ew york — Silver Arch Capital Partners announces a $30.4 mil- N Company completes acquisition financing to rebrand property Silver Arch Capital Partners announces $30.4m loan closing on Out Hotel, NYC
ISSUE HIGHLIGHTS Volume 29 Issue 10 May 12 - 25, 2017 Over $1.4B in financing arranged for NRDC
lion loan clos- ing f or the purchase of the Out Hotel in midtown Manhattan. The purchase will also her- ald the return of the legend-
room and retail shop. The property is located on West 42nd Street between 10th and 11th avenues in the heart of Theatre Row, a coveted location surrounded by Off-Broadway playhouses, and lies within comfortable walking distance to such popular tourist attractions as the world-famous Times Square and the Intrepid Sea, Air & Space Museum. All of these exhilarating changes coming to the Big Apple were made possible by Silver Arch Capital Partners, a national private lender with headquarters in Hackensack, NJ. The Carlton Group was the broker on the transaction. Carl- ton Group Chairman Howard Michaels and Managing Direc- tor Steven Weiss represented Cachet Boutique New York hotel
for the sophisticated traveler. The hotel will feature guest rooms adorned with urban chic furnishings and art-deco decor. Amenities include extrava- gantly expansive and indulgent personal wellness facilities, such as an open-air Zen garden and an outdoor spa and Jacuzzi. A central feature of the hotel, the Great Lawn, is a 2,000 s/f indoor-outdoor wine bar and meeting and event space, com- plete with crackling fire pits. For on-site dining, the rustic Eden restaurant will provide exquisite cuisine for breakfast, lunch and dinner. The new Playboy Club is set to open more than 30 years after the original Playboy Club closed in 1986. This latest itera- tion will feature a lounge bar, full-service dining room, game
the borrower. “We needed a lender who could think outside the box,” said Weiss. “Jeffrey Wolfer, President and CEO of Silver Arch Capital Partners, was able to quickly underwrite the deal and deliver on a first mortgage bridge loan for the acquisition and renovation of the Cachet Hotel NYC and the iconic Play- boy Club.” “We, along with our partners, are pleased to help Merchants Hospitality kick-start its latest real estate venture,” adds Jef- frey Wolfer. “Borrowers look to us when they can’t secure conventional lending. Silver Arch Capital offers quick loan closings on real estate with unique circumstances that tend to cause traditional lenders to turn away.” n contract term and existing retail colocation clients made the agreement complex. Rick Drescher an d Ian Zilla of Savills Studley worked with ANEXIO’s executive man- agement team to address all aspects of the transaction, including ensuring the transi- tion from the existing provider to ANEXIO went as smoothly as possible. While the techni- cal and operational aspects of the arrangement were com- plex, so was finding the right financial structure that would be accepted by all three parties – ANEXIO, RagingWire and the existing tenant. “As ANEXIO continues to expand its customer base and service offerings, their exist- ing data center inventory in Northern Virginia is quickly being consumed by custom- ers,” said Drescher. n
ary Playboy Club to New York City on the hotel’s grounds later this year. The borrower, real estate management company Mer- chants Hospitality, Inc., has entered a partnership with hotel and restaurant branding company Cachet Hospitality Group to transform the 105- room, three-story Out Hotel located in Hell’s Kitchen into the future Cachet Boutique New York hotel. Playboy Enter- prises, Inc., in turn, has part- nered with global hotel entity Cachet to construct a Playboy Club franchise location on the property’s ground floor. Expected to launch in 2017, the Cachet Boutique New York will be a world-class destination
Central NJ Spotlight
Upcoming Conferences May 10, 2017 Pittsburgh Multifamily Summit May 17, 2017 2 nd Annual Delaware CRE Forecast Summit June 22, 2017 2 nd Annual Philadelphia Healthcare & Medical Properties Conference For speaking and sponsorship information, please contact: Linda at 781-740-2900 or firstname.lastname@example.org
Savills Studley Critical Facilities Group secures 1MW of data center space for ANEXIO in VA
Ashburn, VA — Savills Studley , a leading commercial real estate firm specializing in tenant representation, an- nounced that the company’s Critical Facilities Group se-
Financial Digest................................................7-11A New Jersey................................................. Section B Pennsylvania.............................................. Section C NJAA 2017 Conference............................... Section D
RagingWire Data Center
cured 1MW of data center ca- pacity for ANEXIO, a Raleigh, NC-based company that pro- vides large-scale Infrastruc- ture-as-a-Service solutions from desktops to data centers. Savills Studley worked with ANEXIO to acquire and re- structure an existing agree- ment for data center capac- ity from RagingWire Data
Centers in the company’s VA1 facility in Ashburn and CA1 facility in Sacramento, California. An existing tenant within the RagingWire facility who provided retail colocation and managed services no lon- ger required the capacity, and was looking for a way to reduce their remaining obligation and exit the business. Remaining
Upcoming Spotlights Industry Leaders Industrial/Distribution Centers
Inside Cover A — May 12 - 25, 2017 — M id A tlantic
Real Estate Journal
Meet some of our Speakers
jose Cruz Senior Managing Director HFF
Tiffany Rolfing Energy Efficiency Account Manager ICF International
Kristine Hurlbut Sr. Vice-President, Leasing Denholtz associates
Michael allen Seeve President Mountain Development Corp.
