August 2026

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A multifamily development in Philadelphia’s Olde Richmond Neighborhood D2 Capital Advisors arranges $37.3M in construction financing for 2507 Almond St.

ISSUE HIGHLIGHTS Volume 38, Issue 8 August 2026

HILADELPHIA, PA — D2 Capital Ad- visors (D2CA) an- nounced the arrangement and closing of a $37 million construction financing pack - age for 2507 Almond St., a 155-unit, six-story multifamily development in the Olde Rich - mond neighborhood of Phila- delphia. The capital stack comprises a $20 million senior construction loan and $17.3 million in Commercial Prop - erty Assessed Clean Energy (C-PACE) financing. D2CA arranged both tranches on behalf of Riverwards Group (“Sponsor”), led by principals Mo Rushdy and Larry McK- night, P.E., LEED-GA . The senior construction loan was provided by Sil- ver Heights Capital and the C-PACE financing was from Nuveen Green Capi- tal (NGC) . Together, the two tranches fund construction of the 104,469 s/f project, which will deliver a unit mix of 119 P

Northern Liberties/Fishtown/ Olde Richmond corridor was picking up significantly, while new construction starts had pulled back sharply, with very little new competitive supply underway or even planned. Getting lenders to underwrite to that reality, rather than the headlines, is what allowed us to finance 2507 Almond Street on terms that work for Riverwards Group.” “We hired D2 Capital Advi - sors with a clear mandate: secure non-recourse con- struction financing and help us build lending relation- ships beyond the strong lo - cal bank relationships we’ve relied on for years,” said Mo Rushdy , principal of River - wards Group. “Jack and the D2 team delivered on both fronts, sourcing this financ - ing through their debt fund execution and giving us a new institutional capital re - lationship to further fuel our development pipeline.” MAREJ

SPOTLIGHT

THRIVING UNDER 40

3-9

2507 Almond St. rendering provided by The Riverwards Group

studios, 24 one-bedrooms, and 12 two-bedrooms, along with 63 parking spaces, a rooftop deck with skyline and river views, a green roof, and bike parking. The project has secured a fully approved 10- year, sliding-scale tax abate- ment and is being built by Urban Renewal Builders , Riverwards Group’s affiliate general contractor. Both the senior loan and the C-PACE financing were structured on a non-recourse basis. The transaction was led by Jack Cortese and David

Frankel of D2 Capital Ad - visors, who structured and arranged the layered senior debt and C-PACE financing to maximize proceeds and minimize the Sponsor’s overall cost of capital. “The headline narrative on Philadelphia multifam - ily has been oversupply and slow absorption, and on the surface that made this a harder financing to tell,” said Cortese. “But our own propri - etary data and local market knowledge told a different story: leasing velocity in the

MIG completes four Central NJ leases totaling 183,314 s/f

22-23

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NewPoint originates $34.6M bridge-to-agency financing for hotel-to-multifamily conversion in Arlington, VA

like Arlington,” said Gabri - el. “We structured a flexible bridge-to-agency solution with future funding to support the borrower’s renovation and lease-up plan, positioning the asset for a successful stabiliza- tion and long-term financing,” he added. “We continue to see compel - ling opportunities to convert underutilized hospitality assets into much-needed housing,” said Adam Feldman , managing partner of Goodhomes Com - munities LLC. “With its resi- dential-style configuration and transit-oriented location, the asset is well-suited for conver- sion, and NewPoint’s financing supports a seamless execution of our business plan,” he said. Upon completion, the prop - erty will offer a mix of studio, one-, two-, and three-bed- room units within Arlington’s Rosslyn-Ballston Corridor, a transit-oriented location steps from the Courthouse Metro Station. MAREJ

ARLINGTON, VA — New- Point Real Estate Capital LLC (NewPoint) has origi- nated a $34.6 million floating- rate bridge-to-agency loan for the acquisition and planned conversion of Clarion Collec- tion Arlington Court Suites, a 187-unit property located in Arlington, Virginia. The bridge loan, which was used to finance the purchase of

