F inancial D igest F eaturing T ax I ssues & A ccounting
Real Estate Journal — December 9 - 22, 2016 — 5A
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M id A tlantic
122,643 s/f Parkway Center retail center located at One Ronson Rd. NAI Hanson’s Greg James arranges $25.5 million refinancing of Iselin retail center
SELIN, NJ — NAI James E. Hanson , a New Jersey- based full-service indepen- dent commercial real estate firm, announces its director of capital markets has arranged a $25.5 million refinancing of a 122,643 s/f Parkway Center re- tail center located at One Ron- son Rd. in Iselin. Greg James led the refinance for BRM Parkway Center, allowing the borrower to take advantage of a favorable financing environ- ment and refinance the exiting loan locking in a lower, attrac- tive 10-year financing rate. Parkway Center is spread over 8.67 acres at One Ronson Rd. in Iselin and boasts three national tenants; Marshall’s, Bed, Bath & Beyond and DSW Shoe Warehouse. The property is strategically located along Rte. 1 South providing direct I
Parkway Center
access to the Garden State Parkway. It is also near the Woodbridge Center Mall and Menlo Park Mall, two of New Jersey’s finest retail centers. This deal is another in a long string of deals for James this year. In addition to his
work in New Jersey, he has helped orchestrate sales and refinancings in Arkansas, Texas, California, Connecti- cut and Kentucky. Ranging in size from 13,000 s/f to over 300,000 s/f, James has shown his adaptability and expertise
in the commercial real estate field. “NAI Hanson would not be able to maintain our high volume of business without employees like Greg who are instrumental to that success,” said Bill Hanson, SIOR , MOUNT LAUREL, NJ — Sun Bancorp, Inc. (the “Company”), the holding com- pany for Sun National Bank (the “Bank”), announced that the Board of Directors of the Company has unanimously elected Anthony Coscia to the role of independent Chairman of the Company and the Bank, effective December 31, 2016. Coscia is an independent direc- tor, having been elected to the Board of the Company in 2010 and the Bank in 2011. He will replace current Chairman Sid- ney Brown , who previously informed the Board of Direc- tors in October of his decision to step down as Chairman of the Company and the Bank effective December 31, 2016. Brown will remain a director of the Company and Bank. Coscia is a partner with Windels Marx Lane & Mit- tendorf, LLP , and a member of the law firm’s Executive Committee. In addition to his private practice, Coscia holds a number of leadership roles in the public and private sectors, including serving as the Chair- man of the Board of Directors of the National Railroad Passen- ger Corporation (Amtrak). He previously served as Chairman
president of NAI Hanson. “His integrity, innovation and commitment to our capital partners and customers has al- lowed us to maintain relation- ships with the best financial institutions to offer our clients superior service and value.” n of the Port Authority of New York and New Jersey and the New Jersey Economic Development Authority . Coscia also serves as a trustee of the New Jersey Commu- nity Development Corporation, Georgetown University and the Regional Plan Association. “We are proud to have Tony Coscia ascend to the Chair- manship of the Company and Bank,” said Thomas O’Brien , president and chief executive officer. “Tony is well-respected and experienced in matters of corporate governance, finance and economic development. All of our stakeholders are well- served by this appointment and we are fortunate that Tony has agreed to undertake this new responsibility.” “I am pleased and honored to assume the Board Chair- man’s role at the Company and the Bank,” said Coscia. “We have a very strong and committed Board and Man- agement, and I accept my se- lection as Chairman with deep gratitude. The story at Sun Bancorp is exciting and holds much promise. I will enjoy working with the Company’s leadership and shareholders in this new capacity.” n
Eastern Union Funding arranges $12.2 million financing for five-property portfolio acquisition
Sun Bancorp, Inc. elects Anthony R. Coscia as new Board Chairman
NORTHEASTERN PA — Eastern Union Fund- ing arranged $12.2 million
in financing for Ameri- ca’s Realty LLC ’ s a c - quisition of a five-prop- er t y shop - ping center p o r t f o l i o i n No r t h -
Marc Tropp
eastern Pennsylvania, four of which are anchored by area-leading grocers. The Pikesville, MD-based owner/ operator was represented by Eastern Union’s Marc Tropp and Barry Dollman in the transaction with Peapack Gladstone Bank. Totaling approximately 332,000 s/f, the properties are Eastside Plaza and Union Boulevard Plaza in Allen- town, PA, Lords Valley Plaza in Hawley, PA, Duryea Plaza in Duryea, PA, and Hamlin Plaza in Hamlin, PA. “America’s Realty is an active investor that owns and manages more than 200 shopping centers in the U.S.,” said Tropp. “While largely stabilized, the portfolio offers
Eastside Plaza
the opportunity for upgrades and additional leasing. Paired with the right financing, it was a terrific investment op- portunity for this experienced buyer and a great addition to ownership’s existing Pennsyl- vania holdings.” Carl Verstandig , president and CEO of America’s Realty, said, “We are excited about
the acquisition. Renovations will commence in the spring of 2017 and we look forward to working with the local brokers on bringing the centers to full occupancy.” The seller, a family trust from California, was repre- sented by Metro Commer- cial Real Estate ’s Paul Rumley . n
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