12-23-22

SPOTLIGHTS YEAR IN REVIEW ISSUE HIGHLIGHTS Volume 34, Issue 12 Dec. 23, 2022 - Jan 19, 2023

Financing secured for 274,197 s/f whse./distribution facility in Central NJ JLL arranges $40M in acquisition financing on behalf of Penwood

ORDENTOWN, NJ — JLL Capital Mar- kets has arranged $40 million in acquisition financ - ing for 201 Elizabeth St., a 274,197 s/f warehouse and distribution facility in Borden- town, Burlington County. JLL worked on behalf of the borrower, Penwood Real Estate Investment Man- agement, LLC , through its sixth value-added investment vehicle, Penwood Select Industrial Fund VI, L.P. , in securing the three-year, floating-rate loan with the Real Estate Finance group at CIT, a division of First Citizens Bank . The 33.9-acre property has 22’-24’ clear heights, 16 dock- high doors, two drive-in doors, a 215’ truck court, 42’ x 38’ col- umn spacing, 116 car parking spaces and 67 trailer parking spaces. The property is cur- rently leased on a short-term basis with plans to implement a strategic capital improve- ment plan in early 2023. 201 Elizabeth St. benefits B

Section D

NORTHERN NEW JERSEY

7-10B

PETTINARO, DE’S RE DEVELOPMENT AND MANAGEMENT LEADER BUILDS ON REPUTATION

201 Elizabeth St.

from its position near key highways including the New Jersey Tpke., I-295 and Rtes. 1, 206 and 130. As a result, tenants can supply three of the region’s largest popula- tion centers, Philadelphia, New York City and Baltimore/ Washington, D.C., within a two-hour drive. This access to major thoroughfares provides the ability to reach 73% of the U.S. population within a twenty-four-hour drive. The Philadelphia International

Airport, the Port of Philadel- phia, Newark Liberty Inter- national Airport and the Port of New York and New Jersey are all less than 60 miles from the warehouse. The JLL Capital Markets team representing the borrow- er was led by senior manag- ing director Michael Klein, director Max Custer and associate Ryan Carroll . “Penwood is in a great posi- tion to implement an extensive capital improvement program

to the property that will help attract tenants and allow them to capitalize on the market’s low vacancy and growing asking rents,” said Klein. “CIT’s Real Estate Finance team was able to quickly grasp Penwood’s business plan and put together an attractive financing proposal that will fund the transformation of 201 Elizabeth St. into a well- located, highly functional warehouse and distribution facility,” added Custer. MAREJ

UPCOMING CONFERENCES & WEBINAR MAREJ & CREW NJ 2023 State of the Market At the Boat House at Mercer Lake 11am - 2pm For speaking & sponsorship info., please contact: Lea at 781-740-2900 or lea@marejournal.com

Greystone provides $22.6 Million in Fannie Mae DUS financing for multifamily property in Virginia Beach

VIRGINIA BEACH, VA — Greystone has provided a $22,554,000 Fannie Mae Del- egated Underwriting & Servic- ing (DUS) Green Rewards loan to acquire a 208-unit multi- family property in Virginia Beach. The financing was orig -

Directory ROP (Front Section)........................................... Section A DelMarVa.................................................................. 3-6A Financial Digest.......................................................7-10A Retail Development Reimagined...........................11-13A Billboards & Business Card Directory..........................15A CRE Organization’s Events Calendar............................16A New Jersey..............................................................1-12B Pennsylvania........................................................13-BC-B Owners, Developers & Managers.......................Section C Year in Review.................................................. Section D www.marej.com

purchasing the property, loan proceeds enable the borrower to make improvements to the property. “In this challenging interest rate environment, we’re com- mitted to securing the right financing for our clients, draw - ing on our deep multifamily expertise and an extensive lending platform in order to do so,” said Hechler. “Our goal at Greystone is to help clients realize their vision for their properties through ex-

ceptional service and seamless transactions.” “We were deeply impressed by Greystone’s multifamily expertise and attentiveness to every detail throughout this transaction,” said Hannah Taylor , managing director, Acquisitions & Capital Mar- kets of Featherstone Partners. “We are delighted to say that our Greystone team was a true partner and we look forward to working with them on future projects.” MAREJ

inated by Justin Hechler , di- rector at Greystone, on behalf of Featherstone Partners . Constructed in 1987, Royal Pointe Apartments in Virginia Beach City is a garden-style apartment community with 15 buildings comprising one- and two-bedroom units. The $22,554,000 non-recourse, fixed-rate Fannie Mae Green Rewards loan carries a 10-year term and 30-year amortiza- tion, with full-term interest- only payments. In addition to

Inside Cover A — November 18 - December 22, 2022 — M id A tlantic Real Estate Journal

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In loving memory of

Sheldon A. Gross

1928 - 2022

Sheldon’s knowledge and passion for New Jersey blossomed into a long successful career as a real estate professional, culminating with his creating the renowned Sheldon Gross Realty, Inc., specializing in selling and managing commercial real estate. Sheldon was a former President of SIOR New Jersey and recipient of the organization’s Lifetime Achievement Award. A Great Friend and Exrtaordinay Leader in CRE

M id A tlantic Real Estate Journal — December 23, 2022 - January 19, 2023 — 1A

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& HORVATH TREMBLAY

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2A —December 23, 2022 - January 19, 2023 — M id A tlantic Real Estate Journal

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M id A tlantic Real Estate Journal

We see deals from your perspective.

