November 2023

284,000 s/f industrial warehouse in Central VA to be auctioned by Motleys Commercial Real Estate SPOTLIGHTS OVER 40 AND THRIVING ISSUE HIGHLIGHTS Volume 35, Issue 11 November 2023 3-7A

ERSEY CITY, NJ – Brad Domenico , part- ner at Progress Capital J Regenbogen at Arbor Commercial Mortgage collaborates to secure borrower Progress Capital’s Domenico secures $30 Million loan for multifamily project

has secured a $30 million construction loan for the development of a 155-unit multifam- ily property s i t ua t e d along Com-

Brad Domenico

munipaw Ave. in Jersey City. Leveraging his extensive professional connection, Do- menico worked with Eric Regenbogen of Arbor Com- mercial Mortgage to struc- ture a non-recourse construc- tion loan with favorable terms for the borrower, West of Hudson Properties . The development will be comprised of a 6-story resi- dential apartment complex

Communipaw Ave. in Jersey City, New Jersey

totaling 155 units. The prop- erty will span a sprawling 133,333 s/f of premium living space as well as three com- mercial units encompassing 3,109 s/f, bringing the perfect blend of living and commerce. The surrounding neighbor-

hood boasts a diverse array of conveniences, including restaurants, lively nightlife venues, an abundance of retail shops, boutiques, and more. “I’m thrilled to have played a pivotal role in ar- ranging the financing for

this groundbreaking project, which will not only contrib- ute to the growth and vital- ity of Jersey City, but also introduces a new level of refinement and convenience to its growing multifamily housing market.” MAREJ

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LENDER’S DIRECTORY

Zweibel of Hudson Atlantic brokers sale of Lakeside Residences in Pompton Lake, NJ for $20 Million

13-22A

UPCOMING CONFERENCES & WEBINARS Webinar Series with Professor Ronald Shapiro February 6, 2024 For speaking & sponsorship info., please contact: Lea at 781-740-2900 or lea@marejournal.com

POMPTON LAKE, NJ — Hudson Atlantic Realty an- nounced the successful closing

of Lakeside Residences, a 52-unit luxury apart- ment build- ing, in Pomp- ton Lakes for $20,000,000 or $385K+/ unit. Built in

Adam Zweibel

Directory ROP (Front Section) ........................................... Section A Thriving Over 40 Spotlight.........................................3-7A Lender’s Directory Listings . ................................... 20-22A DelMarVa ................................................................... 23A CIRC Delaware...........................................................24A CRE Organization’s Events Calendar ............................ 28A Business Card Directory ...........................................IBC A New Jersey .............................................................. FC-8B Pennsylvania ..........................................................9-BC B Owners, Developers & Managers ....................... Section C www.marej.com

Lakeside Residences

2022, this property boasts high- end finishes as well as a wide range of amenities including fitness center, resident lounge, game room and tenant storage. The property is located in Pompton Lakes, within a quick drive to either the down- town area with restaurants and shops as well as major employers and is within a

5-minute walk to direct bus service to Manhattan. “Adam Zweibel listed and sold Lakeside Residences. His expertise and dedica- tion played a pivotal role in representing the seller and securing a buyer to get this deal across the finish line this. As a testament to his ability to bring buyers and sellers

together in the ever-evolving real estate market, Adam noted, ‘In a rapidly rising interest rate environment, it has been more difficult to bridge the gap between buy- ers and sellers. However, this transaction proves that inves- tors still have an appetite to transact despite economic headwinds.’” MAREJ

Inside Cover A — November 2023 — 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.

M id A tlantic Real Estate Journal — November 2023 — 1A

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Shoppes of Southland Orlando, FL $3,775,000 Dollar General Davenport, NY $1,400,000

7-Eleven Coppell, TX $4,400,582 Dollar General Jettersville, VA $1,511,000

Bojangles La Follette, TN $1,951,220 Eastern Avenue Mixed-Use Baltimore, MD $2,250,000

Outback Steakhouse & M&T Bank Clifton Park, NY $2,734,977 Walgreens Clinton, MD $7,032,325

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2A — November 2023 — M id A tlantic Real Estate Journal

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M id A tlantic Real Estate Journal

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 ..Dwight Kay, Kay Properties and Investments 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. 35, 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

