June 2025

Mid Atlantic Real Estate Journal's June 2025 Edition. Features: Under 30 Profiles, Auctions & more!. No download, no waiting. Open and start reading right away!

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ISSUE HIGHLIGHTS Volume 37, Issue 6 June 2025 UNDER 30 AND THRIVING

Lincoln Equities Group to transform luxury rentals into for-sale condos Walker & Dunlop arranges financing & Equity for multifamily conversion

ONG BRANCH, NJ — Walker & Dunlop, Inc. announced that it arranged $121.5 million in equity and debt financing for the acquisition of Ocean Gate, a recently built, luxury class A apartment community with 170 multifamily located in Long Branch. Walker & Dunlop Capital Markets, led by Aaron Ap- pel, Jonathan Schwartz, Keith Kurland, Mo Bel- er, Adam Schwartz, Ari Hirt, Jackson Irwin, and Stanley Cayre , acted as an advisor to Lincoln Eq- uities Group and raised $46.5 million in joint venture equity from RWN Real Es- tate Partners and Avenue Realty Capital , as well as $75 million of debt from TPG Real Estate Credit . “We are pleased to partner with Walker & Dunlop, Avenue L

operating as a rental commu- nity that has strong potential through conversion to for-sale units. Lincoln Equities Group, led by Joel and Lance Berg- stein , plans to begin preparing and marketing the units for sale. Completed in December 2023, Ocean Gate offers high-quality one-, two-, and three-bedroom units with luxury finishes, including nine-foot ceilings, plank flooring, custom closets, and modern kitchens. Located on 11.63 acres along Ocean Avenue, the property provides direct beach access and is close to retail, upscale amenities, and Pier Village, a recently renovated shopping and din- ing destination. Resort-style amenities include a 16,000 s/f clubhouse, heated pool, Tiki bar, fitness center, pickleball courts, and beach volleyball, with convenient access to NYC and Newark. MAREJ

3-8

AUCTION Clear Spring, MD

Ocean Gate in Long Branch, NJ

CREATIVE FINANCING

Realty Capital, and TPG Real Estate Credit on this strategic acquisition, which positions us to unlock significant value in a unique New Jersey asset,” said Ari Shalam , managing partner at RWN Real Estate Partners. “W&D Capital Mar - kets brought deep expertise

and seamless execution to a complex transaction involving both equity and debt. We’re excited about the potential of this conversion and look for - ward to working together on future opportunities.” The property is a purpose- built condominium currently

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Kislak Sells 70 Central Lofts in Jersey City, NJ for $20 Million

Gould & Cunningham secure 3-year loan from MVB Bank on behalf of the sponsor Berkadia arranges $30M refinancing of Alexandria, VA property poised for redev.

ALEXANDRIA, VA — Berkadia announced the s refinancing of Carlyle Corner, a 268,472 s/f commercial prop - erty in Alexandria. Managing director Brian Gould and vice president Pat Cunningham of Berkadia DC Metro secured a $30 million 3-year loan from MVB Bank on behalf of the sponsor, Fundrise . Positioned one block from the Eisenhower Avenue Metro-

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Carlyle Corner

Directory

rail Station, the property is currently entitled for over 3 million s/f of redevelopment potential. Fundrise’s business plan focuses on maintaining the existing retail, office and industrial areas of the prop - erty until the opportune time to commence the first phase of redevelopment. The surround - ing area features a dynamic mix of office, apartment, hotel, and retail spaces, including the US Patent and Trademark Office HQ, a complex housing

over 10,000 employees situ - ated directly across the street, as well as the National Science Foundation (NSF), located two blocks away. Berkadia’s Brian Gould said, “The lender recognized the strength of the asset’s loca - tion as one of the premier fu - ture development sites in the Washington DC metro market. We extend our gratitude to the Fundrise and MVB teams and are pleased to have worked with both parties on another

successful financing.” Garrett Reed , regional president of MVB, said, “At MVB Bank, we are committed to the success of our clients, and we are excited to partner with Fundrise on this $30 million refinance of their pre - mier property in Alexandria, Virginia. This loan reflects our dedication to being a trusted partner supporting transformative projects that strengthen the communities we serve.” MAREJ

Thriving Under 30.......................................................3-8 DelMarVa................................................................ 10-11 Financial Featuring Creative Financing ..................... 12-14 New Jersey featuring Northern NJ...........................16-21 Pennsylvania........................................................... 22-24 Owners, Developers & Managers............................25-32 CRE Organization’s Events Calendar .............................. 35 People on the Move.....................................................36 www.marej.com

Inside Cover — June 2025 — M id A tlantic Real Estate Journal

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M id A tlantic R eal E state J ournal Publisher, Conference Producer ..............Linda Christman VP, Conference Producer .............................Lea Christman Editor/Graphic Artist ......................................Karen Vachon Contributing Columnist .......................................................

