On AI for Appraisers: A Beginner’s Guide Wednesday, November 4, 2026 3 CE hours 9am – 12pm Developed and Presented by Jason Tillema, SRA, AI-RRS This hands-on course introduces you to artificial intelligence tools & techniques that can immediately improve your daily workflows. Through live demonstrations & guided exercises, you will learn to use AI assistants for report narrative drafting, market research, photo analysis and data organization. By the end of the seminar, you will be able to select and configure an AI platform, construct effective prompts for appraisal-specific tasks, use AI to draft report narratives and conduct market research & identify the ethical and regulatory boundaries of AI use in professional appraisal practice. Business Practices and Ethics February 10, 2027 2026-27 7-Hour National USPAP® CE Course May 18, 2027 New Jersey Appraiser Law & Regulations June 3, 2027 Pennsylvania Appraisal Statutes, Regulations & Board Policies June 3, 2027 All information on seminars can be found on the chapter website: https://www.appraisalinstitute.org/chapters/ southern-new-jersey

Vice President: Deborah Tordella, MAI, SRA

Treasurer: Joshua Garretson, MAI, AI-GRS, AI-RRS

Secretary: Steve Bartelt, MAI, SRA, AI-GRS

Past President: Maria Nucci, SRA, AI-RRS

Directors: Lana Chiapetta, MAI, AI-GRS Errett Vielehr, MAI Lee Ann Kampf, MAI Danielle Fischer Jerry McHale, MAI Michael Descano, MAI

M id A tlantic Real Estate Journal — October 2026 — 9

www.marej.com

The Appraisal Institute is a global professional association of real estate appraisers, with over 13,000 professionals in almost 50 countries throughout the world. The Southern New Jersey Chapter has well over 100 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.appraisalinstitute.org/chapters/southern-new-jersey, or call Executive Director Lisa Weiss at 856-415-0281. 2026 Designated Members of the Southern NJ Chapter

J. Paul Bainbridge, MAI Steven Bartelt, MAI, SRA, AI-GRS Sergey Belov, MAI Lawrence E. Bowne, MAI Pamela J. Brodowski, MAI Steven Brownell, MAI Richard J. Carabelli, Jr, MAI Cynthia Carpenter, MAI, AI-GRS Lana Chiappetta, MAI, AI-GRS John P. Corbett, MAI Albert Crosby, MAI Susanne Curran, MAI, AI-GRS Eugene P. Davey, SRA Thomas C. Davis, SRA Michael A. Descano, MAI Russell V. DiLello, MAI, AI-GRS Stephen D. Dinklage, MAI John E. Doyle, MAI Scott A. Eiffes, MAI, AI-GRS Jack Jerome Enright, MAI Philip Fortuna, MAI, SRA Sherrie Lisa Galderisi, SRA, AI-RRS Joshua Garretson, MAI, AI-GRS AI-RRS Timothy P. Golden, Jr., MAI Mark J. Hanson, MAI, SRA, AI-GRS Joseph V. Heenan, MAI, SRA Tony F. Kamand, Jr, MAI Lee Ann Kamph, MAI

Cape May Ct. House Turnersville Marlboro Burlington

Marlton Philadelphia Lakewood Audubon Philadelphia Philadelphia Jackson Lumberton Woodbury Rumson Burlington West Deptford Shrewsbury Medford Cherry Hill Linwood

(609) 465-9978 (856) 582-5892

(215) 514-0896 (215) 963-4047 (732) 886-6695 (267) 253-5926 (609) 221-7274 (215) 842-0649 (732) 928-1410 (609) 914-4679 (856) 853-7622 (732) 571-3660 (267) 675-4905 (609) 214-8418 (732) 389-3600 (856) 396-0000 (609) 914-4679 (856) 292-3021 (856) 468-0068 (856) 662-0027 (856) 787-6290 (856) 218-2800 (609) 918-1000 (732) 576-2037 (609) 943-3492 (609) 391-0404 (856) 761-3012 (856) 795-8700 (469) 228-4123 (267) 223-7055

