Debt financing was provided by Freddie Mac & Fannie Mae 5 Cap Realty LLC acquires apartment communities in PA, GA for $60 million
ISSUE HIGHLIGHTS Volume 29 Issue 13 July 14 - 27, 2017 Southern NJ Spotlight
lymouth Meet- ing, PA — Pennsyl- vania-based 5 Cap Realty LLC (5 Cap) and its affiliate RREIC Advisors has teamed with a private equity fund vehicle managed by JMP Asset Manage- ment LLC , an affiliate of publicly traded JMP Group LLC , to launch a multi-year national investment venture that could top $1 billion in as- sets under management. The venture will focus on acquir- ing and operating value-add multifamily assets that can be renovated, leased, and managed to create superior risk-adjusted returns. This new partnership has closed on its first two acqui- sitions: an apartment com- munity in the Philadelphia metro area and another in greater Atlanta, with a total of 446 units, for a total cost of just under $60 million. “This is a great opportunity at a pivotal time,” said David Reiner, RREIC Advisors’ managing director. “There are a lot of undermanaged assets in the marketplace. P
Summer Chase in Limerick, PA
Grove Mountain Park Atlanta, GA
Cushman & Wakefield Thalhimer reps. seller in 165,808 s/f sale
Our team has demonstrated throughout its history that we can identify these assets and reposition them with better management, mar- keting, and capital improve- ments. Our plan is to build a billion-dollar multifamily investment platform. Over the next five years, we are targeting the acquisition of ten properties per year, each with 200-300 units, focusing on the nation’s top 50-60 markets.” The Philadelphia area ac- quisition, Summer Chase, is located about 28 miles from Center City in Limer-
unit). Its 13 garden-style build- ings offer a diverse unit mix of studio and one- to three-bed- room apartments. The venture plans to invest $3.15 million in renovations to common areas and individual residences. Debt financing was provided by Fan- nie Mae . 5 Cap affiliate Forty Two LLC (Forty2) , a multifamily property management, devel- opment, and consulting firm, will manage all of the JV’s acquisitions. Forty2 managed Grove Mountain Park prior to the acquisition and is taking over management of Summer Chase. n
ick, PA. The property has 198 large multifamily apart- ments, all with direct-access one- or two-car garages. The property was acquired for $36.3 million ($183,333 per unit) from an institutional seller. The new ownership plans to invest $2.5 mil- lion in renovations including kitchens, bathroom fixtures, and HVAC systems. Fred- die Mac provided the debt financing. The Georgia acquisition, Grove Mountain Park, is situ- ated about 18 miles from down- town Atlanta, and was acquired for $21.6 million ($81,000 per
Upcoming Conferences July 27, 2017 Central PA Industrial Real Estate & Development Summit For speaking and sponsorship information, please contact: Lea at 781-740-2900 or email@example.com
Metz of Bussel RealtyCorporationcompletes over 540,000 s/f of industrial transactions
EDISON, NJ — Jordan Metz , senior vice president of Bussel Realty Corp (BRC) , a leading industrial real estate services firm in New Jersey, re- cently completed over 540,000
s/f of industrial deals, totaling more $33 million in transaction value. Metz rep-
r e s e n t e d E v e r f l o w Supplies in the purchase of a 260,000 s/f industri- al property at 2300 East
Upcoming Spotlights Commercial Brokerage Directory DelMarVa.........................................................7-10A Financial Digest..............................................11-14A New Jersey................................................. Section B Pennsylvania.............................................. Section C
Boardin Rd. in Dallas, TX. The company is based in Linden, NJ, and expanded its opera- tions with the new location in Dallas. Metz also arranged the sale of 400 South Second St. in Elizabeth, NJ, a 115,078 s/f industrial building. He repre- sented the former owner, RLFI- B SPE, LLC. SNR Holdings LLC purchased the property for $13,233,970. Metz and Eduard Skutel-
