November issue of The Mid Atlantic Real Estate Journal. It highlights commercial real estate news, industry trends, and updates, featuring articles, market insights, and profiles from professionals across the Mid-Atlantic region. No download, no waiting. Open and start reading right away!
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ISSUE HIGHLIGHTS Volume 36, Issue 11 November 2024 LENDER’S DIRECTORY SPOTLIGHTS
ILLIAMSTOWN, NJ — The Kislak Company, Inc. W Pucci & Waisbrod arrange off-market sale of 190 Apartments & 5 Retail spaces Kislak inks $31M sale of Williamstown & Woodcliff Lake, NJ multifamily properties procured the purchaser, Wood- cliff & Laurelton Partners, LLC. Pucci said, “This was an
extraordi- nary deal in that we had a short window in which to transact. Both parties and their attor- neys worked quickly and
announced the recent off-market sale of Lau- relton Village Apartments and Woodcliff Lake Com- mons Apart- ments for $31
3-11
CENTRAL NJ
Jason Pucci
Barry Waisbrod
15-17
well together to draft, negotiate and sign two contracts while simultaneously completing two detailed property tours in only three days, which allowed us to close two months later. The timing also enabled the seller to use one of the prop- erties as part of an I.R.C. Section 1031 exchange.” The sellers’ attorney was Allen Popowitz of Brach Eichler L.L.C. and the pur- chaser’s attorneys were Dan- iel Cohen and Issac Graaf of Jeffrey Zwick & Associates, P.C. Financing was arranged by I S Realty L.L.C. and pro- vided by Trevian Capital. Kislak previously sold Lau -
million. Laurelton Village is a 176-unit property at 601 North Black Horse Pike in Wil- liamstown, Gloucester County. Woodcliff Lake Commons is a 14-unit property with five re - tail spaces at 62 Broadway in Woodcliff Lake, Bergen County. Kislak arranged the off- market sale with CEO Jason Pucci representing the sell- ers, Laurelton Village Realty, LP and WCL Broadway Realty Associates, LLC, affiliates of longtime client The Kamson Corporation , which is one of the largest private owners of multifamily properties in the Northeast. Executive vice president Barry Waisbrod
LEADERSHIP SPOTLIGHT
Laurelton Village Apartments
Shannon Kaplan Senior Vice President AKF, Member of WSP
Woodcliff Lake Commons
relton Village to the seller in 2003 and its successful rela- tionship with Kamson has en- dured for more than 40 years.
These sales marked the 76th and 77th sales that Kislak has handled for Kamson during that time. MAREJ
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UPCOMING CONFERENCES New Jersey Retail Real Estate & Development Conference November 21, 2024
G.S. Wilcox & Co. secures $31.65M in financing for prime retail and medical office properties
NEW JERSEY — G.S. Wilcox & Co. announced the successful arrangement of $26.25 million in financing for a 48,268 s/f retail/medi- cal office property located in Hoboken, and $5.4 million in refinancing for a 28,645 s/f grocery property in Madison.
NJ, and it was a pleasure be- ing able to assist them in refi - nancing this great property.” The Madison property is fully leased to a national specialty grocer. This grocer has served Madison and sur - rounding communities for over 20 years. Located off a high-traffic road, the property benefits from excellent visibil - ity and accessibility, making it a prime destination for local shoppers and passersby alike. Bridget Wilcox, who sourced the loan for the Madison prop- erty, said: “We are thrilled to offer long-term financing to our repeat client for a promi- nent asset in Madison. We have a long-standing relation - ship with both the lender and borrower, and the lender was able to win the deal by provid - ing best-in-market pricing for a 15-year deal.” MAREJ
For speaking & sponsorship info., please contact: Lea at 781-740-2900 or lea@marejournal.com
David Fryer
Bridget Wilcox
Al Raymond
Directory
clients of G.S. Wilcox & Co. The Hoboken property is fully occupied by two credit- rated tenants: a pharmacy, a bank branch, and a primary care center. David Fryer, who originated the Hoboken loan, stated: “One of the managing mem- bers of the borrower has been a client for over two decades, and I have always been en - amored by this property they have owned. It has to be some of the most valuable dirt in
The Hoboken property’s fi - nancing was arranged with a 7-year term and full-term in- terest-only payments, while the Madison property’s refinance was secured with a 15-year term and a 30-year amortiza- tion. Principal David Fryer originated the Hoboken trans- action, while partner Bridget Wilcox and principal Al Ray- mond handled the Madison refinance. The financings were provided by correspondent life insurance companies to repeat
Lender’s Directory.....................................................3-11 Southern NJ Chapter Appraisal Institute .................. 10-11 New Jersey..............................................................13-21 Pennsylvania........................................................... 22-26 Owners, Developers & Managers............................26-37 CIRC Organization . ....................................................... 38 Retail Development................................................39-41 People on the Move.....................................................42 Business Card Directory...............................................43 CRE Organization’s Events Calendar .............................. 44 www.marej.com
Inside Cover — November 2024 — M id A tlantic Real Estate Journal
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*Potential returns and appreciation are never guaranteed and loss of principal is possible. Please speak with your CPA and attorney for tax and legal advice.*The There is a risk Investors may not receive distributions, along with a risk of loss of principal invested. This material does not constitute an offer to sell nor a solicitation of an offer to buy any security. Such offers can be made only by the confidential Private Placement Memorandum (the “Memorandum”). Please read the entire Memorandum paying special attention to the risk section prior investing. IRC Section 1031, IRC Section 1033 and IRC Section 721 are complex tax codes therefore you should consult your tax or legal professional for details regarding your situation. This material is not to be construed as tax or legal advice. There are material risks associated with investing in real estate securities including illiquidity, vacancies, general market conditions and competition, lack of operating history, interest rate risks, general risks of owning/operating commercial and multifamily properties, financing risks, potential adverse tax consequences, general economic risks, development risks and long hold periods. There is a risk of loss of the entire investment principal. Past performance is not a guarantee of future results. Potential cash flow, potential returns and potential appreciation are not guaranteed. Securities offered through FNEX Capital, member FINRA SIPC.
