ISSUE HIGHLIGHTS Volume 34, Issue 6 June 17 - July 21, 2022
F Chris Kubler and Don Schline of NAI KLNB represent seller, Envision May | Riegler Properties acquires 28-acre site in City Of Frederick, MD
Known as Highland Logistics Center, the development strat - egy will consist of the construc - tion of two single-story logistics warehouse buildings compris - ing 190,000 and 260,000 s/f of space, respectively. They will be constructed simultaneously and feature 32-foot clear ceil - ing heights, 52-foot column spacing, 60-foot speed bays and generous truck courts. A surface parking lot will allow for approximately 470 parking spaces and 32 trailer parking spaces at each building as addi - tional space suitable for Indus - trial Outdoor Storage (IOS), which is considered among the fastest-growing and in-need real estate asset classes. Given its placement in a Federal Opportunity Zone, companies that lease space at Highland Logistics Center can take advantage of a diverse set of financial incentives, prop - erty and income tax credits, job creation tax credits and other exemptions. MAREJ senior relationship manager Colleen Foy . M&T Realty Capital Cor - poration has arranged a $12,500,000 permanent loan placed through one of their life insurance correspondent lenders. The security for the cash-out refinance was an owner-occupied, 104,844 sf in - dustrial development located in Deer Park, NY. “Our client was able to lock an aggressive, non-recourse long-term fixed rate at time of application, a very attractive feature offered by most of our life company correspondent lenders”, said Taylor. “And with M&T RCC providing the servicing, our client has the assurance of a personal relationship and full access whenever needed.” The transaction was led by senior managing director John Taylor and managing director Donna Falzarano of M&T Re - alty Capital Corporation’s Flo - rham Park, NJ office. MAREJ
REDERICK, MD — May | Riegler Prop- erties has announced the acquisition of a 28-acre site situated in Frederick from Envision for an undisclosed price. Following the demoli - tion of the existing 200,000 s/f building currently contained on the site, May | Riegler in - tends to break ground in late 2023 on two speculative logis - tics/warehouse buildings com - prising 450,000 s/f of space, with delivery anticipated for late 2024. The site is located at 500 Highland St. and is within close proximity to I-70, I-270 and US Rte. 15. Chris Kubler and Don Schline of NAI KLNB represented the seller in this transaction. Acquisition financing has been provided by John Mar- shall Bank . “The next-day and same-day delivery expectations of the American consumer continue to fuel the seemingly insa - tiable demand for large-scale
SPOTLIGHTS
30 UNDER 30
Section D
NORTHERN NEW JERSEY
5-8B
500 Highland Street aerial
class A warehouse and logis - tics space both nationally and locally and this development, contained within a sub-set of the DC, industrial market, features a current vacancy rate of 1.3%,” said Eric May , co-founder and principal of May | Riegler Properties. “We intend to deliver two best-in- class buildings that can satisfy the emerging real estate needs of end-users to house just in time and just in case inven -
tory, as well as to execute last- mile deliveries serving the DC and Baltimore Combined Statistical Area totaling more than 10 million people. This development plan will also serve to re-energize a site that replaces an obsolete building with two modern facilities that will generate significant employment opportunities in Frederick, which continues to see unprecedented population growth.”
13A
UPCOMING CONFERENCES & WEBINAR
June 21st, 2022 6th Annual New Jersey Capital Markets Sheraton Edison Hotel June 27th, 2022 Reduce Your Real Estate Taxes Zoom Webinar For speaking & sponsorship info., please contact: Lea at 781-740-2900 or lea@marejournal.com
M&T Realty Capital Corporation arranges $21.5M in financing for a multifamily property in New Jersey
JERSEY CITY, NJ — M&T Realty Capital Corporation has arranged financing in the amount of $21,500,000 secured by Lumber House apartments, a 46-unit, luxury mid-rise apartment community located in Jersey City, NJ. After build - ing completion in September of 2021, Lumber House was
Directory ROP (Front Section)........................................... Section A Retail Development Reimagined...............................3-5A Financial featuring Creative Financing.....................7-10A DelMarVa.............................................................. 11-12A Billboards & Business Card Directory..........................15A CRE Organization’s Events Calendar............................16A New Jersey..............................................................1-12B Pennsylvania........................................................13-BC-B Owners, Developers & Managers.......................Section C 30 Under 30...................................................... Section D
Lumber House
fully leased in under 60-days. Lumber House offers an out - standing amenity package and is located adjacent to Riverview Park within walking distance of the 2nd and 9th Street Sta - tions of the Hudson-Bergen Light Rail System. After a thorough marketing effort, the non-recourse loan was placed through a local bank at a very aggressive inter -
est rate. Strong renter demand, a highly experienced borrower and the transit location were all important considerations for lenders. The transaction was led by senior managing director John Taylor and managing director Donna Falzarano of M&T Realty Capital Corporation’s Florham Park, NJ office, in collaboration with M&T Bank Commercial
www.marej.com
Inside Cover A — June 17 - July 21, 2022 — M id A tlantic Real Estate Journal
www.marej.com
Find Out Why Investors Choose DST Properties For Their 1031 Exchange
Find Out How You Can Avoid Capital Gains Taxes, and More!
✔ All-Cash/Debt-Free Offerings ✔ Tenants include Amazon, FedEx, Dollar General, Walgreens, CVS, Fresenius & More ✔ Close Your 1031 Exchange In 2-3 Days
✔ Monthly Income Potential ✔ Cash Out Refinance - Defer Your Taxes & Receive Liquidity Potential ✔ Management Free - No More Tenants, Toilets And Trash!