M id A tlantic R eal E state J ournal Publisher, Conference Producer ..............Linda Christman AVP, Conference Producer ...........................Lea Christman Conference Producer .........................................Matt Wolpe Editor/Graphic Artist ......................................Karen Vachon Contributing Columnist ................Jonathan Holden, Verisk 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 12

Jonathan Holden

Verisk introduces BINS

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ing property risks for multiple buildings and units that share a common address. To solve this problem and simplify un- derwriting and portfolio man- agement processes, Verisk, a global data analytics provider, has introduced BINS (Build- ing Identification Number- ing System), which utilizes geospatial data and propri- etary technology to create an inventory of commercial and residential structures. Leveraging a database of more than 125 million struc- tures covering all 50 U.S. states, BINS enables insur- ers and reinsurers to identify whether the address they’re evaluating represents a build- ing, a unit in a building, or a collection of buildings. “For insurers and rein- surers, evaluating property data for use in their risk assessment workflows can

be time-consuming, resource- intensive, and inaccurate,” said Jonathan Holden, vice president of data acquisi- tion for Verisk. “BINS can significantly increase their efficiency and accuracy by optimizing their data with entity resolution, enhanced

geolocation, and a unique identifier per property.” Verisk offers a wide range of analytic solutions to help insurers and reinsurers make more informed decisions about risk, streamline work- flows, and improve profitable growth. MAREJ

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Moove In Self Storage expands presence into the Upstate New York Market

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trolled units, 613 traditional units, and a 500 s/f office. The Selkirk satellite property, fea- tures an additional 168 tradi- tional drive-up units and 12 parking spaces for RV, boat, and vehicle storage. MAREJ

ALBANY, NY — Moove In Self Storage announced the acquisition of Glenmont Self Storage and Selkirk Self Stor- age located outside of Albany. The Glenmont property boasts 438 temperature-con-

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.

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M id A tlantic Real Estate Journal —December 23, 2022 - January 19, 2023 — 3A

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Former RCA building makes way for residential towers and 11,000 s/f of retail JAG closes on site for new luxury high-rise overlooking Georgetown

RLINGTON, VA — Jefferson Apart- ment Group (JAG) , along with joint venture part- ner Mitsui Fudosan Ameri- ca Inc. (MFA) , has closed on the purchase of 1901 N. Moore St. in Arlington—the former RCA Building—which has been approved for redevelop- ment as a 27-story mixed-use luxury high-rise at the foot of the iconic Key Bridge, connect- ing Northern Virginia and the fashionable Georgetown neigh- borhood of Washington, DC. JAG, a multifamily devel- oper and operator specializing in premier apartment commu- nities on the East Coast, plans 422 units across two towers, including penthouse units. The residences will include studio to 3-bedroom and den units, ranging in size from 435 s/f to 2,141 s/f. 1901 N. Moore is on 1.04-acres situated at the corner of 19th and North A

amenities package with views of the nation’s capital, Na- tional Cathedral, and Potomac River. “We couldn’t ask for a better location in Rosslyn, literally on the doorstep of Washing- ton, DC,” said Greg Van Wie , JAG senior vice president and development partner. “We’ve been working on the vision for 1901 N. Moore for several years and closing on the pur- chase sets in motion redevel- opment of this underutilized property into a one-of-a-kind mixed-use community with iconic architecture that we are immensely proud to bring to Arlington.” A glass skybridge—complete with a glass floor allowing birds-eye views of the elevated plaza over 200 feet below—con- nects the two residential tow- ers and is a showcase commu- nity amenity. The skybridge features a clubroom with full kitchen, private dining room,

fireplace, gaming area—and sweeping views. The rooftop features a re- sort-style pool, entertainment deck, and a 360-degree obser- vation deck with unobstructed views. A leading edge 2-story fitness center offers an ad- joining outdoor workout ter- race. Other amenities include full-time concierge service, a soaring two-story lobby with a grand staircase, co-working space, bicycle storage and tun- ing space with repair equip- ment, and a pet spa. “Despite economic head- winds, JAG and MFA were able to execute on the closing of this exceptional property on schedule,” said Greg Lamb , COO and partner of JAG. It’s a testament to our strong partnership with MFA and our long-term strategy of developing best-in-class mul- tifamily showcase projects in top markets which stand the test of time.”

“MFA continues to actively expand its luxury residen- tial footprint,” said Elaine Vrooman , senior director, development. “One of our key corporate objectives is to devel- op top quality assets through strong relationships with local partners. MFA is pleased to be working once again with Jefferson Apartment Group on another signature develop- ment in Northern Virginia’s Rosslyn-Ballston Corridor.” JAG and MFA previously partnered on J Sol, a 22-story, 326-unit luxury high-rise in Ballston. J Sol delivered in 2020 during the height of the pandemic and leased up in less than a year. Among the unit offerings, 1901 N. Moore features top- of-market finishes, gourmet kitchens with large islands, open floor plans with high ceil - ings, floor-to-ceiling windows, and private balconies boasting unimpeded views. MAREJ

Moore streets in Arlington’s Rosslyn neighborhood, one block from the Rosslyn Metro Station, with service on the Orange, Blue and Silver lines. The planned redevelopment includes 11,000 s/f of prime ground-floor restaurant and retail space, four levels of parking, and a best-in-class 1901 N. Moore St. in Arlington

St. John Properties, Inc. acquires Triangle Business Park in Baltimore

which has over 800,000 s/f of flex and warehouse space,” said Sean Doordan, Execu- tive Vice President, Leasing & Acquisitions for St. John Properties. “We plan to re- brand the acquired flex/R&D product under the ‘Baltimore Gateway’ umbrella, as these buildings are very synergis- tic with our existing build- ing type and composition. We are excited to add these stabilized, tenanted build- ings into St. John Properties’ expanding portfolio.” This is Klein’s first dispo - sition in 2022 and follows an active transactional period including the recent acqui- sition of a portfolio of nine grocery-anchored shopping centers in Maryland, Vir- ginia, and Pennsylvania, as well as the acquisition of development land for the construction of a 379-unit apartment complex adja- cent to the metro station in Largo, Maryland. Klein was represented by Nicholas Signor from New- mark Capital Markets . MAREJ