M id A tlantic Real Estate Journal — November 2024 — 1
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2 — November 2024 — 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 Columnists ................................................ The Architectural Glass and Metal Certification Council; Matthew Harding, Levin Management Corporation 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. 36, Issue 11 Subscription rates: 1 year $99.00, 2 years $148.50, 3 years $247.50 & $4.00 single issue - plus postage REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion Phone: 781-740-2900 www.marej.com
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AGMCC Explores Collaboration Opportunities with the NGA
All about the MAREJ
ACKETS HARBOR, NY — The Architec- tural Glass and Met- al Certification Council (AGMCC) which sponsors and coordinates the North American Contractor Certification (NACC) and Architectural Glass and Metal Technician (AGMT) programs, North America’s only third-party credentials for glazing con- tractors and glaziers, has en- tered into exploratory talks to identify collaboration opportunities with the Na- tional Glass Association (NGA) , provider of glass industry resources such as MyGlassClass.com, techni- cal manuals, and industry events. The move comes after AGMT successfully hosted its first testing event on the exhibit floor during NGA’s GlassBuild America 2024 trade show. S
DAILY BLOG Additional Visibility Updated daily; our commercial real estate blog will give increased visibility to all articles & advertisers in our issues. CONFERENCES Promote your business with sponsorships, plaques, booths and speaking opportunities at MAREJ sponsored conferences. Another Way to Promote
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“We appreciate the oppor- tunity NGA provided to host our first live AGMT testing event during GlassBuild America, giving attendees a look at the rigor and sophis- tication of AGMT certifica - tion,” said AGMT program manager Scott Kennett . “As both AGMT and NACC programs grow in recogni- tion and participation, we are enthusiastic about rela- tionships with leading glaz- ing industry organizations such as NGA.” “Witnessing the AGMT test in person and hearing from AGMCC board and commit- tee members during their annual meeting after NGA’s GlassBuild America under-
scored the value of further collaboration,” said NGA VP of Workforce Development Jenni Chase. “Our member community is 1,800+ compa- nies strong, and we take pride in being a resource to our members to help them grow successful businesses. Certi- fication can be an important part of that success.” About AGMCC The Architectural Glass and Metal Certification Coun - cil is a 501(c)3 not-for-profit, public benefit organization formed with the intent of harmonizing stakeholders in- volved in two glazing industry initiatives offering certifica - tion to both contractors and technicians. MAREJ
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Contact: NEIL A. STEIN • nstein@kaplaw.com 910 Harvest Drive, Blue Bell, PA 19422-0765 • 610-941-2469 • kaplaw.com Other Offices: • Cherry Hill, NJ 856-675-1550 • Philadelphia, PA 215-567-3120 Kaplin Stewart Attorneys at Law
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M id A tlantic Real Estate Journal — Lenders Directory — November 2024 — 3
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L enders D irectory
Don’t put OFF getting a loan before December 31st .
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Call 1-800-342-8500 or visit KennedyFunding.com
land, development and acquisitions, bankruptcies, discounted payoffs, note purchases, workouts and foreclosures
4 — November 2024 — Lenders Directory — M id A tlantic Real Estate Journal
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L enders D irectory BUILDING THE FUTURE TOGETHER
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M id A tlantic Real Estate Journal — Lenders Directory — November 2024 — 5
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L enders D irectory Interview with James Meicke, Vice President/Client Manager Spencer Savings Bank delivers tailored construction financing solutions rea of Interest: Construction Fi- nancing.
A
James Meicke Vice President/ Client Manager Spencer Savings Bank
Who is your target market? Northern New Jersey Real Estate Developers specializ- ing in Multi-Family, Mixed- Use and For-Sale Town- homes projects. What is your most note- worthy transaction or project this year? 1. Construction to Perm Loan for $25,000,000 Bel- leville, NJ to construct Multi- Family Apartment Building. 2. Construction Loan for $14,781,500 Paramus, NJ to construct For-Sale Multi- Family Townhome Complex. 3. Construction to Perm Loan for $5,660,000 Passaic, NJ to construct Mixed-Use Building Apartment/Retail NEW YORK, NY — Equi- tyMultiple , an investment platform that connects indi- vidual accredited investors with institutional-quality real estate opportunities, shares insights on the multifamily sec- tor. Amid rising interest rates and a recalibration of property values and housing remaining at historic highs, the asset class presents a strategically attractive opportunity. Resilience and Opportunity in Multifamily Real Estate Multifamily properties, or rental residential opportuni- ties, present a compelling investment in a moment when markets are in flux. Following a period marked by new sup- ply and economic uncertainty, multifamily fundamentals are stabilizing and prices are being rationalized. Equity- Multiple’s proprietary mar- ket research anticipates rent growth, albeit at more normal- ized rates, as supply pressures ease and household formation, bolstered by a strong labor market, supports demand. “While some metropolitan areas may experience further adjustments, constrained markets are expected to outperform due to pent-up demand and lack of hous- ing options,” said Marious Sjulsen , chief investment officer at EquityMultiple. “Our extensive market reach allows us to identify these high-potential areas and offer well-vetted opportunities to our investors.”