Timothy Touhey Team Leader Investors Bank
Russell I. Tepper Senior Managing Director - Ny/Nj/CT/Pa Mill Creek Residential
Register Today! www.marejournal.com Early Bird Rates still apply
Real Estate Journal — May 12 - 25, 2017 — 1A
M id A tlantic
COME US MEET
ICSC RECON Monday, May 22 –Wednesday, May 24 North Hall Booth N2043U Las Vegas Convention Center Please email email@example.com to schedule a meeting
ICSC Recon 2017 – MAREJ Special Issue – 4-21-17.indd 1
5/8/17 1:04 PM
2A — May 12 - 25, 2017 — M id A tlantic
Real Estate Journal
Mid Atlantic R eal E state J ournal Publisher ............................................................................ Linda Christman Associate Publisher ................................................................ Steve Kelley Associate Publisher ...................................................................Kim Brunet Associate Publisher ............................................................. Lea Christman Senior Editor/Graphic Artist .................................................Karen Vachon Office Manager ......................................................................Miriam Buttrick Sales Intern ........................................................................ Kevin Minassian Contributing Columnists .............James Malcolm, RAM Real Estate Asset Management; and John Oberer, GZA GeoEnvironmental, Inc. 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 8 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
Mid Atlantic Real Estate Journal
Leading the Real Estate Investment Market Contact us today to access the largest inventory of properties.
An Engineer’s Perspective On How To Inspire Innovation T Glenn Ebersole he word innovation appears frequently in advertisements, posi- tioning statements, branding, marketing and mission state- ments. And it is used by archi- tectural, engineering and high- tech firms, as well as by most businesses and organizations in some fashion or form. But the question is how many of those firms and organizations really make innovation a top priority? And how many of them truly are good at innovation? One American Management Association/Human Resource Institute study found that al- though most organizations say that innovation is a top prior- ity, few companies are good at it. Have you been asked and tasked to innovate within your company or organization? Are you having difficulty getting started and achieving results? Probably many business- people have experienced or
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
The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal
Offices Throughout the U.S. and Canada
witnessed that one of the big- gest issues with innovation is that they really are not sure where to start. With that in mind, here are 20 tips on how to inspire and initiate innovation in business. 1. Develop a clearly defined and focused vision for innova- tion within your business. 2. Develop a set of measur- able goals that will clearly define what you want and need to get out of innovation. 3. Develop a system for track- ing and managing innovation. 4. Develop and implement a forum for sharing. Promote the open exchange of ideas and collaboration among co-workers and team members. The forum could be face-to-face meetings
continued on page 20A 7. Research what others outside your organization do to initiate and inspire innovation. Set a goal to identify three or or doing so online with message boards or blogs. 5. Engage the powerful tech- nique of brainstorming. The power of brainstorming enables you to address a business chal- lenge, issue or opportunity and is effective because it sets no boundaries and allows people to say whatever they want. 6. Consider establishing an innovation team whose prior- ity is ensuring that innovation is a priority and that there is a clearly defined and focused effort to achieve innovation in your business.
L ike us on F acebook !
F ollow our E vents #MAREJEVENTS
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.
1 year — $99.00 2 years — $148.50
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.
Subscribe at marejournal.com
Kaplin Stewart Attorneys at Law
Contact: William J. Levant • firstname.lastname@example.org 910 Harvest Drive, Blue Bell, PA 19422-0765 • 610-941-2474 • www.kaplaw.com Visit our Real Estate Blog: www.philadelphiarealestatelawyer.com Visit our Construction Blog: www.pennsylvaniaconstructionlawyer.com Other Offices: Cherry Hill, NJ 856-675-1550& Philadelphia, PA 215-567-3120
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
Real Estate Journal — DelMarVa — May 12 - 25, 2017 — 3A
M id A tlantic
The Purchaser acquired the trophy asset on April 28, 2017 for $57 million Cushman & Wakefield | Thalhimer completes sale of The ADP Building in Downtown Norfolk N ORFOLK, VA — Cushman & Wake- field | Thalhimer ’s
Capital Markets Group has represented City Walk Two, LLC in the sale of The ADP Building located at Two Com- mercial Place in Downtown Norfolk’s waterfront district. The 288,662 s/f class A office building is 100% leased to AA- credit tenant ADP. The Hampton Roads Eco- nomic Development Au- thority calculated that ADP will generate $1 billion in economic activity each year for Hampton Roads. “To be able to deliver ADP to the region is one of my proudest accom- plishments,” Buddy Gadams , president and owner of Mara- thon Development Group said. Proceeds from the sale to the REIT will be reinvested in Hampton Roads. “I am going to put this money right back to work doing what I love doing, giving new life to beautiful old buildings,” Gadams said. The Purchaser, a Real Es- tate Investment Trust based Arlington, VA — Jef- ferson Apartment Group announced the acquisition of 4000 Fairfax Dr., formerly the home of the popular sports bar CarPool, a 0.61-acre site located in the heart of the Rosslyn-Ballston Corridor of Arlington. The site is approved for up to 330 units in a 22-story luxury high-rise at the cor- ner of Fairfax Dr. and North Quincy St. The urban infill apartment community will have 264 below-grade park- ing spaces and 8,260 s/f of ground-floor retail. The completed project will provide market-leading ame- nities, including a rooftop re- sortstyle swimming pool with sundeck and dramatic views of Arlington andWashington, DC, a state-of the-art fitness center, a clubroom, a rooftop outdoor lounge with fire pits and multiple grill stations,
The ADP Building
out of Boston, MA, acquired the trophy asset on April 28, 2017 for $57 million. The sale was completed by Eric Ro- bison , senior vice president
of Cushman & Wakefield | Thalhimer’s Capital Markets Group, along with Eric Berk- man of Cushman &Wakefield in Washington, D.C. Robison
stated, “A year ago this was an empty 288,662 s/f building, but with a tremendous vision and leveraging the positive mo- mentum in Norfolk, the seller
was able to turn this asset into a fully leased, best-in-class asset, that received a remark- able amount of interest from the investment community.” n
Jefferson Apartment Group develops Arlington, VA luxury residential building in the heart of the Rosslyn-Ballston Corridor of Arlington
The property is located less than a quarter mile from the Ballston Metro Station (Or- ange & Silver Lines) and has a Walk Score of 96 (Walker’s Paradise). The site provides a prime corner location on one of the main arteries of the R-B Corridor and is one of the most visible intersections of the Ballston neighborhood, which offers multiple premier dining, shopping and entertainment options in the surrounding blocks and within walking distance of the site. The loca- tion also offers easy access to the major office employment nodes of Ballston and Virginia Square, as well as the District of Columbia, Tysons Corner, and Reston submarkets, via the Silver Line and I-66. The project is being built in partnership with Mitsui Fudosan America, Inc., who is providing both debt and equity to the project. n
4000 Fairfax Dr. rendering
Roof top rendering
recreation and entertainment in the Rosslyn-Ballston mar- ket,” said Jefferson Apart- ment Group president Jim Butz . “We think residents will be thrilled with the mod- ern design aesthetic of the apartments and the lifestyle and numerous amenities they offer.”