BALTIMORE, MD — Klein Enterprises , a ver- tically integrated investor, developer, and operator of diversified real estate hold - ings, announced the success- ful disposition of Triangle Business Park in Baltimore. Triangle Business Park, lo- cated at 1500-1506 Joh Ave., was purchased by Klein in 2013 and features four build- ings totaling over 74,000 s/f of industrial and flex space. Two of the buildings are in Balti- more City and zoned as OIC (Office Industrial Campus District Baltimore City) and two are in Baltimore County and zoned as ML (Industrial & Manufacturing Light). The property was purchased by St. John Properties, Inc. a Baltimore-based commer- cial real estate development and management company with more than 22 million s/f of space across 10 states. “This sale aligns with our efforts to diversify our geo- graphic exposure and further expand our residential and re- tail portfolio while capitalizing

Triangle Business Park

on the demand for flex space in the Mid-Atlantic region,” said Sean Garland , chief invest- ment officer at Klein Enter- prises. “As we look towards 2023, we’ll continue to manage and optimize our existing port- folio in the face of market chal- lenges as well as respond to market dislocations to capture investment and development opportunities within our core

focus areas.” The stabilized property is home to national and lo- cal businesses including the YMCA and Breethe, Inc, a health technology startup that launched at the Uni- versity of Maryland and is set to become a subsidiary of Johnson & Johnson via its ac- quisition of Abiomed. Located near I-95, Triangle Business

Park offers convenient access to both downtown Baltimore and BWI Marshall Airport. “We are very familiar with the Baltimore/Halethorpe submarket, this acquisition will bring us over 1 mil- lion s/f of commercial space within a mile radius, includ- ing the 100,000 s/f Balti- more Gateway office building and Caton Research Center

4A — December 23, 2022 - January 19, 2023 — DelMarVa — M id A tlantic Real Estate Journal

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D el M ar V a

ettinaro is a full-ser- vice real estate devel- opment and manage- Wegmans expands into Delaware with opening in Barley Mill Plaza, Greenville Pettinaro, Delaware’s real estate development and management leader BUILDS on reputation P Pettinaro has been the market leader in Delaware, making a major impact on the Delaware Verino has built a solid foun- dation. We have grown since then, continuing to expand in

ment compa- ny, that has been family owned and o p e r a t e d since 1965. Verino Pet- tinaro start- ed his con- struction business out

For 57 years Pettinaro has been the market leader in Delaware, making a major impact on the Delaware landscape.

Delaware and the surrounding region. Currently, Verino’s son, Gregory Pettinaro is at the helm with the strength and support of over 200 employees. Our focus is relationship building with our tenants as well as local brokers and communities. For 57 years

landscape. Pettinaro’s com- mercial portfolio consists of retail, office, mixed-use, and industrial properties totaling over 4.5 million s/f. Along with the commercial portfolio, Pet- tinaro can offer up more than 3,000 apartment units for rent in the region. Pettinaro’s most recent and certainly most exciting de - velopment is the Barley Mill project in Greenville, DE. This development is anchored by Delaware’s first Wegman’s Food Market. In addition to Wegman’s there is approxi - mately 38,700 s/f of retail and restaurant tenants. Currently a 105,000 s/f class “A” office building is under construction, with anticipated completion in the third quarter of 2023. Plans for the construction of a luxury flat residential building and another 52,000 s/f office building are being approved and finalizing a construction commencement schedule. Bar- ley Mill is the premier live, work and play destination in Delaware. Over the past 50 years, Pettinaro not only con- structed new buildings but has also turned around old, tired properties and made them ex - clusive places to work and live. Our award-winning in-house Architecture and Construction division provides support across our portfolio as well as meeting the needs of our tenants, cus- tomizing construction to help make their business operate fluidly. A large number of our tenants renew their lease year after year, creating a go-to shop or store for local communities. Pettinaro has continued to grow its diverse portfolio through acquisitions and de- velopment while remaining a one-stop-shop for leasing, property management and construction. We are excited to not only continue to ‘build’ on our reputation but also to continue to conduct market re- search and identify the needs of communities and ‘build’ to accommodate those needs. We look forward to an exciting future in 2023 of serving the community with housing and retail opportunities. MAREJ

Gregory Pettinaro

of his garage with a vision to develop, purchase land and build in the region. With a lot of hard work and business savvy,

Delaware’s first Wegman’s Food Market in Greenville, DE

Be a part of the BEST Real Estate Team in Delaware Our focus at Pettinaro is relationship building with our tenants as well as local brokers and communities. For 57 years Pettinaro has been the market leader in Delaware, making a major impact on the Delaware Landscape. Pettinaro's commercial portfolio consists of multi-family, retail, office, mixed-use, industrial and land properties totaling over 4.5 million square feet. We are currently constructing 105,000 sq.ft. of office space and have approvals for over 500K more.