Headquarters: Elmwood Park, NJ # of Commercial RE specialist: 25 Years with company/firm: 5 Years in field: 30+
Lack of housing affordability and the densely populated Northern NJ market trans- late to strong demand for new units, both for-sale townhomes and brand new construction rental apartment units. Spen- cer Savings Bank lends on local ground-up construction projects as small as 10 units fer a potential ‘buy the dip’ scenario. However, timing and selectivity are key. We advocate for a blend of equity and private credit positions to maximize portfolio resil- ience,” adds Sjulsen. EquityMultiple’s cur- rent offerings include two multifamily deals in New York City: an LP equity in- vestment opportunity in a Mixed-Use Portfolio in Up- per Manhattan, including 59 multifamily units and 9,200 s/f of retail; and an Inven- tory Senior Loan for condo development on East 22nd St., which offers EquityMul- tiple’s investors a 12% net, fixed annual rate of return. EquityMultiple’s Ascent In- come Fund brings investors a diversified real estate private credit investment vehicle, targeting compelling annual yield, with a high degree of focus on multifamily assets. About EquityMultiple EquityMultiple is a lead- ing real estate investment management firm, leveraging technology to democratize access to institutional-grade commercial real estate invest- ments. Through its extensive network, proprietary insights, and strategic collaborations, the platform connects inves- tors to diverse opportunities across top-performing U.S. markets. Since its inception, EquityMultiple has paid over $475M in distributions to thousands of self-directed investors nationwide. MAREJ
and larger than 100 units. What separates you from the competition? Local decision making and timely execution of approvals. Name some of your most unique qualities/reasons why someone should do business with your financial institution?
Construction is difficult! Working with Spencer Sav- ings Bank, developers re- ceive the attention to detail required. Spencer seeks to provide construction loans as construction-to-perm loans, providing the Devel- oper peace of mind that the takeout is in place. MAREJ
Where do you think your largest growth area is and why?
EquityMultiple’s optimistic outlook on multifamily sector Navigating the Post-Election Policy Environment
S3 announces $48M construction loan for luxury condo development
As the US adjusts to the outcomes of recent elections, multifamily investments are poised to be influenced by a new wave of policy decisions. Proposals around housing initiatives, tax reform, and fiscal stimulus could shape the sector’s trajectory. While EquityMultiple refrains from speculating on specific poli - cies, it acknowledges the potential for significant im - pacts on investor strategy and market liquidity. “Policy shifts could either strengthen multifamily de- mand through housing incen- tives or introduce regulatory complexities that investors must navigate. Our invest- ment team is prepared for both outcomes, ensuring that our platform and deal flow remain agile and responsive,” said Charles Clinton , CEO and co-founder of EquityMultiple. Positioning for Growth EquityMultiple’s approach, built on rigorous data analy- sis and strategic partner- ships, such as with Marcus & Millichap, positions it to harness diverse multifamily opportunities irrespective of the policy and economic land- scape. The firm continues to source deals that align with its dual focus on risk-adjusted returns and diversification. “With significant CRE loan maturities and market recalibrations underway, multifamily investments of-
1214 Ocean Parkway
BROOKLYN, NY — S3 announced the origination of a $48 million construction loan for the development of a luxury 27-unit residential condominium building at 1214 Ocean Parkway in the thriving Midwood neighbor- hood of Brooklyn. This new project is set to offer high- end living with a full suite of amenities and private out- door spaces for the majority of units, catering to the de- mands of modern city living. The Midwood neighborhood, home to over 50,000 residents, is known for its wealth, stabil- ity, and suburban feel within the heart of Brooklyn. With a blend of historic charm and convenient access to Manhat- tan, it has become an attrac- tive destination for families and professionals alike. The project is spearheaded by Lay Assets , a develop-
ment and construction firm with deep experience in the Brooklyn market. As of mid-September, the sponsorship has made sig- nificant progress in the de- velopment, having already acquired the land, completed the pre-development pro- cess, and constructed most of the superstructure. With its prime location in Midwood, the project is set to deliver a collection of highly amenitized luxury residences, offering a desirable lifestyle for Brook- lyn’s growing population. “We are thrilled to finance our second condo project in this area. Building off the suc- cess of our first luxury resi - dential loan in Midwood, Opal Residences, we are delighted to expand our footprint in this vibrant neighborhood,” said Shawn Safdie , head of originations at S3. MAREJ
6 — November 2024 — Lenders Directory — M id A tlantic Real Estate Journal
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L enders D irectory
Newmark facilitates $59M sale & financing
Interview with CRO and Partner at Alpha Funding Matthew Weber boosts growth with smart lending solutions
rea of Interest: Fix & Flip, New Con- struction, and Rental DSCR. Who is your target market? Real estate investors that like to perform short term value-add improvements to distressed housing stock on residential 1-4 unit assets. What is your most note- worthy transaction or project this year? Our most noteworthy trans- action/loan that we funded this year was a 1M+ purchase and construction loan in Ha- waii. We have never funded a project in the state of Hawaii and 5000 miles away we are helping an investor achieve their goals. Where do you think your largest growth area is and why? Our largest growth area is new construction and heavy rehab being performed in sub- urban markets across the NY/ NJ/PA Metropolitan region. Our very strong program for New Construction and Fix & Flip and focus on these types of projects has proven to help us distinguish ourselves as a A
Matthew Weber Chief Revenue Officer, and Partner Alpha Funding Headquarters: Red Bank, NJ # of CRE specialist: 10 Years with company/firm: 8 years Years in field: 8 Years