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. 37, Issue 5 Subscription rates: 1 year $99.00, 2 years $148.50, 3 years $247.50 & $4.00 single issue - plus postage

Rebecca Rockey

Upcoming SPOTLIGHTS

Cushman & Wakefield Releases Midpoint 2025 Outlook C ushman & Wakefield released its Midpoint 2025 Outlook, provid - ing a comprehensive snapshot of the US economy and com - mercial real estate markets as they navigate a complex post-inflationary landscape. Although there are challenges presented by higher tariffs and policy uncertainty, property markets are expected to be resilient before gaining more momentum in 2026 as a stron - ger growth backdrop emerges. “The commercial real estate (CRE) sector entered 2025 on relatively solid ground, with certain segments even gaining momentum”, said Rebecca Rockey , deputy chief economist and global head of Forecasting at Cush - man & Wakefield. “Even now, amidst the uncertainty, the capital markets are continu - ing to thaw, capital is plowing back into the property sector, and leasing fundamentals are

REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion Phone: 781-740-2900 www.marej.com

largely holding up well. With property, the devil is always in the details, and of course, risks have shifted to the downside given the macro uncertainty, but we are still seeing healthy trends in the data.” Sector Highlights • Capital Markets Investment activity remains below historical averages, but momentum is building as long- term interest rates remain range-bound and the pricing gap between buyers and sell - ers continues to narrow. The outlook for net operat - ing income (NOI) is slated to improve in coming years as fundamentals inflect and the construction pipeline thins across most property subtypes. Although the volume of

distressed sales remains low, the market is preparing for potential opportunities as re - financing challenges mount for some over-leveraged assets. • Industrial The industrial sector con - tinues to normalize from re - cord-setting years and faces near-term headwinds amidst trade tensions. Demand is expected to remain cyclically challenged in 2025; however, the once-overheated develop - ment pipeline is now cooling at a healthy pace. After the current wave of supply deliv - ers, there is not much behind it, setting the stage for more of snap-back recovery in 2026-27. Longer-term, the industrial sector will continue to benefit continued on page 34

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Editorial Requirements --Press Release 350-500 words with property photo and broker photos. Expert Articles -- 550 words with author headshot and bio.(author name and title, co. name and location)

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Mid Atlantic R eal E state J ournal ’ s T hriving U nder 30

M id A tlantic Real Estate Journal — June 2025 — 3

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Matthew Bernstein Faropoint

Patrick E. Brake III RIPCO

Dan Bottiglieri Cushman & Wakefield

Colin Reder The Dougherty Team of Marcus & Millichap

Drew Reiter W Financial

Chris Vondas AdvisoRE LLC

Inside: Colin Reder, The Dougherty Team ��page 4 Patrick E. Brake III, RIPCO�� page 5 Dan Bottiglieri, Cushman & Wakefield ��page 6 Matthew Bernstein, Faropoint �� page 7 Chris Vondas, AdvisoRE LLC ��page 8 Drew Reiter, W Financial�� page 8 of Marcus & Millichap

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T hriving U nder 30 Q&A with Marcus & Millichap’s associate director investments Meet Colin Reder, the investment sales pro turning ambition and discipline into a standout career

hat is your most no- table project, deal or transaction? One of my most notable transactions involved broker - ing a complex multi-tenant asset in a competitive mar - ket. The asset was a 133,000 square foot center in Allen - town, PA named the Parkway Center. The deal required navigating diverse stakeholder interests and connecting lo - cal and regional buyers to the opportunity—ultimately resulting in an outcome that exceeded client expectations. Who or what has been the W

“The industry rewards those who show up every day ready to learn, solve problems, and add value.”