Director of Office Leasing Do you have a strategic and effectuate mindset that can attract tenants for our portfolio? We are seeking a Director of Office Leasing who will aggressively search and secure tenants to lease space through cold calling, relationship development, warm calling, marketing campaigns and "hitting the bricks." This candidate should have a can-do attitude and proven history of strong relationship building, sales skills, and customer service experience. Working knowledge of real estate deal structures and negotiating skills are critical. Having an understanding of the local Wilmington office market is helpful, as well as the overall local commercial real estate market. The portfolio is predominately in the Wilmington,Delaware area. Salary and commissions of $200-$400K per year

For consideration, please forward your resume and cover letter to: jobs@pettinaro.com

www.pettinaro.com

M id A tlantic Real Estate Journal — DelMarVa — December 23, 2022 - January 19, 2023 — 5A D el M ar V a

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Company honored during 2022 Best of NAIOP Northern Virginia Awards Merritt Properties named Firm of the Year

ORTHERN VIR- GINIA — Merritt Properties an-

nounced that it has been named the 2022 Firm of the Year by NAIOP Northern Virginia . A full-service com- mercial real estate develop- ment company established in Maryland in 1967, Merritt expanded to Virginia in 1998 and now owns and operates 2.5 million s/f of commercial property throughout Loudoun, Prince William, Stafford and Hanover counties. Held November 17 at the Capitol One Hall, the Best of NAIOP Northern Vir- ginia Awards recognized and celebrated significant contributions to Northern Virginia by the commercial real estate industry. In presenting the award, NAIOP Northern Virginia Chair Mary Beth Avedsian remarked, "The winning Firm of the Year has a long his- tory with the NAIOP network. Headquartered in a neighbor- ing state and a stalwart of their local NAIOP chapter, one of the first things this company did after acquiring property in Northern Virginia was to join our chapter. That was more than 20 years ago. Since then, their employees have re- flected well on their company and have been an asset to us locally. They not only support NAIOP, but they also support other regional organizations that work to benefit the com - munity. And, they do this in every state where they own property. This company is a good example to us all." Merritt’s hands-on involve- ment with NAIOP has spanned decades, with service and leadership on many NAIOP boards and committees. The company currently has 34 employee members of NAIOP, with Virginia staff members serving on the Virginia De- veloping Leaders Committee, the Loudoun Government Relations Committee, Virginia Bus Tour Committee and the NAIOP Education Commit- tee. In 2022, Merritt’s I66 Business Park was selected as the case study for NAIOP’s Development 101 course. In addition to numerous awards received for specific projects over the years, Mer- ritt’s notable NAIOP awards have included: • Leroy Merritt (Founder), Lifetime Achievement in 2002

Scenes from the Best of NAIOP Northern Virginia Awards

• Scott Dorsey (CEO), Life - time Achievement in 2014

• Robb Merritt (President), F. Patrick Hughes Legislative

Award in 2016 • John Mossgrove, NAIOP

Northern VA Member of the Year in 2020. MAREJ

Merritt Business Park at Quantico Corporate Center

NEW LIGHT INDUSTRIAL PARKS ALONG I-95 IN STAFFORD COUNTY

Merritt at Austin Ridge Off Route 630 in Stafford

Learn more at www.Merritt-StaffordVA.com

6A — December 23, 2022 - January 19, 2023 — M id A tlantic Real Estate Journal

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Great CRE Events Cont. Ed…Speakers…Networking www.CircDelaware.org

EVENTS SCHEDULE

Wrapped Up the Year with Giving to 3 Favs The Delaware KIDS Fund Boys & Girls Clubs, Clamont The Food Bank of Delaware Program Co-Chairs Announce 3 Upcoming Topics of CRE Interest Lorraine Sheldon and Ryan Kennedy, CIRC program committee co-chairs, have been hard and work and lined up very interesting topics for our members: SL24: Unlocke the Light & Sean's House (Chris Locke, SL24) Economic Outlook for 2023 (David B. Hanson, Fulton Financial Group) Location Intelligence's Role in Real Estate (Matt Felton, DataStory) Make the Most of your CIRC Membership. Renew Today!

—OFFICERS— President: Jay L. White , MAI, CRE® Apex Realty Advisory Vice President: Cindy Fleming Jones Lang LaSalle Treasurer: Barton L. Mackey, Jr. Patterson-Woods Associates Secretary: Daniel Wham DSM Commercial Real Estate *2022-2023* Board of Directors —DIRECTORS— Past President & Cont. Ed. Chair: Robert Stenta Chatham Financial Program Co-Chair: Lorraine Sheldon NAI Emory Hill

Jan. 11 (Wed., 11:30-1:30) Membership Lunch Speaker/Topic: Chris Locke / SL24: Unlocke The Light Fdn. & Continuing Education (see below) Location: DuPont Country Club Feb. 8 (Wed., 11:30-1:30) Membership Lunch Topic: Economic Outlook for 2023 Speaker: David B. Hanson, Fulton Financial Group & Continuing Education (see website) Location: DuPont Country Club Mar. 8 (Wed., 11:30-1:30) Membership Lunch Topic: Location Intelligence's Role in Real Estate Speaker: Matt Felton, DataStory & Continuing Education (see website) Location: DuPont Country Club Register online: circdelaware.org goto Event page CONTINUING EDUCATION Classes Accredited: DE*PA*MD*NJ January - April, 2023 accredited real estate school/instructors: Frederick Academy of Real Estate Jan. 11, 2023 (Wednesday) – DuPont Country Club 8:30 a.m. – Legislative Updates DE - Module 5 Legislative Updates MD - 2019-22 MD & Federal Legislative Issues (A) 3.0 Required PA - Real Estate Hot Buttons and Issues - 3.5 elective NJ - Real Estate Hot Buttons and Issues - 3.0 elective 1:30 p.m. – Professional Standards DE - Module 2 Professional Standards MD - MD Code of Ethics - 3.0 Required PA - Ethics in Real Estate - 3.5 elective NJ - Ethics in Real Estate - 2.0 Hours Credit - CORE Complete 2023 (Jan-Apr) CE Schedule is Posted Online: circdelaware.org goto Education page

Program Co-Chair: Ryan Kennedy Harvey Hanna & Associates

Membership Chair: James Manna BrightFields, Inc.