400 South Second St.
sky , vice president, of BRC represented an undisclosed seller in the sale of Fairfield Industrial Park LLC, a nine- building industrial park total- ing 165,000 s/f and located at 912 Rte. 33 in Freehold, NJ. The buyer, Fairfield Industrial Park LLC, purchased the prop- erty for $7.5 million and was represented by Imperial Real
Estate. Metz noted, “With a contin- ued lack of inventory being cou- pled with an almost insatiable demand for industrial product, investors and users alike are looking to make sense of any, and all, opportunities. Look for pricing to continue to rise, as demand is far outweighing sup- ply as an understatement.” n
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Deadline: July 29, 2017 We are inviting a select group of top financial specialists to write an expert article about the current state of the investment market. These experts will enlighten our readers on current issues, challenges, and obstacles multifamily investors face when working with the commercial market. Contact: Kimberly Brunet for more information P: 781-740-2900 firstname.lastname@example.org
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Mid Atlantic R eal E state J ournal Publisher, Conference Producer ...................................... Linda Christman Associate Publisher ................................................................ Steve Kelley Associate Publisher ...................................................................Kim Brunet AVP, Conference Producer . ................................................. Lea Christman Senior Editor/Graphic Artist .................................................Karen Vachon Office Manager ......................................................................Miriam Buttrick Sales Intern ........................................................................ Kevin Minassian Production Intern .................................................................. Erin Shepherd Contributing Columnists ..................................................... Sheldon Gross Mid Atlantic R eal E state J ournal — Published Semi-Monthly Periodicals postage paid at Rockland, 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. 29 Issue 13 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.marejournal.com
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Sheldon Gross Realty announces 2017-18 CRE ® Top Ten Issues Affecting Real Estate s Sheldon Gross heldon Gross Realty, based here, today shared just-released informa- tion about important business disruptors – the issues and trends impacting U.S. com- mercial and residential real estate. Sheldon Gross, presi- dent and CEO of the agency, is a member of The Counselors of Real Estate ® (CRE), the global professional association which annually announces The CRE ® Top Ten Issues Affecting Real Estate, an update of market trends and conditions which influence real estate opportu- nities and risks. Members of CRE are recognized property experts who provide special- ized and objective advisory services to clients; member- ship is by invitation. “Political polarization and global uncertainty lead the 2017-18 list because divisive- ness – which is occurring at all levels (and is fueled by news headlines, political be- liefs and budget constraints) – makes decision making dif-
J.D. Parker Manhattan
Brian Hosey New Jersey (201) 582-1000 Bryn Merrey Washington, D.C. (202) 536-3700
(212) 430-5100 Brenton Baskin Philadelphia (215) 531-7000
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ficult,” explains Gross. “Global uncertainty is also creating challenges for investment and employment in non-U.S. markets, and could negatively impact foreign investment in U.S. properties.” Other issues include the technology boom – causing extraordinary changes in how real estate is bought, sold, valued, and managed. Robot- ics, predicted to replace up to 47% of today’s jobs, clearly will have a serious impact on everything from housing and retail to business offices, ten- ants and leasing. Two distinct generations – the Baby Boom- ers and Millennials – that live and work side-by-side, now also present challenges in that they have quite different pref-
continued on page 4A • Housing: the big mismatch – affordability at all levels is challenging home ownership and even who can rent and where. erences in the kinds of offices in which they wish to work, as well as housing choices. The other disruptors on the CRE Top Ten Issues list are: • Retail disruption – with malls and downtowns adapt- ing to nationwide store clo- sures with new kinds of ex- perience-driven offerings and the reinvention of the grocery stores which have anchored many upscale shopping malls. • Infrastructure investment – such as bridges, ports, and roads, which are now attract- ing new private investors.
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M id A tlantic R eal E state J ournal Announced by AFWA and AWSCPA CohnReznick named among 2017 Best Public Accounting Firms N ew York, NY — For the fourth con- secutive year, Cohn- small course adjustments to retain women in the partner- ship pipeline and to ensure that they are offered key growth opportunities.
FULL SERVICE COMMERCIAL REAL ESTATE BROKERAGE & ADVISORY FIRM WHAT BETTER PLACE TO REVOLUTIONIZE COMMERCIAL REAL ESTATE?
CohnReznick chief of staff. “There’s much more prog- ress to be seen, but we’re seeing the opportunities that arise when a Firm culture embrace the under- standing that when women win, everyone wins.” Top Trends from the 2017 Accounting MOVE Project: • Transparent career paths enable women to an- ticipate work-life conflicts and proactively propose solutions. • Firms whose leaders con- tinually communicate with rising women make many
R e z n i c k , one of the top account- i n g , t a x , and adv i - sory firms in the U.S., was named to the Ac- c o u n t i n g MOVE Proj-
• A few firms are breaking down firm-wide measure- ments for advancing women to practice areas and offices. That injects immediacy to the overarching initiative and equips office and practice leaders with context for creat- ing fresh ways to retain and advance women.
The Philadelphia market will never be the same. WCRE is in town.
For more information, visit WolfCRE.com or call 215-799-6900 .
ect’s Best Accounting Firms for Women List, announced by the Accounting & Fi- nancial Women’s Alliance (AFWA) and AWSCPA. The 12 firms named to the Best Accounting Firms for Women list demonstrate three key characteristics: • Consistent, measur- able progress in advancing women to leadership • Proven and continually evolving programs that re- tain and advance women • Clear and compelling integration of the business case for advancing women with business results CohnReznick is recognized for consistent measurement of the status of women at each point in the Firm’s pipeline, which ensures that candidates for promo- tion and sponsorship aren’t overlooked. CohnReznick also invests in developing current partners as execu- tive sponsors through coach- ing and training, so they can demonstrate top-notch sponsorship skills. 2017 Accounting MOVE Project Report More women are getting further at the 12 account- ing firms that comprise the Accounting MOVE Project’s 2017 Best Public Account- ing Firms for Women list. Women comprise 28% of partners and principals at these firms, compared to 24% in aggregate for the 49 firms that participated in the 2017 benchmarking sur- vey. The MOVE Project is the profession’s only annual benchmark of the status of women in the leadership pipeline. “As a long-time sponsor of the MOVE Project, it is satisfying to see progress not only at our Firm when it comes to improving re- tention and partnership ranks but in other MOVE firms,” said Risa Lavine ,