Dwight Kay

Another Reason to Stay Debt Free in a 1031 DST Exchange

t seems like everyday there is another reason showcasing the reason why more and more investors are choosing to stay debt-free when investing in Delaware Statutory Trust (DST) proper- ties in a 1031 exchange. Headlines Show Dangers Surrounding Leveraged Real Estate Just look at any business or real estate-related publication, and you will see the headlines are full of examples of real es- tate firms that have been forced to relinquish assets because they succumbed to the lurking liabilities of leverage. In many cases, these firms were led by highly skilled executives with years of experience and files of successful transactions. How- ever, even these world-class real estate firms are creating a case for staying debt-free. Here are just a couple of ex- amples in the news to illustrate the point: • Recently, one large firm was forced to give a large of- I

fice campus in the Southwest back to lenders after the pri- vate investment firm stopped making the payments on its roughly $300 million loan on the office campus 1 . • One of the nation’s larg - est real estate investment firms located in the Midwest is struggling with the bitter taste of lender foreclosure after its bank filed a roughly $100 mil - lion foreclosure lawsuit against the real estate firm over a recent investment gone awry 2 . • After failing to repay its loan on a class B complex in the South, an international invest- ment firm was forced to turn the asset over to the lender 3 . • One global real estate firm recently handed back a

large East Coast building to its lender after the building’s anchor tenant left the building 4 . • Fannie Mae recently an - nounced it was prepping for possible losses in the multifam- ily housing sector as lenders anticipate loan losses from developers and private equity players who used heavy lever- age within the multifamily housing sector 5 . • In the hotel sector, a promi - nent New York City hotel devel- oper is facing foreclosure after failing to repay a mezzanine loan to a private equity group 6 . • An upstate New York lender recently announced it was going to move forward with foreclosure proceedings continued on page 26A

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.

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

M id A tlantic Real Estate Journal — November 2023 — 3A Mid Atlantic R eal E state J ournal ’ s

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A nnual S potlight T hriving O ver 40

FEATURING:

Michael Brumberg, RCDD Principal, Director of PA Office AKF Group

Leif Dormsjo Executive VP, Mid-Atlantic Market Director Redgate

Jill Tropea Marketing Manager Rock Brook

Jason Salmon Executive VP & Managing Director Kay Properties & Investments

Inside: Jason Salmon, Kay Properties & Investments....................................................................................4A Leif Dormsjo, Redgate........................................................................................................................5A Michael Brumberg, RCDD, AKF Group ..........................................................................................6A Jill Tropea, Rock Brook.......................................................................................................................7A

4A — November 2023 — Thriving Over 40 — M id A tlantic Real Estate Journal

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T hriving O ver 40

An interview with Executive VP & Managing Director of Kay Properties & Investments Jason Salmon’s Approach to Commercial Real Estate Success: Learn, Lead, Succeed

filled with client calls & meet - ings as well as calls & meetings with the dozens of asset man- agers that have deals available to our investors. Who or what has been the strongest influence in your career? The strongest influence on my career is Dwight Kay, the founder of Kay Properties and Investments. We met professionally years prior to the time that I joined the company. Then and now, he has continued to demonstrate tremendously high standards for ethics, integrity and real estate investments. The Kay Properties & Investments platform that he continues to grow has helped me do my job to the best of my ability and it feels great to be able to conduct business seamlessly within this environment. Tell us how and when you began your career in the profession you are in, about your current position, and why you chose the field/ profession you are in today. I began my career in the 1990s doing commercial real estate research. I spent all day calling property owners, man- agers and brokers to determine if they had space for sale or lease and the terms surround- ing occupancy/vacancy in their building(s). Then I’d call the next month to see if anything had changed. As I continued to gain experience, I began to write quarterly reports for vari- ous real estate asset classes around the country and after a little over a decade I came to the client side of the business, assisting investors in finding the real estate deals that make sense for them. Now, as I’m working with investors or our team, I call upon the experi- ence that I’ve gained since the beginning, and I’m thankful that I’ve been able to make a career in real estate. What unique qualities and or personality do you feel makes you most successful in your profession? Being analytical and studious when it comes to the real es- tate and being a people person when it comes to cultivating and maintaining relationships with clients. What was the most defin - ing moment for you? In college I had a great pro- fessor. I’d had many teachers and many classes leading up continued on page 26A

hat is your great- est professional accomplishment?

industry? We’ve heard anecdotally that our company has contributed to the industry through an emphasis on client education. Private equity real estate, DSTs and 1031 exchanges can be complex concepts and it’s been a privilege for the past few years to have been able to give continuing education for over 20,000 tax, legal and investment professionals as well. My role at Kay Proper - ties & Investments is to lead by example by mentoring the team that has been built over the years. Every day at work is

Jason Salmon Executive Vice President & Managing Director Kay Properties & Investments 9 years with Kay Properties 25 years in the real estate industry

Constantly learning and ap- plying the experiences that I’ve encountered during my career to current day-to-day activities in helping others within our organization as well as with clients for the purpose of real estate investing. What is your most notable project, deal or transaction? I highly value each and ev- ery relationship I have with real estate investors—they’re not all the same. Over the course of thousands of trans-

actions, all have been unique to each client’s situation and prior to every single clos- ing there have been many conversations, meetings and vetting of DSTs that in most

cases took months or years to cultivate. It’s great to be able to get to know people in order for me to best serve them. How do you contribute to your company and/or the

Tap into the Brilliance of Our DST 1031 Exchange Experts! ✔ Delaware Statutory Trusts (DSTs) ✔ 1031 Exchange Investments ✔ Real Estate Income Funds Contact us about these tax ecient real estate investment strategies.