Planned conversion of Clarion Collection Arlington Court Suites

Directory

the extended-stay hospitality property, includes future fund - ing for capital improvements and is structured to support the borrower’s business plan to convert the asset into a multifamily community. The financing provides the spon - sor the flexibility to execute a phased renovation and lease- up strategy, with a path to a permanent agency takeout upon stabilization. The financing was origi - nated by NewPoint director,

Jacob Gabriel , on behalf of the borrower, Goodhomes Communities LLC , a pri - vate real estate investment company focused on acquiring well-located, under-perform - ing hospitality and seniors housing assets and converting them into essential housing for America’s workforce. “This transaction under - scores the increased momen- tum behind adaptive reuse opportunities, particularly in high-barrier-to-entry markets

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Inside Cover — August 2026 — M id A tlantic Real Estate Journal

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2 — August 2026 — 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 Columnist ..............................Tony H. Benson II, CENTURY 21 ® Gold; Andrew Lofredo, CRE Vertical Advi- sors; James Yoakum, Kleinbard LLC; Andrew Koller, WCRE/ CORFAC International 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. 38, Issue 8 Subscription rates: 1 year $99.00, 2 years $148.50, 3 years $247.50 & $4.00 single issue - plus postage

Andrew Lofredo

Loan Maturities Are Not a Strategy

C ommercial real estate financing is entering an interesting phase. Banks are beginning to return to the market after several years of tightening credit. That shift is most visible among larger depositories and institutional lenders, with com - mercial mortgage originations increasing significantly during the first quarter of 2026, and that momentum has continued into the second quarter as lend - ers become more active and borrowers address upcoming loan maturities. At the same time, the 10- year US Treasury has climbed roughly 50 basis points (ap - proximately 12%) since the beginning of the year, and some market participants believe it could approach 5% if current trends continue. Those developments aren’t contradictory, but it does mean that credit is becoming more available, while capital is be - coming more expensive, which makes decisions and strategies a little more difficult. Regardless,

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

this is the market owners are operating in today. Even though sometimes the only impetus for a refinance is a pending maturity, the purpose should be more than just re - placing one loan with another. Every financing decision influ - ences cash flow, debt service, reserves, leasing flexibility, future capital investments and, ultimately, the role that prop - erty plays within the portfolio. Before speaking with lenders, it’s worth stepping back and re - visiting the property’s business plan and it’s role in the overall portfolio if you are managing more than one asset. ‍ Has the investment thesis changed? What leasing activity, ten - ant improvements or capital projects are expected over the

next several years? Will additional leverage strengthen the long-term eco - nomics of the asset, or simply de - fer a larger ownership decision? Is this still the best place to invest additional capital, or would those dollars create greater value elsewhere in the portfolio? What does a sale vs a refinance look like? Financing is one component of executing an ownership strategy so the asset manager should be asking all of these questions and more. ‍ The same market forces that influence borrowing costs also influence buyer purchasing power, investment returns and, over time, property values. A financing decision made today can shape an owner’s flexibility continued on page 12

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 — August 2026 — 3 Mid Atlantic R eal E state J ournal ’ s T hriving U nder 40 S potlight

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Brian Anderson Cushman & Wakefield

Chris Chiusolo NAI Dileo-Bram & Co.

Julie Gralla Kislak

Casey Keller Feinberg Real Estate Advisors

Sandro Randazzo NAI Mertz

Jared Licht NAI Mertz

Matthew LoBocchiaro Kislak

Alex Schum NFP, an Aon Company

Inside: Casey Keller, vice president, Feinberg Real Estate Advisors ..................................................................... 4 Brian Anderson, executive managing director, Cushman & Wakefield ..................................................5 Chris Chiusolo, vice president, NAI Dileo-Bram & Co. .........................................................................6 Jared Licht, vice president, NAI Mertz .....................................................................................................7 Sandro Randazzo, director, NAI Mertz ....................................................................................................7 Julie Gralla, senior vice president, Kislak..................................................................................................8 Matthew LoBocchiaro, sales and leasing associate, Kislak........................................................................ 8 Alex Schum, assistant vice president, NFP, an Aon Company................................................................. 9

4 — August 2026 — Thriving Under Forty — M id A tlantic Real Estate Journal

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T hriving U nder F orty Vice President at Feinberg Real Estate Advisors An interview with Casey Keller, CCIM: Where connection meets commercial real estate

hat is your great- est professional accomplishment?

