20A — September 27 - October 10, 2013 — Mid Atlantic Real Estate Journal


M id A tlantic R eal E state J ournal

Harvey, Hanna & Associates names Thomas J. Hanna COO

rossville, TN — Eastern Union Funding has nego- Loan was originated & arranged by Tropp & Begun Eastern Union arranges $30.6m for 670,000 s/f dist. ctr. C

for under the effective yield method best aligns itself with the economic substance of tax credit investments because in- vestors in qualified affordable housing projects are looking for a majority of their return through the tax credits and other tax benefits such as tax losses generated primarily by depreciation and interest expense. Due to the primary purpose of the investment (tax savings), investment costs should be presented with the tax benefits derived from the tax credit investment and not separately on the income statement. The proposed accounting standards update offers great optimism within affordable housing that these changes will expand the investment pool by opening the door for companies that have previous- ly shied away from tax credit “Thomas and I have spent 17 years developing this family owned and managed real estate holding company, developing and building the asset base we enjoy today. This is a natural progression in the maturation of our business. As the orga- nization has grown, Thomas’ duties have evolved and he has done a fantastic job growing Newport, DE — E. Thom- as Harvey, III , president, Harvey, Hanna & Associ- ates, Inc. (HHA) announced that Thomas J. Hanna has been named chief operating officer (COO) for the full ser- vice commercial real estate redevelopment firm, located in Wilmington, DE, effective im- mediately. Hanna has served as HHA’s vice president of the company since 1997, integrating all as- pects of commercial property management for the company’s retail, business, and industrial holdings. Consistent with the increasing responsibilities of a growing business, Hanna’s sphere of influence at HHA extends to planning, design, construction, acquisitions, leas- ing, finance, human resources, sales, operations, marketing, financial performance, regula- tory compliance, and the coor- dination of interdepartmental functions. In his expanded role, Hanna’s core focus will remain on estab- lishing, managing and growing the HHA real estate entities at the regional and national levels.

investments where pre-tax earnings continues to be key indicator of performance. On September 13, 2013, FASB’s Emerging Issues Task Force (EITF) met to discuss the exposure draft and has deferred approval of the pro- posed accounting standards update in order to address key issues that include language in the second criteria point above which EITF believes should better align under the equity method rules. The propose modification replaces “no operational influence” language with “no substan- tive participating rights.” The EITF’s next scheduledmeeting is November 14, 2013. Kyle Paisley is an au- dit manager at BDO USA, LLP’s Marlton, NJ office. n Material discussed is meant to pro- vide general information and should not be acted on without professional advice tailored to your firm’s indi- vidual needs. Under the leadership of com- pany President Thom Harvey, Hanna has directed the com- pany’s portfolio growth from a modest 30,000 square feet of total space in 1996 to its cur- rent scale of over three million square feet of space. Mr. Hanna has orchestrated $95 million of new acquisitions during the past seventeen years. Addition- ally, Hanna has directed the site development and leasing of 2.3 million square feet of new industrial and commercial space since 1997. He has also managed in excess of 1.2 mil- lion square feet of lease renew- als since 2009, during which period the company maintained a 97.8% occupancy rate. Over the course of his professional career at HHA, Mr. Hanna has organized $150 million of commercial and institutional fi- nancing for the HHAreal estate entities. Mr. Hanna has also led the sale and recapitalization of $59 million of assets between 2002 and present day. Prior to joining Harvey, Han- na & Associates, Mr. Hanna held various management and administrative positions at Harvey & Harvey, Inc. (later Waste Management, Inc.) between 1991-1997. Mr. Hanna held key roles in sales, marketing, accounting and operations. n with the added responsibili- ties. This change will help us explore new opportunities and maximize current projects,” said E. Thomas Harvey, III, president, HHA.