Jason Salmon Executive Vice President and Managing Director

Expert Resource for...

FEATURED FUND

Get Your FREE Delaware Statutory Trust Educational Resources Today.

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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.

M id A tlantic Real Estate Journal — Thriving Over 40 — November 2023 — 5A

www.marej.com

T hriving O ver 40 Exec. VP expands opportunities & forges new partnerships in the CRE landscape Leif Dormsjo spearheads growth and innovation at Redgate

over the course of your career. Tell us how and when you began your career in the profession you are in, about your current position, and why you chose the field/ profession you are in today. I began my career in the Baltimore Mayor’s Office with a focus on public works and transportation. I was there for two years, and then I got my Master’s in Public Policy from Harvard Kennedy School. After completing my Master’s, I went onto work for the Baltimore Department of Transporta- tion and then the Maryland

Department of Transportation (MDOT), where I had held several roles such as Chief of Staff, Senior Advisor and, lastly, Deputy Secretary. Be- fore joining Redgate, I also held executive roles in the District Department of Transportation (DDOT) and in the private sec - tor at Louis Berger. Now, in my role at Redgate as Executive Vice President, I have a unique opportunity to be involved with the project sponsors and see development through an owner and investor perspective, which is a new continued on page 26A

hat is your most notable project, deal or transac-

Leif Dormsjo Executive Vice President, Mid-Atlantic Market Director Redgate

tion? I am particularly proud of my involvement with the Frederick Douglass Memorial Bridge in Washington, DC. I was responsible for overseeing the planning, design criteria, and procurement process of the project, which replaced a swing- bridge from the 1950s and re- connected southeastern DC. to the Capitol Riverfront and Navy Yard areas. For me, this design-build project was about much more than just building a bridge. In completing the larg- est public infrastructure project in the District’s history, we connected vital communities to- gether, provided intentionally bicycle, pedestrian and park access, and spurred $91 million of minority- and women-owned business development. It’s an incredible piece of architecture, which took a fabulous team ef- fort to deliver. How do you contribute to your company and / or the industry? One thing that sets Redgate apart is the diverse, interdisci- plinary backgrounds of its team members. Everyone brings different specialties, which gives us the opportunity to col- laborate, share ideas, and offer input from what we’ve gathered in our own experiences and areas of interest. I’ve been able to offer my infrastructure and policy ex- perience to Redgate projects. After spending much of my career thus far in the public sector, I’m able to give more context in respect to public agencies, their functions and their constituents to my col- leagues and clients. I also can offer clarification on any proj - ects related to transit-oriented development, which is another area I’ve spent a great amount of time. It’s great to be able to tie in that expertise into our advisory practice. Who or what has been the strongest influence in your career? My current and former col - leagues continue to be some of the most important influences in my career. I’ve learned that the people who were amazing colleagues when you were in your 20s are still doing amazing things when you’re in your 40s. They didn’t stop being great; they’ve continued to solve prob - lems, act as leaders and be

inspirational. That’s one of the many reasons I always do my best to stay connected to people I’ve worked closely with over the course of my career, even if we are in different places now. These are also the people who remind you who you were

when you worked together and can help you see how far you’ve come, how your focuses have evolved, and how you’ve grown from the mistakes you’ve made. Maintaining long-standing re - lationships gives you more self- awareness and can help you

6A — November 2023 — Thriving Over 40 — M id A tlantic Real Estate Journal

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T hriving O ver 40 Interview with Jill Tropea, marketing manager at Rock Brook “Hard work, perseverance, and enthusiasm pave the way to a promising future”

hat is your most no- table project, deal or transaction? I would say the most notable project I personally worked on was the launch of Rock Brook’s recent marketing campaign, “The Team You See is the Team You Get.” By putting our people first and showcasing them in a series of impactful ads, we were able to not only engage our own employees, but the industry at large. Our clients reacted well to our campaign and looked forward to seeing who would be featured next. Tell us how and when W

career, I was given the oppor- tunity to market well-known brands across a broad range of sectors from fashion and beauty to packaged goods. At the same time, my family was working in the commercial real estate industry in NY. Years later, I decided to take the knowledge I had acquired in the consumer market and apply it to the services market. I found the challenge to be both intriguing and rewarding at the same time. What were some of your early goals and did anything happen to change them?

