14A — November 22 - December 5, 2013 — Professional Services — Mid Atlantic Real Estate Journal
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P rofessional S ervices
Muller, Hyman and Shoshana lead team Eastern Union announces birth of multifamily division
Talvacchia, Cooper Levenson . . . continued from page 8A business.
project located in a “qualified economic redevelopment and growth grant area” or “incen- tive area”. In general, ERG allows for rebates of state and local taxes of up to 20%. In some cases, the Act now allows up to 30% of project costs and in the Garden State Grant Zone up to 40% of project costs. The EDA may increase the rebate by up to 10% of project costs if the project is located in a one of the following areas: (i) distressed municipalities for certain types of projects, includ- ing supermarkets and health care; (ii) transit projects; (iii) qualified residential projects with at least 10% moderate income housing units; (iv) loca- tion in a Garden State Growth Zone; (v) aviation projects; (vi) tourism destination project; or (vii) substantial rehabilitation of a structure. Incentive areas include but are not limited to: (i) an avia- tion district; (ii) a port district; (iii) certain State planning ar- eas including 1, 2 or 3; and (iv) certain areas in the Pinelands and Highlands Region. Taxes and fees eligible for rebate include: (i) State Taxes: Corporation Business Tax Act; distributive share of partner- ship income, or a pro rata share of S corporation income under the New Jersey Gross Income Act; the Sales and Use Tax Act; tax imposed from the purchase of materials used for reme- diation, construction of new structures, or the construction of new residences at the site of a redevelopment project; and the hotel and motel occupancy fee; and (ii) Municipal Taxes: incremental payments in lieu of taxes made pursuant to the Five-Year Exemption and Abatement Law, or the Long Term Tax Exemption Law and the property tax increment. The Act allows, for the first time, tax credits to be used to fund a “qualified residential project”. The Act provides that if a residential project does not generate sufficient State tax revenue to fully fund the grants, then in lieu of the grants, the project is to be awarded tax credits in the amount of the grants. A qualified residential project is defined as a project that is predominately residen- tial and includes multi-family units for purchase or lease. The Act allows $600 million as the total amount of tax credits for qualified residential projects. The tax credits may be sold or assigned. Nicholas F. Talvacchia is a partner with Cooper Lev- enson, Attorneys at Lawand chairman of the Land Use practice group. n
The minimum number of new or retained full-time jobs is reduced by one-fourth for projects located in a Garden State Grow Zone or projects located in eight South Jersey counties. Credits and Bonus Credits Base amount of the tax credit for new or retained full-time jobs is: • $5,000 for a qualified busi- ness facility located within a urban transit hub municipality or a Garden State Grow Zone or is a mega-project. • $4,000 for a qualified busi- ness facility located within a distressed municipality. • $3,000 for a project in a prior- ity area. • $500 for a project in other eligible areas. Bonus credits may be award- ed if a qualified business facil- ity meets certain additional criteria including type of proj- ect jobs which have salaries above certain average salaries or for the creation of a speci- fied number of jobs specified in the Act. The Act provides for a maxi- mum amount of grants per employee per year and a maxi- mum amount that can be paid credits to be applied by the business annually. These maxi- mums range from $2.5 million to up to $30 million per year per business. The Act provides that each new full-time job is eligible to receive 100% tax credit and each retained full-time job will receive 50% tax credit. Tax credits may be sold or as- signed with a tax liability. II. Economic Redevelop- ment Growth Grant Pro- gram (ERG) The Act also amends the ERG. ERG is the State’s pri- mary redevelopment pro- gram. Eligibility An applicant must demon- strate that the ERG grant fills a financing gap equal to at least 20% of project costs. Notably, the Act now provides that the financing gap is based upon the inability of the developer to raise at least 20% of project capital on a non-recourse basis. With limited exceptions, the project must satisfy a “net ben- efits” test to prove the project generates benefits to the State greater than the value of the grants. Tax Rebates ERG provides annual rebates of up to 75% certain State and/or local taxes, including sales tax and property tax to a developer from incremen- tal taxes generated from the
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rooklyn, NY — EasternUnion Fund- ing announced the