Fortune 500 companies. The loan included $7.8 mil- lion to complete a 270,000 s/f addition to the property to accommodate the existing tenants’ requirements for more space. The loan was provided by Natixis, the corporate invest- ment, management and finan- cial services arm of Groupe BPCE, the second-largest banking player in France. This was a unique deal as the client was seeking perma- nent financing that would also allow him to finance a large addition to the property. The

client also did not want to have any out-of-pocket expenses for any of the development costs as he wanted to use the equity already in the property. Said Marc Tropp of the transaction, “Achieving both of these goals was very difficult. The current note holder, as well as several life companies, required the client to bring an additional $4 million to the closing table. I was able to work with Natixis to structure a loan that pro- vided the client 100% of the refinance and construction costs due to the 15 year lease renewal by the tenants.” n

tiated a $30.6 million refi- nance and construction of a 670,000 s/f industrial property in Crossville, TN. The loan was originated and arranged by Marc Tropp , managing director and SamBegun , loan consultant, both of Eastern Union’s Bethesda office. The loan featured a 10 year term over a 30 year amortization. The property is a distribution center that is master-leased to a company which in turn sub- leases the space to several EDISON, NJ — Bussel Realty Corp. (BRC) , a cor- porate and industrial real estate services firm in New Jersey, announced Excel Trad- ing leased the entire 68,200 s/f distribution facility at 40A Cotters Lane in East Bruns- wick, New Jersey. Senior vice presidents Stephen Nozza and John Cascio of BRC represented Excel Trading in the transaction. “Excel Trading is expanding operations and the facility was ideal for meeting its growth objectives,” stated Nozza. “Lo- gistically, the company needed to reach its customer base of some of the largest retailers

Bussel Realty leases 68,200 s/f to Excel Trading

40A Cotters Lane

as well as wholesalers and the property’s location next to the New Jersey Turnpike provides great access to its major customer markets.” 40A Cotters Lane totals 68,200 sf and features 22’

clear ceiling heights, 40’ x 40’ column spacing, 12 loading docks and 2 drive-ins, and 25 parking spaces. The prop- erty provides direct access to Exit 9 of the New Jersey Turnpike. n

NAI Emory Hill’s Bailey, CCIM brokers 2,190 s/f lease

continued from page 2A Proposed Changes in Accounting for Qualified Affordable Housing Projects

Rehoboth Beach, DE —Anew community thrift shop serving the residents of Sussex

The store provides gently used clothing, furniture, and household items at greatly reduced rates. A percentage (85%) of the profits are do- nated to local pre-determined organizations or individuals called associates that pro- mote and cultivate equality, for example, CAMP Rehoboth, which became the first associ- ate. In return, these associates reach out to their memberships for volunteers and donations. in Washington, DC. The con- ference attendees will include turnaround consultants, finan- cial advisors, attorneys, judges, lenders and sales agents from across the nation and around the world. To help plan the event, Donald A. Workman, the Head of BakerHostetler’s Bankruptcy &Creditors’ Rights practice in Washington, DC, and Stephen Karbelk, CAI,

“Unfinished Business invests in human capital to face the challenge of being a catalyst for a positive social change in Sussex County,” according to their website. Ann Bailey, CCIM , the lead broker in NAI Emory Hill’s Lewes office on Coastal Highway, represented landlord Colonial East LP in the lease transaction of 2,190 s/f of re- tail space at 18389 Olde Coach Drive. n

County just opened this past month on Route 1 be- hind Panera Bread next to Accents inRe- hoboth Beach after signing a lease with NAI Emory Hill .

Ann Bailey

WASHINGTON, DC — AmeriBid LLC announced the involvement of president and COO Stephen Karbelk as a planning committeemember for the Turnaround Management Association’s 25th annual con- ference. The Turnaround Man- agement Association (TMA) is hosting The TMA Annual, taking place October 3rd -- 5th at the Marriott Wardman Park AmeriBid LLC’s Karbelk selected to TMA Planning Committee AARE, real estate auctioneer and co-Founder of AmeriBid LLC in Reston, VA, have been appointed to The TMA Annual Planning Committee. “We expect to have hundreds of attendees from across the country as well as many in- ternational attendees,” notes Stephen Karbelk. “Early bird registration ends September 6th so sign up quickly.” n

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