Colin Reder Associate Director Investments Years with company/firm: 6 Years in field: 6 Years in real estate industry: 6 Real estate organizations/affiliations: The Dougherty Team of Marcus & Millichap

was drawn by the dynamic nature of the industry and the opportunity to blend analytical thinking with relationship- building. Now, as an Associ - ate Director of Investments at Marcus & Millichap, I’m involved in end-to-end deal execution, strategy, and client service—roles I thrive in be - cause of the pace, complexity, and impact of our work. What challenges and or obstacles do you feel you needed to overcome to be - come as successful as you are today? Early in my career, estab - lishing credibility in a field dominated by more experi - enced professionals was a chal - lenge. I overcame this by being hyper-prepared, consistently showing up, and delivering results that spoke for them - selves. What was the most defin - ing moment for you? Closing my first major solo deal was a defining moment. It was a culmination of persis - tence, mentorship, and learn - ing from past near-misses. That deal affirmed my capa - bilities and set the tone for my career trajectory. Who do you feel was most influential in your life when choosing this profession? A college professor who in - troduced me to real estate finance was pivotal. He opened my eyes to the possibilities within commercial real estate and encouraged me to pursue an internship, which led to my first role. What outside activities do you enjoy during you free time? I’m an avid golfer and enjoy staying active with hiking and fishing. I also love trying new restaurants and traveling to new places with my fiancé and family. What inspiring word of advice would you give to a young executive graduat - ing from college? Build your reputation on con - sistency and follow-through. The industry rewards those who show up every day ready to learn, solve problems, and add value—success is a by - product of persistence and integrity. MAREJ

client-first mindset. Tell us how and when you began your career in the profession you are in, about your current posi - tion and why you chose the field/profession you are in today? I began my career in com - mercial real estate during college as a co-op while at - tending Drexel University. I

on my career. Particularly the mentorship as a seasoned agent and leader, has shaped the way I approach this business—with discipline, resilience, and a

strongest influence in your career? The Dougherty Team’s lead - ership, Derrick Dougherty, has been the strongest influence

M id A tlantic Real Estate Journal — Thriving Under 30 — June 2025 — 5

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T hriving U nder 30 As a director at RIPCO, Brake credits mentorship, grit, and a people-first mindset for shaping his career

Broker By Nature: How Patrick E. Brake III followed his calling and built a career in CRE

making real money, but each person thinks individually that they’re different and it doesn’t apply to them. It doesn’t mat - ter how many deals you close, how big the fees are, it will still take time to get paid. Permits take longer than you would like, a tenants build out may not go as planned. There is a plethora of delays that that you run into before tenant starts paying rent. I told myself after two years at RIPCO that I’m a broker, for better or worse, so when I change my mindset of thinking that there’s going to be some good days and some bad days, and even some days in the

middle, that the roller coaster would affect me last it still does but it’s a little easier to stomach. What inspiring word of advice would you give to a young executive gradu - ating from college? Never stop trying. In anything. If there is a person or company you want to work for, ap - ply. Make a connection and chase your dream, whatever that may be. If I stopped trying, I wouldn’t be work - ing at Ripco, and I for sure wouldn’t have had the op - portunities to work on deals that I have now been able to close today. MAREJ

ho or what has been the stron- gest influence in

Patrick E. Brake III Director Years with company/firm: 7 Years in field: 7 Years in real estate industry: 7 Real estate organizations/affiliations: ICSC

your career? Curtis Nassau has been the biggest influence in my career to date. Curt hired me to help service some of the many accounts he has that we now share. I looked up to Curtis from the day I started in the industry. He has helped me achieve more than I thought was possible. His work ethic, drive, and ability to maintain relationships have been a con - stant example for me. What impact has social media / networking had on your career? I like to think of myself as having an ‘old school’ mentality. My business benefits more from face-to-face interac - tions, and classic camaraderie that’s been established from continuing to engage with both old clients, and introduce my - self to new people. Social media has helped me, as I post deals I’ve closed. This also is a way to gain traction with people whom I may not be able to rely on a face-to-face interaction. Tell us how and when you began your career in the profession you are in, about your current position and why you chose the field/ profession you are in today? I always wanted to be a bro - ker. If you had the chance to ask my friends closest to me, even my friends from high school, this is the profession they would all say. Joe Morris at Edgewood Properties is the person I owe my start and strong founda - tion to. Joe took a big chance on me, I knew next to nothing about the business, but I was confident in myself. He held my hand, gave me tough love and most importantly the room to fail. I started out doing in- house leasing for Edgewood. To Joe’s credit, he was patient and taught me all the fundamen - tals needed to be successful as a professional: how to write, dress, carry myself, and pre - pare. Those lessons still serve me today. What unique qualities and or personality do you feel makes you most suc - cessful in your profession? My understanding of peo - ple/anticipating needs. It is a people business first. Every successful broker has to deal with difficult situations. Deal - ing with these situations and seeing what motivates people in different perspectives can give

real insight on how to get a deal done, or at least push it close to the finish line. I have found that my ability to stay calm, cool and collected has given me the tools to be successful. What challenges and or ob - stacles do you feel you need - ed to overcome to become as successful as you are today?