Jessica Klauder, MAI Robert M. Klein, MAI, AI-GRS Samuel Levi, MAI Meghan E. Linaris, MAI Bonnie L. Longo, MAI, SRA Eileen Lynn, MAI, AI-GRS Peter A. Maher, SRA, AI-RRS Jerome J. McHale, MAI Edward Molinari, SRA, AI- RRS Donald Moliver, MAI Christopher Murphy, MAI Maria Nucci, SRA, AI-RRS Richard A. Plock, MAI, AI-GRS

(267) 675-4907 (609) 261-4220 (856) 753-3030 (609) 438-9063 (215) 280-4563 (609) 220-3791 (215) 587-6004 (215) 928-7526 (215) 493-5000 (215) 806-3268 (856) 764-6500 (856) 375-2148 (973) 970-9333 (732) 212-8590 (215) 231-9900 (856) 234-9250 (732) 237-6413 (215) 925-1212 (973) 283-2266 (856) 451-0933 (215) 561-8976 (609) 457-7297 (609) 391-8862 (732) 286-9250 (609) 736-0695

Eastampton West Berlin Hamilton

Summit Medford

Philadelphia Philadelphia Yardley Philadelphia Delran Cherry Hill Morris Plains Brick Philadelphia Moorestown Brick Philadelphia Ocean View Bridgeton Philadelphia Audubon Ocean City Toms River Ocean City

Jeffrey D. Richwall, SRA Susan T. Roettger, MAI Michael S. Sapio, MAI

Jack Sheehan, MAI, AI-GRS Timothy Sheehan, MAI, SRA Richard Shorter, SRA Thomas J. Sliwowski, SRA Peter E. Sockler, MAI James Stuart, MAI, SRA, AI-GRS Robert J. Tighue, MAI Deborah P. Tordella, MAI, SRA Errett Vielehr, MAI John H. Walton, Jr, MAI, SRA Thomas Westerfield, SRA Brendan Wewer, MAI

Wenonah Cherry Hill Mt. Laurel Sewell Hightstown Colts Neck Trenton

Ocean City Haddonfield Cherry Hill Fort Wayne, IN Philadelphia

10 — October 2026 — Appraisal — Financial — M id A tlantic Real Estate Journal

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A ppraisal Partners Rohm & Wewer redefine valuation through advisory, technology and talent development Beyond the Appraisal: How CCAG is building a modern valuation and advisory firm

ince its founding in 2020, Commonwealth Com- mercial Appraisal Group (CCAG) has grown into a re- gional commercial real estate valuation and advisory firm serving Pennsylvania, New Jersey, Delaware, and Mary- land. Led by partners Michael Rohm and Brendan Wewer, the firm has expanded its geo - graphic reach, assembled a highly credentialed team, and developed a practice extend- ing well beyond traditional appraisal assignments. At a time when the ap- praisal profession has seen S

among small and midsized practices, CCAG is taking a different approach. Rather than building a practice around individual produc- tion, the partners are de- veloping a platform where talented professionals can build meaningful careers, pursue specialized exper- tise, and contribute to a growing business. CCAG’s team includes profes- sionals holding MAI, CCIM, R/W-AC, and ASA-GC designa- tions, bringing expertise across commercial investment analysis, right-of-way matters, special-use

properties, and going-concern valuation. The firm’s assign- ments range from conventional financing and tax appeals to litigation, eminent domain, fea- sibility studies, and complex real estate transactions. But credentials and techni- cal proficiency are only part of the equation. A good appraisal tells a cli- ent what a property is worth. A great appraiser helps the client understand what that value means. For CCAG, valuation should address the larg- er questions behind an

assignment. Whether a business is evaluating an expansion, an investor is considering an acquisition, or an attorney is navigat- ing litigation, the appraisal is often one component of a much larger decision. Understanding that con- text, and answering the inevitable “so what,” is where experienced valua- tion professionals provide their greatest value. That philosophy also guides CCAG’s expansion into broad- er advisory services, helping businesses and investors bet- ter understand their real es- tate holdings, evaluate alter- natives, and make informed portfolio decisions. Professional development remains central to the firm’s culture. Wewer serves on the board of the Philadelphia Met- ro Chapter of the Appraisal Institute, while Rohm is a former president of its Key- stone Chapter. Both encourage advanced designations, but emphasize that credentials are the foundation, not the finish line. Curiosity, sound judgment, and a willingness to keep learning distinguish exceptional appraisers. The partners also recog- nize the importance of devel- oping the profession itself. Wewer regularly organizes industry networking events and speaks with university students about career op- portunities in commercial real estate. Encouraging younger professionals and supporting new business formation are important to an industry that needs its next generation of leaders. CCAG is also investing in artificial intelligence and in - ternal technology to improve efficiency, consistency, and quality control. The objec- tive is to give appraisers more time for complex analy- sis, client relationships, and problem-solving rather than routine report production. For Rohm and Wewer, the long-term goal is to build a firm defined by its people, technical capabilities, and adaptability. As the industry evolves, CCAG intends to demonstrate that commercial real estate valuation is about more than reporting a num- ber. It is about understanding the real estate, the business decisions behind it, and what comes next. MAREJ