6250 Baltimore Ave.
fers a stabilized, cash-flowing, multi-tenant asset, a strategic advantage for investors given its proximity to the infrastruc- ture and population bases of Philadelphia and Southern New Jersey. According to Newmark re- search, the industrial vacancy rate in Delaware County is just 5.6%, well below the Greater Philadelphia vacancy of 7.6%. In addition to its desirable location, the property boasts a high-quality tenant roster including SEPTA, Peak Sup- ply Solutions and Beacon Roofing Supply, and structural features such as 24-foot clear ceiling height, more than 80 loading docks, and truck court depth of 125 feet with secure outdoor storage space and trailer parking. Newmark executive manag- ing director Jim Badolato and associate Adam Rud- man , of the firm’s Philadel - phia-based Debt & Structured Finance group, secured acqui- sition financing on behalf of the buyer. Newmark Analyst John Cook provided support on the transaction. MAREJ
PHILADELPHIA, PA — Newmark has completed the $59 million sale and financ - ing of 6250 Baltimore Ave., a 450,000 s/f industrial building located in Philadelphia. The 96% occupied asset traded from the seller, an affiliate of Velocity Venture Partners , to an undisclosed buyer. New- mark was the sole broker on the transaction, with manag- ing director Ryan Guittare leading the team’s efforts. “This transaction shows the demand for well-positioned in- dustrial facilities with access to key transportation routes and proximity to major residential and commercial centers within the Greater Philadelphia mar- ketplace,” said Guittare. “The property’s recent renovation and 96% occupancy underscore its appeal and stable income stream. We congratulate all parties on this transaction.” 6250 Baltimore Ave. is a small-bay in-fill industrial property in Delaware County, an in-demand submarket of Philadelphia with a high bar- rier to entry due to its low vacancy rates. The property of-
unique qualities/reasons why someone should do business with your financial institution? We are a team that has been privately lending to real estate investors new and experienced for over 20 years. We interview and approve each borrower and group that we work with a hands-on, go-giver approach with all of our relationships. We have had great success with our POF generator that all ap- proved borrowers can leverage 24/7 in our portal when making offers. We also have a down- payment assistance program called MBAlpha for gap funds that provide investors the ad- ditional capital needed to get into a new project. MAREJ
reliable and proven lender to handle these advanced level projects that yield strong re- turns for our borrowers. What separates you from the competition? Our proven team and con- sistency over 20 years in pri- vate lending. We are a family office that provides exception - al care and customer service to our strong repeat borrower base and new borrowers. Our high touch, customer service first focus has helped us sus - tain through multiple up and down markets. Name some of your most
Marcus & Millichap Capital Corporation arranges $8M financing for Union County, NJ fitness center
LINDEN, NJ — Marcus & Millichap Capital Corpo- ration (MMCC) , a leading
provider of commercial real estate capital mar- kets financ- ing solutions, a r r ang e d $7.95 million in financ- ing for the acquisition of a single tenant asset tenanted by LA Fitness in Linden, New Jersey. C h r i s Marks and Steve Filip-
Cronheim arranges life-co financing for Hoboken, NJ retail property
Chris Marks
LA Fitness
and a loan-to-value of 56%. Located at 950 West Edgar Rd., the property spans 41,000 square feet and was construct- ed in 2023. It is located in a highly trafficked shopping area, adjacent to several major retail stores and restaurants. In other news, Marcus & Millichap Capital Corpora- tion arranged $3.47 million in financing for the acquisition of a single tenant asset occupied by Chesterbrook Academy Pre- school at 130 Borton Landing Rd. in Moorestown. Josh Sciotto , senior direc-
tor in MMCC’s Phoenix office, secured the financing with a local credit union on behalf of a private investor based in New Jersey. Terms of the 10-year loan in- clude a 6.2% fixed interest rate with 30-years amortization and a loan-to-value of 64%. The property is located in the Philadelphia MSA. Chester- brook Academy is one of several private school institutions oper- ated under Spring Education Group, a multi-brand education network spanning infant care through high school. MAREJ
Two-tenant retail property in Hoboken, NJ
HOBOKEN, NJ — Bran- don Szwalbenest, Dev Mor- ris, and Andrew Stewart of Cronheim Mortgage secured financing for a two-tenant retail property in Hoboken on behalf of a NJ-based real estate developer with a siz- able portfolio of multifamily and retail assets throughout Northern NJ. Financing was secured from an Oregon-based life insurance company which
Cronheim Mortgage represents as a correspondent and ser- vicer. The financing featured a 25-year term with periodic interest rate adjustments, a 25-year amortization schedule, and a significant return of cash equity to the sponsor. Originally constructed in 1935, 40 Hudson Place now serves as the home of two tenants: Dunkin Donuts and Pump Pilates. MAREJ