Delayed gratification is easily a challenge I feel that most bro - kers leave the industry for. This isn’t because they don’t have what it takes to be a successful broker, however they lack the patience to wait to get paid and to stick it out through the dif - ficult times. Everyone always says it takes three years to start

6 — June 2025 — Thriving Under 30 — M id A tlantic Real Estate Journal

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T hriving U nder 30 An inside look at how early ambition & the right mentorship launched a promising career in real estate Cushman & Wakefield’s Dan Bottiglieri on Passion, Persistence, and Building a Career in CRE

to take—I just wanted to get my foot in the door and absorb as much as I could. I’m proud to have achieved that initial goal, and now my focus has evolved. Today, I’m committed to be - coming the best broker I can be, while enjoying the journey alongside a team that makes the work incredibly rewarding. What unique qualities and or personality do you feel makes you most successful in your profession? One of the qualities that sets me apart is my genuine passion and enthusiasm for commer - cial real estate. I believe that energy comes through in every conversation, and it makes a lasting impression. First im - pressions matter, and people naturally gravitate toward those who love what they do. That enthusiasm not only helps build strong relationships but also drives me to keep learn - ing, improving, and delivering results for my clients and team. What challenges and or obstacles do you feel you needed to overcome to be - come as successful as you are today? One of the biggest challenges

I’ve faced is my age. When pitching new business, I’m often up against brokers with many more years of experi - ence. Rather than letting that hold me back, I’ve learned to reframe it as a strength. I position my young age as an advantage—I bring energy, fresh perspective, and a relent - less drive to prove myself. Cli - ents see that I’m fully invested in every deal and committed to delivering exceptional results. In many ways, that hunger has become my competitive edge. What inspiring word of advice would you give to a young executive graduating from college? My advice to recent gradu - ates is to think long term. It’s easy to get caught up in chasing the highest-paying offer right out of school, but the early years of your career should be about building a strong founda - tion. Focus on roles that offer the best opportunities to learn, grow, and develop meaningful skills—not just the biggest paycheck. The right experience now will open far more doors in the future than short-term gains ever will. MAREJ

ho or what has been the strongest influence in your

Dan Bottiglieri Associate – Investment Sales Years with company/firm: 3 Years in field: 3 Years in real estate industry: 4 Real estate organizations/affiliations: Cushman & Wakefield Future Leaders (CWFL)

career? The strongest influence in my career has been my team at Cushman & Wakefield. Every day, they push me to be the best that I can be and support me each step of the way. I’m especially grateful for the men - torship of Andy Schwartz and Jordan Sobel, whose guidance has shaped both my profes - sional development and per - sonal growth. I cannot thank them enough for their belief in me and the opportunity they’ve given me. I genuinely believe I have the coolest job in the world, and I’m thankful every day for the platform and people that make it possible. Tell us how and when you began your career in the profession you are in, about your current position and why you chose the field/ profession you are in today? My journey into commercial real estate began during the pandemic in 2020, during my sophomore year of college. I became interested in real estate investing but knew early on

that residential wasn’t the right fit for me. I immersed myself in the industry by reading books, watching YouTube videos, and taking every course I could find to better understand the world of commercial real estate. Once I had a rough founda - tion, I turned to LinkedIn to connect with professionals across the industry from bro - kers to developers. During my junior year alone, I was speaking with 5–10 new con - tacts each week. Through this outreach, I connected with Josh Cohen, Executive Managing Director at Cushman & Wake - field, who offered me a summer internship in office advisory. That internship was a turn - ing point. Josh placed me next to Jordan Sobel and Andre Balthazard, where I was in -

troduced to Investment Sales. At the end of the summer, Jordan encouraged me to stay in touch, mentioning that they might be looking to grow the team. Six months later, during my senior year, I was invited to join the Private Capital Group as the fourth member of their fast-growing team and I eagerly accepted. It’s truly been the journey of a lifetime! I’m incredibly grate - ful for the path that brought me here and never take this opportunity for granted. What were some of your early goals and did anything happen to change them? When I first set my sights on a career in commercial real es - tate, my main goal was simply to break into the industry. At 21, I didn’t care what role I had

CONGRATULATIONS to Dan Bottiglieri for recognition in the Mid Atlantic Real Estate Journal’s “Thriving Under 30” spotlight

www.cushmanwakeeld.com

Dan Bottiglieri Associate – Investment Sales

M id A tlantic Real Estate Journal — Thriving Under 30 — June 2025 — 7

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T hriving U nder 30

At Faropoint, Bernstein has sourced over 2M s/f in deals and co-founded a JV title business Entrepreneurial mindset, real estate hustle: Matthew Bernstein’s rising career in acquisitions

hat is your great- est professional accomplishment?