Building Successful Relationships TM
CohnReznick is the Ac- counting MOVE Project National Sponsor. n PUBLIC AUCTION
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M id A tlantic R eal E state J ournal
Sponsorship to invest $18k/unit to reposition into a premier comm. Lucern Capital Ptrs. acquires distressed 80-unit multifamily C harlotte, NC — Lucern Capital Part- ners , with a strategic
FFFE names William Hanson, SIOR Entrepreneur of the Year
continued from page 2A • Lost decades of the middle class – including wage stagna- tion that significantly restricts purchasing power and home ownership. • Real estate’s emerging role in health care – illustrated by increasing demand for buildings to be designed and operated in ways that promote positive healthy outcomes. • Immigration – restrictions could negatively impact this large source of residential ten- ants and home buyers. • Climate change – focusing this year on sea level rises as a serious threat to property values in many parts of the U.S. should the trend in rising water levels continue. The full list of issues and trends with explanations and interpretations can be found on The Counselors of Real Estate’s website. The Counselors of Real Es- tate organization is known for thought leadership, objective insights and extraordinary professional reach, with more than 50 real estate specialties represented among its mem- ber experts who are admitted to the organization by invita- tion. Members contribute to development of the Top Ten Issues Affecting Real Estate by participating in the CRE External Affairs (Issues and Trends) initiative. Based in West Orange, NJ, and licensed in New York State, Sheldon Gross Realty, Inc. offers clients a broad array of specialized services, including office, industrial and retail brokerage; tenant repre- sentation; property and asset management; office relocation; and consulting. n Sheldon Gross Realty announces 2017-18 CRE ® . . . in furthering the mission and philosophy of the Foundation for Free Enterprise. Since its inception in 1975, The FFFE has sought to inspire and educate children and young adults to learn, understand and appreciate the principles of free enterprise and entrepre- neurship, in order for them to influence the future concerning free market economics, limited government, individual self-re- liance, and preservation of the entrepreneurial spirit. FFFE holds a wide range of educa- tion programs throughout the year for students ages 10-18 featuring local business leaders to prepare students to face the challenges of tomorrow. n
Hackensack, NJ — NAI James E. Hanson has an- nounced that its president, Wil-
liam Han- son, SIOR , was recog- nized by the Foundation f o r F r e e Enterprise (FFFE) as their Entre- preneur of the
partner, recently acquired Woodscape Apartments, a distressed 80-unit multifamily property in NC. The property suffers from low occupancy, extreme delin- quency and mismanagement among other issues. Sponsor- ship will be investing $18k/unit to reposition the property into a premier community in the local submarket and increasing rents and value dramatically. Lucern Capital Partners is the latest group to buy in the
Year and inducted into their Hall of Fame at a luncheon held today at The Stony Hill Inn in Hackensack. The En- trepreneur of the Year award recognizes business leaders who have made notable busi- ness achievements in the last year and have been integral
submarket, upgrading the ag- ing housing stock to cater to the modern renter who demands a
higher quality of finishes, while seeking upgrades to the famil- iar amenities of yesteryear. n
Remco Realty Group 370 Campus Drive, Suite 128 Somerset, NJ 08873 T: 732-253-0888
SalE or lEaSE: EatoNtowN, NJ
8,075 SF Eatontown, NJ
Remco Realty Group’s President, Peter Gallicchio is pleased to announce the firm’s recent appointment as exclusive agent to market this free-standing 8,075 SF. Commercial building that sits on 1.25 acres. There are two spaces for lease; 3,033 SF. With 5 bay doors including lifts and equipment, 2,125 SF. With 1 bay door which can be combined to create a 5,158 SF space. The remaining space of 2,700 SF. With 5 bay doors is leased to Monmouth Automotive. This is an Ideal opportunity for both users and investors. Property features include; 40 car parking, three panel pylon signage, 14’ clear ceilings and 184’ of Route-35 frontage. The property is located just 1.5 miles from the 1.6 Million SF Monmouth Mall and is surrounded by several well know retailers. The site benefits from its close proximity to routes 18, 33, 35, 36, 66 and the Garden State Parkway. Trade area demographics include a population of over 147,000 within a 5 mile radius earning over $103,000 of median household income.
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Prism specializes in a variety of unique real estate projects including adaptive redevelopment and new urbanism. The company invests with institutional and private capital sources that rely on the firm’s ability to identity and realize potential in real estate investments of all sizes and types. Prism’ stewardship delivers excellence from each project’s conception through disposition. More information regarding Prism and its projects can be found at www.prismpartners.net E DWIN H. C OHEN E UGENE R. D IAZ P RINCIPAL P RINCIPAL
The Lofts & Shops at Edison Village ON3
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M id A tlantic R eal E state J ournal Robison, Ward and Gutshall handle transaction Cushman&Wakefield | Thalhimer reps. seller in 165,808 s/f sale
UPCOMING NJ SPOTLIGHTS!
August 11th, 2017 CeNtral NeW JerSeY DEADLINE: July 29th
OANOKE, VA — Cush- man & Wakefield | Thalhimer’s Capital Markets Group represented the seller in the sale of the for- mer Allstate Building located at 1819 Electric Rd. in Roanoke. This 165,808 s/f office building, formerly occupied by Allstate Insurance Company, is located in a campus-like setting on over 20 acres in one of Roanoke’s strongest corridors. Amenities of the 3-story property include an onsite cafeteria and gym, as well as abundant parking and large open floor plates. The purchaser, VACORP, acquired the asset on June 12, 2017 for $4 million and plans to occupy the entire property. The sale was completed by Eric Robison , senior vice president of Cushman &Wake- field | Thalhimer’s Capital Markets Group, along with Barry Ward and Price Gut- shall of Thalhimer’s Roanoke Office Services Group. Ward said, “1819 Electric Rd. is a unique asset in the Southwest Roanoke office market that pro- vides a beautiful office setting on 20 acres. It represented a great opportunity for a growing R MORRIS PLAINS, NJ — Weichert, Realtors was named one of the nation’s best places to work, according to the Forbes list of “America’s Best Employers” for 2017. Repre- senting a No. 2 ranking out of 25 companies in the “Business Services & Supplies” industry, Weichert ranked No. 108 out of 500 total employers in the publication’s list. This places
SEPTEMBER 15, 2017 NortherN NeW JerSeY DEADLINE: August 26th
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The Mid Atlantic Real Estate Journal is a monthly publication highlighting real estate transactions throughout the Mid Atlantic including : • New developments, ground breakings and reconstruction in the ODM (Owners, Managers & Contractors ) section • Mortgage and banking in our Financial Digest • Retail and new developments in Shopping Centers • Annual spotlights.