• All-New 1031 DST Digest Magazine • 1031 Exchange Property Listings • Introductory DST Book for Investors FREE DST 1031 Exchange Tool Kit Get Your
Register at
or call 1.866.839.3079 kay1031taxdeferral.com
9.25% Annualized Distribution Potential* Call Today to Also Learn About a Real Estate Fund With:
“We feel comfortable working with both of you and would not hesitate for a minute to invest again with Kay Properties and recommend you.” Maritza F. | Hialeah, FL
“...We would invest again with Kay Properties” Wendy I. | Topanga, CA
These testimonials may not be representative of the experience of other clients. Past performance does not guarantee or indicate the likelihood of future results. These clients were not compensated for their testimonials. Please speak with your attorney and CPA before considering an investment. *The Debentures will bear non-compounded interest at the annual rate of 9.25% per annum (365-day year basis) on the outstanding principal, payable monthly on between the twentieth and twenty fifth day of the following month.An investment in the Debentures will begin accruing interest upon acceptance and closing of the Investor’s Subscription Agreement.There is a risk Investors may not receive distributions, along with a risk of loss of principal invested.This material does not constitute an offer to sell nor a solicitation of an offer to buy any security. Such offers can be made only by the confidential Private Placement Memorandum (the “Memorandum”). Please read the entire Memorandum paying special attention to the risk section prior investing. IRC Section 1031, IRC Section 1033 and IRC Section 721 are complex tax codes therefore you should consult your tax or legal professional for details regarding your situation. This material is not to be construed as tax or legal advice. There are material risks associated with investing in real estate securities including illiquidity, vacancies, general market conditions and competition, lack of operating history, interest rate risks, general risks of owning/operating commercial and multifamily properties, financing risks, potential adverse tax consequences, general economic risks, development risks and long hold periods. There is a risk of loss of the entire investment principal. Past performance is not a guarantee of future results. Potential cash flow, potential returns and potential appreciation are not guaranteed. Securities offered through FNEX Capital.
M id A tlantic Real Estate Journal — June 17 - July 21, 2022 — 1A
www.marej.com
& HORVATH TREMBLAY SINGLE TENANT NET LEASE | MULTI-TENANT RETAIL | 1031 EXCHANGE
RESULTS MATTER
TOP RANKED INDUSTRY LEADING FIRM
2,000+ TRANSACTIONS IN 44 STATES
$7 BILLION+ IN RECENT TRANSACTIONS
HORVATHTREMBLAY.COM
LYNNFIELD, MA | FOXBORO, MA | SOUTHBURY, CT | CHICAGO, IL | MIAMI, FL | SADDLE BROOK, NJ | FORT LAUDERDALE, FL | WASHINGTON, DC
2A — June 17 - July 21, 2022 — M id A tlantic Real Estate Journal
www.marej.com
M id A tlantic Real Estate Journal
M id A tlantic R eal E state J ournal Publisher, Conference Producer ..............Linda Christman AVP, Conference Producer ...........................Lea Christman Publisher ........................................................Joe Christman Conference Producer ...............................Jordaan Van Oort Editor/Graphic Artist ......................................Karen Vachon Contributing Columnist ..................Jason Pierson, Pierson Commercial Mid Atlantic R eal E state J ournal ~ Published Monthly Periodicals postage paid at Hingham, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal 117 HMS Halsted Dr., Hingham, MA 02043 USPS #22-358 | Vol. 34, Issue 6 Subscription rates: 1 year $99.00, 2 years $148.50, 3 years $247.50 & $4.00 single issue - plus postage REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion Phone: 781-740-2900 www.marej.com
We see deals from your perspective.
Jason Pierson
The Resiliency of Retail Proves to be Commercial Real Estate’s Comeback Kid t has been said that resil- ience increases when one recognizes the magnitude of what has already been ac- complished. Such is the case for neighborhood and community shopping centers during this pandemic economic recovery. In a sector where foot traf- fic is king, these shopping concepts (neighborhood, com- munity and/or convenience centers for the purposes of this discussion) were uniquely challenged by the sudden shut- down of early 2020. Although they were tested similar to their regional-mall counter- parts on some levels – supply- chain issues, stay-at-home orders and evolving shopping behaviors – a significant ma - jority of community shopping center tenants (primarily the local mom-and-pops and re- gional chain-store operators) lacked an omni-channel pres- ence or capability to handle buy or order online, pick-up in store or at the curbside. I
Our global network of 75 commercial real estate offices is the clear choice.
continued on page 14A Specific highlights include the 203,912 s/f Hazlet Town Center in the all-important sures, they kept their doors open. In turn, they emerged as the admirable adapters of commercial real estate. Two years after the onset of COVID-19, recovery on the neighborhood and com- munity shopping center front continues to be robust, solid and resilient. This is evident in Pierson Commercial’s retail leasing activity in Q1 2022, during which the firm final- ized a substantial number of long-term lease agreements throughout New Jersey.
If your company is interested in hosting a 1-hour webinar series please reach out to Ronald Shapiro Today! rshapiro@business.rutgers.edu MAREJ Webinar Series hosted by Professor Ronald Shapiro Register for the upcoming webinar at MAREJ.com
Town Center Positioning Fulfills Day-to-Day Needs Despite these hiccups and countless others, neighbor- hood and community shopping centers adapted and leveraged their “town center” identity for day-to-day needs. Often anchored by a grocery store or big-box retailer like Burling- ton, the tenant profile for these centers includes banks/ATMs, convenience stores, take-out and quick-casual dining/res- taurants, personal health, service and lifestyle providers. By amending their customer service strategies and effec- tively communicating their commitment to safety mea-
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.