and 24/7 concierge service. The residential units will feature top-of-the-market finishes and best-in-class design, including custom- designed cabinetry, quartz countertops, wood flooring, and upgraded fixtures. The street-level retail will include a landscaped plaza with 2,000
s/f of outdoor seating area. The property will be built and maintained to LEED Gold standards and is expected to break ground in late 2017. “The new community will be an exciting development proj- ect that will meet the strong demand for housing with close proximity to local jobs,
4A — May 12 - 25, 2017 — DelMarVa — M id A tlantic
Real Estate Journal
D el M ar V a And sale of 1524 18th St. NW, a 4-unit vacant apartment property in Washington, DC Marcus &Millichap trades Deanwood Apartment Community with affordable housing component W ASHINGTON, DC — Marcus & Mil- lichap announced off-street parking spaces for residents.
ate in Marcus & Millichap’s Washington, DC office. “The transaction presented a rare opportunity to acquire an apartment community, with an affordable housing compo- nent, in a highly sought after rental market given Dean- wood’s recent development and growth.” Hilltop Apartments is lo- cated at 908-922 Eastern Ave. NE in Washington, DC. Built in 1966, the eight-building apartment community is com- posed of 52 one-bedroom units and 54 two-bedroom units. The property features 160
“This transaction represent- ed one of the largest multifam- ily deals in Deanwood in the past five years,” added Stacey Milam , senior vice president of investments in the firm’s Washington, DC office. Webb, Milam and J. Domi- nic Vito , investment special- ist, procured the seller. While marketing the listing, the team garnered several com- petitive offers. The ultimate buyer was also secured by Webb with plans to maintain the affordable housing status and make substantial renova- tions to the building. Marcus & Millichap an- nounced the sale of 1524 18th Street NW, a 4-unit vacant apartment property in Wash- ington, DC. The asset sold for $2,279,000 which equates to $569,750 per unit. “The property’s prime lo- cation brought an array of investors, some including condominium developers, mul- tifamily investors, co-living operators, student and intern housing providers and various owner/users,” said Dennis Cravedi , associate in the firm’s Washington, DC office. “We were able to achieve a high price point for the client through our ability to articu- late the value proposition of the transaction and our exper- tise in the market.” Cravedi teamed with Marty Zupancic , vice president inves tment s and Grant Fitzgerald , senior associate, all in Marcus & Millichap’s Washington, D.C. office, to market the property on behalf of the seller, a private investor. The property was previously listed with another national brokerage firm in early 2015 for $2,000,000. After imple- menting a customized mar- keting plan, The Zupancic Group of Marcus &Millichap generated 37 property tours and 12 written offers, ulti- mately closing $64,000 above the original list price. The building was purchased by a local condo developer and will require substantial rehab. The apartments are located at 1524 18th St. NW in the heart of the Dupont neighbor- hood, just one block from the booming Dupont Circle and the Metro. The zoning, MU-15, lends itself to a wide array of residential and commercial uses. n
the sale of Hilltop Apart- ments, a 106-unit apartment community in Washington, DC, according to Bryn Mer- rey , senior vice president/ division manager of the firm’s Mid-Atlantic and Southeast- ern offices. The $9.3 million sales price equates to $87,735 per unit. “Deanwood is a transition- ing neighborhood experienc- ing an influx of private and city investment,” said Cam- eron Webb , senior associ-
Real Estate Journal — DelMarVa — May 12 - 25, 2017 — 5A
M id A tlantic
D el M ar V a Illustrates the continued strength of the capital markets in the Ohio Valley &Pittsburgh region Century Realty represents seller in disposition of a 102,600 s/f industrial property & outparcel W eirton, WV — Century Realty announced the sale
Springs Drive in Weirton, WV illustrates the continued strength of the capital markets in the Ohio Valley and Pitts- burgh Region. This industrial asset was repurposed from a retail facility into a manufac- turing and distribution center that services the Mid Atlantic market from a strategic and logistical standpoint. Com- mercial assets will continue to attract capital from through- out the country reflecting the stability of this market," said Adam Weidner , executive vice president at Century Realty. n