1819 Electric Rd
Roanoke business to provide their employees a wonderful work environment in a beauti- ful setting with access to mul- tiple amenities.” According to Gutshall, “Thalhimer created an active marketing campaign
and a competitive bidding pro- cess that attracted multiple offers. VaCoRP, a rapidly grow- ing Roanoke-based company, was the perfect fit and we are excited to see them expand with this great asset.” n
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Weichert, Realtors makes Forbes list of “America’s Best Employers”
Linda Christman, CEO/Publisher Mid Atlantic Real Estate Journal 350 Lincoln Street, Suite 1105 Hingham, MA 02043 P: 781-740-2900 | F: 781-740-2929
• Region specific news and spotlights in our Pennsylvania and New Jersey sections
the company at an impres- sively higher ranking than its No. 219 spot in 2016. Accord- ing to Forbes magazine, the companies on the Forbes list of America’s Best Employers of 2017 were chosen based on an independent survey conducted among an anonymous sample of 30,000 American workers from large or midsize compa- nies and institutions. n
Real Estate Journal DEVELOPMENT OF THE MONTH ATTENTION: ACTIVE CONSTRUCTION FIRMS Tell us about your latest accomplishment with the: Mid Atlantic
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www.marejournal.com Real Estate Journal — July 14 - 27, 2017 — 7A Muldowney and Margerum of CBRE’s Baltimore-based investment sales group rep seller The Donaldson Group &Dra Advisors acquire 126- unit apartment community in Temple Hills, MD T emple Hi lls , MD — The Donald- son Group (TDG) M id A tlantic
of Rockville and its equity partner, NY-based DRA Ad- visors LLC (DRA) , have acquired Brinkley Manor Apartments, a 126-unit gar- den-style apartment commu- nity located in Temple Hills. The acquisition price was ap- proximately $15.05 million, and the partnership plans to invest additional capital to renovate the property. Robert LaChapelle and Mat thew Forgione o f CBRE Debt & Structured Finance assisted the DRA- TDG partnership in obtaining acquisition financing through Fannie Mae’s Green Loan Program. The seller was represented by Michael Mul- downey and Brian Mar- gerum of CBRE’s Baltimore- based investment sales group. Residents at Brinkley Man- or enjoy a quaint, suburban neighborhood setting, but also have convenient ac- Wilmington, DE — Newmark Knight Frank (NKF) announced the sale of the 10.3-acre; 448,668 s/f parcel at the southeast corner of the Coastal Highway (Rte. 1) and Holland Glade Rd., in Rehoboth Beach, Sussex County. The $13.5 million sale represents the last large com- mercial land tract along the Rte. 1 corridor between Lewes and Rehoboth Beaches. Mike Margolis, Dave Dolan and Neal Dangello of NKF rep- resented the seller, the Cor- rado Family, LLC in the sales transaction. Coastal Station Development Co., LLC were the buyers. The site will be redeveloped with the first phase to begin immediately and will include a Royal Farms convenience store and Iron Hill Brewery and Restaurant (planned to open in summer 2018). The site is one of the last
Brinkley Manor Apartments
“The acquisition of Brinkley Manor Apartments presents us with an outstanding oppor- tunity to reposition a well-lo- cated apartment community in a strong rental market,” said Carlton Einsel , presi- dent of The Donaldson Group. “We are extremely pleased to have executed our first transaction with our partners at DRA Advisors LLC and we continue to seek similar
deals.” “This property has signifi- cant upside potential, and we look forward to creating value for both the residents and our partnership through our planned renovations,” said John Majeski , senior vice president of The Donaldson Group. “This is the type of project that plays directly to The Donaldson Group’s strengths.” n
cess to nearby destinations, including National Harbor and downtown Washington, DC, via the Capital Beltway (I-495) located just one mile from the property. Brinkley Manor is com- prised of 21 garden apart- ment buildings constructed in 1972. Its one-, two- and three-bedroom apartment homes range from 813 to 1,448 s/f in size, with each
apartment containing indi- vidual washers and dryers. TDG’s renovation plan will include replacing the cur- rent outdated utility system to improve service to the community’s residents and cutting energy consumption dramatically. The new own- ership also plans to upgrade buildings, common areas, property grounds, and reno- vate individual apartments.
Margolis, Dolan & Dangello of NKF arrange sale of retail/ mixed-use development site in Rehoboth Beach for $13.5m
major development sites with frontage along the Coastal Highway. Nearby develop- ments consist of successful re- tail centers as well as residen- tial communities in the form of apartments, condominiums and townhouse developments. It lies within a 1.5-mile section of Rte. 1 considered to be the most heavily developed com- mercial area in and around the Delaware beaches. With three Tanger Outlet Centers in the area, the location draws tour- ists and shoppers year-round.
