Real Estate Journal — October 14 - 27, 2016 — 3A
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M id A tlantic
M id A tlantic R eal E state J ournal Led by Mayor Lester Taylor III & Richard Spengler, chief lending officer of Investors Bank East Orange POA hosts “State of the City of East Orange: Revitalization Investment Initiatives”
AST ORANGE, NJ — Embracing and capital- izing on urbanism was the theme of a presentation led by East Orange Mayor Lester Taylor III and Richard Spengler , chief lending officer of Investors Bank , at a recent gathering of commercial real estate industry leaders. The program, entitled “State of the City of East Orange: Revi- talization Investment Initia- tives,” was hosted by the East Orange Property Owners Association (EOPOA) as the keynote address at its Second Annual Membership Meeting. Spengler opened up the meeting by focusing on the role of Investors Bank as an active lender in markets like East Orange. The bank had one of its highest concentrations of multi-family units in 2011 in the city, which continues to be one of the top two markets in which it provides financing. “At Investors Bank, multi- family has been a great as- set class that has fit well within our lending profile. Comparatively, East Orange also has been one of the best performing municipalities in our portfolio,” said Spengler, who noted the bank had over $100 million in commercial loans citywide. Following Spengler’s dis- cussion on lending trends, Mayor Lester elaborated on the importance of apartment- building investment as a lead- ing economic driver within East Orange. In addition, he discussed the role of the collab- orative partnership between the City of East Orange and EOPOA as well as successes to date. “The East Orange Property Owners Association is vital to helping our city truly live its goal as a destination city,” said the mayor. “Collectively, this group is committed to enhanc- ing the quality of life not just for their tenants, but the city as a whole.” Established in 2015, EOPOA is a consortium of private in- vestors, developers, lenders and commercial real estate professionals committed to enhancing the city’s housing stock by partnering with city officials as well as community- based organizations. The asso- ciation is dedicated to advanc- ing local revitalization initia- tives through the repurposing of vacant and abandoned land as well as rehabilitation of underutilized properties. E
“Our association seeks to forge, strengthen and expand upon private/public partner- ships with local officials, eco- nomic development agencies and community groups in order to enhance East Orange’s quality of life for all,” said Peter Shapiro , EOPOA presi- dent and a founding member. East Orange is well on its way to becoming New Jersey’s newest, most dynamic destina- tion. Today’s newly construct- ed and completely renovated apartment buildings have replaced formerly abandoned buildings to complement the character and history of each distinct neighborhood.
“Our like-minded proper- ty owners seek to enhance the opportunities for growth, lower the barriers to entry and attract new, established investors as well as experi- enced property owners and developers to the city,” added Shapiro. “We subscribe to the philosophy that ‘a rising tide lifts all boats.’ By improving the city’s regulatory environ- ment and raising awareness, tax burdens can be reduced by spreading them over a larger base. In turn, this increases valuations and enhances the quality of life for apartment- building tenants and single- family homeowners alike.” n
Shown from left: Peter M. Shapiro, EOPOA president and managing member of Shapco Property Management; Richard Spengler, chief lending officer of Investors Bank; Mayor Lester Taylor III; Isaac Fran- kel, EOPOA vice president and managing partner of Creative Capital Group, LLC; and Calvin W. Souder, Esq., an EOPOA legal advisor.
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