Casey Keller Vice President Feinberg Real Estate Advisors Years with company/firm: 3 Years in field: 3 Years in real estate industry: 3 Real estate organizations / affiliations: CCIM, CREW Lehigh Valley

“Don’t be afraid of change or taking an unconventional path. Every opportunity I’ve had has been unique, but each one gave me critical skills and helped me grow into the person I am today.”

Earning my CCIM designa - tion is what I’m most proud of professionally. Beyond the rigorous commercial real es - tate education, it provided a powerful network both locally and across the country. Serv - ing on the board for my local chapter allows me to give back to that community, build strong professional relation - ships, and stay at the forefront of the industry. Who or what has been the strongest influence in your career?

The combination of skills I learned from my past careers helped me see clear parallels to commercial real estate. I was at a transition point in my last job, and while reviewing the skills I used daily, I realized how naturally they aligned with this industry. Today, as a Commer - cial Real Estate Advisor, I chose this field because it allows me to bring all those dynamic skill sets together to solve complex problems for my clients. What unique qualities and/or personality traits do you feel make you most suc- cessful in your profession? I believe my strong rela - tionship-building skills and adaptability are what make me most successful. Coming from a background that spans high-stakes event planning, media production, and insur - ance sales, I’ve learned how to listen deeply to what a cli - ent needs, navigate complex logistics, and find creative solutions when unexpected challenges arise. I’m deeply focused on understanding my clients’ vision and ensuring they feel heard, fully sup - ported, and confident that I’ve got their back through every step of the transaction. What outside activities do you enjoy during you free time? As a mom of young kids, free time is precious, so I focus on activities that bring us together as a family—being outdoors, riding bikes, playing sports, and going on local adventures. I also protect my early morn - ing routine before the house wakes up. Having time for a good workout, a quiet cup of cof - fee, and a few focused minutes to reset sets the tone for my whole day. What inspiring word of advice would you give to a young executive graduating from college today? Don’t be afraid of change or taking an unconventional path. Every opportunity I’ve had has been unique, but each one gave me critical skills and helped me grow into the person I am today. Everything is a learning experience—embrace every single step! MAREJ

Tell us how and when you began your career in the profession you are in, about your current position and why you choose the field/ profession you are in today? I come from a diverse back - ground that includes hospitali - ty, event and wedding planning, video production, and workers’ compensation insurance sales.

truly means to serve clients with total dedication from start to finish. I strive to bring that same level of commitment and work ethic to my clients every single day.

Without a doubt, our bro - ker—and my mom—Cindy Feinberg. She models excel - lence in every phase of the commercial real estate pro - cess, demonstrating what it

PROUDLY CONGRATULATES CASEY KELLER, CCIM Vice President

ON BEING NAMED TO

The Mid Atlantic Real Estate Journal's Thriving Under 40 SPOTLIGHT

ckeller@feinbergrea.com 610.709.6232 feinbergrea.com

Leadership. Expertise. Impact. Feinberg Real Estate Advisors celebrates Casey and this well-deserved recognition.

M id A tlantic Real Estate Journal — Thriving Under Forty — August 2026 — 5

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T hriving U nder F orty

EQUITY, DEBT, & STRUCTURED FINANCE

Brian Anderson is an Executive Managing Director on Cushman & Wakefield's Equity, Debt & Structured Finance (EDSF) team, based in New Jersey. Over the course of his career, he has closed more than 85 transactions representing over $1.5 billion in commercial real estate loans, with an average deal size of $17.7 million. His track record reflects a consistent ability to structure and execute financing across a broad range of asset types and capital sources.