Steve Filippo
po , based out of MMCC’s Man- hattan office, secured the fi- nancing with a national bank on behalf of a private client. “We were able to secure com- petitive terms in addition to meeting our client’s 1031 dead- line,” said Marks. Terms of the 5-year non- recourse loan include full-term interest-only at a rate of 7.73%
M id A tlantic Real Estate Journal — Lenders Directory — November 2024 — 7
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L enders D irectory
Blue Foundry Bank Corporate Headquarters 25 Orient Way • Rutherford, NJ 07070 P: 888-931-BLUE x 3246
— CALIFORNIA— D
Money360 999 Corporate Dr. • Ste 110 Ladera Ranch, CA 92694 www.money360.com
info@bluefoundrybank.com www.bluefoundrybank.com
Northmarq 2230 West Joppa Rd. • Ste 200 Lutherville, MD 21093 P: 410-296-6565 jtburke@northmarq.com www.northmarq.com Mortgage Lenders: Joseph T. Burke • William Libercci• Brett Bowman
Carl Berger Associates 17 Furler St • Totowa, NJ 07512 P: 973-256-5330 • F: 973-256-7424 www.carlberger.com
Sabal Capital Partners, LLC 4 Park Plaza • Ste 2000
Irvine, CA 62614 P: 619-888-1975 lending@sabal.com www.sabal.com
Case Real Estate Capital, LLC 336 W. Passaic St • 3rd Fl Rochelle Park, NJ 07662 P: 201-845-4244 cmavros@caserealestatecapital.com www.caserealestatecapital.com
— MASSACHUSETTS —
Thorofare Capital 633 West Fifth St • Ste 2200 Los Angeles, CA 90071 P: 213-873-4000 www.thorofarecapital.com
The Henley Group, Inc 8A Pleasant St. • South Natick, MA 01760 P: 508-318-6520 www.thehenleygroup.com
— DELAWARE —
— MICHIGAN —
Applied Bank 2200 Concord Pike • Ste 102 Wilmington, DE 19803 P: 302-326-4200 www.appliedbank.com
C.H. Kauffman & Associates, Inc. 130 Monmouth St Red Bank, NJ 07701 P: 732-212-0333 www.chkauffman.com
Bloomfield Capital 700 Forest Avenue • Birmingham, MI 48009 P: 248-745-1700 www.bloomfieldcapital.com
Ross Capital Partners 724 Yorklyn Rd • Hockessin, DE 19707 P: 302-300-4218 www.rosscapitalpartners.com
— NEW JERSEY —
ARD Appraisal 36 Brant Ave • Clark, NJ 07066 P: 732-396-1965 • F: 732-396-1987 www.ardappraisal.com Barings Multifamily Capital LLC 101 Grovers Mill Rd • Ste 120 Lawrenceville, NJ 08648 P: 609-917-3353
Columbia Bank 19-01 Route 208 North Fair Lawn, NJ 07410 P: 201-599-7067
— MARYLAND —
Frank A Canova - Vice President CRE FCanova@columbiabankonline.com www.columbiabankonline.com
BlueWater Financial Partners 350 Fortune Terrace • 2nd Fl Rockville, MD 20854
P: 301-656-6566 F: 240-206-3228
info@bwfpartners.com www.bwfpartners.com
Eastern Union Funding 7910 Woodmont Ave • Ste 870 Bethesda, MD 20814 P: 202-629-9140 www.easternunion.com FCP 4445 Willard Ave • Ste 900 Chevy Chase, MD 20815 P: 240-395-2000 www.fcpdc.com M&T Realty Capital Corporation One Light St • 12th Fl Baltimore, MD 21202 P: 800-737-2344 realtycapital@mtb.com www.mtrcc.com
Commercial Mortgage Depot 1000 Clifton Ave • Ste 104 • Clifton, NJ 07013 P: 973-742-1111 • C: 201-259-7170
Berkadia 17 HQPL West Tower • Morristown, NJ 07960
F: 973-742-8899 Enrique Gomez gomez@cmdnj.com
Josh Lipsey, Senior Director josh.lipsey@berkadia.com P:646-600-7802
Charles Rigoglioso, Senior Director charles.rigoglioso@berkadia.com P:646-600-7820 Robert Lipson, Managing Director robert.lipson@berkadia.com P:646-432-7461
Cronheim Mortgage 205 Main St Chatham, NJ 07928 P: 973-635-6800
info@cronheimmortgage.com www.cronheimmortgage.com
8 — November 2024 — Lenders Directory — M id A tlantic Real Estate Journal
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L enders D irectory
C.W. Unger, Consultant, LLC 498 Atsion Rd • Shamong, NJ 08088 (609-820-4253) Christopher W. Unger C.W.Unger.Consultant.LLC@gmail.com
Navesink River Capital, LLC 83 South St. • Ste 302 • Freehold, NJ 07728 P: 855-778-1000
Regal Bank We specialize in: Multi-Family 570 West Mt. Pleasant Ave Livingston, NJ 07039 (HQ) P: 973-716-0600 regalbanknj.com Silver Arch Capital Partners 411 Hackensack Ave Hackensack, NJ 07601 www.silverarchcp.com
info@navesinkrivercapital.com www.navesinkrivercapital.com
Emigrant Mortgage, 350 West Passaic St Rochelle Park, NJ 07662 C: 732-425-0962
Northmarq 211 Blvd. of the Americas • Ste 207 Lakewood, NJ 08701 P: 973-995-9290 dsinger@northmarq.com www.northmarq.com Mortgage Lender: David Singer
First Bank 1395 Yardville-Hamilton Square Rd Hamilton, NJ 08691 P: (609) 643-0050
Spencer Savings Bank 611 River Dr • Elmwood Park, NJ 07407 P: 1-800-363-8115 James Meicke Vice President/Client Manager of Commercial Real Estate jmeicke@spencersavings.com P: 201-703-3800 Ext. 8318 spencersavings.com
Northmarq 48 Maple Avenue • Ste 50-1W Morristown, NJ 07960 P: 973-538-2330 gcohen@northmarq.com www.northmarq.com Mortgage Lender: Gary Cohen
Kennedy Funding Lenders: Kennedy Funding is a real estate secured direct private lender, specializing in nationwide, fast, creative, short-term bridge loans ranging in size from 1 million to more than 50 million. Land, Development, Acquisitions, Bankruptcies, Discounted Payoffs, Note Purchases, Workouts and Foreclosures. 267 South Dean Street Englewood Cliffs, NJ 07631 P: 1-800-342-8500 Edwin Urrego, Executive Loan Officer Loan commitments in 24hrs. Close in as little as five days.