of 243 Three Springs Dr. lo- cated off of Rte. 22 and Rte. 30 in Weirton. The property was once a Wal-Mart retail store, but is currently occupied by the industrial tenant, Signode. The 102,600 s/f building in- cluded additional outparcels on the site as part of the portfolio sale, and is situated next s/f retail complex, Three Springs Crossings. The seller was represented by J essica Jarosz and Adam Weidner of Century Realty. "The sale of 243 Three Ruth Shaw signs lease for The Shops at Kenilworth Owings Mills, Md — Greenberg Gibbons an- nounced that Ruth Shaw has signed a lease for 3,100 s/f at The Shops at Kenilworth, the landmark shopping des- tination in Towson. that is currently undergoing a $20 million renovation. Ruth Shaw has been a well- noted resource for luxury fashion in the Baltimore area for more than 40 years. The boutique sells women’s ap- parel from a variety of today’s most sought-after European and American designers, in- cluding Alexander Wang, Rag and Bone, The Row, Self Portrait, Max Mara and more. The store is also known for its knowledgeable staff members, who can help style outfits for any occasion. Ruth Shaw will be moving to The Shops at Kenilworth from its longtime location at the Village of Cross Keys in September. It will join an es- tablished mix of fashion and beauty retailers from the Bal- timore area, including South Moon Under, Jos. A. Bank and About Faces Day Spa and Sa- lon. Several new stylish stores are also celebrating openings at The Shops at Kenilworth this spring, including Amaryl- lis, Quiet Storm, Zen Life and Liza Byrd. “Ruth Shaw’s unique selec- tion of high-end fashion ap- parel and accessories make it a Baltimore area icon,” said Brian Gibbons, Chairman and CEO of Greenberg Gib- bons. “The store will add to the vibrant new energy of this revitalized community gem.” n
243 Three Springs Dr.
FEATURES • 190,000 SF 2-Story facility • 54 Acres Railroad access • Zoned I-2 General Industrial • 10 Loading docks • 8,400 SF Air conditioned offices • Large warehouse/storage areas • 3.5 Acres paved parking lot ● Distribution ● Office ● Warehouse ● Storage ● Manufacturing ● Flex space Central Transportation Hub to INTERSTATES 64, 66, 81 and 95 ENDLESS POSSIBILITIES for
6A — May 12 - 25, 2017 — M id A tlantic
Real Estate Journal
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 — May 12 - 25, 2017 — 7A
M id A tlantic
Houlihan-Parnes places $22.5 million acquisition
Loan was originated and placed by Stewart, Morris, & Tsukamoto Over $1.4 billion in financing arranged for NRDC
660 White Plains Rd.
ittsburgh, PA — Cronheim Mort- gage has secured $50.5 million in financing for Northampton Crossings, a 622,000 s/f power retail center located in Easton, Bethlehem Township, Pennsylvania. The loan was structured with a 15-year fixed-rate which was locked 11 months prior to closing. American Gen- eral Life Insurance Company, The Variable Annuity Life Insurance Company, Na- tional Union Fire Insurance Company of Pittsburgh, and American Home Assurance Company funded the loan, whom Cronheim represents as correspondent and servic- ing agent. Northampton Crossings was constructed in 1995 and is anchored by a variety of tenants including Walmart, P
intersection of Rte. 248 and Rte.33. Rte.248 provides the Subject with two signaled points of ingress and has a traffic count of 17,650 ve- hicles per day. Rte.33 has a daily traffic count of 62,154 vehicles. Parking includes approximately 3,000 spaces, or 4.8 per 1,000 s/f. Northampton Crossings is managed by National Real- ty and Development Corp., (NRDC) a leading retail de- velopment and management firm in the Northeast with a portfolio encompassing 78 projects, including retail pow- er centers, grocery-anchored community shopping centers, and corporate/ industrial business parks, in 14 states. This loan was originated and placed by Andrew Stew- art, Dev Morris , and An- drew Tsukamoto . n
Sam's Club, Kohl's, Staples, and a 14-screen Regal Cine- mas. Walmart was an original tenant when the Subject was constructed in 1995 and they expanded in 2004 to a 207,500 s/f superstore. Sam's Club is also one of the original tenants and has plans to expand their current 112,000 s/f space to encompass over 140,000 s/f, attesting to the strength of the center. The inline tenant roster features a complemen- tary mix of retailers including Hobby Lobby, Lane Bryant, Starbucks, Sleepy's, Game- Stop, Panera Bread, Sally Beauty Supply, GNC, Sears Hardware, and a number of lo- cal restaurants as well. There are 6 outparcels which feature Arby's, Red Robin, and KNBT Bank, to name a few. The subject is afforded ex- cellent frontage at the major
2649-2651 Strang Blvd.