Matthew Bernstein Acquisitions Senior Associate Years with company/firm: 3.5 Years in field: 4 Years in real estate industry: 4 Real estate organizations/affiliations: NAIOP, IOREBA

“Growth happens when you stretch yourself, and the earlier you embrace that discomfort, the faster you’ll develop both personally and professionally.”

One of my proudest achievements has been co- founding a Joint Venture Title business that now generates additional rev - enue for the GP. It’s a clear example of how entrepre - neurial thinking and stra - tegic execution can create lasting value within a larger platform. How do you contribute to your company and/or the industry? Over the past 36 months, I’ve helped source and un - derwrite over 2 million square feet of real estate, totaling $313 million in val - ue across the Northeast and Columbus markets. My con - tributions span the full deal lifecycle, from origination through execution, ensuring each investment aligns with our broader strategic goals. Who or what has been the strongest influence in your career? I’ve been fortunate to work under two exceptional lead - ers—Orry Michael and Itay Ron. Their mentorship has shaped how I evaluate op - portunities, approach nego - tiations, and carry myself professionally. Their influ - ence has been foundational to my development. Tell us how and when you began your career, about your current posi - tion, and why you chose this profession. I began my career at Faro - point as an intern in January 2022 and transitioned into a full-time role that summer in our Chicago office. Since then, I’ve been part of the ac - quisitions team, managing the full lifecycle of deals. I was drawn to real estate for its tangible impact and the dynamic blend of analysis, strategy, and relationship- building it requires. What was the most de - fining moment for you? Relocating from our Mid - west office back to New Jersey—where I grew up— was a pivotal career move. It gave me direct exposure to our C-suite and a deeper understanding of how a real estate firm operates beyond deal execution. That experi - ence helped me evolve from a transactional mindset to a more strategic, fund-level

strong foundation, and his encouragement was instru - mental in guiding me toward this profession. What advice would you give to a young executive graduating from college? Don’t be afraid to raise

your hand and take on some - thing outside your comfort zone. Growth happens when you stretch yourself, and the earlier you embrace that discomfort, the faster you’ll develop both personally and professionally. MAREJ

in the real estate industry, played a major role in shap - ing my career path. Growing up around the business gave me early exposure and a

perspective. Who was most influen - tial in your decision to pursue this profession? My father, a title agent

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T hriving U nder 30

Spotlight on Chris Vondas of AdvisoRE LLC Court-Side to Closing Table: Balancing Youth Coaching, Terps Fandom, and CRE Success

estate is truly a long run game. What outside activities do you enjoy during you free time? In my free time, I enjoy all things sports related and am an avid Washington, DC and Maryland Terps fan. I also enjoy traveling to beach desti - nations and volunteering as a youth basketball coach at my church, Saint Sophia Greek Orthodox Cathedral. What inspiring word of advice would you give to a young executive graduat - ing from college? It can be pretty daunting at the time, but I would en - courage new graduates to try and see the big picture when applying and ultimately choos - ing a job. I would also say that your team and mentors are incredibly important for your growth, especially when start - ing out. MAREJ

goals that I have in mind, as well as the potential to build my own business in a sense. What challenges and or obstacles do you feel you needed to overcome to be - come as successful as you are today? When I was first getting started, I was too focused on results as opposed to control - lables such as how many calls I make in a day. Especially in a relatively tumultuous interest rate environment, you can easily set yourself up for failure by placing most of your emphasis on your income and how fast you’re going to obtain it. I believe I’ve found the most success when focus - ing on staying consistent with day to day boring tasks, which then compound over time into positive results. It can be ex - tremely frustrating especially early on, but commercial real

hat is your great- est professional accomplishment?