The six-lane Rd.way has heavy traffic (39,000+ ADT) and lies near the entry to the beach towns of Lewes Beach, Re- hoboth Beach, Dewey Beach, Bethany Beach and Fenwick Island. Neal Dangello, senior man- aging director, commented that “NKF was able to achieve the $1.310M+ per acre high- water mark price by creatively structuring a lengthy due diligence period which allowed Coastal Station Development Co., LLC the time to design
Rehoboth Beach land site
the project and gain a portion of the approvals prior to clos- ing. As a result, they are able
to put shovels in the ground in the coming weeks following settlement.” n
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3,000 s/f site at 3310 Rhode Island Ave. Menkiti Group secures new restaurant tenant for Singer Building Project in Mount Rainier, MD
year. Members of the pioneering Pilar/Saint-Ex group Erin Edwards and executive chef Jesse Miller have teamed up with Garrick Lumsden, formerly with Passion Food Group, to launch the new concept. The three were at- tracted to the historic charm and location of the 3,000 s/f site at 3310 Rhode Island Ave., situated on the Mount Rainier circle, just two blocks northeast of the District line. “We love the close-knit, artistic community that al- ready is thriving in Mount
Rainier,” say co-owners Ed- wards, Miller, and Lumsden. “We hope to create a welcom- ing spot where neighbors can eat, drink and gather throughout the day, and look forward to working side-by- side with other businesses, artists, and residents to cre- ate new opportunities in the heart of the neighborhood.” “We’re thrilled to have such talented and experi- enced operators joining The Singer Building project,” said Rob Foa , managing director of MG Commercial. “This is further affirmation that the authentic small- town charm and proximity of Mount Rainier is being discovered by both residents and businesses from the Dis- trict. The word is out and we expect this new restaurant and bar to be a big draw for the community.” n The JBG Cos. wins Highest Honor at Toby Awards Chevy Chase, MD — The JBG Companies com- mercial management team received top honors at The Apartment and Of f ice Building Association of Metropolitan Washing- ton (AOBA)’s 33rd Annu- al TOBY (The Outstand- ing Building of the Year) Awards . For their manage- ment of the United States Department of Transportation Headquarters, JBG won for the category of over 1,000,000 s/f and received the Grand Award for the highest score of all TOBY entrants in the competition. As the only cabinet-level agency headquarters located in a privately-owned leased building, the United States Department of Transportation (DOT) class A office building is truly a unique facility. JBG was awarded the project in 2001 through a solicitation process run by the General Services Administration. “Since completing the DOT Headquarters in 2006, our com- mercial management team has consistently set and exceeded the industry standard in man- aging this property and our relationship with the DOT,” said JBG’s Britt Snider , EVP Commercial Asset Manage- ment. “I am thrilled that they have earned this recognition for all of their hard work.” n
ount Rainier, MD — The Men- ki t i Group an-
nounces that a group of vet- eran restaurateurs with ties to award-winning restau- rants, including Bar Pilar, Café Saint-Ex, and several Passion Food Group loca- tions, has signed on to open a new bar and restaurant at The Singer Building in the heart of Mount Rainier, later this fall. One of the latest Menkiti Group redevelop- ment projects, The Singer Building is anticipated to deliver in September of this
The Singer Building
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Commercial-Industrial Realty Council Great CRE Events...Cont. Education...Speakers...Networking www.CircDelaware.org Schedule of Events May 17 (Wed.) Sheraton Wilmington South Delaware State of the Market
PNC Financial's Chief Economist Presents Eco- nomic Forecast Augustine "Gus" Faucher, senior vice president and chief economist of The PNC Financial Ser- vices Group presented his annual economic real estate forecast to nearly 150 CIRC members and guests. Gus serves as the principal spokesperson on all economic issues for PNC. He is frequently cited in international, national, and regional me-
