7-24-20

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ISSUE HIGHLIGHTS Volume 32, Issue 13 July 24 - August 13, 2020 NEW JERSEY/ PENNSYLVANIA 9-14A FINANCIAL DIGEST FEATURING TAX ISSUES/ ACCOUNTING

HILADELPHIA — Berkadia announced financing for Morgan P 4,670 unit portfolio includes properties located in DE, NJ, PA and MD Piper&Falese of Berkadia secure $661M in financing for Morgan 22 Portfolio Freddie Mac is comprised of 22 individual 10-year fixed- rate loans sized to a max of an secure the debt terms prior to the market volatility and Freddie Mac once again did Properties is a national real estate investment and man - agement company head -

22 Portfolio, a 22-proper - ty portfolio comprised of 4,670 total units. The port - f o l i o i n - cludes prop - erties locat -

80 percent loan-to-val - ue ratio. The p r o c e e d s were used to pay off ex - isting debt, which was provided by Freddie Mac

“We are thrilled with the execution of this refinance,” said Piper. “We were able to secure the debt terms prior to the market volatility and Freddie Mac once again did an outstanding job to ensure the transaction closed in a timely manner.” - TJ Piper

TJ Piper

Robert Falese

quartered in King of Prus - sia, Pennsylvania. Morgan Properties and its affiliates, currently own and man - age a multifamily portfolio comprised of 300 apartment communities and over 75,000 units located in 15 states throughout the country, pri - marily in the Mid-Atlantic andNortheast Region. MAREJ can expand to 2.8 million s/f. The development parcel offers class A infrastructure with fully stubbed utilities allowing for a compressed development timeline. “This campus presents an opportunity to capitalize on the growing demand for phar - maceutical-grade lab space both locally and nationally,” said Ira Weidhorn , co-head of H.I.G. Realty Partners. “We look forward to building around the strong in-place anchor tenancy of PTC and leveraging H.I.G.’s real estate expertise and bio-health expe - rience to enhance the execu - tion of the value-add business plan.” The Princeton West Inno - vation Campus features nine principal buildings consisting of state-of-the-art clinical manufacturing, plug-and-play biological laboratories and of - fice space, plus freestanding R&D support space, storage facilities and a global data and command center. It is supported by a central utility complex (CUC), which provides wastewater man - agement, generator-backed electricity, chilled water and steam. MAREJ

an outstanding job to ensure the transaction closed in a timely manner. Morgan Properties is a best-in-class operator and we are proud to continue providing them the exceptional service they are accustomed to from Berka - dia.” Established in 1985 by Mitchell Morgan, Morgan

ed in Delaware, New Jersey, Pennsylvania, andMaryland. TJ Piper and Robert Fa- lese of Berkadia’s Philadel - phia office secured the $661 million in financing for the portfolio on behalf of the bor - rower, Pennsylvania-based Morgan Properties . The financing provided by

and originated by Berkadia in 2013. The pool qualifies as workforce housing as 87 percent of the units are af - fordable for renters making 100 percent of area median income. “We are thrilled with the execution of this refinance,” said Piper. “We were able to

Section B

UPCOMING CONFERENCES September 2, 2020 6 th Annual NJ CRE Leadership Honoring Women in Real Estate September 9, 2020 5 th Annual PA Healthcare & Medical Conference October 1, 2020 6 th Annual NJ Industrial Development Conference For speaking and sponsorship info., please contact: Lea at 781-740-2900 or lea@marejournal.com

Lincoln Equities Group & H.I.G. Realty Partners purchase 1.2M s/f Bristol-Myers Squibb Campus

HOPEWELL, NJ — Lin- coln Equities Group (LEG) , a full-service real estate firm, and H.I.G. Realty Partners , announced the acquisition of a 1.2 million s/f life sciences campus formerly owned by global biopharmaceutical com - pany Bristol Myers Squibb. Brokerage firm JLL is market - ing the 433-acre “Princeton West Innovation Campus,” located just seven miles from Princeton, to life sciences companies. The secure, mul - tipurpose research and devel - opment (R&D) and biologic/

© Bristol Myers Squibb

Directory ROP (Front Section) .................................... Section A Contributing Columnist ...Robin Zellers, CRE, NAI CIR Top Ten Issues Affecting Real Estate . .................... 2A Financial Digest................................................9-14A Retail Development Reimagined. ...................15-17A Business Card Directory & Billboard Directory... IBCA New Jersey.......................................................1-16B Pennsylvania..................................................17BC B Owners, Developers & Managers............... Section C www.marej.com

BMS campus

pharmaceutical manufactur - ing campus includes build- to-suit opportunities and is highly divisible into footprints of all sizes. “Given the current pub - lic health crisis, we antici - pate pharmaceutical and life sciences manufacturers to consider ‘reshoring’ and ex - panding operations in the U.S.,” said Joel Bergstein , president of LEG. “This spa - cious, modern BMS campus – located in the center of ‘Ein - stein’s Alley’ in Central New Jersey – is a prime location for continued innovation and

expansion.” The BMS campus is located along the Boston – Wash - ington, DC life sciences cor - ridor in central New Jersey’s research technology region – home to emerging and es - tablished Fortune 500 life sciences companies. Current tenants include PTC Thera - peutics Inc., which occupies over 200,000 s/f, including a biologics production facility and R&D buildings. The site is also zoned for commercial manufacturing and features 35 acres of additional development opportunity; it

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