Some of my earliest goals were also challenges. I was tasked with increasing the awareness of an established engineering firm beyond its current client base. By ap- proaching the marketing strategy as if the firm were a “brand” and creating a break- through approach to adver- tising, helped to create both impact and awareness quickly and effectively. What unique qualities and or personality do you feel makes you most suc- cessful in your profession? I believe that remaining upbeat and positive definite - ly helps to better manage the day-to-day demands of a deadline-driven business. I also believe that creativity and thinking outside of the box are crucial to any successful marketing strategy no matter the industry. Who do you feel was most influential in your life when choosing this profession? My father was definitely the most influential person in my life when choosing my career in the commercial real estate industry. He spent over 40 years in the business as a Project Executive at a well- respected construction man- agement company in NYC. As a young girl, I watched him supervise some of the largest, most notable buildings in New York City’s history including Worldwide Plaza, Jacob K. Ja - vits Center, AOL Time Warner Center, and many more. What outside activities do you enjoy during your free time? I enjoy cooking, attending mass, spending time with my three beautiful children, and Sunday dinners with the family. What inspiring word of advice would you give to a young executive graduat- ing from college today? I would tell any young execu- tive graduating from college today that ambition never fails. Having a college degree is the foundation for success, but you have to set yourself apart through hard work and perseverance. Sometimes you have to start out with tasks that may not be glamorous or exciting, but you have to ap- proach them with enthusiasm and diligence. Those experi- ences will be the stepping stones to your future. MAREJ

Jill Tropea Marketing Manager Rock Brook Years with company/firm: 5 Years in field: 25 Years in CRE industry: 5 Real estate organizations / affiliations: SMPS NY

I began my career in market- ing 25 years ago when I took a job in NYC at an advertising agency right out of college. After only a short time, I was hooked. Throughout my

you began your career in the profession you are in, about your current posi- tion, and why you chose the field/profession you are in today.

M id A tlantic Real Estate Journal — Thriving Over 40 — November 2023 — 7A

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T hriving O ver 40 Q&A with Principal and Director of AKF Group’s PA Office Michael Brumberg, RCDD reflects on 33 years of engineering excellence in the CRE industry

source to my teammates. My own experiences under great mentors instilled this in me from the beginning. What unique qualities and or personality do you feel makes you most successful in your profession? I feel that, in this profession, it is important to be comfort- able in a variety of settings and with interacting with a variety of clients at all levels of an organization. What outside activities do you enjoy during you free time? I enjoy being with my fam-

ily and friends at the shore, going on a hike with our dogs, playing the drums, listening to music and attending concerts, as well as taking care of the house and car. What inspiring word of advice would you give to a young executive graduating from college today? Be a good listener; take the time to learn from your men- tors and thank them; learn something new every day; embrace the bumps in the road and learn from them; be well rounded and, most of all, enjoy what you do! MAREJ

hat is your great - est professional accomplishment?

Michael Brumberg, RCDD Principal, Director of PA Office AKF Group Years with company/firm: 9 Years in field: 33 Years in CRE industry: 33 (Construction Industry) Real estate organizations / affiliations: BICSI

Being a respected engineer and mentor to the next generation of engineers. What is your most notable project, deal or transaction? Telecommunications design for an MLB stadium (Citi- zen’s Bank Park) and NFL training facility (NY Giants Training Facility). How do you contribute to your company and / or the industry? Directing of office opera- tions, supporting business development, leading the elec- trical/low voltage design efforts, and mentoring junior staff. Who or what has been the strongest influence in your career? My former colleague, Bob Cunningham, graciously took me under his wing as a young engineer. His mentoring style promoted project ownership al- lowing me to own my decisions and confidently grow in my career while lending construc- tive criticism. He made me feel effective and empowered, which has greatly influenced the way I work with my teams. Tell us how and when you began your career in the profession you are in, about your current position, and why you chose the field/ profession you are in today. I always enjoyed taking things apart and putting them back together. I essentially began my career in high school attending George Washing- ton Carver High School of Engineering and Science. My Few of my Favorite Things College: Temple University Book: Patriot Games Movie: Anything from Mel Brooks Apps: Spotify/Flipboard Sports Team: Philadelphia Flyers Food: Anything Italian Restaurant: Bardea (Wilmington, DE) Hobby: Classic Car Restoration If you could dine with anyone, dead or alive, who would you choose? Mel Brooks

current position is as Principal and Director of AKF’s PA of- fice, as well as lead electrical/ low voltage engineer. What were some of your early goals and did any -

thing happen to change them? My goals from the beginning were to be well respected in the industry and a valued mentor, to be a valuable re-

GLOBAL ENGINEERING & INTEGRATED DESIGN SERVICES

Congratulations to Michael Brumberg, Thriving Over 40 Honoree!

POWERING HUMAN POTENTIAL

Mid-Atlantic Region Baltimore, MD Hamilton, NJ Philadelphia, PA Richmond, VA Washington, D.C.

akfgroup.com

8A — November 2023 — M id A tlantic Real Estate Journal

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M id A tlantic R eal E state J ournal

ANCASTER, PA — TRUE Commercial Real Estate, in con- HealthDirect Pharmacy Services secures space at 1004 New Holland Ave., Lancaster Carrigan of TRUE Commercial Real Estate inks 15,100 s/f lease at BURLE Corporate Park L

junction with B U R L E Corporate Park located at 1004 New Holland Ave., Lancaster, is pleased to announc e the following lease agree- ment, which

1004 New Holland Ave.

Althea Ramsay Carrigan

president of BURLE Corporate Park and senior brokerage advi- sor of TRUE Commercial Real Estate, both based in Lancaster .