Past Webinars
Contact: NEIL A. STEIN • nstein@kaplaw.com 910 Harvest Drive, Blue Bell, PA 19422-0765 • 610-941-2469 • kaplaw.com Other Offices: • Cherry Hill, NJ 856-675-1550 • Philadelphia, PA 215-567-3120 Kaplin Stewart Attorneys at Law
R etail D evelopment R eimagined
M id A tlantic Real Estate Journal — Retail Development Reimagined — June 17 - July 21, 2022 — 3A
www.marej.com
Nathanson and Siegel represent seller and procure buyer, Prestige Properties Institutional Property Advisors closes Northern New Jersey shopping center anchored by LA Fitness
U
traveled Rte. 22 is highlighted by the fact it is shadow-an- chored by highly successful Costco with combined visits of over 3.5 million in the trail- ing 12 months,” said Brad Nathanson , IPA senior man- aging director investments. Nathanson and Steven Siegel , IPA senior managing director investments, represented the seller, Sun Equity Partners LLC , and procured the buyer, Prestige Properties . Sam Shalem , principal for Pres- tige Properties said: “Prestige Properties specializes in the acquisition, development and management of institutional- quality retail assets. Greenleaf at Union is a great addition to our more than 5.6 million s/f of retail properties under ownership in the New York, New Jersey, Pennsylvania, Massachusetts, Connecticut and Florida markets.” MAREJ
NION TOWNSHIP, NJ — Institutional Property Advisors
(IPA) , a division of Marcus & Millichap, announced the sale of Greenleaf at Union, a 100%-occupied, 109,828 s/f community shopping center located on US Rte. 22 in Union Twp. Developed in 2017, Greenleaf at Union is anchored by a LA Fitness Signature Club and Bob’s Discount Furniture. The center also has 27,000 s/f of small shop space that is 100% occupied by national tenants including Sleep Number, First Watch, Red Wing Shoes and Crumbl Cookies. It is the first shopping center off the Garden State Pkwy. on Rte. 22 West that commuters encounter on their way from New York City. Retailers, including Walmart, Home Depot, Target, ShopRite, Lidl, Lowes, and Burlington GREENVILLE, DE — Pet- tinaro has announced seven new retail tenants at its 56- acre, mixed-use development, known as Barley Mill, located in Greenville, DE. The follow- ing are tenants signed for the Barley Mill retail buildings: • Wegmans Food Market – Mid-Atlantic and Northeast regional food market • First Watch – An Ameri - can style breakfast and lunch establishment • McGlynns Pub – A family style sports bar and restaurant • La Tolteca - Authentic Mexican cuisine restaurant • GoHealth Urgent Care – A joint partnership with Chris- tiana Care health services • Performance Physical Therapy & Fitness – Expan- sion of a local physical therapy group • Spa #1 Nails - A spa pro - viding nail salon, waxing, and eyelash services These tenants are scheduled to open for business in the late Summer and Fall of 2022. Pet- tinaro is also in active discus-
Greenleaf at Union
have some of their highest volume units along the Route 22 retail corridor, which sees approximately 90,000 vehicles
travelling eastward daily. “Greenleaf at Union repre- sents one of the rare new shop- ping centers built in Northern
New Jersey in the past five years. Within close proximity to NYC, the trophy nature of the center’s location along heavily
Pettinaro announces 7 new retail tenants at its 56-acre, mixed-use development located in Greenville, Delaware
Barley Mill Plaza
sions with several other retail tenants and anticipate having several more tenants joining the roster of Barley Mill soon. In addition to the retail buildings, a 105,303 s/f three- story class A office building is also currently under con- struction. A lease has already been signed by one nationally recognized office tenant to oc - cupy 22,000 s/f of area in the
building. This office building is scheduled to be completed in mid-2023 as well. Another 52,000 s/f office is available for development at Barley Mill. The 80 luxury flats will be constructed at the property in the near future. Montchanin Builders has commenced construction of 33 townhomes for sale at Barley Mill and currently 11 of the
townhomes have been sold. Barley Mill includes retail buildings, office buildings, luxury flats, and townhomes. The retail component of Barley Mill is comprised of four newly constructed buildings totaling 34,700 s/f of retail uses. Also, there is an undevel- oped pad site available for lease of up to 4,000 s/f of building area.
Two of the new retail build- ings, totaling 15,000 s/f, are devoted to restaurants, with the balance available for lease to many different retail users. The center piece of the Barley Mill development is the build- ing leased to Wegmans Food Market, the first Wegmans to be constructed in Delaware. Wegmans is scheduled to open in the Fall of 2022. MAREJ
4A — June 17 - July 21, 2022 — Retail Development Reimagined — M id A tlantic Real Estate Journal
www.marej.com
R etail D evelopment R eimagined
Mike Lombardi represents seller and procures buyer Horvath & Tremblay sells Pennington Avenue Shopping Village in Trenton, NJ for $7,450,000
T
RENTON, NJ — Mike Lombardi of Horvath & Tremblay
has success- fully complet- ed the sale of the Penning- ton Avenue Shopping Vil- lage in Tren- ton. Horvath & Tremblay represented
Mike Lombardi
the seller and procured the buyer, an affiliate of Iron Ore Properties, LLC, to complete the transaction at a sale price of $7.45 million.