Stratton Equities 28 Bloomfield Ave • Ste 302 Pinebrook, NJ 07058 P: 1-800-962-6613 info@strattonequities.co www.strattonequities.com
NVE Bank 76 Engle St • Englewood, NJ 07631 P: 201-816-2800 X 1249 Rene H. Miranda, Senior Vice President Commercial Lending RMiranda@NVEBank.com • www.nve.bank
TD Bank 277 Franklin Ave Nutley, NJ 07110 P: 973-284-1777
info@kennedyfunding.com www.kennedyfunding.com
Palisades Financial, LLC E. Palisade Ave • Englewood Cliffs, NJ 07632 P: 201-894-5000 • F: 201-894-8833 www.palfi.net
TD Bank 1060 Stelton Rd Piscataway, NJ 08854 P: 732-529-3560 • F: 732-529-3510
Kearny Bank 120 Passaic Ave, Fairfield, NJ 07004 P: 800-273-3406 kearnybank.com
Procida Funding & Advisors 570 Sylvan Ave Englewood Cliffs, NJ 07632 P: 201-871-117 www.procida.com Provident Bank 1220 Green St. • Iselin, NJ 08830 P: 732-283-0700 • 800-448-7768 www.ProvidentNJ.com Ready Capital 200 Connell Dr • Ste 4000 Berkeley Heights, NJ 07922 P: 1-800-453-3548 www.readycapital.com
Valley National Bank 70 Speedwell Ave Morristown, NJ 07960 www.valleybank.com
LCD Commercial Lending 195 Rte 46 West • Ste 7 • Totowa, NJ 07512 Dan Sterba P: 973-435-2800 Sterbateam@lcdcommercial.com www.lcdcommercial.com Meridian Capital Group New Jersey Office 517 Route 1 South • Ste 4000 • Iselin, NJ 08830 P: 732-301-3200
— NEWYORK —
Alpha Tech Lending 329 Hempstead Tpke West Hempstead, NY 11552 P: 888-276-6565 Info@alphatechlending.com www.alphatechlending.com
sales@meridiancapital.com www.meridiancapital.com
M id A tlantic Real Estate Journal — Lenders Directory — November 2024 — 9
www.marej.com
L enders D irectory
Atlas Commercial Capital, Inc. 45 Rockefeller Plaza • 20th Fl New York, NY 10111 P: 212-332-3457 AtlasCommercialCapital.com
KeyBank Real Estate Capital 1301 6th Ave • New York, NY 10019 P: 212-368-2200
Meridian Capital Group 1 Battery Park Plaza • 26th Fl New York, NY 10004 P: 212-972-3600 www.meridiancapital.com sales@meridiancapital.com Mission Capital Advisors, LLC 41 Madison Ave • 35th Fl New York, NY 10010 P: 212-925-6692 www.missioncap.com Select Commercial Funding LLC 1233 Beech St • Ste 33 Atlantic Beach, NY 11509 P: 877-548-9454 www.selectcommercial.com
Community Preservation Corporation 54 State St. • Ste 201 • Albany, NY 12207 P: 646-822-9353 www.communityp.com Community Preservation Corporation 500 Seneca St. • Ste 140 • Buffalo, NY 14204 P: 716-954-8904 Community Preservation Corporation 480 Bedford Rd • Ste 4201 Chappaqua, NY 10514 P: 914-747-2570 www.communityp.com Community Preservation Corporation 220 East 42nd St • 16th Fl • New York, NY 10017 P: 212-869-5300 Community Preservation Corporation 510 Clinton Square. • Rochester, NY 14604 P: 585-939-7602 Community Preservation Corporation 315 North Clinton St • Syracuse, NY 13202 P: 315-476-3173 www.communityp.com CPC Mortgage Company 220 East 42nd St • 16th Fl • New York, NY 10016 P: 855-363-4646 www.communityp.com/cpc-mortgage-company Cooper Horowitz LLC 622 Third Ave • 35th Floor • New York, NY 10017 P: 212-986-8400 • F: 212-983-0512 www.cooper-horowitz.com
RED STAR MORTGAGE CORP. Private Non-Bank Commercial Real Estate Lender No Doc/Stated Income, No Tax Returns! 30-Year Fixed Rate & Term, High LTV’s, Cash Out. Loan Amounts from $250K - $3MM Alternative to SBA for Owner-User Commercial & Investment Real Estate Financing Multi-Family, Office, Retail, Warehouse/Industrial, Mixed-Use, Self-Storage, Hotel/Motel, Special Use Property.
Corporate Office: Philadelphia, PA P: 610-578-0715 Email our Deal Team:
— PENNSYLVANIA —
Info@RedStarMortgage.com www.RedStarMortgage.com
Apex Mortgage Corp. One Walnut Grove Dr • Ste 300 Horsham, PA 19044 P: 877-604-5304
Singer Financial Corp. A Private Financial Institution 1708 Locust St. • Philadelphia, PA 19103 P: 215-893-9722 www.singerfinancial.com
Briar Cliff Financial Services 518 Broad St • Ste 2 • Sewickley, PA 15143 P: 412-749-9554 www.bcfsllc.com
—VIRGINIA —
D2 Capital Advisors 610-368-6565 www.d2organization.com
FairCap Group Financing 1600 60th St • Brooklyn, NY 11210 P: 718-906-0443 www.faircapgroup.com
Fulton Bank, N.A. Commercial Banking Group 710 Upper State Rd. •North Wales, PA 19454 P: 215-412-3400 www.fultonbank.com
Northmarq 7204 Glen Forest Drive • Ste 202 Richmond, VA 23226 P: 804-716-9153
Greystone & Co. Inc. 152 West 57th St • 60th Fl • New York, NY 10019 P: 212-649-9700
GREA 107 S 2nd St. • 4th Fl • Philadelphia, PA 19106
kwells@northmarq.com www.northmarq.com Mortgage Lenders: Keith Wells • Mike Lowry Charlie Rimkus • Win Martin
P: 215-454-2852 www.grea.com
HAB Bank 99 Madison Avenue • New York, NY 10016
P: 212-532-4444 ext. 1303 zwahidy@habbank.com
— WASHINGTON, DC —
Kay Properties & Investments New York Office P: 855- 899-4597 Jason Salmon - Executive Vice President and Managing Director
Northmarq 2001 Market Street • Ste 3815 Philadelphia, PA 19103 P: 215-484-0319 jbanas@northmarq.com www.northmarq.com Mortgage Lender: John Banas • Kris Wood
Northmarq 7600 Wisconsin Ave • Ste 650 Bethesda, MD 20814 P: 301-654-7786 gmcglynn@northmarq.com www.northmarq.com Mortgage Lenders: Gary McGlynn • Jason Smith Ken Gentzel • Daniel Siesser • Matt Deal Ross Bender
Office: 855- 899-4597 Direct: 917-837-1492 Jason@kpi1031.com Alex Madden - Vice President Direct: 508-219-7171
Cell: 978-473-9752 Alex@kpi1031.com
10 — November 2024 — Appraisal Institute Southern NJ Chapter — M id A tlantic Real Estate Journal
www.marej.com
www.ai-snj.org Telephone 856-415-0281 • Fax 856-415-1952
Recent Zoom Seminars
2024 OFFICERS AND DIRECTORS President: Sherrie Lisa Galderisi, SRA, AI-RRS Sherrielisa43@aol.com Vice President: Maria Nucci, SRA, AI-RRS sjappraisalassociates@gmail.com Treasurer: Meghan Linaris, MAI MLinaris@capvalpartners.com Secretary: Deborah Tordella, MAI, SRA Dptordella@gmail.com Directors: Steve Bartelt, MAI, SRA, AI-GRS Danielle Fischer Lee Ann Kampf, MAI Jerry McHale, MAI Kathy Turley Errett Vielehr, MAI Past President: Robert Klein, MAI, AI-GRS
On October 10, the Southern NJ chapter held two half-day seminars: Setting the Stage for Inputs: An In-depth Look at an Inferred Market Study and Challenges Within an Appraisal . Both seminars were instructed and developed by Vince Dowling, MAI, SRA. Vince instructed these seminars from his home in Florida during Hurricane Milton. Thankfully, there were no issues with power or internet, and the seminars went off without a hitch!