HealthDirect Pharmacy Ser- vices has secured a 15,100 s/f space at BURLE Corporate Park for a long-term adaptive

reuse construction project. They will be converting raw industrial space dating back to 1942 into a state-of-the-art

medical processing facility (without a retail component). The construction is expected to take at least nine months. The move is prompted by their out- growing their current location in Lancaster City. The selection of a local general contractor is still pending. For more than five decades, HealthDirect Pharmacy Ser- vices has been providing fully integrated pharmacy solutions to patients in their own homes, nursing homes, long-term care homes and varied recovery locations in the area with medicines and medical sup- plies that their in-house driv- ers will load and deliver daily from their new location at BURLE. Through their unique pharmacy process, they can deliver the right medication for the right resident at the right time. About BURLE Corporate Park: Burle Corporate Park is Lancaster City’s only com - mercial and industrial park. Devoted to adaptive re-use, this facility was opened in 1942 as a U.S. Navy plant which was purchased after WWII by RCA for the manufacture of radio and microwave tubes and later, television. The facility grew and changed over the next 20 years using state-of-the-art construction and building con- cepts which still function very effectively today for a multi- tude of business applications. Burle Corporate Park is an active and well populated multipurpose business and industrial facility offering 1,300,000 s/f under roof. Com- panies of all types are engaged in operations ranging from pro- fessional office and education to manufacturing, production, distribution, and technology. This will be the third phar- macy related facility built out at BURLE as their infrastructure (adaptable structures, heavy power, water capacity, etc.) and centralized location are perfect for their needs. MAREJ

was solely handled by Althea Ramsay Carrigan, senior vice

M id A tlantic Real Estate Journal — November 2023 — 9A

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WATCH INVITES YOU TO WATCH CRE TV COMMERCIAL REAL ESTATE TV

AT. . . WWW.MAREJOURNAL.COM

10A — November 2023 — M id A tlantic Real Estate Journal www.marej.com M id A tlantic R eal E state J ournal A uctions Simulcast auction of key property in Meadowville Tech Park 284,000 s/f industrial warehouse in Central VA to be auctioned by Motleys Commercial Real Estate

otleys Commercial Real Estate, a divi - sion of Motleys Asset

easy access to I-64, I-95, and I-295, travel via road is ~125 miles to Washington, DC via I-95, and ~75 miles to Norfolk, VA via Rte. 10. CSX offers rail service to the Meadowville Technology Park, permitting easy rail access for distribu- tion along the Eastern Sea- board. For cargo traveling via air, the Richmond Interna - tional Airport’s Foreign Trade Zone is a less than 15-mile Dr., which also receives CSX rail service. Lastly, the Port of Richmond and Richmond Marine Terminal is a less than 15-mile Dr. and receives CSX rail service. Due to the sup- ply chain and cargo shipment choices at hand, the property holds incredible value to those who may be looking for a loca- tion in the Mid-Atlantic that is capable of convenient domestic and international distribution via road, rail, water, and air. “The Richmond, Virginia submarkets have been discov- ered as a prime location for national and international lo- gistic and warehousing opera- tions. Our centralized location on the Eastern Seaboard offers an unmatched interstate sys- tem, rail service, and adjacent international ports. Our cost of living and taxes are extremely competitive compared to many other major cities, and the area offers an abundant quali- fied workforce. Being situated next to the 1 Billion Dollar Lego facility demonstrates the attractiveness of this newly developed Industrial Park and the surrounding Richmond, Virginia market. This is a court-ordered sale and we are welcoming brokers to register their buyers today for this event on Dec. 7th. Buyers can bid live or online. Please call with any questions. “ - Mark Motley CAI, AARE, President of Motleys Asset Disposition Group. From its Richmond, VA Corporate Headquarters & Auction Complex located just off I-95, Motleys Asset Dis - position Group has been in the auction business since 1967 and offers a full array of asset sales, valuations, and management services through specialized divisions includ- ing Residential Real Estate, Commercial Real Estate, In - dustrial, Appraisals, Business & Estate Liquidations and its sister company, Motleys Rich - mond Auto Auction.