Chris Vondas Associate Years with company/firm: 1 Years in field: 2 Years in real estate industry: 2 Real estate organizations/affiliations: ICSC, Green Group

My greatest professional ac - complishment is closing a deal for one of my biggest mentors in the industry. What is your most no- table project, deal or transaction? My most notable deal is the sale of 7929 Norfolk Ave. in Downtown Bethesda. Bethes - da has a very low sales velocity and this particular deal had many obstacles to overcome and keep the deal on track prior to closing. What impact has social media / networking had on your career? Networking has had an im - mense impact on my career thus far. I try to position my - self in different circles that allow me to meet different people in the real estate in -

dustry as well as adjacent in - dustries. I’m pretty fortunate to be comfortable meeting new people and discussing what I do, which can be daunting at times. Social media outlets, mainly LinkedIn, have been helpful for me in initiating contact with people, as well as putting the pieces together as to who works with who and who’s closing which deals. Tell us how and when you began your career in the profession you are in, about your current posi -

tion and why you chose the field/profession you are in today? I got my first glimpse of the brokerage world when I interned with my current firm the summer after my sophomore year of college. I then became a full-time broker about two years ago. I was ultimately drawn to the commercial real estate brokerage industry based on the opportunity to work with clients and professionals who’ve accomplished similar

Interview with W Financial’s loan originator From first deal to $530M closed, why Drew Reiter bet on CRE finance and never looked back

college, and I had great connec - tions with those professors who also actively worked in commer - cial real estate. After connect - ing with various IU graduates in the industry, I landed with W Financial as an Analyst. As a Loan Originator, I focus on bringing in new potential loan opportunities by growing and maintaining my network of bro - kers and investors. I also work with underwriting prospective deals and engage in due diligence to get deals closed. What were some of your early goals and did anything happen to change them? My early goals consisted of trying to learn something new everyday and to start creat - ing my network. There have been new goals that I wish to achieve, but these goals haven’t changed. I am still dedicated to perfecting my craft both in terms of networking and ana - lytically and expanding on my network within the industry. There is no such thing as hav - ing too big of a network. What unique qualities and or personality do you feel makes you most suc - cessful in your profession? The top three qualities that

I believe makes me most suc - cessful are being resilient and persistent, being a strong communicator, and analyti - cal. With constant market shifts and constant challenges coming up, it is important to be a relentless problem-solver who will always stay deter - mined. As a communicator, you must be transparent and articulate to get deals done. Finally, being an analytical thinker is crucial because being a problem solver to the complexities of transitional real estate transactions allows for best results and better deals for investors. What challenges and or obstacles do you feel you needed to overcome to be - come as successful as you are today? Being so young and inexpe - rienced early on was a chal - lenge for my networking at first, especially at networking events. Everyone was older than me and knew more about the industry. I had to adapt to being in such situations and over time I taught myself how to create long lasting relation - ships as a younger professional continued on page 34

What is your greatest pro - fessional accomplishment? My greatest professional accomplishment is when I originated my first loan at W Financial. After working on the deal throughout the entire process from sourcing the deal to executing due diligence, it was very gratifying seeing the deal get closed. What is your most notable project, deal or transaction? My most notable project that I worked on was a cov - ered land play in the Design District of Miami, FL. The reason this deal sticks out to me is because how intricate the underwriting process was. Between conversing with local zoning attorneys to see what is feasible to build, to completing a complex DCF highlighting the construction and lease-up phases, it was a unique deal for our group, and I learned tremendously from it. How do you contribute to your company and / or the industry? I like to think of my contri - butions to W Financial as a Swiss army knife, someone that can do a bit of everything. From sourcing new potential

Drew Reiter Loan Originator Years with company/firm: 3 Years in field: 3 Years in real estate industry: 3 Real estate organizations/affiliations: YMBA

lending opportunities, creat - ing complex financial models for transitional properties, performing on due diligence tasks, and preparing monthly reports for the fund’s inves - tors. I have worked on ~$530M of closings since Q3 of 2022, helping our clients execute on their financing needs with speed and reliability. Who or what has been the strongest influence in your career? Although he wasn’t in the real estate field, Kobe Bryant has been a strong influence for me in my early years of my career. He preached that working hard everyday is pivotal to be suc - cessful in anything that you do. In order to become the person you strive to be, you must work diligently and focus on every aspect of your craft. His ideas taught me to show up to the of - fice everyday ready to make an

impact and improve every day. What impact has social media / networking had on your career? Social media and network - ing play a crucial role in my career. Connecting with bro - kers, developers, investors, and other lenders through net - working has been invaluable. It’s allowed me to build and maintain relationships that have become truly productive and meaningful to my career. Tell us how and when you began your career in the profession you are in, about your current position and why you chose the field/ profession you are in today? I started my career in com - mercial real estate immediately following my graduation from Indiana University. I chose to work in this industry because I was passionate about my real estate finance courses in