—EX-OFFICIO— Business Manager Janet Pippert Landmark Science & Engineering Legislative Lobbyist C. Scott Kidner C. S. Kidner & Associates Legislative Affairs Chair Brett Saddler Claymont Rennaissance Dev. Corp. contact us (302) 633-1705 Janet@circdelaware.org www.circdelaware.org Donald Robitzer The Commonwealth Group Benjamin Berger , Esq. Berger Harris, LLC Carmen Facciolo NAI Emory Hill Michael Hahn 44 Business Capital Neil Kilian, SIOR, CCIM NAI Emory Hill Pamela Scott , Esq. Saul Ewing Arnstein & Lehr LLP

Delaware KIDS Fund's Ryan Kennedy recognizes four outstand- ing individuals for their extraordinary service with the Operation: Warm Newport - Delaware Kind Fund Camping Out for Kids. (shown from left) Dee Cairo, Ryan Kennedy, Kevin DiSabatino, Kim Connell, and (not shown) Mike Vanderslice.

For charity, three huge baskets of cheer were filled and a bouquet of gift cards were donated, thanks to these CIRC Members: Roman Mysko, Richard Kennedy, Lorraine Sheldon, and Donnie Davies.

Janet Pippert - Landmark Sci. Eng. Kim Connell - First State Elevator Bob Cole - JAN-PRO Drew Romanic - Martin Arch. Group Cindy Fleming - JLL Jessica Donnelly-Banks - Donnelly Banks Interiors Jen Corbett - The Reybold Group Jason Pinder - Belfor Restoration

Steve Burnett - CBM Insurance Veronica Jester - Jamestown Painting Dee Cairo - Excel Business Systems Corrine Peters - PACE Electrical Susan Miller - Gioffre Commercial Ryan Kennedy - Harvey, Hanna Lorraine Sheldon - NAI Emory Hill Kyle McLaughlin - Patterson-Woods

(from left) Jen Corbett and Kim Connell.

Show Me The Money! Rachel Kane and Jake Getty from the Boys & Girls Clubs of Delaware reap $770 for a good cause.

F inancial D igest

M id A tlantic Real Estate Journal —December 23, 2022 - January 19, 2023 — 7A

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Includes investments from Pendulum, Cox, Colliers and Lincoln Property Company Saltbox raises $35M in Series B Funding round to support tech-driven logistics enablement A and co-founder of Pendulum, to its Board of Directors.

businesses. “Supporting small-and me- dium-sized businesses as they navigate the challenges of their entire logistics stack, from warehousing, to shipping and more has been our main goal since day one. The next step for Saltbox is to advance our logistics and fulfillment technology while also con- tinuing to expand our physi- cal, human-centric spaces for members,” said Saltbox CEO and co-founder Tyler Scriv- en . “Thanks to the support of Cox, Pendulum and our other investors in this pivotal Series B round, Saltbox will continue to disrupt the logistics and fulfillment space by further investing into our unique of- ferings, whether that be our workspace, fulfillment, or on- demand labor solutions.” Alongside the investment, Saltbox also announces the addition of both Andrew Da- vis , senior vice president of Strategy for Cox Enterprises, and Robbie Robinson , CEO

geographies speaks to the high demand for this differenti- ated bundling of services,” said Robbie Robinson , CEO and co-founder of Pendulum. “I am excited to join Saltbox’s Board of Directors and continue Pen- dulum’s partnership with the team as they establish an infrastructure that supports emerging and fast-growing small-to-medium businesses that power our economy.” In 2022, Saltbox more than doubled its growth, expanding its flexible warehouse network to ten locations, including new co-warehousing locations in Alexandria, Virginia; Duarte, California; Carrollton, Texas; Arden Hills, Minnesota; and a second location in Atlanta’s Upper Westside neighborhood to support its flagship facility. The company also opened its first-ever fulfillment hub in Dublin, OH – a strategic loca- tion in the Columbus, Ohio market that allows members to reach 67% of the total U.S. population via 2-day shipping.

This momentum follows a successful 2021, in which Salt- box expanded its footprint into the Los Angeles area in Tor- rance, as well as Denver, Dal- las-Fort Worth, and Seattle. It also launched fulfillment offer - ings tailored to SMBs. Saltbox closed its Series A round of $10.6 million in March 2021. Later this year, Saltbox plans to open locations in two new cities: Tempe, Arizona and Doral, Florida, with additional plans to open a second Florida location early next year in Tampa, Florida. Of Saltbox’s more than 500 members across its ten co- warehousing locations, more than 70 percent are ecommerce companies that sell physical goods directly to consumers. These SMBs span numerous industries including fashion and apparel, health and beauty, home goods, resale, and tech in the hardware and services sec- tors. Half of Saltbox member businesses are led by women or people of color. MAREJ is a 15-minute drive from the George Washington Bridge, with public transportation along Rte. 17 and Rte. 4. Resi- dents will also have an array of other retail and entertain- ment destinations nearby that include shopping, restaurants, and hotels. When complete in 2024, The Delford will feature one- and two-bedroom homes with high-end finishes, state-of-the- art appliances and a host of modern amenities that include an on-site concierge, loung- ing space, rooftop terrace, co–working offices, a fitness center, swimming pool with a lounging deck and BBQ grills, and covered parking in a two- story garage. The Delford is part of Vil- lage Center of Rochelle Park, a mixed-use development in- cluding 8,000 s/f of retail and a 100,000 s/f self-storage facility, which has since been sold to a self-storage operator. MAREJ