years at a fixed rate with an option to extend for another 5 years. Elizabeth Smith, Esq. of Goldberg, Weprin, Finkel, Goldstein LLP was the attorney that represented the borrower at closing. Title was provided by Jim Malo- ney and John Hughes of the Great American Title Agency, Inc. The property includes two buildings consisting of 200,000 s/f of rentable space and 695 on-site parking spaces. GHP Office Realty was formed in 1999, and is headed by its principal owners An- drew Greenspan , James J. Houlihan, James G. Houli- han and Howard Parnes. Jeremiah Houlihan and James Coleman of Houlihan Parnes Realtors announce the arrangement of a 1st mortgage loan in the amount of $2.25 million on a medical office building located at 280 Mamaroneck Ave in down- town White Plains. The 3-sto- ry building contains a retail store, (16) medical tenants, a self-service elevator and on- site parking for 60 cars. n
Tarrytown, NY — Bry- an Houlihan and James Houlihan of Houlihan- Parnes Realtors announced the placement of a new $22.5 million first mortgage one of the largest and most iconic of- fice buildings in Westchester County – 660White Plains Rd. in Tarrytown. The six-story building is 280,000 s/f and is presently 85% occupied with more than 30 tenants. The pyramid shaped building is visible from the New York State Thruway, I-287, the Sprain Brook Parkway; it is 2 miles from the Tappan Zee Bridge and 30 minutes north of New York City. James J. Houlihan an- nounced the placement of a $17.5 million first mortgage on the property located at 2649-2651 Strang Blvd. in Yorktown Heights, West- chester County. The property was acquired by the existing ownership in October 2014 and has since been extensively renovated and re-tenanted. The new first mortgage is 50% LTV and placed with a local thrift and has a term of seven
Morristown, NJ — G.S. Wilcox & Co. has arranged a $16.5 million loan for the Hampshire Companies’ new- ly constructed office building located at 49 Market St. The new state of the art office build- ing consists of 44,000 s/f and is a build to suit for the D.C. based law firm Fox Rothschild LLP allowing them to consolidate their previous Morristown and Roseland offices. The comple- tion of the building represents the first new class A office prod- uct delivered to the downtown Morristown area in decades. The Morr i stown-based mortgage banker secured the G.S. Wilcox &Co. secures $16.5 mllion financing for law firm’s new Morristown office financing over a 15-year term from a life insurance company headquartered in Alabama. GretchenWilcox , president, and Al Raymond , principal, handled the transaction. “G.S. Wilcox & Co. is thrilled to take an active role in the continued evolution of the Downtown Morristown mar- ket” Wilcox said in a prepared statement. n 49 Market St.
8A — May 12 - 25, 2017 — Financial Digest — M id A tlantic
Real Estate Journal
F inancial D igest
oorestown, NJ — Thorofare Cap- ital has funded a Warehouse and distribution facility in South Jersey Thorofare Capital funds $5.74 million loan in 10 days M
Recently Closed Loans
$5.74 million fixed-rate bridge loan for the acquisition, reno- vation and stabilization of a 219,300 s/f industrial property located in Moorestown. Thorofare closed the trans- action in just 10 business days from the time of signed loan application in order to help the Irvine, CA-based Phoenix Investment Funds purchase the distressed asset at auction. The vacant warehouse and distribution facility is located at 540 Glen Ave. in the well-
$4,000,000 $5,362,500 $8,250,000 Multifamily Permanent Loan Office Acquisition/Bridge Loan Multifamily Permanent Loan Philadelphia, PA Fort Washington, PA Hamilton Township, NJ 75% LTV, 5/30, 4.11%, Non-Recourse 75% LTV, 24 Months, WSJP + 1.00% 75% LTV, 7/30, 4.0%, Non-Recourse
Real Property Capital is a Philadelphia based full service commercial mortgage banking firm with a regional focus and national capabilities. Our business model emphasizes client satisfaction through a high-touch, analytical approach that distinguishes us from the competition. Learn more about our distinct approach and proven track record of success at www.realpropertycapital.com . FOR MORE INFORMATION: R. Brenner Green, President 303 Harry Street • Conshohocken, PA 19072 • 610-456-9644 • email@example.com
540 Glen Ave.
Greysteel arranges $8.785 million permanent financing Washington, DC — Greysteel , a national com- mercial real estate investment services firm, has arranged the refinancing of Greenway Gar- dens, a multifamily property located in Washington, DC. The 7-year loan, provided by a regional bank, features a LTV of 78% with a 30-year amortization schedule. This transaction was negotiated by Greysteel director Mark Bittenbender , who is based in the Company’s Washington, D.C. office. Greenway Gardens, located at 306-336 37th Street SE, Washington DC, was con- structed in 1954 and totals 111 units with an average unit size of 836 s/f. “The sponsor sought to place permanent debt on the property after the successful completion of their renova- tion strategy,” said Mr. Bit- tenbender. “Due to the strong track record of the sponsor in the submarket, there was considerable interest in the financing.” n Phoenix Investment Funds is a private investment firm specializing in the acquisi- tion of distressed assets, non- performing loans and other opportunistic transactions with high upside potential. n foot clear heights, 29 loading docks, and trailer parking. The highly structured bridge loan includes reserves for immediate repairs and debt service/operating shortfalls, as well as a future funding facil- ity to cover costs associated with tenant improvements and leasing commissions. The one-year, non-recourse, inter- est-only bridge loan includes an extension option subject to performance hurdles, ac- cording to Thorofare principal Felix Gutnikov who led the origination team.