On October 16, the chapter offered the new 7 hour seminar “Impact of Short-Term Rentals (on Real Property Valuation.)” This Zoom offering was presented by Douglas A. Potts, MAI, AI-GRS, from St. Louis. The seminar was very well received.
SNJDC Public Policy Series On November 1, SNJ Executive Director Lisa Weiss attended the Southern NJ Development Council’s Public Policy Speaker Series event at the Adelphia in Deptford. Attendees were welcomed by Warren E. Moore, FACHE COO of Inspira Health, the event’s Title Sponsor, who provided an update on Inspira’s recent medical center expansions prior to introducing the Keynote Speaker, Congressman Donald Norcross. Congressman Norcross highlighted several initiatives including expanding healthcare access, workforce development and apprenticeship opportunities, education and training, and support for key infrastructure projects in South Jersey.
SNJAI UPCOMING EVENTS | For more info, visit www.ai-snj.org The Southern New Jersey Chapter of the Appraisal Institute invites you to attend the most festive & informative gathering of the year! We welcome & encourage spouses/guests to attend! ANNUAL INSTALLATION OF OFFICERS DINNER MEETING TUESDAY, DECEMBER 10TH, 2024 Adelphia Restaurant, Ballroom | 1750 Clements Bridge Road, Deptford Registration fee: $60 per person | registration link: tinyurl.com/e6ks6euu Information about a way you can help our community this holiday season will be emailed after registration. All chapter news and info can be found on the chapter website: www.ai-snj.org Questions or need help enrolling? Email: lisamay.weiss@appraisalinstitute.org or call: 856.415.0281
M id A tlantic Real Estate Journal — November 2024 — 11
www.marej.com
Established in 1932, the Appraisal Institute is the world’s foremost organization of professional real property valuers and leader in appraiser education. WHO IS THE APPRAISAL INSTITUTE?
www. a i -snj .org With over 16,000 professionals in almost 50 countries, AI fosters and promotes the highest standards of appraisal practice through its designation programs, education, research, and publications.
The Appraisal Institute offers various opportunities to support university students, faculty, and administrators.
12 — November 2024 — M id A tlantic Real Estate Journal
www.marej.com
M id A tlantic R eal E state J ournal
Recognizing individuals who exemplify excellence, integrity, dedication & participation CORFAC announces 2024 Member Excellence Award Winners
D
guidance in the governance structure, he has been a true champion of the network for more than 35 years. Thomas B. Hayes Jr. Award The Thomas B. Hayes Jr. Award is given to a member who has made creative and unique contributions to the network. Chris Gerlach, SIOR , principal of CSA Re- alty/CORFAC Interna- tional in Austin, TX, was rec- ognized with this distinction. Gerlach has taken a strong leadership role with the net- work’s conference initiatives, currently serving as Chair of CORFAC’s Conference and Professional Development Committee. He has been instrumental in implement- ing new programming and networking ideas at the net- work’s biannual events. Olen Monsees Award As president of Karbank Real Estate Company in Kansas City, MO, Olen was an iconic figure in the Kan - sas City real estate broker- age community. This award recognizes an individual member who goes above and beyond the call of duty with- out being asked and often without realizing they are doing so. Mark Childs, SIOR , principal of Capac- ity Commercial Group/ CORFAC International in Portland, OR, is this year’s recipient. Childs is a dedicat- ed member of the network, having served on many dif- ferent committees over the years. His input has helped to shape the conferences into dynamic meetings that add value for members. Steven H. Podolsky International Member of the Year Award This award was created to honor Steve’s outstanding ser- vice in growing the network globally and goes to an inter- national who’s gone above and beyond to expand the visibil- ity, collaboration and reach of CORFAC. Claudia Signo of Aengevelt Immobilien/ CORFAC International in Dusseldorf, Germany, is honored with this award. Si- gno worked tirelessly on the 2024 international summer affiliates meeting in Berlin and has spent countless hours over the years organizing CORFAC’s annual presence at the Expo Real conference in Munich. She is a true asset to the organization. MAREJ
Los Angeles, was recognized with the Charlie King MVP Award. Selected each year by the CORFAC president, the award recipient is considered the president’s most valuable player during the past 12 months. The award was cre- ated in honor of CORFAC co- founder Charlie King Jr., for his devoted and exceptional service to the organization. A founding member of CORFAC, Prior has been instrumental in expanding the organiza- tion’s footprint and creating engagement among its 75 global offices. From his ser - vice as a past president to his
ES PLAINES, IL — CORFAC Interna- tional has announced
the winners of the 2024 Mem- ber Excellence Awards, which recognize individuals who ex- emplify excellence, integrity, dedication, and participation in the network. Winners were announced by CORFAC’s 2024 presi- dent David Boyd, CCIM, SIOR , of Boyd Commer- cial/CORFAC Interna- tional , during the orga- nization’s Fall Summit in Atlanta September 18-21. “Our Member Excellence Awards recognize individuals
estate,” Boyd said. Charlie King MVP Award David Prior, SIOR , princi- pal of The Klabin Company/ CORFAC International in who have made substantial contributions that help make us the best global organiza- tion for independent broker- age firms in commercial real Shown from left: Mark Childs, David Prior and Chris Gerlach.
We see deals from your perspective.
Our global network of 75 commercial real estate offices is the clear choice.