TLANTA, GA — Salt- box, Inc. , the flexible co-warehousing and small business logistics pio- neer, announced a $35 million Series B funding round. The investment was co-led by Atlanta-based and family- owned Cox Enterprises Inc; a leader in the broadband, automotive and media in- dustries, and Pendulum ; a strategic growth investing and advisory platform designed for founders and leaders of color and previous investor in Saltbox. This Series B round brings Saltbox’s total fund- ing to $56 million. The round also included investment from Playground Global, XYZ Capital, Fundrise, Kapor Capital, Wilshire Lane Capital, Colliers, Lincoln Property Company, Flex- port and Overline among others. Funding will support developing Saltbox’s core tech- nology stack powering its end- to-end logistics platform for small and growing ecommerce ROCHELLE PARK, NJ — Tulfra Real Estate has of- ficially broken ground on The Delford, a luxury six-story, 160- unit multifamily development on 120 West Passaic Street in Rochelle Park, New Jersey. JLL Capital Markets , ar- ranged the financing on behalf of Tulfra Real Estate, and was able to secure a $34.8 million construction loan from Provi- dent Bank to begin construc- tion on this luxury residential complex. Robert McKee , VP of commercial real estate, represented Provident Bank. Michael Klein and Jon Mikula , of JLL represented Tulfra on the transaction. “We are grateful to our fi - nancing team,” said Sonny Jumani , president and CEO of Tulfra. “Provident Bank has provided financing for many Tulfra projects over the past 20 years, and we value our relationship highly,” he added. The Delford has been touted

“At Cox, we put focus on supporting our communities and the organizations that help them thrive,” said Ev- elyn Bolden , senior director of Strategy and Investments for Cox Enterprises. “With its mission to power the next generation of entrepreneurs to launch, grow and scale, Saltbox is a great partner to help continue Cox’s mission to contribute to the economic well-being of an increased number of businesses and their employees. Saltbox is com- mitted to helping ecommerce owners get the most out of their business in a community- focused workspace.” “Tyler and the Saltbox team have tapped into a strategic and unique opportunity at the intersection of community and shared services in warehous- ing, inventory management and fulfillment. This is evident in the company’s growth, and its ongoing expansion across

Tulfra secures $34.8M construction loan with Provident Bank for 160-unit luxury apartment community in Rochelle Park

Shown from left: Seth Levy, Sordoni Construction; Michael Klein, Jon Mikula and Ryan Carroll, JLL; Robert McKee, Provident Bank; Sonny Jumani, Tulfra Real Estate; Bert Coelho, Mulhern + Kulp Structural Engineering; Salvatore Frassetto, Tulfra; Daniel Kee, Mulhern + Kulp; Debbie Gregg, Sills Cummis Gross; Adam Alexander, Bohler; Cecilia Lassiter, Sills Cummis Gross; Michael St. Pierre, SESI Consulting Engineers

utes from virtually every major highway: Rtes. 4, 17, 208, I-80, and the Garden State Pkwy. It

as one of the best and most desirable real estate develop- ment sites in Bergen County.

It is located directly adjacent to the Westfield Garden State Plaza shopping mall, and min-

8A —December 23, 2022 - January 19, 2023 — Financial Digest — M id A tlantic Real Estate Journal

www.marej.com

F inancial D igest

HITE PLAINS, NY — Robert Ranieri , senior vice presi- Robert Ranieri arranges $11 million refinance Northmarq completes $11M refinance of the Gilbert Manor W

Company adds Gregoriadis, Lavery & Mueller Redgate expands senior leadership team

LONGVIEW, TX — Greysteel , a national com- mercial real estate investment services firm, has arranged Joint Venture Equity for Stor 4 Now, a self-storage prop- erty in Longview. On behalf of Starr Equity , Greysteel was able to secure joint-venture fi - nancing from Sundance Bay , an institutional real estate investment firm. This transaction represents Starr’s second execution with Sundance, with their first be - ing a two-property self-storage portfolio in Texas acquired together in August. The rela- tionship will enable Starr, the general partner, to continue to expand its self-storage foot- print. Greysteel’s Landon Cib- ulka represented Starr Equity and led the transactions. The other party, Karr Cunningham Self Storage, was represented by Marcus & Millichap. Ter- rydale Capital sourced the debt for the project. dent/managing director of Northmarq’s White Plains- based regional office, arranged the $11 million refinance of the Gilbert Manor Apartments. The multifamily property is located at 269-297 Liberty St. and 258 Main St. in Little Fer- ry, NJ. The transaction was structured on a five-year term with two-years interest-only followed by a 30-year amor- tization schedule. Northmarq arranged the permanent-fixed loan for the borrower through a regional bank. Built in the early 1960’s, Gilbert Manor Apartments is a 108-unit garden apartment complex consisting of seven 2-story buildings on approxi- mately 3.39 acres. The prop- erty features spacious one- bedroom units with private entrances, new windows, hard- wood floors, upgraded kitchens and bathrooms, modern laun- dry facilities and ample off- street surface parking as well as easy access to a wide-range of nearby shopping, dining, and recreation options. Gilbert Manor Apartments is situated in the Hackensack/ Teaneck neighborhood, which boasts a rich culture with a history prior to the American