Disposition Group, is pleased to announce the forthcom- ing auction of the property located at 1600 Digital Dr., Chester, VA 23836 on Decem - ber 7th, 2023, from 2:00 P.M. – 3:00 P.M. EST. The simul - cast, special commissioner’s sale will take place online at Motleys.com and on-site at the property. Appraised at $18.9 mil - lion, the expansive, partially finished industrial facility sits on 103.6± acres and pres- ents a unique opportunity for corporations, investors, and developers. With 284,000± s/f and loading docks already in place, it offers immense potential for a wide range of industrial and commercial en- deavors. Initially constructed with the intent to utilize the structure as a warehouse, the unfinished property presents an opportunity for the buyer and end-user to finish the structure to meet their needs. The large pre-established indoor space and the unde- veloped remaining acreage of the property combine to create a parcel capable of housing additional buildings, as a possible multi-facility or multi-structure campus for those looking to increase their physical footprint in the Eastern United States. The property is located in the heart of Chesterfield’s Meadowville Technology Park, one of Virginia’s premiere mas - ter-planned, publicly-owned industrial parks. Chesterfield County is the largest locality in the metro Richmond region of Virginia on the Mid-Atlantic east coast of the United States. Meadowville is home to major technology, manufacturing, and logistics corporate leaders whose businesses coexist with high-end residential develop- ment. The 1,262-acre park is zoned I-2 which is appropriate for office, R&D, and industrial uses. Tenants of the Technol- ogy Park include the newly announced, $1-billion-dollar, 1.7 million s/f LEGO Precision Production Facility, Amazon Fulfillment Centers, Niagara Bottling, Coca-Cola Bottling, Medline, and more. The property is conveniently located in a location that enables multiple different avenues of cargo travel. With

Washington, D.C. ~125 Miles via I-95

Port of Richmond

Richmond International Airport (FTZ)

1600 Digital Drive Chester, VA 23836

Norfolk, VA ~75 Miles via Route 10

Having historically been cho- sen to liquidate physical and intellectual properties across the nation, Motleys has proven

experience with liquidating high-value real estate. It is this experience that will culminate at the Motleys’ public simulcast

auction on December 7th at 2PM EST when the 103.6± acre parcel and 284,000± s/f facility will go to auction. MAREJ

M id A tlantic Real Estate Journal — November 2023 — 11A

www.marej.com

SPECIAL COMMISSIONER’S SALE PUBLIC AUCTION

103.62± AC 284,000± SF ZONED I-2

1600 DIGITAL DR., CHESTER, VA (20 MILES FROM DOWNTOWN RICHMOND, VA)

PROPERTY FEATURES:

SALE DATE AND TIME: THURSDAY, DEC. 7TH, 2PM COOPERATING BROKERS INVITED • NEIGHBORS INCLUDE $1 BILLION LEGO GROUP FACILITY, AMAZON DISTRIBUTION CENTERS, A COCA-COLA BOTTLING FACILITY, AND A NIAGARA BOTTLING FACILITY • DIRECT ACCESS TO I-295 AND CONVENIENT ACCESS TO THE PORT OF RICHMOND • COMPREHENSIVE INFRASTRUCTURE IN PLACE - POWER SUPPLY, TELECOM SERVICES, AND UTILITIES • 284,000± SF PARTIALLY FINISHED WAREHOUSE • APPRAISED AT $18.9 MILLION • 103.6± AC PARCEL - ZONED I-2 • LOCATED IN MEADOWVILLE TECHNOLOGY PARK

BID ONSITE OR ONLINE

For More Information Contact Ernie Rogers 804-334-4558 or erogers@motleys.com 1-877-MOTLEYS motleys.com

SCAN ME!

VA16

A Division of Motleys Asset Disposition Group

All information is deemed reliable but not guaranteed. For sale day deposit requirements & complete terms & conditions, visit motleys.com

12A — November 2023 — M id A tlantic Real Estate Journal

www.marej.com

M id A tlantic R eal E state J ournal

By Joe Latina, SIOR & Chris Moore, LMT Commercial Realty, LLC/CORFAC Int’l. Challenges in today’s commercial real estate market

In an ongoing effort to com- bat inflation, the Federal Re - serve continues to raise in-

existing loans are now facing rate adjustments that are directly affecting the return on investment on previously acquired assets. Cap rates for NNN invest- ment products remain low, despite higher financing costs. Although there appear to be fewer buyers vying for investment products in the current market, cash and 1031 exchange buyers remain very active and there is a shortage of quality invest- ment properties available. Although construction costs have begun to ease

s trusted advisors to our clients, it is more important than

slightly, they remain at all- time highs with exorbitant lumber costs. Many supply chain challenges persist: Construction materials such as transformers, electrical panels, circuit breaker pan- els, switch gears, storefront materials, and HVAC units are in high demand and short supply. Shipping charges for these products are also rising. We are starting to see improvements as many products historically manu- factured overseas are being developed domestically. How- ever, it will take time to open