established South New Jersey/ Burlington industrial submar- ket, 10 miles from downtown Philadelphia. The building sits on a 13-acre lot and features, 15,000 s/f of office space, 24-
R EAL E STATE J OURNAL the most comprehensive source for commercial real estate news
Featuring Creative Financing In the June 9 issue
Companies specializing in the financial industry and Would like to submit an expert By-line article on the following topics Please contact Kim Brunet 781-740-2900 firstname.lastname@example.org
Lender Liability Risks – Attorney’s
Loan Restructurings and Workouts
Real Estate Journal — Financial Digest — May 12 - 25, 2017 — 9A
M id A tlantic
F inancial D igest Financing was negotiated by vice presidents, Paul Gilbert and Emil DePasquale Meridian Capital Group arranges $7.7m in ground-up construction financing for a multifamily G uttenberg, NJ — Meridian Capi- tal Group , America’s
most active deal maker, ar- ranged $7.7 million in ground- up construction financing for the development of a luxury apartment building located in Guttenberg. The 18-month construction loan, provided by a balance sheet lender, fea- tures full-term interest-only payments and two six-month options to extend the loan. This financing was negotiated by Meridian vice presidents, Paul Gilbert and Emil De- Pasquale , who are both based in the company’s Iselin, NJ office. The future multifamily property, located at 62-68 69th St. in Guttenberg, is planned to be a six-story, 39-unit luxury apartment building. The prop- erty is one of a kind that will offer state-of-the-art smart home technology, high-end ap- pliances, exceptional interior design and decor, a fitness center and a vegetated rooftop terrace with outdoor gas fire pits. 62-68 69th St. will be the first property in Guttenberg to offer below-grade onsite secured parking that utilizes car elevators. Tenants enjoy a 10-minute driving distance to New Jersey Route 495 and the Lincoln Tunnel, offering direct access to Manhattan. “The loan was already com- mitted in early 2016, but the borrower decided to enter into contract to sell the property,” said DePasquale. “Nearly a year later, after the sale was not completed, Meridian uti- lized their relationship with the original lender and was able to achieve favorable terms with full-term interest-only payments, despite changes in the lenders underwriting guidelines.” Founded in 1991, Meridian Capital Group is America’s most active deal maker 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 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. n
62-68 69th Street in Guttenberg
Delivering the deal.
At M&T Realty Capital Corporation, we understand that speed and certainty of closing complicated transactions is important for commercial real estate clients. We have more than 160 years of experience building relationships, providing seamless execution, and tailoring financing solutions to meet your unique needs. With $3.4 billion in commercial and multifamily loans closed in 2016 alone, M&T Realty Capital Corporation offers the know-how and experience you need to close deals with confidence. To find out how we can deliver for you, call 1-800-737-2344 or visit learnmore.mandtrcc.com.
Equal Housing Lender. ©2017 M&T Realty Capital Corporation. M&T Realty Capital Corporation is a wholly owned subsidiary of M&T Bank.
10A — May 12 - 25, 2017 — Financial Digest — M id A tlantic
Real Estate Journal
F inancial D igest FREE 1031 Exchange Property Listings! Call or Email Today! 1(855) 466-5927 INFO@KPI1031.COM Multiple 1031 Exchange Properties Available: NNN, DST and TIC Monthly Cash Flow Potential Management Free – No more management headaches! Many Asset Classes: Multifamily, Medical Oice, Single Tenant Triple Net Retail, and More Corporate Tenants Long Term Triple Net (NNN) Leases – 10 to 20 Year Leases Non-Recourse Financing Locked and In Place – 50 to 75% Loan to Value All-Cash/Debt-Free Properties Available As an added BONUS you will get a FREE Book on Your 1031 Exchange Options and Strategies! Call or Email Today For Your FREE 1031 Exchange Property Listings! WWW.KPI1031.COM
1(855) 466-5927 INFO@KPI1031.COM
Risks and Disclosures
All Real Estate Investments Contain Risk There Are No Guarantees For Cash Flow There Are No Guarantees For Appreciation Real Estate Investments Are Considered Illiquid Potential Loss of Investment Principal Is A Possibility Real Estate Investments May Go Down In Value Economic Conditions May Aect Real Estate Values Negatively
Disclosures: All properties are available to accredited investors only (generally defined as a net worth of greater than 1 million dollars and/or an entity owned entirely of accredited individuals or having gross assets of over 5 million dollars – please speak with your CPA and attorney to determine if you and your investing entity are considered accredited prior to considering an investment). All real estate contains risk. Please read the full private placement memorandum for a discussion of each properties business plan and risk factors. There are no guarantees for projected cash flow and/or appreciation. Please do not invest in real estate oerings if you cannot aord to lose your entire investment principal. Securities oered through registered representatives of Colorado Financial Service Corporation, Member FINRA/SIPC.
Real Estate Journal — Financial Digest — May 12 - 25, 2017 — 11A
M id A tlantic
F inancial D igest $187,000,000
123 Mission street san Francisco, caliFornia A 28 story Class A office building containing 346,000 square feet The undersigned arranged the above financing
622 Third Avenue New York, NY 10017 (212) 986-8400 Fax: (212) 983-0512 www.cooper-horowitz.com
Real Estate Financing
12A — May 12 - 25, 2017 — M id A tlantic
Real Estate Journal
Recent Closings Announcement
$ 74,365,000 ORIGINATED
8 Deals Funded | 7 States Covered | 4 Property Types
$14,500,000 Boutique Hotel Fixed Rate Bridge Loan Acquisition & CapEx Seattle, WA
$18,000,000 Multifamily Fixed Rate Bridge Loan Acquisition Memphis, TN
$6,790,000 Full Service Hotel
$5,740,000 Industrial Facility Fixed Rate Bridge Loan Acquisition, CapEx & TI/LC Moorestown, NJ
Fixed Rate Bridge Loan Leasehold Acquisition Chicago (Rosemont), IL
$2,175,000 Multifamily Fixed Rate Bridge Loan Acquisition & CapEx Chicago (Rogers Park), IL
$11,250,000 Boutique Hotel Floating Rate Whole Loan Acquisition & CapEx Los Angeles, CA
$6,350,000 Anchored Retail Center Fixed Rate Bridge Loan Recapitalization & TI/LC Durham, NC
Fixed Rate Bridge Loan Recapitalization & CapEx Brooklyn (Williamsburg), NY
Contact us to execute your strategic objectives. 213.873.4000 | email@example.com
This communication is for informational purposes only and intended for our non-advisory loan origination and servicing clients only. As such, nothing herein is an offer or solicitation for the purchase or sale of any security and is qualified in its entirety by any related Private Placement Memorandum and Partnership Agreement. Deal terms subject to change at our discretion. Total loans funded figures represent closed financing transactions across closed-end funds, programmatic joint venture arrangements, co-investments and separate accounts. An investment in a private real estate fund or loans involves a substantial degree of risk and investors could lose principal. Prospective investors can obtain more information about our private funds by contacting our investor relations department.