2016–17 d i r e c t o r s — O F F I C E R S — President Bert Root Vice President & Program Chair Donald Robitzer The Commonwealth Group Treasurer Timothy Cole DNB First, N.A. Secretary Bayard Snyder, Esq. Bayard & Associates — D I R E C T O R S — Education Chair Cynthia Fleming Jones Lang LaSalle Membership Chair James Manna BrightFields, Inc. Ad Hoc Legal Documents Benjamin Berger, Esq. Berger Harris, LLC Jeremy Abelson Rachael Justice Delle Donne & Associates Jim O’Hara, Jr. NAI Emory Hill-Retail Division Robert Stenta Pettinaro Management, LLC — E X - O F F I C I O — Business Manager Janet S. Pippert Landmark Science & Engineering Legislative Lobbyist C. Scott Kidner C. S. Kidner & Associates Economic Dev. Liaison - NCCo. Robert Chadwick New Castle County Ec. Dev. Council Economic Dev. Liaison - State of Del. David Archer Delaware Ec. Dev. Office (NCCo. Rep.) c o n t a c t u s Janet@circdelaware.org (302) 633-1705 www.circdelaware.org Legislative Affairs Chair J. Gregory Ellis Patterson-Woods Associates MidCoast Community Bank John Birmingham Cushman & Wakefield Carmen Facciolo NAI Emory Hill
Commercial Real Estate Forecast Summit This MidAtlantic Real Esate Journal CRE event, sponsored by Cooch & Taylor and Berger Harris, feature Delaware speakers you know and trust. CIRC members are eligible for a special discount. Register by May 10 for Early-Bird special, CIRC Discount Code good up to day of event. June 26 (Mon.) Hartefeld National Annual Golf Outing, Lunch, Dinner & Awards. Members may register online. Continuing Education Clarion Hotel-The Belle Instruction is provided by Frederick Academy of Real Estate. Register at www.CircDelaware.com May 10, 2017 - • AM - Ethical Practices (DE Mod.2/PA/MD/NJ) DE 3.0 CORE MOD. 3; PA 3.5 Elective; MD 3.0 REQD.; NJ 2.0 CORE (REQD.) • PM - Risk Reduction (DE Mod.4/PA/NJ/MD) DE 3.0 CORE MOD. 4; PA 3.5 Elective; MD 3.0 Elective; NJ 3.0 Elective October 11, 2017 - • AM - Property Management (DE Mod.6/PA/MD) DE 3.0 CORE MOD. 3; PA 3.5 Elective; MD 3.0 Elective • PM - Legislative Update (DE Mod.5/PA/MD) DE 3.0 CORE MOD. 5; PA 3.5 Elective; MD 3.0 REQD.. Jan. 10, 2018 - • AM - Agency (PA/NJ/MD/Comm.) PA 3.5 REQD.; MD 3.0 REQD. COMMERCIAL; NJ 3.0 CORE (REQD.); NO DE • PM - Agency (DE Mod.7/MD/Res.) DE 3.0 CORE MOD. 7; MD 3.0 Agency Residential (REQD. for all without COMMERCIAL Designation); NO PA; NO MD Feb. 14, 2018 - • AM - FairHousing (DE Mod.1/PA/MD/NJ) DE 3.0 CORE MOD. 1; PA 3.5 Elective; MD 3.0 (1.5 REQD. / 1.5 Elective); NJ 3.0 CORE (REQD.) • PM - Contracts/Law((DE Mod.3/PA/MD/NJ) DE 3.0 CORE MOD. 3; PA 3.5 Elective; MD 3.0 Elective; NJ 3.0 CORE (REQD.) * CE Online Info & Registration : www.circdelaware.org/education/schedule.cfm Download Registration Form : www.circdelaware. org/userFiles/CE_regForm_2017-2018.pdf
dia outlets including The Wall Street Journal and The New York Times. In addition, he ap- pears regularly on CBS Radio, NPR and Marketplace. CIRC President Bert Root welcomed Gus back to CIRC for a third successful presentation.
CIRC Welcomes New Members: Photo left to right: Bert Root, CIRC President; Patrick Taggart with Artisans' Bank; Paul Hughes with Sunesco LLC; Mary Kay Graver, Attorney with McElree & Harvey; Andrew Holloway with Cinnaire; and Jim Manna, CIRC Membership Committee Chairman.
Good Times…Great Reasons to Join!
From left: #1) Dan Lesher, David Depetris; #2) Lorraine Sheldon, Becky Harrington; #3) Melinda McGuigan, Ed Jackson; #4) Brian Morgan, Lorriane Sheldon; #5 Jessica Cowperthwait, Walt Bryan; #6 Mystery Guests ;)
F inancial D igest
Real Estate Journal — July 14 - 27, 2017 — 11A
M id A tlantic
Bologno, Gilbert and Jackson negotiated the transaction Meridian arranges $51m in construction takeout financing for the Phoenix Village Apartments
hoenixville, PA — Meridian Capital Group arranged $51 million in construction take out financing to refinance the Phoenix Village Apartments located in Phoenixville, on behalf of The Fox Compa- nies. The three-year loan, provided by a balance sheet lender, features a floating rate of 2.75% over the 30-day LIBOR rate and full-term interest-only payments. This transaction was negotiated by Meridian managing direc- tor, Jim Bologno and senior vice presidents, Paul Gilbert and Scott Jackson , who are all based in the company’s Iselin, NJ office. Phoenix Vil- lage Apartments is a four- story, 275-unit multifamily property with 20,000 square feet of ground floor retail space, located at 131 Bridge Street in Phoenixville, PA. The property consists of spacious one-, two-, and three-bedroom apartments, featuring gour- P
met kitchens, wood inspired flooring, walk-in closets and designer lighting fixtures. Building amenities include a residents’ lounge, a business center, a fitness center, a movie theater, and an outdoor barbeque area and a fire pit. The property is situated ad- jacent to the Schuylkill River Trail in a thriving walkable neighborhood, which includes a variety of art galleries, bou- tique shops and restaurants. Residents also enjoy close proximity to the Pennsylvania Turnpike and the town of King of Prussia.