Laura Gregoriadis

Sharon Lavery

Brian Mueller

place excellence. She will also be responsible for expanding the company’s professional de- velopment and leadership offer- ings and advancing Redgate’s continued commitment to di- versity, equity, and inclusion. Lavery joins Redgate after serving as director of HR at Central Rock Gym and Creative Office Pavilion, where she was responsible for building and leading all HR functions. “The foundation of Redgate’s success has always been its people,” said Lavery. “My role at Redgate will meet this ex- citing moment of growth at the company and cultivate an excellent workplace culture that allows us to recruit and retain top talent and continue delivering excellent results for our clients and investors.” With the addition of Grego- riadis and Lavery, Redgate’s team is now 35% women, a reflection of the company’s commitment to surpassing industry standards and chal- lenging the dynamic of women in commercial real estate. Mueller joins Redgate as an experienced real estate asset management executive with a proven track record of success in maximizing investor re- turns and profit across all CRE verticals. As VP, Mueller will drive Redgate’s asset perfor- mance strategy and oversee the company’s diverse investment portfolio of ground-up develop- ments, value-add acquisitions and stabilized assets. Prior to joining Redgate, Mueller was an asset manager at The Baupost Group, one of the largest value- oriented investment manage- ment firms where he managed an extensive nationwide portfo- lio of multifamily, condo, land development, hospitality, and vertical construction projects. “The Redgate team is not afraid to challenge the status quo in a way that drives last- ing value for its real estate assets,” said Mueller. “I look forward to building on the company’s commitment to in- novation in a way that further maximizes the ROI of our portfolio.” MAREJ

MID-ATLANTIC — Redgate , a strategic real es- tate advisory and investment firm, announced the expansion of its senior leadership team with the hiring of Laura Gregoriadis , who will serve as the company’s first CFO, Sharon Lavery , Redgate’s first senior director of Human Resources And Culture, and Brian Mueller , who joins the company as VP of Asset Management. The strategic expansion of Redgate’s se- nior leadership team demon- strates Redgate’s ambitious growth vision as the company continues to expand rapidly throughout New England, the Mid-Atlantic and Raleigh- Durham markets. As CFO, Gregoriadis will lead Redgate’s financial man - agement capabilities. She will oversee all aspects of the com- pany’s financial operations and growth, including financing, accounting, treasury, tax, and compliance functions. Grego- riadis brings over 15 years of executive leadership experience in the financial real estate sec - tor, with particular expertise in profitability and growth strategies, financial forecast - ing and risk and compliance management. She joins Redgate after many years of leading the financial real estate practice at PKF O’Connor Davies LLP, where she most recently served as partner. “Redgate has a strong vision behind its growth strategy; it’s what made joining this team so attractive to me,” said Laura Gregoriadis. “Their proven- track record and the scale of success is exciting as I look forward to further expanding the Redgate platform.” As senior director of HR and Culture, Lavery will lead all hu- man resources programs, sys- tems, and policies at Redgate. Leveraging her expertise in people strategies, Lavery will implement the company’s stra- tegic growth priorities with a particular focus on recruit- ing, attracting, and retaining diverse talent and fostering a culture of inclusivity and work-

Gilbert Manor Apartments

Revolution. Within one mile, the apartment complex has 3 shopping centers, Liberty Plaza, Washington Square Mini Mall, and Little Ferry Plaza. In addition, Gilbert Manor has five parks within 11.8 miles, including Overpeck County Park, Teaneck Creek Conservancy, and Flat Rock Brook Nature Center. “This refinance of an exist - ing Freddie Mac Multifamily loan was possible with North- marq’s Defeasance Services handling the defeasance,” said Ranieri. “The borrower was looking for prepay flexibility as well as interest only and collateral release provisions.” Northmarq is a full-service capital markets resource for

commercial real estate inves- tors, offering seamless col- laboration with top experts in debt, equity, investment sales and loan servicing. We combine industry-leading capabilities with a flexible structure, en - abling our national team of experienced professionals to create innovative solutions for clients. Our solid foundation and entrepreneurial approach have built an annual transac- tion volume of more than $37 billion and a loan servicing portfolio of nearly $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq introduces clients to expanded opportunities across all major asset classes. MAREJ

Greysteel secures $2.7 MM LP Equity for a property self-storage in Longview, TX

Stor 4 Now

The Longview area is in high demand for storage space. The additional climate-controlled units that the sponsor builds will bring a much-needed product to the area as well as additional uncovered parking spaces. Further, the sponsor has hired Cubesmart to over- see property management, the company’s first branded

location in Longview. Starr Equity is led by Noah Starr , a real estate investor based in Austin. Recently, Marina Marti- nez joined as co-founder, and together, they are seek- ing to acquire an additional 750,000 s/f of projects in Texas and other Sunbelt states. MAREJ

M id A tlantic Real Estate Journal — Financial Digest — December 23, 2022 - January 19, 2023 — 9A F inancial D igest

www.marej.com

UFFALO, NY — M&T Bank (M&T) has ap- pointed Sam Bluso Industry veteran brings over two decades of experience to newly created Institutional Real Estate Group M&T Bank names Sam Bluso as head of Institutional Real Estate B

Commercial Real Estate Capi- tal Markets team led by Matt Orrino , managing director, within the investment bank. Orrino joined the bank earlier this year to expand its Institu- tional CRE Capital Markets solutions for new and existing customer bases. “M&T has a proven track re- cord of delivering exceptional service and innovative solu- tions to its clients, and I look forward to building on that reputation in this new role,” said Bluso. “Along with the tal- ented team of professionals in this new group, we’re working to deliver lending and capital

markets solutions that match our clients’ business objectives and priorities.” Bluso has been responsible for balance sheet and capital market origination throughout his 25-year career. Prior to join- ing M&T Bank, he served as the Head of People’s United Bank’s REIT Corporate Finance and Banking team, where he was responsible for growing the bank’s REIT capital markets and balance sheet business. Previously, Bluso served as a managing director in the Debt Capital Markets group at Citi- zens Bank, where he supported the Bank’s REIT team in its

capital market origination. “Sam is a well-respected leader in the industry with a wealth of experience in real estate capital markets,” said Jeff Tengel , head of com- mercial specialty banking at M&T Bank. “His appointment as head of our new Institu- tional Real Estate Group un- derscores our commitment to providing best-in-class service and innovative solutions to our clients.” Bluso earned his MBA with a finance concentration from the Kent State University Graduate School of Business and his bachelor’s degree in

economics from Kent State. He also holds Series 24, Series 63, and Series 79 licenses. About M&T M&T Bank Corporation is a financial holding company headquartered in Buffalo, New York. M&T’s principal banking subsidiary, M&T Bank, provides banking prod- ucts and services in 12 states across the northeastern U.S. from Maine to Virginia and Washington, D.C. Trust-re- lated services are provided in select markets in the U.S. and abroad by M&T’s Wilmington Trust-affiliated companies and by M&T Bank. MAREJ

to lead the bank’s new Institution- al Real Es- tate Group focused on expanding M&T’s cor- porate real estate busi- ness. As head