new manufacturing facilities and catch up to the backlog. The approval process for new construction projects re- mains tedious with delays in obtaining final entitlements. Simple variances take a great deal of time and turnover within the approval agencies is contributing to the delays. This, coupled with additional carrying costs created by high financing rates and high construction costs, is driving current leasing rates into uncharted territory. The fallout from this 1-2-3 punch is being felt by the end users. Small to mid-size retail cli- ents are struggling to afford or make sense of the high leasing rates. Industrial/flex rates are beginning to stabilize after experiencing historic, post- pandemic rate increases. Af - ter enduring a near 30% rate increase in 2022, rates in our local market have remained in the range of $10-$15 per square foot NNN/annually this year. There is a shortage of quality industrial/flex space in the 2,500-20,000 sf range in our market. However, we are beginning to see some turn- over as many pandemic-driv- en businesses are struggling to exist in the post-pandemic world. New construction is very limited, so vacancy rates remain very low. Office leasing activity and rates remain at historic lows as employees continue to push back on returning to the office. Many CBD office buildings are being converted to urban apartments as the demand for this product remains high. Apartment rental rates con - tinue to increase, with recent sales in our market reaching upwards of $200,000 per unit in some cases. Hospitality growth remains stable with breweries and distillery-pubs leading the restaurant growth and many smaller, more efficient hotels being constructed in tertiary and expanded-resort areas. Navigating through these challenges is no small task; however, understanding the sources of the problems is the first step toward making informed CRE decisions. Joe Latina, SIOR, and Chris Moore are managing principals of LMT Com- mercial Realty, LLC/COR- FAC International. MAREJ

terest rates with conven- tional rates currently in the 7%-9% APR range and SBA loan rates topping 10%. Higher inter-

ever to stay updated on market con- ditions that directly af- fect every aspect of commercial real estate. “If I were

Joe Latina

Chris Moore

est rates directly affect CRE developers and investors who have become accus- tomed to borrowing money at low single-digit rates. Many

given one hour to save the planet, I would spend 59 minutes defining the problem and one minute resolving it.” -Albert Einstein

We see deals from your perspective.

Our global network of 75 commercial real estate offices is the clear choice.

F inancial D igest F eaturing T he L enders D irectory

M id A tlantic Real Estate Journal — November 2023 — 13A

www.marej.com

$63 Million refinancing secured for Washington, DC student housing community JLL Capital Markets arranges financing for the 244-unit / 910-bed Vie Towers in Hyattsville, MD and creative space.

YATTSVILLE, MD — JLL has arranged the $63 million refi -

minority developers and inves- tors,” said Michael Berman , CEO of M&T RCC. City First Bank serves many minority-owned developers and investors in multifamily housing who historically have been underserved and under- represented in the local real estate markets. The demand is high for multifamily affordable housing and creating pathways for additional financing chan - nels, through a lending partner like M&T RCC, supports more affordable housing develop- ment and retention. M&T is committed to serving minority developers, investors, and com- munities and looks forward to partnering with City First to create greater access to both agency lending and affordable housing nationwide. MAREJ Vie Towers is located at 6515 Belcrest Rd. Via the property’s private shuttle, residents are a short com- mute to University of Mary - land and a 16-minute com- mute to Howard University. The JLL Capital Markets Debt Advisory team was led by senior managing direc- tor Doug Opalka , senior director Dan Kearns and directors Jayme Nelson and Owen Claypool . “Our team is proud to have brought together this great combination of the lender, Varde, and the sponsorship, Safanad and Vie,” said Opal - ka. “Safanad and Vie have done an excellent job with this asset to bring it to where it is today, and this loan gives them the fuel to continue this value creation.” “Värde was pleased to support Safanad and Vie in refinancing this attractive property in the high-demand student housing sector as we continue to provide flexible financing solutions for strong borrowers,” said Jim Dunbar , partner and head of real estate lending at Värde. MAREJ

nancing for Vie Towers, a ful- ly occupied, luxury, student- housing community located within the Washington, DC metro in Hyattsville. The high-rise building serves students of both Howard University and the University of Maryland. JLL worked on behalf of the borrower, Safanad and Vie Management , to secure the three-year, floating rate loan through Värde Partners . HI-LIGHTS NOVEMBER 2023

SPOTLIGHTS

and in-unit washers and dryers. The property’s in- demand student amenities include a rooftop pool deck Vie Towers

The fully furnished units also feature bed-bath par- ity, spacious floorplans, up - graded kitchen appliances

and social lounge, an indoor social lounge, a state-of-the- art fitness center and and a fully equipped co-working

M&T & City First Bank forge partnership to expand access to affordable housing financ ing

8-9A

First Bank is the largest Black- led Minority Depository Insti - tution in the U.S. with over $1.2 billion in assets as of June 30, 2023. Backed by 75 years of experience, City First Bank offers a variety of commercial real estate loan products that support investments in afford- able housing within and for low-to-moderate income urban neighborhoods. In 2022, City First bank provided $173 mil - lion in new multifamily afford- able housing loans to preserve or create 1,463 units. Addition - ally, in 2022, City First Bank provided $61 million in new loans to 19 African American- owned or -led organizations. “The ability to provide excel- lence in products and services, especially for the minority developers and investors of

multifamily residential prop- erties we serve matters,” said Brian Argrett , CEO of City First Bank. He continued “This partnership with M&T Realty Capital Corporation expands lending options and access for the customers of City First Bank.” M&T has an existing rela - tionship with City First and is pleased to have the opportunity to serve their borrowers too. “We are very excited to enhance our relationship with City First by providing liquidity and fi - nancial solutions to their work- force and affordable housing customers. City First is deeply engaged in the affordable hous- ing community and the ability to provide Fannie Mae, Freddie Mac and FHA lending will fur - ther their capability to support