Pennington Avenue Shopping Village
The Pennington Avenue Shopping Village is located at 359 Pennington Avenue
(NJ Rte. 31) in Trenton. The Property consists of a 25,791 s/f Super Food Supermarket
and an inline strip center. In total, the Pennington Avenue Shopping Village contains
57,906 s/f of gross leasable area on a 5.36-acre corner parcel. The well-maintained Property was constructed in 2003 and is currently 92.75% leased to an attractive mix of fifteen retail, restaurant, and neighborhood service tenants, many of which have been long-term tenants at the Pennington Avenue Shopping Center. The Property offers excellent frontage along Independence Lane and the heavily travelled Pennington Avenue with pylon signage and four points of access. The Property is also improved by a municipal bus stop, increasing pedestrian traffic to the center. The Pennington Avenue Shop- ping Village is positioned at the intersection of Pennington Av- enue and Independence Lane and is 1-mile from US Route 206, 1.25-miles from US Rte. 1. The property is also located on the Trenton Municipal Bus Line with a stop for the 607 and 624 lines offering service throughout Trenton and the surrounding towns. Penning- ton Avenue Shopping Village is extremely well located just outside of Trenton’s Central Business District in the Pen- nington/Prospect neighbor- hood. The Property enjoys convenient access to all parts of the city and is surrounded by densely populated residential neighborhoods. Horvath & Tremblay is one of the most active and success- ful Investment Real Estate Brokerage firms in the United States. Our advisors specialize in the sale of single tenant net- lease assets and retail shop- ping centers. They have expe- rience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Trem- blay is dedicated to being the best source of information and expertise in the marketplace for private investors, develop- ers, institutions, and industry professionals. MAREJ
Relocation Opportunities Wanted
PENNSYLVANIA COUNTIES OF INTEREST INCLUDE: Bradford, Bucks, Carbon, Columbia, Lackawanna, Lehigh, Luzerne, Lycoming, Monroe, Northampton, Pike, Schuylkill, Sullivan, Susquehanna, Tioga, Wayne, Wyoming TYPES OF LOCATIONS WANTED: End Cap, In-Line, Drive-Thru, Free Standing
PLEASE CONTACT: Abbie Muto muto_a@sdepa.com | Cheryl Green green_c@sdepa.com (610) 366-8120 • www.sdepa.com
M id A tlantic Real Estate Journal — Retail Development Reimagined — June 17 - July 21, 2022 — 5A
www.marej.com
R etail D evelopment R eimagined
www.marej.com M id A tlAntic Real Estate Journal — Retail Dev
6A — June 17 - July 21, 2022 — Retail Development Reimagined — M id A tlantic Real Estate Journal www.marej.com
SUBSCRIBE TODAY! *Special Offer* Try a 3-month free trial of the Mid Atlantic Real Estate Journal
R etail D evelopment R eimagined eimagineD 700,000 s/f of transactions & new agency assignments among 2020 Levin Mgmt. ushers in 2021 with a look back on progress The Shops at Bethlehem have a refreshed look NAI Summit presents leasing opportunities at renovated SC
LLENTOWN, PA — NAI Summit presents leasing opportunities at The Shops at Bethlehem, a newly renovated 166,000 s/f GIANT anchored shop- ping center. The shopping center, formerly known as Easton Commons, was re- cently acquired with plans for a comprehensive rebrand and refreshed look. “We felt the name of the shopping center should be more representative of the community it serves and we are taking a strategic ap- proach to identifying the needs of the local residents,” said Sarah Finney Miller vice president at nai summit. the building renovations, which will be completed in Summer 2022, include façade updates, new lighting fixtures, new column structures, enhanced signage, and more. This is the first step in repositioning the shopping center with an eye toward the future. The shopping center is fill - ing up quickly. GIANT Foods has renewed its long-term commitment to the center and modernized the interior of its store. Local real estate developer, Posh Properties, recently secured the retail pad site along Easton Avenue where a nationally recognized coffee franchise with a drive Highlights of LMC’s retail leasing activity included an anchor lease with off-price retailer Burlington Stores at Mill Creek at Harmon Meadow (Secaucus), a 24,000 s/f lease with Aqui Market at Twin City Shopping Center (Bayonne) and a 20,000 s/f lease with Planet Fitness at Mayfair Shopping Cen- ter (Commack, NY). LMC’s transactional activity also brought a host of renewals as well as new retailers and service providers to the region, punctuated by nearly one dozen leases with restaurant tenants – several of which have already launched opera- tions. Other openings involved ORTH PLAIN - FIELD, NJ — Amid the challenges of 2020, commercial real estate services firm Levin Manage- ment Corporation (LMC) achieved tangible progress – a promising sign for the industry moving into a new year. Over the past 12 months the North Plainfield based organization secured nearly 700,000 s/f of new leases and renewals, added new leasing and management assign- ments, solidified its staff with new hires/promotions, and garnered several industry recognitions. N A
3
Burlington Stores at Mill Creek at Harmon Meadow
high-profile anchors like Lidl (North Brunswick) and Burl- ington Stores (Raritan). Non-retail leasing highlights within LMC’s diversified port - folio included a 135,000 s/f renewal by Hall’s Warehouse Corp. at Rutgers Industrial Center (Piscataway). “Despite the economic un- certainty and business-related disruptions facing our indus- try since March, there has been progress – with certain key dynamics coming into sharpened focus,” said LMC’s Matthew Harding , chief ex- ecutive officer. “For example, positive landlord/tenant rela- tions have always been impor- tant. During 2020, as tenants worked to navigate an incred- ibly difficult environment, we approached everything on a very granular basis, review- ing the distinctive needs and nature of each business. Like - wise, we have done the same with our landlord clients and their individual properties to thru will be constructed at the center’s northeast entrance. New leases have been signed with Pennsylvania based Ac- tive Learning Centers which plans to open a new 11,250 s/f childcare center, and local fur- niture and home furnishings company Dave’s Department Store for 18,000 s/f. According to Jennifer Ken- nedy, associate broker with NAI Summit, “Our goal has been to attract a wide variety of businesses that will serve the local community. The 33,000 s/f junior anchor space is currently on the market and is available for posses- sion in November 2022. The space has a 25’ clear height and has a dock high loading
help them best respond to ten- ant requests and operational needs. “This customized approach has always been central for our team; however, this year has intensified the practice to a new level that we will sustain moving forward,” Harding added. “This is an ad- vantage we can provide over some of our larger, nationally focused peers.” LMC also continued to ex - pand its leasing and manage- ment portfolio, which today totals 110 properties total- ing nearly 15.5 million s/f. The firm was appointed leas - ing and managing agent for Springfield Avenue Market - place, a 112,000 s/f supermar- ket-anchored property at 204- 234 Springfield Ave. in New - ark. In Bergen County, LMC was named managing agent for Marketplace at Edgewater, a 73,000 s/f shopping center located at 725 River Rd. in Edgewater. MAREJ door. With industrial and flex space in demand, and Lehigh Valley inventory low, this space could work extremely well for a company in need of warehouse space to supple- ment its wholesale or retail op- eration. Other uses that would complement the tenant mix include home improvement, appliance, entertainment, and healthcare.” Additional valued tenants at the center include MAXX Fitness Center, Dairy Queen, Unity Bank, local favorite Vic’s Bagels, Sports Clips, Allstate Insurance, and more. With the center over 95% occupied, only one inline space and one second genera- tion restaurant space remain available for lease. MAREJ