“Meridian used its extensive network to identify a balance sheet lender that was comfort- able funding the loan prior to full stabilization,” said Mr. Gilbert. “This allowed for the borrower to take out a con- struction loan and execute a business plan that fit within their time frame.” Founded in 1991, Meridian Capital Group is America’s most active dealmaker and one of the nation’s leading commercial real estate finance and investment sales firms. In 2016, Meridian closed $35 billion in loan volume and sold
Phoenix Village Apartments
the world’s leading real estate investors and developers and the company’s expansive plat- form has specialized practices for a broad array of property types including office, retail, multifamily, hotel, mixed-use, industrial, healthcare, student housing and self-storage prop- erties. Meridian is headquar- tered in NYC with offices in NJ, MD, Illinois, Ohio, Florida and California. n
over $2 billion in commercial properties. Since inception, the company has closed more than $270 billion in financing with the full complement of capital providers, encompass- ing local, regional and national banks, CMBS lenders, agency lenders, mortgage REITs, life insurance companies, credit unions and private equity funds. Meridian represents many of
Blake of Berkadia Commercial Mortgage secures more than $23 million in financing for development of VA multifamily property
Christiansburg, VA — Berkadia Commercial Mortgage LLC announced
the $23.54 million fi- nancing of The Adams at Peppers F e r r y , a mul t i fam- ily property t h a t w i l l be built in
Christiansburg. Senior man- aging director David Blake of the Richmond office ar- ranged the 221(d)(4) through Berkadia’s partnership with HUD on behalf of Denstock Peppers Ferry LLC. The 40- year loan features a 4 percent fixed interest rate and an 83.3 loan-to-value ratio. “The borrower jumped at the chance to be involved in the development of this new property amid a thriving mar- ket,” Blake said. “Our team worked closely with theirs to deliver the terms and rates
Adams at Peppers Ferry Rendering courtesy of Architect: The Gaines Group, PLC; General Contractor: KBS, Inc. and Developer/Owner: Denstock LLC
they were seeking.” The Adams at Peppers Ferry’s location in Christiansburg
positions it on the perim- eter of Blacksburg’s bustling Virginia Tech campus. The
168-unit property is also conveniently located within proximity to the region's
largest concentration of retail and the LewisGale Hospital Montgomery. n
12A — July 14 - 27, 2017 — Financial Digest — M id A tlantic
Real Estate Journal
F inancial D igest
Your One-Stop Balance Sheet Lender Bridge Loans Permanent Loans
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Going to ICSC PA/NJ/DE Conference & Deal Making? A10 Capital will be in booth #341 September 13, 2017 at the Atlantic City Convention Center in Atlantic City, NJ. Contact Greg Roukema to schedule an appointment now to meet during the show. Greg Roukema Executive Vice President Office - 208.577.5077 Mobile - 201.650.8059 email@example.com ● www.a10capital.com ● twitter: @a10capital
Real Estate Journal — July 14 - 27, 2017 — 13A
M id A tlantic
ICSC PA/NJ/DE CONFERENCE & DEAL MAKING Atlantic City Convention Center I Atlantic City, NJ | September 11 – 13, 2017 EXHIBITING OR ATTENDING?
Join the exhibitors/attendees already participating in
Still accepting reservations for editorial and marketing space. Conference & Show Issue . Publication Date: August 25, 2017 | Deadline: July 29, 2017
Many Exciting Opportunities Await! Call or email for details Kimberly Brunet P: 781-740-2900 | firstname.lastname@example.org
14A — July 14 - 27, 2017 — Financial Digest — M id A tlantic
Real Estate Journal
F inancial D igest
399 CONGRESS STREET BOSTON, MASSACHUSETTS 414 unit residential property The undersigned arranged the above construction financing.
622 Third Avenue New York, NY 10017 (212) 986-8400 Fax: (212) 983-0512 www.cooper-horowitz.com
Real Estate Financing
M id A tlantic Real Estate Journal — July 14 - 27, 2017 — 15A B usiness C ard S ervices /B illboard D irectory L and D evelopment
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16A — July 14 - 27, 2017 — M id A tlantic
Real Estate Journal
C ommercial R eal E state O rganizations ’ E vents C alendar
JULY 18 – CREW Philadelphia Event: Closing the Gap: Addressing Gender Bias and Other Barriers for Women in Commercial Real Estate Time: 11:30am lunch | 12:00pm to 1:00pm program Location: Fox Rothschild LLP Address/City: 2000 Market St., 20th Floor, Philadelphia Cost: $0 Members (donation requested to CREW Network Foundation) / $30 Nonmembers if registered by 5pm July 13th http://crewphiladelphia.org/events/ JULY 18- AAGP Event: 608 Certification for Maintenance Technicians Time: 9:00 AM- 5:00 PM Location: One Bala Plaza Address/City: 231Aspah’s Rd, Room513, BalaCynwyd, PA Cost: Members $279/ Non-members $335 http://www.paa-east.com/ JULY 19- AAGP Event: 608 Certification for Maintenance Technicians