BALTIMORE, MD — M&T Realty Capital Corpora- tion (M&T RCC) and City

First Bank have entered a correspon- dent relation- ship that will provide City First borrow - ers with ac- cess to M&T RCC’s Fannie

12-13A

Michael Berman

Mae DUS, Freddie Mac Optigo and FHA lending capabilities for conventional and affordable multifamily loans. The partnership with M&T RCC enables City First Bank to further their capacity to serve multifamily affordable housing investor and developer clients by offering additional competi- tive products and terms. City

LENDERS DIRECTORY LISTINGS

14-16A

www.marej.com

14A — November 2023 — Lenders Directory — Financial Digest — M id A tlantic Real Estate Journal

www.marej.com

L enders D irectory

Revolutionizing land development financing with speed and vision As CRE borrowers rush to close before 2024, Kennedy Funding is one of few who can deliver

belts and imposing unbearable guidelines. Conversely, Ken - nedy Funding’s willingness to finance challenging land deals has never been more vital to the commercial real estate market. “We’ve closed more than $4 billion in loans, and that to us is more than just a number—it’s a testament to our commitment to our borrowers,” said Kevin Wolfer , CEO and president of Kennedy Funding, a New Jer - sey-based direct private lender. Kennedy Funding’s success lies in its unparalleled ability to make fast funding decisions in contrast to going through

the bureaucratic “red tape” of traditional lenders and banks. Kennedy has honed its process, which enables quick closings for borrowers, sometimes in as fast as five days— a feat that is almost unheard of in today’s lending landscape where loan closing delays have become the norm. For Kennedy, it’s all about the current value of the real estate collateral and potential of the property. That is a strategy that differs from traditional lenders because now more than ever, they are being hindered by the borrower’s credit history.

“The credit squeeze has made it almost impossible for many borrowers to secure the nec- essary funding for their land deal,” Wolfer explained. “But at Kennedy Funding, we look at the big picture, not the bor- rower. Where others see risk, we see opportunity. For us, the primary emphasis is on identifying the positive aspects and opportunities in land de- velopment, rather than being constrained by the credit his- tory of the borrower.” Kennedy’ Funding’s loan officers are adept at provid - ing capital to borrowers in

urgent need of working capi- tal, acquisition, construction, refinance, cash outs, bridge loans, refinancing, workouts, and debt settlements. “Right now a lot of borrow - ers have been particularly impacted by the current eco- nomic climate,” said Wolfer. “And that’s where we come in. With an extensive portfolio of closed loans, Kennedy Funding is able to reinforce its position as a lending leader that can navigate the complexities of the market and provide tailored so- lutions—especially as we close out the year.” When it comes to the borrow- ers it’s crucial to be prepared. To expedite funding, essential documentation is required which includes a clean title, a recent appraisal, and an environmental report, among others that may be required. “Aside from the right pa - perwork, proactive and clear communication from the bor- rower is essential,” said Wolfer. “This will help ensure that any additional required informa- tion needed will be provided promptly for expedient review from our team.” Kennedy has also achieved a high benchmark when it comes to lending on the international front servicing not only in the US, but Canada, Europe, the Caribbean, and Central and South America. Being well- versed in the locale’s real estate markets, political landscapes, and laws allows Kennedy to seamlessly fund internation- ally while remaining compliant with the complex local regula- tions and paperwork. As the year-end approach - es, the pressure to close on land deals intensifies. Tradi - tional lenders’ reluctance to engage in what they consider ‘high-risk’ transactions places many borrowers in a precari- ous position. Kennedy Fund - ing’s strategic financial solu - tions, however, offer a lifeline to those seeking to navigate these challenges successfully. “We pride ourselves on be- ing that partner who won’t leave you hanging at closing time,” Wolfer emphasized. “Our team’s dedication to speed and flexibility is un - paralleled, and our track record of $4 billion in closed loans speaks for itself. When it comes to fast funding, par- ticularly as year-end dead- lines loom, Kennedy Funding delivers.” MAREJ

NGLEWOOD, NJ — In an era where credit is virtually nonexistent,

Kennedy Fund i ng stands out as the quintes- sential lender for borrow- ers racing against the clock to close on land deals

Kevin Wolfer

before the year’s end. With in - flation on the rise and the finan - cial upheaval within the bank- ing industry, traditional lend- ers have been tightening their

UPCOMING EVENTS 2024

JAN 2024

7TH ANNUAL NEW JERSEY HEALTHCARE & MEDICAL PROPERTIES CONFERENCE

FEB 2024

APR 2024 1ST ANNUAL SOUTHERN NJ CRE FORECAST - STATE OF THE MARKET 2024 - HOSTED BY MAREJ & BCSJ

2ND ANNUAL NJ CANNABIS & REAL ESTATE CONFERENCE - HOSTED BY MAREJ & IOREBA

Visit our Website for other Upcoming Events

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