The Shops at Bethlehem
BORRUS ASSOCIATES Investment Real Estate
For more information call or email Lea Christman today! 781.740.2900 lea@marejournal.com
Fo
Julius Borrus Broker & President Borrus Associates
marej.com
P.O. BOX 8357, REDBANK, NJ 07701 P: 908-839-0052 | borruscommre@aol.com A Member Of The International Council Of Shopping Centers NY, NJ, CT, PA INVESTMENT REAL ESTATE
F inancial D igest F eaturing C reative F inancing
M id A tlantic Real Estate Journal — June 17 - July 21, 2022 — 7A
www.marej.com
ERSEY CITY, NJ — Making decisions about permanent financing is J Management leases over 100 units per month at 400 Claremont Ave., Jersey City Progress Capital organizes $160 Million refi for Jersey City West Side Apartment Complex
100 units per month, which is an all-time record for Jersey City, no less the West Side. West Side…The New ‘It’ Location In Jersey City If it looks like the ‘Squares’ (Journal, McGinley) of Jer- sey City have taken a back- seat to the West Side, it’s because they have! The West Side, a neighborhood deemed as the next develop- ment hot spot, has officially emerged as the center of Jersey City’s new cycle of renaissance. It’s the suburbs of Jersey City, filled with Victorian- style homes located just west of Downtown Jersey City near the banks of the Hackensack River. West Side has seen a significant influx of people, new invest - ments and interest in a short period of time. This diverse neighborhood is situated on either side of West Side Av- enue, one of the city’s main shopping streets, offering
an array of small businesses and boutiques, as well as a variety of ethnic eateries. “We made a big bet on the West Side, believing that the positive transformation that has taken place here in recent years paved the way for a top-of-market rental building with an extraor- dinary amount of indoor and outdoor amenities and high-level services,” said Art Johnson, principal of 400 Claremont, LLC . Progress Capital was es- tablished in 1990 and has closed over $40 Billion in commercial loans and $150 Million in directly funded bridge loans. As a commer- cial real estate mortgage advisory firm, we can advise you on any real estate in- vestment you are consider- ing and provide the financ - ing advice you need to man- age through the commercial real estate acquisition and/ or financing process. MAREJ
always diffi - cult. Making these deci- sions during a turbulent rate environ- ment makes it all the more chal- lenging. In
Kathy Anderson
this case, a decision in March to enter into a 90 day rate lock by the owner of 3 ACRES Apartment Complex in Jer- sey City, was the RIGHT one. Kathy Anderson , found- ing partner of Progress Cap- ital began exploring options for a permanent loan with Art Johnson in November 2021 to replace construction financing for 629 MF units at 400 Claremont Ave., Jer- sey City, aka 3 ACRES. The original plan was to refinance during the Third Quarter 2022, as leasing only started
400 Claremont Ave.
to stabilization. What was working is that leasing was off the charts. As a result of the right unit mix at an af- fordable rent and ‘over the top’ amenities, 3 ACRES be- came the place to live. Man- agement was leasing over
December 2021. Fast forward to February 2022… Russia invades Ukraine, inflation accelerates and the 10-year treasury spikes. The challenge was to secure a loan that would permit a forward rate lock PRIOR
Ranieri of Northmarq arranges $16M Fannie Mae loan for East Orange, NJ class A new construction multifamily property
WESTCHESTER, NY — Robert Ranieri , managing director of Northmarq’s
period. This is a class A apart- ment complex that stands out from competing properties in the area.” The apartments feature pri- vate balconies, stainless steel appliances, walk-in closets, high ceilings and oversized windows. The property, lo- cated two blocks from the New Jersey Transit Station, has an amenity package that includes laundry facilities, a fitness center and package room. In other news, Northmarq has arranged the approxi- mately $29 million refinanc - ing of Arlington West Apart- ments, a 324-unit multifamily community located at 5049 Western Blvd. in Jackson- ville, a city near North Caro- lina’s coast. Built in 2009, Arlington West spans 14 apartment buildings and fea- tures a resort-style saltwater swimming pool, playground, two dog parks, fitness center,
game room and a business center. Bob Harrington and Paul Whalen of Northmarq arranged the 10-year, Fred - die Mac loan on behalf of the undisclosed borrower. The interest-only loan was under- written with a fixed interest rate in the mid-3 percent range. As a capital markets leader, Northmarq offers commercial real estate investors access to experts in debt, equity, invest- ment sales and loan servic- ing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long and short-term investment goals. Our culture of integrity and innovation is evident in our 60-year history, annual transaction volume of $33 billion, loan servicing portfolio of more than $70 billion and the multi-year tenure of our more than 700 people. MAREJ
Westchester office, ar- ranged $16 million per- manent loan through Fan - nie Mae for The Harri- son, a 103- unit mul-
Robert Ranieri
tifamily property in East Orange, NJ. The class A prop- erty, which leased up before construction was complete, contains a mix of studio, one- bedroom and two-bedroom apartments. According to Ranieri, he was able bid on the financing while construction was being finished. “The property leased up so quickly that we were able to finance under stan - dard Fannie Mae program. The loan was rate locked during a highly volatile time
The Harrison
8A — June 17 - July 21, 2022 — Creative Financing — Financial Digest — M id A tlantic Real Estate Journal
www.marej.com
C reative F inancing
Direct private lender attributes success to fast closings, reputation for closing challenging deals Kennedy Funding surpasses $4 Billion in closed loans
D
“Borrowers who are up against the clock have few options to turn to, since tradi- tional lenders can take months to get a deal done,” Wolfer said. “Many don’t have the lux- ury of time. Our firm can close a loan super-fast — sometimes in as little as five days.” Wolfer added that the firm’s willingness to fund certain deal types has been key to reaching its most recent mile- stone. Land loans are one such deal type: Wolfer said that the risks associated with lending on raw land make applications for those loans an automatic “no” from nearly any bank. “Traditional lenders are extremely risk-averse, which
irect, private lender Kennedy Funding has announced that
hundreds of loans across three continents, one of only a few US-based private lenders to do so. “For 35 years borrowers have turned to us when they cannot close with a tradi- tional financing institution,” Wolfer said. “We are the firm of choice by brokers, agents, and borrowers around the world who know that Ken- nedy Funding has a decades- long track record.” Wolfer said much of that success comes from the firm’s long-standing reputation for speedy closings, a crucial com- ponent for borrowers who need to act quickly on a commercial real estate opportunity.