Shown from left: CCAG partners Michael Rohm & Brendan Wewer are building a regional valuation and advisory firm focused on tech - nical expertise, professional devel- opment and client decision-making. relatively limited new firm formation, particularly

M id A tlantic Real Estate Journal — Financial — Appraisal— October 2026 — 11

www.marej.com

A ppraisal

By Carlo L. Batts, MAI, Rittenhouse Appraisals and The Reduxx Group Beyond Property Valuation: The consultative role of commercial real estate appraisers

picture some- one deter- mining what a property is worth. While valuation is foundational, experienced appraisers have grown W

hen most people think of real estate appraisers, they

properties represent genuine opportunities for reduction. Not every high assessment warrants a challenge. We help clients prioritize, understand- ing the likelihood of success, and what a realistic outcome looks like. For owners man- aging properties in multiple states, we navigate the com- plexity of varying assess- ment cycles, appeal deadlines and valuation methodologies, identifying where they’re ex- posed and where they have the strongest case. Expert Testimony and Strategic Advisory

When property valuations become part of litigation, through tax appeals, condem- nation, disputes, or eminent domain cases, the outcome often hinges on how well an expert can explain complex analysis clearly and defend it under scrutiny. We’ve pro- vided expert testimony across multiple legal contexts, but the real value lies in our abili- ty to educate decision-makers, walking them through the logic and building credibility through clear communication and intellectual honesty. Beyond these specific areas,

appraisers bring strategic value to land utilization de- cisions, feasibility studies, market rent analysis, invest- ment returns, and navigating disputes. Each application draws on the same founda- tional skill, understanding property markets through rigorous analysis. Strategy Backed By Analysis The commercial real es- tate landscape has grown in- creasingly complex. Property owners need more than just knowing what their assets are worth. They need to under- stand their markets, make in-

formed investment decisions, manage tax burdens strategi- cally, and navigate disputes backed by sound analysis. Experienced appraisers have evolved to meet these needs, by applying appraisal skills strategically. We serve as guides helping clients move forward with confidence grounded in solid analysis and years of experience. Carlo L. Batts, MAI is the principal of Ritten- house Appraisals and The Reduxx Group, both based in Center City Philadelphia. MAREJ

Carlo L. Batts

into trusted advisors: stra- tegic guides who help prop- erty owners and investors understand their markets, anticipate risks, and position their portfolios strategically. The skills that underpin valuation are the same skills that drive more informed decision-making across the real estate business. Understanding Your Market Before investing millions in a development project or major acquisition, property owners face a critical question: What will market conditions actu- ally support when this project comes online? Investment decisions are often based on current conditions or hope- ful projections, without the rigorous analysis needed to validate assumptions. Experienced appraisers help clients think through market fundamentals strategically. We analyze trends in supply and demand, study demo- graphic patterns, and evalu- ate the indicators that signal where markets are moving. More importantly, we help clients understand what these trends mean for their specific situation and what risks are hidden in seemingly strong data. The goal isn’t to predict the future, it’s to help clients understand their market deep- ly enough to make investment decisions with confidence. Managing the Assessment Burden Strategically Property taxes represent one of the largest, ongoing expens- es for commercial property owners, yet many lack a clear strategy for managing this burden. Assessments change, markets shift, and property records contain errors. But most owners never have a con- versation about whether their tax bills reflect reality. Experienced appraisers help owners understand how assessments work in their jurisdiction, what fair market value actually means to the assessor, and which of their

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