M id A tlantic Real Estate Journal — New Jersey — November 2024 — 13
www.marej.com
N ew J ersey
11.24
Cushman & Wakefield’s Tri-State Capital Markets closed in excess of $2.4 billion of office, industrial, retail, land and multifamily transactions in the past 12 months. RECENT SUCCESSES & NEW DEALS
MARKETING
30 MONTGOMERY STREET Jersey City, NJ 368,049 SF
CORNERSTONE YORKSHIRE Long Island, NY 80 Units
BUILDING A @ INTERSTATE CROSSINGS Brewster, NY 303,100 SF 100% occupied 2024 build with 6-year WALT. Located at the crossroads of
16-story trophy tower with waterfront location and unmatched connectivity. 30% of leases signed in the last 24 months were at 30 Montgomery.
Class-A luxury mid-rise with an attractive unit mix. Immediate access to recreational amenities. 20-year real estate tax abatement.
I-84 and I-684. 10-year PILOT.
SOLD
CANDLEWOOD INDUSTRIAL PARK Bay Shore, NY 560,719 SF
LANIDEX INDUSTRIAL REDEVELOPMENT SITE Parsippany, NJ +/- 10 Acres
VENTUREPARK ISP III Long Island, NY 137,470 SF
9.02 acres “shovel ready” for Class-A industrial redevelopment. Located one turn off Exit 60 of the L.I.E / I-495. 10-year PILOT.
Two buildings fully leased with a 2.5-year WALT.
Redevelopment site at the intersection of I-80 & I-287. Zoned
Current rent is 83% below market.
for as-of-right for industrial. Opportunity for PILOT.
CAPITAL MARKETS GROUP
ANDREW MERIN andrew.merin@cushwake.com DAVID BERNHAUT david.bernhaut@cushwake.com GARY GABRIEL gary.gabriel@cushwake.com NIKO NICOLAOU niko.nicolaou@cushwake.com KYLE SCHMIDT kyle.schmidt@cushwake.com FRANK DITOMMASO frank.ditommaso@cushwake.com ANDREW SCHWARTZ andrew.schwartz@cushwake.com DAVID OROPEZA david.oropeza@cushwake.com
DAVID JARVIS david.m.jarvis@cushwake.com JUSTIN LUPO justin.lupo@cushwake.com RYAN DOWD ryan.dowd@cushwake.com RYAN LARKIN ryan.larkin@cushwake.com SETH ZUIDEMA seth.zuidema@cushwake.com BILL BAUNACH bill.baunach@cushwake.com MAX HELFMAN max.helfman@cushwake.com JORDAN SOBEL jordan.sobel@cushwake.com
ANDRÉ BALTHAZARD andre.balthazard@cushwake.com PETER WELCH peter.welch@cushwake.com JEAN-PIERRE HOHL jeanpierre.hohl@cushwake.com MAIA SIRABIAN maia.sirabian@cushwake.com MICHAEL GUERRA michael.guerra@cushwake.com DANIEL MASSRY daniel.massry@cushwake.com SAMANTHA MILLER samantha.a.miller@cushwake.com DAVID BETESH david.betesh@cushwake.com
RYAN KELLY ryan.kelly1@cushwake.com DAN BOTTIGLIERI daniel.bottiglieri@cushwake.com
CUSHMAN & WAKEFIELD, INC. CAPITAL MARKETS GROUP One Meadowlands Plaza, 7th Floor East Rutherford, NJ 07073 T / +1 201 935 4000 E / investment.sales@cushwake.com
14 — November 2024 — Central New Jersey — M id A tlantic Real Estate Journal
www.marej.com
C entral N ew J ersey Monica Franco of Lee & Associates assists the tenant in South Brunswick transaction JLL’s Politi & Viera represent Woodmont and Sagard Real Estate in 104,451 s/f industrial lease
OUTH BRUNSWICK, NJ — Woodmont In- dustrial Partners (Woodmont) and Sagard Real Estate executed a 104,451 s/f lease at 461 Ridge Rd. in South Brunswick. The tenant, Federation Distri- bution Services, Inc., will occupy half of the recently renovated warehouse and distribution facility on a 65-month term. JLL’s Gary Politi and Michael Viera represented Woodmont and Sagard Real Estate, while Monica Franco of Lee & Associates represented the S
Gary Politi
Michael Viera
Monica Franco
tenant in the transaction. In June 2024, Woodmont and Sagard Real Estate com- pleted a multi-million dollar, dual-stage capital redevel- opment and improvement
program at the property. The first stage included substan - tial upgrades to the existing 144,000 s/f industrial facil- ity, featuring a new ESFR system, LED lighting, office
461 Ridge Rd.
appendages, new dock doors and full packages. The second stage involved constructing a 65,000 s/f expansion from the ground up, increasing the property’s footprint to 209,000 s/f of class A space. “The Exit 8A submarket is one of the premier indus- trial submarkets in the Tri- State Area,” said Anthony Amadeo , executive vice president of Woodmont. “Its prime location, with access to 33% of the US popula- tion within a 24-hour drive, makes it ideal for companies expanding in the Northeast. We’re pleased to welcome Federation Distribution Ser- vices to 461 Ridge Road, and we look forward to continu- ing to deliver industrial properties that meet the persistent tenant demand in the Turnpike corridor. In addition, we truly value our relationship with Sagard and the ability to seamlessly work together to ensure the success of our projects.” Federation Distribution Services, Inc. has provided third-party logistics services in New Jersey and California for over 45 years. The facility at 461 Ridge Rd. will support the company’s warehousing and distribution operations while expanding its foot- print in New Jersey to over 500,000 s/f of warehouse and distribution space. “The rapid lease-up of 461 Ridge Rd. demonstrates Wood- mont and Sagard Real Estate’s expertise in redeveloping as- sets to meet the needs of to- day’s tenants,” said Camila Grello , managing director, asset management at Sagard Real Estate. “We appreciate Woodmont’s partnership and are proud to celebrate the suc- cess of our fourth industrial project together.” MAREJ
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