makes it incredibly difficult for borrowers who don’t perfectly fit their rigid, pre-set criteria to qualify for a loan,” Wolfer said. “However, that doesn’t mean that the deal does not have merit on its own. Those factors shouldn’t get in the way between a borrower and the funding they need.” Similarly, Kennedy Fund - ing has earned a reputation for successfully closing deals abroad. Wolfer said that most lenders are not equipped to properly work with the varying regulatory and economic land- scape outside the US Kennedy Funding has the experience and track record to handle these requests.
“Borrowers want to work with US based lenders, but the new regulatory landscape, language barrier, and dif- fering geopolitical scenarios make it an insurmountable challenge for nearly every lender,” Wolfer said. “Kennedy Funding brings the experience necessary for borrowers to se- cure funding for lucrative op- portunities around the globe.” Kennedy Funding offers loan amounts from $1 mil- lion to $50+ million, with up to 75% loan-to-value (LTV). Loan proceeds can be used for myriad of purposes, includ- ing acquisition, bridge loans, workouts, refinancing, and debt payoff. MAREJ
the firm has surpassed $4 billion in closed loans. “$4 billion is a tremen- dous mile- stone in the private lend- ing sector,”
Kevin Wolfer
said Kevin Wolfer , president and CEO of Kennedy Funding. The Englewood, New Jer- sey-based direct private lend- er has built a reputation globally for its willingness to fund challenging and atypi- cal deals. The firm has closed
G.S. Wilcox & Co. arranges $19.4M in financing
Cronheim Mortgage secures $16M for 272,000 s/f NJ retail property
sota Life Insurance Company, totaled $12.2 million for the acquisition of a 76,000 s/f multi- tenant office. The financing was also secured on a 10-year fixed rate term. This property is a 30-minute drive from Phila- delphia and proximate to the affluent Main Line district. “G.S. Wilcox & Co. is pleased to secure such fa- vorable terms for these two well-located office properties despite the challenges this asset class has faced over these past few years,” Wil- cox said in a prepared joint statement. MAREJ veteran and tenured Walker & Dunlop employee, bolster collaboration and cross-selling throughout our platform.” “Commercial real estate re- mains a consistent and stable source of value in the capital markets, and I am excited to elevate Walker & Dunlop’s product offerings as we con- tinue to build one of the most versatile, skilled, and diversi- fied financial services compa - nies,” Resnick said. “Walker & Dunlop has established itself as a truly unique force in the market, thanks to our talented team of investment profession- als, our unparalleled brand and our ongoing development of innovative technology.” Resnick joined Walker & Dunlop in 2016, bringing over 25 years of commercial real es- tate experience with him. Prior to his new role, he served as Treasurer of the firm. MAREJ
based investor from two of the firm’s correspondent life insurance company lenders. The team
PISCATAWAY, NJ AND BALA CYNWYD, PA — G.S. Wilcox & Co.