M id A tlantic Real Estate Journal — June 2025 — 9

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2025 EDITORIAL CALENDAR JULY - DECEMBER

visit MAREJ.com or call 781 - 740 - 2900

10 — June 2025 — DelMarVa — M id A tlantic Real Estate Journal

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D el M ar V a

78,780 s/f industrial/flex property is located at 2020 Firedancer Lane NAI Emory Hill acquires fully occupied industrial property in Bear, Delaware

EAR, DE — NAI Emory Hill , a mem - ber of the world’s pre - mier network of commercial real estate firms, is pleased to announce the acquisition of a 78,780 s/f industrial/ flex property located at 2020 Firedancer Lane in Bear, Delaware. The fully leased asset was purchased by an NAI Emory Hill-affiliated investment group managed by the company’s owners Carmen J. Facciolo, Jr., SIOR, M. Neil Killian, CCIM, SIOR, and Clayton Hill, CCIM, CPM . Emory B

ibility supports the current tenant mix, which includes retail showroom spaces. Cur - rent tenants include Urban Furniture, Yumi Cabinet, GotShade Online, and Mo - bilityWorks. “This is yet another excit - ing addition to our growing portfolio of commercial prop - erties,” said Clay Hill, part - ner and director of Property Management at Emory Hill. “2020 Firedancer is a prime example of a core asset type within Emory Hill’s existing portfolio, which the company continually seeks to acquire given its strategic location, diversified tenancy, and long-term value proposition. We look forward to enhanc - ing the investment’s perfor - mance through our integrat - ed property management, maintenance, construction and brokerage services.” With the addition of this property, Emory Hill contin - ues to build on its reputation as a leading Mid-Atlantic real estate services firm. Entering its 45th year, Emory Hill’s assets under management total over 5.3 million s/f across nearly 100 properties and more than 570 commercial tenants in Delaware, Pennsylvania, New Jersey, and Maryland. Valued at over $1 billion, the portfolio includes both Emory Hill-owned and third-party properties comprised of com - mercial, industrial, and multi - family assets. Emory Hill’s industrial portfolio includes twenty properties in New Castle alone, most notably in the Pencader, Airport, Southgate, First State, and Interchange industrial parks. About NAI Emory Hill NAI Emory Hill has been providing full-service CRE support for businesses throughout the Mid-Atlantic and developing wealth-build - ing strategies for investors since 1981. Today, the Emory Hill Companies continue to provide comprehensive real estate services to the Mid- Atlantic region including com - mercial brokerage, construc - tion, property management, maintenance, and residential real estate services. In 1997, our brokerage services divi - sion aligned with NAI Global, the world’s largest managed network of real estate service providers. MAREJ

Hill will manage, maintain, lease and provide construc - tion services for the invest - ment in the similar first- class fashion provided across its entire portfolio. The block and steel-con - structed building sits on 6.4 acres and includes sixteen loading docks and drive-in doors, and 22–24-foot clear warehouse heights. Origi - nally constructed in 1983 and expanded in 2002, the building’s UDC-CR (Com - mercial Regional) zoning al - lows for both commercial and industrial uses. This flex -

2020 Firedancer Lane

AUCTION! 33 Mobile Home Lots In 15 Tracts

▪ - 12136, 12130, 12126 Big Pool Rd. Each w/ septic. Water - shared well. 1 Mobile tenant owned. 2 Mobiles seller owned. ▪ - 12120, 12116, 12112, 12082, 12072, 12064 Big Pool Rd. Each w/ septic. Water - shared well. 3 Mobiles tenant owned. 2 Mobiles seller owned. 1 Vacant lot. ▪ - 12058, 12052, 12046, 12040 Big Pool Rd. Each w/ septic. Water - shared well. 3 Mobiles seller owned. 1 Mobile vacant. ▪ - (4 dwellings) 11401, 11403, 11411, 11415 Boyd Rd. 21722. Each w/ septic. Water - shared well. 2 Mobiles tenant owned. 1 Mobile + brick schoolhouse con- verted to 2 BR residence, seller owned. ▪ - 11437, 11449, 11503, 11523 Boyd Rd. Each w/ septic. Water - shared well. 2 Mobiles tenant owned. 2 Mobiles seller owned. ▪ - 12035, 12041, 12047, 12053 Big Pool Rd. Each w/ septic. Water - shared well. 2 Mobiles tenant owned. 2 Mobiles seller owned. ▪ offered individually - 12059, 12065, 12071, 12077, 12083, 12111, 12115, 12117, 12131 Big Pool Rd. Each w/ septic & water. These lots include mobile homes owned by the tenants and seller, as well as a vacant lot.