AUGUST 17- AAGP Event: Teleforum: Keys to Getting the Lease - The Creative Tour Time: 1:00 PM- 2:00 PM Location: One Bala Plaza Address/City: Bala Cynwyd, PA Cost: Members $35/ Non-members $45 http://www.paa-east.com/ SEPTEMBER 6- AAGP Event: CAMT- Full Program or Individual Modules Time: 9:00 AM- 4:00 PM Location: One Bala Plaza Address/City: Room 513, Bala Cynwyd, PA Cost: Members $875/ Non-members $1225/ Individual Module $200/$280 http://www.paa-east.com/ SEPTEMBER 7- AAGP Event: CAMT- Full Program or Individual Modules Time: 9:00 AM- 4:00 PM Location: One Bala Plaza Address/City: Room 513, Bala Cynwyd, PA Cost: Members $875/ Non-members $1225/ Individual Module $200/$280 http://www.paa-east.com/ SEPTEMBER 7 – IREM NJ Event: Heritage Night Time: 5:00 PM – 8:00 PM Location The Palace at Somerset Park Address/City: 333 Davidson Ave Somerset, NJ 08873 http://irem1.org/meetinginfo.php SEPTEMBER 12- AAGP Event: CAMT- Full Program or Individual Modules Time: 9:00 AM- 4:00 PM Location: One Bala Plaza Address/City: Room 513, Bala Cynwyd, PA Cost: Members $875/ Non-members $1225/ Individual Module $200/$280 http://www.paa-east.com/ SEPTEMBER 13- AAGP Event: CAMT- Full Program or Individual Modules Time: 9:00 AM- 4:00 PM Location: One Bala Plaza Address/City: Room 513, Bala Cynwyd, PA Cost: Members $875/ Non-members $1225/ Individual Module $200/$280 http://www.paa-east.com/ SEPTEMBER 21- AAGP Event: Teleforum: Hire for Attitude- Fire for Not Having It! Keys to Hiring SuperStars
OCTOBER 15- AAGP Event: Human Resources Solutions 2017 Time: 9:00 AM- 10:30 PM Location: Rittenhouse Claridge Address/City: 201 S 18th St, Philadelphia, PA Cost: FREE http://www.paa-east.com/ OCTOBER 19- AAGP Event: Teleforum: Want to be the #1 Community in your Company’s Portfolio Time: 1:00 PM- 2:00 PM Location: One Bala Plaza Address/City: Bala Cynwyd, PA Cost: Members $35/ Non- members $45 http://www.paa-east.com/ NOVEMBER 7- AAGP Event: CAMT- Full Program or Individual Modules Time: 9:00 AM- 4:00 PM Location: One Bala Plaza Address/City: Room 513, Bala Cynwyd, PA Cost: Members $875/ Non-members $1225/ Individual Module $200/$280 http://www.paa-east.com/ NOVEMBER 8- AAGP Event: CAMT- Full Program or Individual Modules Time: 9:00 AM- 4:00 PM Location: One Bala Plaza Address/City: Room 513, Bala Cynwyd, PA Cost: Members $875/ Non-members $1225/ Individual Module $200/$280 http://www.paa-east.com/ NOVEMBER 14- AAGP Event: CAMT- Full Program or Individual Modules Time: 9:00 AM- 4:00 PM Location: One Bala Plaza Address/City: Room 513, Bala Cynwyd, PA Cost: Members $875/ Non-members $1225/ Individual Module $200/$280 http://www.paa-east.com/ NOVEMBER 15- AAGP Event: CAMT- Full Program or Individual Modules Time: 9:00 AM- 4:00 PM Location: One Bala Plaza Address/City: Room 513, Bala Cynwyd, PA Cost: Members $875/ Non-members $1225/ Individual Module $200/$280 http://www.paa-east.com/ NOVEMBER 16- AAGP Event: Teleforum: If You Manage Your Time, You’ll De- crease Stress & Increase Success Time: 1:00 PM- 2:00 PM Location: One Bala Plaza Address/City: Bala Cynwyd, PA Cost: Members $35/ Non-members $45 http://www.paa-east.com/ DECEMBER 14- AAGP Event: Fair Housing and Beyond Time: 10:00 AM- 3:00 PM Location: Governor Sproul Apartments Address/City: 301 S Pkwy Blvd http://www.paa-east.com/ DECEMBER 15- AAGP Event: Human Resources Solutions 2017 Time: 9:00 AM- 10:30 PM Location: Lafayette At Valley Forge Address/City: 1101 Penn Cir, King of Prussia, PA Cost: FREE http://www.paa-east.com/
Time: 9:00 AM- 5:00 PM Location: One Bala Plaza Address/City: 231 Aspah’s Rd, Room 513 Bala Cynwyd, PA Cost: Members $279/ Non-members $335 http://www.paa-east.com/ JULY 20- AAGP Event: Summer Picnic Time: 4:00 PM- 10:00 PM Location: Mermaid Lake Address/City: 1002 Jolly Rd, Blue Bell, PA Cost: $39 http://www.paa-east.com/ JULY 20- AAGP Event: Teleforum: Be A Coach 7 Teacher- Not AManager!
Time: 1:00 PM- 2:00 PM Location: One Bala Plaza Address/City: Bala Cynwyd, PA Cost: Members $35/ Non-member $45 http://www.paa-east.com/ JULY 25- AAGP Event: Stay, Don’t Stray: The Keys to Resident Retention
Time: 1:00 PM- 3:00 PM Location: One Bala Plaza Address/City: Bala Cynwyd, PA http://www.paa-east.com/
AUGUST 2 – CREW Philadelphia Event: Networking Happy Hour Location: Pyramid Club Address/City: 1735 Market St, Philadelphia http://crewphiladelphia.org/events/ AUGUST 8- AAGP Event: EPA Lead Dust Sampling
Time: 1:00 PM- 2:00 PM Location: One Bala Plaza Address/City: Bala Cynwyd, PA Cost: Members $35/ Non-members $45 http://www.paa-east.com/
Technician Refresher Course Time: 8:00 AM- 12:00 Noon Location: One Bala Plaza Address/City: 5th Floor, Room 513, Bala Cynwyd, PA Cost: Members $180/ Non-members $225 http://www.paa-east.com/ AUGUST 9- AAGP Event: EPA Renovate, Repair and Painting Certification Training Time: 8:00 AM- 5:00 PM Location: One Bala Plaza Address/City: 5th Floor, Room 513, Bala Cynwyd, PA Cost: Members $270/ Non-members $380 http://www.paa-east.com/
OCTOBER 10- AAGP Event: CAMT- Full Program or Individual Modules Time: 9:00 AM- 4:00 PM Location: One Bala Plaza Address/City: Room 513, Bala Cynwyd, PA Cost: Members $875/ Non-members $1225/ Individual Module $200/$280 http://www.paa-east.com/Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26 Page 27 Page 28 Page 29 Page 30 Page 31 Page 32 Page 33 Page 34 Page 35 Page 36 Page 37 Page 38 Page 39 Page 40 Page 41 Page 42 Page 43 Page 44 Page 45 Page 46 Page 47 Page 48 Page 49 Page 50 Page 51 Page 52 Page 53 Page 54 Page 55 Page 56 Page 57 Page 58 Page 59 Page 60 Page 61 Page 62 Page 63 Page 64
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