announced that it has arranged $19.4 mil- lion in fi- nancing for two office buildings lo- cated in Pis- cataway, NJ
o b t a i n e d $7.2 million to refinance a 100,000 s/f multi-tenant office in Pis- cataway, NJ. Kansas City Life Insur-
Wesley Wilcox Bridget Wilcox
ance Company provided the 10-year fixed rate loan. The property features easy access and visibility from I-287. The second loan, provided by Minne-
and Bala Cynwyd, PA. Both financings were secured by the team of partners, Wes- ley and Bridget Wilcox , for a prominent New Jersey
272,000± s/f retail center located in Hackettstown, NJ
Cronheim Mortgage has ar- ranged $21 million in perma- nent financing for a 108,000 s/f grocery-anchored shopping cen- ter located in New Providence, NJ. The 10-year financing am - ortizes over 30 years and was placed with American United Life Insurance Company, whom Cronheim represents as cor- respondent and servicer. The borrower is a wholly-owned subsidiary of Urstadt Biddle Properties Inc. The subject property is an- chored by ACME who occupies 45,464 s/f (previously occupied by A&P) and is complemented by a host of inline retailers including CVS, Starbucks, Chipotle, Jersey Mikes, Pure Barre, Orange Theory, Wine Outlet, Chopt, Choice Pet Sup- ply, and Kessler Rehab, among many others. The property is 100% leased. The Subject is located on Springfield Ave. and serves the affluent demographic of Union County. Within a 5-mile radius of the property, the population is 175,230± with an average household income in excess of $209,000±. MAREJ
HACKETTSTOWN, NJ — Cronheim Mortgage has arranged $16 million in perma - nent financing for a 272,000± s/f retail center located in Hackett- stown, NJ. The 10-year financ - ing amortizes over 30 years. Dev Morris, David Poncia, Allison Villamagna , and Andrew Stewart represented the borrower, a wholly-owned subsidiary of National Realty & Development Corp . The subject property is a 272,046 s/f shopping center anchored by a 123,519 s/f Wal- Mart (ground lease), an 88,830 s/f Kohl’s department store, and a 21,674 s/f Marshalls. The balance of the center is leased to a mix of local and national brands, including Jersey Mikes and Dunkin Donuts, among others. At closing, the Subject was 97% leased with interest in the remainder of the space. Recent leases include Harbor Freight in 15,000 s/f Jersey Mikes, and Pho75 Vietnamese restaurant. The subject has historically experienced high occupancy levels and has been more than 90% leased since 2010.
Resnick to lead Walker & Dunlop’s newly formed investment management & proprietary Capital Group
all property types. Last year, the combined groups invested nearly $200 million in equity and originated $3.3 billion in debt across the commercial real estate market and we expect the realized synergies of these business lines to fuel future platform growth. “Mitch’s established rela- tionships and commercial real estate experience will be an invaluable addition to the proprietary capital, high yield, seniors bridge, and WDIP teams,” commented Sheri Thompson , executive vice president of Affordable Housing, Investment Manage- ment & Proprietary Capital. “As we continue to pursue our mission of matching the diverse investment needs of our investors with the capi- tal needs of commercial real estate owners, we are thrilled to have Mitch, an industry
BETHESDA, MD — Walk- er & Dunlop , announced that it is combining its fund management, proprietary capital, high yield, and seniors bridge lending groups into the Investment Management & Proprietary Capital Group which will be led by Mitchell Resnick . As part of his new role, Resnick will also serve as president of Walker & Dunlop Investment Partners, Inc. (WDIP), Walker & Dunlop’s wholly-owned alternative in- vestment manager. In today’s macroeconomic landscape, alternative capital sources are more important to sponsors than ever before. By combining these groups, Walker & Dunlop will more effectively navigate its clients through evolving market dy- namics as well as provide a broad and diversified suite of equity and debt products for
M id A tlantic Real Estate Journal — Financial Digest — Creative Financing — June 17 - July 21, 2022 — 9A C reative F inancing
www.marej.com
Unlike most lenders, we won’t get cold feet at closing time.
NEED AN INTERNATIONAL LOAN? We’re Lending In: South America The Caribbean
Canada Europe
A long courtship full of promises ... then they can’t come through with the cash. We’ve been the leading private lender to the commercial real estate industry for decades. We offer 24-hour commitments and closings in as little as 5 days. It’s the millions you need to land your next big project. With over $4 billion in closed loans, why would you trust anyone else?
1-800-342-8500 I kennedyfunding.com
borrow $ 1 million- $ 50 million: land, development and acquisitions, bankruptcies, discounted payoffs, note purchases, workouts and foreclosures
HOW CAN WE FUND YOU ?
10A — June 17 - July 21, 2022 — Creative Financing — Financial Digest — M id A tlantic Real Estate Journal
www.marej.com
C reative F inancing
®
SM
Designees on Staff
• 20 YEARS EXPERIENCE • COMPETITIVE FEES • CERTIFIED EXCHANGE SPECIALIST® ON STAFF • 24/7 TELEPHONE ASSISTANCE • NATIONALLY RECOGNIZED • DEFINITIVE ANSWERS TO YOUR EXCHANGE TRANSACTION • BONDED AND INSURED • SEGREGATED QUALIFIED ESCROW ACCOUNTS 23 6 8
After all, you are a discerning customer TRUST THE PROFESSIONALS
®
516-771-2400 FREEPORT, NY 1 1520 Members of the Federation of Exchange Accommodators. Bonded and Insured EXCHANGE SOLUTIONS www.exchange-solutions.com Kim Rincones Sr. Exchange Coordinator Diane Schaefer, CES President Kim Rincones Sr. Exchange Coordinator Kim Rincones Sr. Exchange Coordinator 516-771-2400 1975 Hempstead Tpke., Ste. 201, East Meadow, NY 11554 Members of the Federation of Exchange Accommodators. Bonded and Insured Melissa Beck Exchange Coordinator
Diane Schaefer, CES ® President
Melissa Cheverko Exchange Coordinator
Diane Schaefer, CES President
M id A tlantic Real Estate Journal — June 17 - July 21, 2022 — 11A
www.marej.com
The 161,000 s/f structure houses tenants Nemours Sports Medicine & Titus Sports Academy BPG celebrates naming partnership of Chase Fieldhouse with ribbon cutting
W