Real Estate Journal — May 12 - 25, 2017 — 13A
M id A tlantic
M id A tlantic R eal E state J ournal On the corner of New Jersey and Wildwood avenues WarnerReal Estate to sell bank owned 3-unit office complex
2017 C alendar e ditorial and a dvertising F oCus
Company , a leading real estate firm in New Jer- sey, has been se l ected to sell a bank- owned, 1.25 story, 5,211± s/f, 3-unit W
property will sell at $199,500 or above. Warner, located in Woodstown, NJ will sell this foreclosed office complex through an online auction, beginning at 8:00am (EDT) on 05/25/2017 and ending at 10:00am (EDT) on 05/31/17. Property Location: 101 E. Wildwood Ave., Wildwood, NJ 08260 According to Rich Warner , president and founder of War- ner Real Estate and Auction Company, “This property is the epitome of the three most important things about real estate - location, location, loca- tion.” The property is located on a corner lot at a signalized intersection with a Wawa food store on the opposite corner of New Jersey avenue.” The Property can be accessed for inspection on 5/24/17 from
12:00 -1:00pm or by appoint- ment if a licensed NJ sales- person accompanies the buyer. Closing will be on or before 30 days from the conclusion of the online auction, at 10:00am (EDT) on 05/31/17. Property is being sold in “AS-IS” condition with no contingencies and the buyer will receive an insurable and marketable title. Detailed property information pack- ages, property descriptions and video tours are available online at WarnerRealtors.com . Warner Real Estate and Auction Company specializes in land and farm sales, invest- ment properties, commercial and residential properties in NJ. To learn more about Warner Real Estate and Auction Com- pany, visit: WarnerRealtors. com. n
OODSTOWN, NJ — Warner Real Estate & Auction
office complex on the corner of New Jersey and Wildwood avenues at auction. This in- credible property is located just 3 blocks from the beach and boardwalk in Wildwood, New Jersey. This is a great opportunity to purchase this property which recently ap- praised in September of 2016 for $400,000. The starting bid will be $50,000 and the
ONLINE ONLY BANK FORECLOSURE AUCTION BID MAY 25 th THRU MAY 31 ST 1.25 Story, 5,211± SF, 3-Unit Office Complex Property Location: 101 E. Wildwood Avenue WILDWOOD, NJ 08260 Bensenville, IL — Cen- terPoint Properties an- nounced a five-year renewal for National SugarMarketing, LLC at 500-510 Country Club Dr. in Bensenville. National Sugar CenterPoint announces five-year renewal of 301,228 s/f leases a portion of the 301,228 s/f property of which Chris- topher Volkert , of Colliers International , represented National Sugar while Richard Daly and George Chibula , of Darwin Realty , represented CenterPoint in the transaction. National Sugar Marketing is an American sugar beet- refining company run on a cooperative basis. n
• 3 blocks from the beach & boardwalk • T-E Zoning District (Tourist/ Entertainment) • Appraised September 2016 $400,000
101 E. Wildwood Avenue Wildwood, NJ 08260
Sells at $199,500 or Above!
• Gas, Electric, Public Water & Sewer • Assessed Value: $431,000; Taxes: $10,023.41 • Located on corner of New Jersey Ave. & Wildwood Ave.
For more information, please call 781-740-2900
PROPERTY INSPECTION: Wednesday, May 24th, 12:00 - 1:00 PM
ALL bidding will be ONLINE ONLY
856-769-4111 WarnerRealtors.com ONLINE ONLY AUCTION AT WARNERREALTORS.COM
e Mid Atlantic RE Journal 1/4 pg Vertical, May 12
14A — May 12 - 25, 2017 — M id A tlantic
Real Estate Journal
M id A tlantic R eal E state J ournal
Gingeleskie of the KRE Group represents Prologis U.S. Logistics Fund Gaffney & Lynch of Lee & Associates closes over $15 million in transactions
ountainside, NJ — Doug Gaffney and Jason Lynch of Lee
& Associates New Jersey , re- cently closed three transactions with an aggregate deal value exceeding $15 million. In the largest of the three transactions, the team sold a fully leased two building in- dustrial complex on 9.2 acres on behalf of Panther Graphics LLC. The two building campus is located at 256-270 Sheffield St. in Mountainside. In late 2016, the team had procured a tenant to fill the partially vacant complex. In addition, Gaffney and
Lynch, represented California Closets in its lease renewal for their NJ office and show- room headquarters located at 4 Gardner Rd., parallel to Rte. 46. The landlord is Prologis U.S. Logistics Fund. Lastly, Gaffney represented the law firm of Blume Forte et al in Chatham. A long-term lease renewal of Doug Gaffney Jason Lynch