new division comes a week after Muller and Hyman were featured in the Commercial Observer’s annual feature, “Top 20 Commercial Mortgage Brokers under 35.” This division was prompted by Eastern Union’s increased growth over the past couple of years and follows the recent formation of its credit quality. Following these initiatives, business has nearly doubled at the firm, and Eastern reported record loan submissions, ap- plications and closings in October. “In order to give every loan the undivided attention it deserves, we made a decision to create subdivisions that exclusively focus on specific loan types,” said Ira Zlotowitz, president of Eastern Union. “For the multifamily division, we have tapped into some of Eastern’s greatest talent by bringing in our top two produc- ers of these types of loans,” he added. Multifamily loans are the mainstay of Eastern Union’s stitutions, retail, restaurants, technology and communica- tion firms. Aside from his im- pressive portfolio of interior design work, Enriquez has also completed several base building projects such as the headquaters of Alliance Francaise de Manille and the Global City Center in the Philippines. Enriquez earned his Bachelor in Architecture degree from the University of the Philippines. design 3 has also recently acquired Christina Voutsi- nas-Kafes as design director and Jennifer L. M. Mantle as marketing director. Christina began her career in Fashion Buying & Merchandising af- ter graduating with her Bach- elors of Science at the Fashion Institute of Technology (FIT) in New York City. After work- ing in fashion for several years, she discovered that she had a strong passion to create beautiful spaces using fashion influences. Christina formerly pursued her passion for interior design by attend- ing the New York School of Interior Design (NYSID). Af- ter completing her studies at NYSID, she began her career in residential design and cor-
multi-billion dollar lending apparatus and this division is therefore likely to be its busi- est and most productive. “We are excited about heading up this division,” Muller said. “It will give us the ability to stay focused on the core, thereby increasing quality and produc- tion in the multifamily arena. With Uri Shoshana and his team running these deals, we have top flight resources which will speed up and streamline the loan process.” This announcement comes after a year of unprecedented growth for the company. “I’ve been with Eastern Union since the start of my career,” Hyman said, “and have seen it grow from a small shop to one of the nation’s largest mortgage brokerage houses. Multifamily financing is the heart of it all and I am proud to have played a significant role in bringing the company to where it is to- day. With this new division, we are setting our sights to even greater growth as we believe the sky is the limit.” n porate interiors. She works on projects including prominent hedge funds, beauty corpora- tions, luxury corporate office and major television networks spaces. Christina’s designs focuses on environmentally friendly and “green” design strategies. Jennifer brings over four- teen years of both agency and corporate experience serving as a communications special- ist with an emphasis on public relations, advertising and marketing. Prior to design 3, Jen was a co-founding partner of The Detail, LLC; senior account supervisor at Becker- man Public Relations, where she represented a variety of highly touted architectural and interior design clients; public relations manager for Ted Moudis Associates (TMA); and a senior media analyst/supervisor at OMD, a top ranked international advertising agency. Jenni- fer holds a Bachelor of Arts degree from Fordham Uni- versity in Communications, with a concentration in public relations/advertising, and a minor in Business Adminis- tration. n
formation of a multifam- ily division wh i ch wi l l focus exclu- s i v e l y o n multifamily real estate fi- nancing. The newly f ormed di - vi s i on wi l l be directed by Eastern Union’s se- nior manag- ing directors M i c h a e l Muller and Na t e Hy -
Michael Muller
Nate Hyman
man , along with Eastern Union’s senior underwriter Uri Shoshana . This dynamic team has a combined 30 years of experience of commercial financing and has closed sev- eral billion over the years in multifamily financing. The announcement of the
N. Emmanuel Enriquez announces launch of full-service interior-architecture firm
NEW YORK, NY — N. Emmanuel Enriquez, AIA LEEDAP announced the offi- cial launch of design 3 , a full service, interior-architecture firm located at 49 West 37th St. in Manhattan. Addition- ally, design 3 has acquired Christina Voutsinas-Kafes as design director and Jenni- fer L. M. Mantle as market- ing director. “I wanted to make sure to announce design 3 at the right time and I believe that time has come,” said Enriquez. “We have already garnered a great team, including Christina and Jennifer, an established commercial client list, and we are very excited for what the future holds.” After three decades of work- ing for firms such as KPFC Architects, Emery Roth & Sons with Pei Partnership and Ted Moudis Associates, Enriquez, a New York State licensed architect, decided it was time to venture out on his own and construct design 3, where he serves as princi- pal. Enriquez has extensive experience in the architecture and interior design industry and his work consists of, but is not limited to, financial in-
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