AUCTION TO BE HELD AT: The American Legion 12335 Big Spring Road Clear Spring, MD 21722

Sm c o a r n e f ino f r o

M id A tlantic Real Estate Journal — June 2025 — 11

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12 — June 2025 — Creative Finance — Financial — M id A tlantic Real Estate Journal

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C reative F inance Closings mark the latest milestone in direct lender’s track record Kennedy Funding closes four land loans in two countries in 14 days

days — a standout accom - plishment in today’s chal - lenging lending environment. “In America and globally, we are known as the go-to lenders for deals that banks categori - cally won’t consider — even when those deals have tremen - dous potential,” said Kevin Wolfer , president and CEO of Kennedy Funding. “These recent closings reflect the trust borrowers place in our ability to understand complex situations and execute across borders with certainty and flexibility.” “Land loans are generally regarded as untouchable by

nearly all conventional lend - ers — especially land loans outside the US,” said Gregg Wolfer , COO, Kennedy Fund - ing. “Closing four of them in just two weeks, including one in South America, speaks vol - umes about our capabilities, our team, and our commitment to international borrowers.” Loan closings include: • $4.15M to Ecuagarden Farms for the expansion of its floral export business in Ecuador • $1.66M to OFS Ventures for a residential development in McKinney, TX • $1.663M to Abode Communities

Kennebunk LLC for a residen - tial community in Kennebunk, Maine • $750,000 to Schumann Road Indian River LLC for a retail development in Sebastian, FL According to Wolfer, Ken - nedy Funding focuses on the merits of each deal. Unlike lenders that dismiss land deals outright or restrict their volume in certain categories, Kennedy looks at underlying project value, regional poten - tial, and borrower goals — pro - viding a full-picture analysis. “When evaluating a deal, we want to see a clean title,

a clean environmental report, and a current appraisal — there’s some flexibility around everything else,” Wolfer said. “We don’t operate from a rigid checklist that automatically locks out promising deals.” That flexible philosophy also benefits borrowers with imperfect credit histories. “For borrowers who were burned by former partners, have credit issues, or had previous deals fall through, our approach gives them a real shot,” Wolfer said. “We’re focused on the future of the project — not past roadblocks.” Internationally, Kennedy Funding’s success hinges on its ability to navigate local laws, regulations, and real estate practices — factors that prevent many lenders from venturing beyond US borders. “Land use regulations, zon - ing laws, and the political landscape are just a few of the complex factors that di - rect lenders must navigate,” Gregg Wolfer said. “Kennedy Funding has the experience to move swiftly and intelligently in markets that many other lenders avoid altogether.” That infrastructure includes a network of trusted attorneys, real estate professionals, ap - praisers, and consultants across the Caribbean, Central and South America, Canada and Europe. “We’ve built the global net - work required to close deals practically anywhere in the world,” Wolfer added. “That’s why we’re the first call for bor - rowers pursuing real estate land opportunities abroad.” Regardless of geography, Kennedy Funding is known for its speed. The firm can close loans in as little as five days. “When the clock is ticking, borrowers don’t have time to wait weeks or months just to be rejected,” Wolfer said. “We’re not here to delay — we’re here to deliver.” About Kennedy Funding Kennedy Funding is a global direct private lender specializ - ing in bridge loans for commer - cial property and land acquisi - tion, development, workouts, bankruptcies, and foreclosures. Kennedy Funding has closed more than $4 billion in loans to date. Their creative financing expertise provides funding up to 75% loan-to-value, from $1M ($3M international) to more than $50M in as little as five days. MAREJ

NGLEWOOD, NJ — When time is of the essence, borrowers

around the world count on Kennedy Funding to get them to the finish line — no matter how complex or unconven -

Gregg Wolfer

tional the deal. The direct private lender’s expertise and global reach enabled the firm to close four land loans in two countries over just 14

Flexible Capital Solutions for Commercial Real Estate Projects ACCOMPLISH MORE

Stephen Arrivello sarrivello@pace-equity.com

M id A tlantic Real Estate Journal — Financial — Creative Finance — June 2025 — 13

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C reative F inance

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14 — June 2025 — Financial — M id A tlantic Real Estate Journal

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