270 Sheffield St.
19,500 s/f was structured at One Main St. Justin Gingeleskie , of the KREGroup , represented the landlord. “We have seen an uptick in business confidence over the last few months and well located properties continue to benefit from tenant and inves-
tor demand, said Doug Gaffney, senior vice president of Lee & Associates New Jersey. “North- ern New Jersey’s strong demo- graphics along main transpor- tation corridors have contrib- uted to the net absorption in these submarkets. As evidenced by these recently closed deals, WILMINGTON, DE — Wilmington and Washington D.C.-based developer The Buccini/Pollin Group, Inc. (BPG) , announced the pur- chase of the historic DuPont Building and Hotel du Pont, a 950,000 s/f mixed-use complex, from Chemours Company, who has agreed to lease back office space for 17 years. CBRE acted as an advisor to Chemours on the sale. This 950,000 s/f mixed use complex that takes up an entire city block facing the historic Rodney Square at the center of Wilmington, is an original embodiment of the Work/Play/ Stay concept that now anchors the urban redevelopment of today’s U.S. cities. The DuPont Building dates back to 1908 as one of the first high-rises built in Wilmington, built to house DuPont headquarters, and is still considered the larg- est mixed-use building in the State of Delaware. Soon after the Hotel was commissioned by Pierre S. DuPont, built in the Italian Renaissance style, and debuted in 1913 as a showcase hotel, rivalling even the fin- est hotels and restaurants of Europe and New York City. In 1918 the DuPont Theatre, now known as the Playhouse on Rod- ney Square, was built to bring class-act Broadway theater to town. This blend of functions, executed with the utmost taste and style, is what made the DuPont building the place to be in Downtown Wilmington, and most importantly, the anchor of historic Market St. Fast forward a century, through the multiple trans- formations that downtown
the industrial market continues to be a hot sector (in case of the Mountainside sale and Fair- field lease renewal) while well located office properties with strong management (like the KREGroup’s asset in Chatham) continue to exhibit increased leasing activity.“ n Wilmington and the DuPont Company have seen, to a city in the midst of a transformation. A city with a growing down- town residential population, an innovative business culture, a blossoming entertainment and dining district, and The Buc- cini/Pollin Group at the helm continually pushing it forward with successes such as the rebirth of The Queen Theater and the opening of 20+ new dining and retail businesses downtown. “The purchase of the DuPont Building and its assets couldn’t make any more sense to us right now,” said Chris Buccini , co- president of The Buccini/Pollin Group, who has purchased over 40 properties in Downtown Wilmington, including two former DuPont headquarter buildings that they repositioned into multi-tenanted mixed-use buildings. “There is no bet- ter way to coalesce our long- running vision for a vibrant downtown where people come together to live, work and play, than to take on the DuPont Building and re-envision it as a modern version of what it has always been, a lifestyle center for the City of Wilmington.” The $175 million complete project that BPG has planned for the property includes the preservation of The Hotel du Pont and its signature Green Room restaurant, which were recently awarded Four Dia- mond status for 2017. BPG’s affiliate PM Hotel Group will manage the hotel, ensur- ing that it retains its historic elegance, world-class service and intense focus on modern technology. n
Stout & Caldwell completes site plan approval for Bergey’s Trucking HQ & facility expansion
The Buccini/Pollin Group announces purchase of the DuPont Building
7250 Westfield Avenue plan engineering design and various site analyses required to secure project approvals. Project Details: Client: Bergey’s Trucking Site Address: 7250Westfield Avenue, Block 2301, Lots 4, 4.01, Pennsauken, NJ Site Size: 8.18 acres Project Services: Full Bound- ary & Topographic Survey, Site Plan Engineering Design, Lot Consolidation, Retaining wall design, Demolition Plan, Truck turning radii analysis, NJDOT Approvals Additional Partners: Col- liers International, The Bloom Organization Stout & Caldwell Engineers is a provider of professional
and technical engineering and consulting services to commer- cial real estate development, affordable housing, residential developers, retail developers, industrial developers, food manufacturers, military con- tractors, construction firms and non-profit organizations. Founded in 2004, the firm specializes in site plan design, land survey and environ- mental solutions, including flood elevation certificates in the tri-state area. Stout & Caldwell Engineers serves cli- ents throughout New Jersey, Pennsylvania and Delaware from its headquarters at 705 US Route 130 South in Cin- naminson, NJ. n
Pennsauken, NJ — Stout & Caldwell Engi- neers , a leading provider of professional and technical engineering and consulting services in Southern New Jer- sey, completed full site plan approval for the new Bergey’s Trucking corporate headquar- ters. Located on more than 8.0 acres of land in Pennsauken, NJ, the company’s new facility expansion created new jobs and economic growth to the re- gion. Stout &Caldwell worked hand in hand with traffic engineer, Nathan Mosley of Shropshire Engineers , and provided comprehensive services to include boundary and topographic surveys, sitePage 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 Page 65 Page 66 Page 67 Page 68 Page 69 Page 70 Page 71 Page 72 Page 73 Page 74 Page 75 Page 76 Page 77 Page 78 Page 79 Page 80
Made with FlippingBook - Online magazine maker