Sam Bluso

of Institutional Real Estate for M&T, Bluso will rely on his 25 years in the real estate capital markets and institutional business to deliver lending and capital markets solutions to Real Estate Investment Trust (REIT) and Investment Real Estate Fund clients. The new Institutional Real Estate Group will focus on managing corporate and insti- tutional real estate relation- ships and will complement M&T’s existing Institutional Cronheim secures $11.5M for grocery anchored retail property BELLEVILLE, NJ — Cron- heim Mortgage arranged $11.5 million in permanent financing for a 70,450 s/f gro - cery-anchored shopping center located in Belleville. Allison Villamagna and Andrew Stewart secured the 12-year financing which amortizes over 25 years. The loan was placed with Farm Bureau Life Insurance Co., whom Cronheim represents as correspondent and servicer. The subject property is an- chored by ShopRite who oc- cupies 61,000± s/f. The subject underwent extensive renova- tions to bring in ShopRite after Pathmark vacated the center in 2010. This location is operated by Nutley Park ShopRite, Inc., who also operates the ShopRite in Nutley. The property has excellent visibility, with 840 feet of front- age, and great accessibility, with three points of ingress and egress along the north side of Washington Ave. There is ample surface parking as well as an underground parking lot with capacity for over 140 vehicles. The underground lot is monitored by surveillance cameras and is serviced by a shopping cart elevator which provides direct access to the interior of ShopRite. MAREJ

Grow your business with M&T Commercial Real Estate

At M&T, we know that growing and maintaining strong relationships with our customers truly matters. Our commercial real estate experts work to understand your goals and provide customized solutions to meet each borrower’s unique needs. Our team is growing, and we are expanding our expertise within institutional real estate, so let us put our 165 years of experience to work for you. Local experience is important, and M&T Bank has a deep presence within the Mid-Atlantic .

Contact your local M&T banker to learn more.

10A —December 23, 2022 - January 19, 2023 — Financial Digest — M id A tlantic Real Estate Journal

www.marej.com

F inancial D igest

New multifamily projects are revitalizing the City of Richmond’s Scott’s Addition Capital Square’s second Opportunity Zone Fund completes stabilization & permanent financing R

the property achieved initial lease-up and stabilization, with occupancy exceeding 95%. With the project stabilized, Capital Square closed permanent fi- nancing with a long-term loan made by USAA Life Insurance Company. Finally, Capital Square has made a special distribution to investors as contemplated in the offering documents for the fund. “In less than two years, Capi- tal Square delivered its second opportunity zone development to the market, delivering much needed housing to the residents of Richmond,” said Whit Huff- man , co-chief executive officer.

“We identified the Scott’s Addi - tion neighborhood as an ideal location for the development of quality multifamily projects in 2019 and are thrilled to see the proof of concept provided by the success of our first two fully sta - bilized projects, with the third on track for initial monetization next spring.” VIV is the second of three Capital Square development projects that constitute Scott’s Collection, a group of boutique multifamily communities within Richmond’s thriving Scott’s Addition neighbor- hood. “INK,” the first of these projects, opened to residents in January of 2022 and achieved 100% occupancy shortly there- after. INK and VIV are com- manding some of the highest rents in the neighborhood. The offering documents for CSRA Opportunity Zone Fund II, LLC contemplated a special distribution to investors upon stabilization and permanently financing the property. Capital Square is pleased to report that the special distribution was made in October, well in advance of the 2026 due date for investors’ taxes. “Despite construction cost volatility and procurement challenges from the pandemic, Capital Square has now de- livered two exceptional mul- tifamily projects in just three years,” said Louis Rogers , founder and co-chief execu- tive officer. “This is a superb result for the firm’s opportu - nity zone investors. Also, the new multifamily projects are helping to relieve the shortage of quality housing along with revitalizing the historic Scott’s Addition neighborhood.” In addition to VIV and INK, Capital Square currently has three other multifamily devel- opments in various stages of development in the Scott’s Ad- dition opportunity zone that will deliver more than 770 luxury apartment homes in the coming years. These projects include GEM, the remaining Scott’s Collection multifamily project, which is currently pre-leasing and opening to residents later this year. Also included is The Otis, a 350-unit joint develop- ment with Greystar , that is expected to complete its first phase of construction during the fourth quarter of 2022, and 2950 W. Marshall Street, a mixed-use development that will deliver an additional 350 class A apart- ment homes in 2025. MAREJ

ICHMOND, VA — Capital Square , one of the nation’s leading sponsors of tax-advantaged real estate investments and a developer of mixed-use multi- family communities, announced that they have completed ini- tial lease-up and stabilization, closed permanent financing, and made a special distribution to investors in CSRA Opportunity Zone Fund II, LLC, a 58-unit mixed-use multifamily property in Richmond’s Scott’s Addition qualified opportunity zone. Located at 2900 West Clay St., “VIV” is a five-story class A apartment community that in-

900 West Clay St. (VIV)

cludes 1,960 s/f of ground-level retail space. Construction on the highly anticipated property

began in January 2021 and was completed in June 2022. Within three months of completion,

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