ILMINGTON, DE — The Buccini/Pol- lin Group (BPG),
JPMorgan Chase and Harris Blitzer Sports & Entertain- ment celebrated the official ribbon cutting and naming cer- emony of the Chase Fieldhouse on Friday, May 10th at 401 Garasches Lane in Wilmington. To kick off the event in 76ers fashion, the ringing of the of- ficial pregame bell commenced the line up of speakers. The crowd heard from an array of speakers including Delaware Governor John Car- ney, Wilmington Mayor Mike Purzycki, representatives from JPMorgan Chase, Blue Coats president Larry Meli, and Buccini/Pollin Group co- president Robert Buccini . After the speakers had con- cluded the crowd was treated to food and games for the rest of the event. Attendees were also treated to appearances from Philadelphia Union and 76ers players afterwards. The state-of-the-art sports venue has been a pillar in the athletic and socioeconomic
Chase Fieldhouse
community of Wilmington since its opening three years ago. Formerly the 76ers Fieldhouse, it completed the official name change during the pandemic, however, just now deemed it appropriate and safe for a ribbon-cutting to officially celebrate the new partnership. “Chase Fieldhouse serves a vital role across the Philadel- phia 76ers basketball, business, and community engagement landscapes,” said Philadelphia 76ers president Chris Heck. “This world-class facility and home to our Blue Coats is be-
fitting of a major partner in JPMorgan Chase. Delaware is a huge part of the 76ers footprint, and this partnership will further strengthen our commitment to do good in the communities where we live, work, and play.” “The newly renamed Chase Fieldhouse has been part of the Wilmington community for three years now, and we’re continuing to look for new ways to invest in initiatives and op- portunities that help us create a deeper engagement with our athletes and community,” said
Rob Buccini. “The Chase team is proud of our partnership with this sig- nificant venue, which brings our diverse communities together across the tri-state region,” said Tom Horne, head of consumer branch banking and Delaware market leader for JPMorgan Chase. “Serving our customers and community and providing opportunities for both is espe- cially important for us and to our commitment to Delaware and the City of Wilmington.” The Chase Fieldhouse em - blem adorns both the north
and south sides of the 161,000 s/f structure, which also houses tenants Nemours Sports Medi- cine and Titus Sports Academy, in addition to extensive inte- rior signage. The Philadelphia 76ers logo will remain on the west façade facing the Wilm- ington Riverfront. Recently this year the Chase Fieldhouse has been seen on ESPN on nu- merous occasions including the NBA G-League finals featuring The Delaware Blue Coats as well as the host of the Atlantic 10 Women’s Basketball Cham- pionship. MAREJ
CCIM, an investment spe- cialist in Marcus & Millichap’s Washington, D.C. office, has W Marcus & Millichap Capital Corporation’s Cassidy will arrange acquisition financing for the buyer Lorenzo Wooten, Jr. of Marcus & Millichap lists mixed-use redevelopment site in Washington DC ASHINGTON, DC — Marcus & Mil- lichap , one of the © PGN Architects
the listing to market the property on behalf of the seller, Pas- tor Steve Young of Holy Chris- tian House of Praise. Ad- ditionally,
leading com- mercial real estate bro- kerage firms specializing in investment sales, financ - ing, research and advisory services, an- nounced the
Lorenzo Wooten, Jr.
Jared Cassidy
Jared Cassidy of Marcus & Millichap Capital Corporation will arrange the acquisition financing for the buyer. The subject redevelopment site is situated on two MU-3A zoned parcels totaling 1.65 acres in the thriving Deanwood neighborhood. An investor can convert the parcels into MU-5A
listing of a mixed-use redevel- opment site located at 5110- 5120 Nannie Helen Burroughs in the Deanwood neighborhood of Northeast Washington, DC. The asset is currently unpriced, according to Brian Hosey , di- visional manager of the firm’s Mid-Atlantic offices. Lorenzo Wooten, Jr.,
5110-5120 Nannie Helen Burroughs potential redevelopment rendering
zoned parcels, which allows up to 356 multi-family units and 24,000 s/f of retail space on the first level. Currently, the site houses an 18,633 s/f church building and a 1,100 s/f former
retail store. Deanwood is experiencing an urban renaissance due to its commercial and retail de- velopment, proximity to the downtown core and excellent
public transportation access. The subject site’s corridor is supported by the “Great Streets Initiative,” a grant program that provides up to $50,000 to small businesses. MAREJ
12A — June 17 - July 21, 2022 — M id A tlantic Real Estate Journal
www.marej.com
Questions? Contact: Harry Young | Executive Director 717.614.4271
harry@panjdeccim.com www.panjdeccim.com
2022 PA/NJ/DE CCIM CHAPTER OFFICERS Dominic Janidas, CCIM President Berkshire Hathaway HomeServices Heather Kreiger, CCIM Vice President High Associates, Ltd. Lisa Lord Edmonds Secretary/Treasurer SVN | Ahia Commercial Real Estate Jeff Kurtz, CCIM Immediate Past President 2022 DIRECTORS SJ Ayoub, CCIM Chair, Public Relations AUB Companies John Birkeland, CCIM Regional Chair, Central Pennsylvania ROCK Commercial Real Estate Michel Countis, CCIM Chair, Designation & Region 10 1st RVP High Associates, Ltd. Lieberman Earley & Company Jonathan Epstein, CCIM Regional Chair, Lehigh Valley Berger-Epstein Associates, Inc. Craig Fernsler, CCIM Chair, Legislative KW Commercial, Blue Bell Robert Fuller, CCIM Regional Chair, New Jersey CBRE Cushman & Wakefield – Grant Street Associates Jeffrey Hoffman, CCIM Chair, Education JPH Realty Advisors Neil Kilian, CCIM, SIOR Regional Chair, Delaware NAI Emory Hill Andrew Miller, CCIM Regional Chair, Pittsburgh CBRE Michael Rohm, CCIM Dana Grau, CCIM Chair, Membership Chair, University Outreach Commonwealth Commercial Appraisal Group Kathy Sweeney-Pogwist Regional Chair, Philadelphia Metro Brandywine Realty Trust Jackson Cross Partners Dragan Dodik, CCIM Chair, Scholarships Pennian Bank Philip Earley, CCIM Chair, Nominating
Page 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 Page 81 Page 82 Page 83 Page 84Made with FlippingBook Ebook Creator