14A — June 24 - July 14, 2016 — M id A tlantic
Real Estate Journal
M id A tlantic R eal E state J ournal
Supply Technologies renews 43,755 s/f lease in PA Lee & Associates of Eastern PA inks 183,155 s/f of leases
66,000 s/f medical/office building fully leased Schwartz of GHP represents owner in 15,000 s/f lease in NY
The details of all four trans- actions are as follows: • Supply Technologies re-
• KPG is subletting 75,400 s/f at 200 Cascade Dr. in Al- lentown, PA. “These four transactions are representative of the increase of activity in the Lehigh Val- ley, and we at Lee & Associates of Eastern Pennsylvania are happy to leverage that activity for our clients’ greatest benefit,” said Knowles. “As the Lehigh Valley heats up, we look for- ward to continuing to help our clients andmaximize the poten- tial of the market to put them in a position for success.” n
ORT WA SH I NG - TON, PA — Lee & Associates of Eastern
n e w e d i t s l e a s e f o r 43,755 s/f at 7520 Morris Court in Al- lentown, PA. • CUR T Manufactur- ing & EPC renewed for
Pennsylva- n i a L L C announc ed the r e c ent s u c c e s s - ful negotia- tions of four i n d u s t r i a l leases. Bri- an Knowles,
Brian Knowles Andrew Komisor
2649 Strang Blvd.
34,000 s/f & 30,000 s/f re- spectively, also in the Lehigh Valley.
CCIM, SIOR and Andrew Komisor represented the ten- ants in each transaction.
landscape.” “I am so pleased to join this exceptional group of real es- tate professionals,” Schnurr said. “This transition allows me to work with esteemed industry professionals that are helping continue the growth and success of our city.” Prior to joining the team at Lee & Associates NJ, both Schnurr and Sopko both worked at TransWestern. Lee & Associates NJ is proud to have these two proven in- dustry professionals become a part of their real estate team. n financing from traditional sources the opportunity to ob- tain financing and jump-start their properties. Savvy buyers and investors need funding to make projects work, and bridge lenders can make that happen. Jeffrey Wolfer is presi- dent and CEO of Silver Arch Capital Partners . n leased. Jamie Schwartz , execu- tive vice president of GHP, represented the owner of the building. The Hospital was represented by Martin Cohen , senior vice president of real estate for New York- Presbyterian. Steven Hirsch, Esq ., of Hirsch & Gibaldi, LLP did the legal work for the owners and Timothy Whelan, Esq., vice president and associate general counsel, real estate for New York Presbyterian represented the Hospital. New York-Presbyterian/ Hudson Valley Hospital joins a prestigious tenant roster at NWEP that includes PCSB, Mercy College, Ent and Al- lergy Associates and Long Island LIJ. n
ELMWOOD PARK, NJ — Lee & Associates NJ an- nounced that Matt Schnurr and Gary Sopko have joined the Elmwood Park office team as senior vice presidents in the Capital Markets Group. They specialize in structured finance and investment sales. “This is a tough industry to thrive in, especially in New Jersey,” Sopko said. “Becom- ing a part of a team that has proven to be successful will only further my stamp on the commercial real estate indus- try and help me make positive changes in the New Jersey YORKTOWN HEIGHTS, NY — GHP Office Realty, LLC , a major owner and man- ager of office, flex and retail properties in Westchester County is pleased to announce that it has leased 15,000 rent- able s/f of office space for a term of ten years at 2649 Strang Blvd., Yorktown Heights, NY to New York-Presbyterian/ Hudson Valley Hospital. The space will be used for adminis- trative staff for both NewYork- Presbyterian/Hudson Valley Hospital and Westchester Medical Practice, also owned by New York-Presbyterian/ Hudson Valley Hospital. 2649 Strang Blvd., a class “A” 66,000 s/f medical/office building that is part of the 209,000 s/f North- ern Westchester Executive Park (NWEP), is now fully upside fill the gap, realizing there may be a higher loan-to- value ratio initially, but setting aside money to improve the as- set so LTVwill go down and the borrower can refinance. The bottom line in lend- ing for distressed proper- ties: Bridge lenders provide borrowers unable to obtain
Progress Capital handles financing for New Jersey restaurant expansion
SEABRIGHT, NJ —It was just a year ago that the vacant Sea Bright post office building destroyed during Hurricane Sandy was transformed to Tommy’s Tavern + Tap, a rus- tic industrial style restaurant and bar. Since their opening, the crowds continue to flow no matter the season. Due to the popularity of this family friendly hot spot, an expansion will now commence, made possible with financing from Two River Community Bank, arranged by Progress Capital Advisors, both head- quartered in Tinton Falls, NJ. The expansion will include a much need parking area as well as completion of the sec- ond story level to accommodate private parties and events.
Tommy’s Tavern + Tap
and efficiently to achieve our financial goals. Not only were my expectations met, they were exceeded”, said Tommy Bonfiglio, owner of Tommy’s Tavern & Tap in Sea Bright. Progress Capital specializes in arranging fixed rate loans, construction and specialty financing as well as directly funded bridge loans. n
Bill Howard and Jake Mauro o f Progress Capital ar- ranged the financing with Two River Community Bank. “It was a pleasure working with both Bill and Jake from Prog- ress Capital and Tom Garrity from Two River Community Bank. Everyone involved en- thusiastically embraced our concept and worked quickly
Lee & Associates NJ expands their Capital Markets Group
RE/MAX Classic Agents go to bat for Devon Strafford Little League
said Furman, broker-owner of RE/MAX Classic and co-host of the “Show Up and Bowl” event. “Offer- ing my sup- port to the communi ty I grew up in is a pleasure, e s p e c i a l l y when it con- tr ibutes to the develop- ment of a great group of kids.” Why bowling? “It’s fun, pure and simple,” said Dave Rantanen, Fur- man’s business partner and a Devon Strafford Little League coach who also sits on the League’s board of directors. “A fundraising event for an organization that is about kids just has to be an all-around
good time.” Rantanen, who conceived of and hosted the bowling event, is a life-long devotee to the sport of baseball. Both of his sons are active players in the League and lovers of the game. “When you see up close what dedication to a team sport does for your own kids, it really puts a different spin on things,” said Rantanen. “This game teaches perseverance, patience, and the long-term payoff of hard work. It teaches kids how to belong to a group while not being afraid to stand out, and how to really pull for another person to succeed. Lessons like that usually come along much later in life. That’s just one of the reasons why being a part of the League is about so much more than baseball.” n
ST. DAVIDS, PA — When an invitation to enjoy a favor- ite pastime includes support-
ing America’s favorite pas- time, it seems like a natu- ral. For RE/ MAX Clas- sic ’s Dave Ran t anen and Br e t t F u r m a n ,
Bridge lenders poised to bridge. . . continued from page 2A
Dave Rantanen Brett Furman
nothing could be more natu- ral than hosting a fundraising bowling party in support of Devon Strafford Little League. The event, which included free bowling, food, and raffles, took place at Devon Lanes in Devon on Friday, June 3rd. “I played ball on the Devon Strafford Little League fields many years ago as a child,”
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