Contact: 732.616.0908 | brian.anderson@cushwake.com

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6 — August 2026 — Thriving Under Forty — M id A tlantic Real Estate Journal

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T hriving U nder F orty NAIDB vice president advises clients beyond the transaction

Chris Chiusolo draws on diverse experience to build a $100M+ track record in commercial real estate

hich transaction are you most proud of closing to date, and what made it so significant? While there are several that rank high for me – including the Best of 2025 Most-Unique Industrial Sale involving the $18.2 million closing on a 50,400 s/f warehouse property in NJ – I would have to say arranging the sale of a newly constructed 26,500 s/f state-of- the-art Central NJ warehouse and office facility as part of a NAIDB multi-phase repre - sentation. Demonstrating the firm’s internal synergy, we W

My contributions come down to combining an entrepreneur - ial mindset with a high-touch, client-first advisory approach. Joining NAIDB with a diverse background in start-ups, prop - erty management and construc - tion allows me to advise clients holistically – looking beyond the physical footprint to understand how a facility or asset impacts their overall business operations. Having closed more than $100 million in commercial transactions across New Jer - sey, I strive to contribute to NAIDB’s growth by bringing high energy, kindness, modern marketing strategies and strict

integrity to every assignment. To the broader industry, I aim to represent the next genera - tion of leadership by showing that sustained success in CRE is built on fostering genuine, long-term partnerships. What core qualities and personal strengths drive your success in this industry? Success in this industry boils down to three critical skills: active listening, likeability and adaptability. Being open- minded and understanding client needs at a deeper level is essential. A property that looks perfect on paper might not feel right for the day-to-day – and that’s okay. Likeability also matters. Real estate transac - tions can be stressful, and while professionalism always comes first, people generally prefer working with someone they trust and enjoy working with. Being able to remain firm when necessary while treating people with kindness goes a long way. Adaptability allows you to pivot quickly, identify alternative opportunities down the road and seamlessly align with what the client actually wants. True representation re - quires listening twice as much as speaking, breaking down that information and respond - ing with strategy rather than sales pitches. Which professional or personal obstacles tested you most along your way to success? The biggest challenge was the steep learning curve of commercial real estate early in my career. Emerging as a young broker means you are constantly competing against decades of established relation - ships. To overcome that, I had to out-prepare, out-work and out-listen the competition. Another key obstacle was learning how to adjust the sails when deals didn’t go accord - ing to plan. In brokerage, you quickly realize that unexpected roadblocks are standard oper - ating procedure. Developing resilience, remaining open- minded when a property or strategy falls through and stay - ing hyper-focused on long-term client relationships rather than short-term wins were crucial hurdles to clear. Overcoming those early tests shaped the professional I am today. What role has mentorship played in shaping the bro- ker you are today? continued on page 48

Chris Chiusolo Vice President NAI Dileo-Bram & Co. (NAIDB) Years with company/firm: 1.5 Years in field/Industry: 8 Real estate organizations / affiliations: IOREBA and NAIOP

and required extensive innova - tive thinking. In what ways are you driv- ing value for your company and shaping the commercial real estate market?

brought this Class A industrial asset from site acquisition and redevelopment to marketing for lease and, ultimately, the successful sale in an off-market disposition. It was multi-tiered

Congratulates

Christopher Chiusolo Vice President

Recognized As One Of The Mid Atlantic Real Estate Journal’s “ Thriving Under 40 ”

For more information, please visit: naidb.com

M id A tlantic Real Estate Journal — Thriving Under Forty — August 2026 — 7

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T hriving U nder F orty

Jared Licht Vice President NAI Mertz Years with Company/Firm: 9 Years in Field: 9 Years in Real Estate Industry: 9

Sandro Randazzo Director NAI Mertz Years with Company/Firm: 1 Years in Field: 10+ Years in Real Estate Industry: 10+ Real estate organizations / affiliations: Licensed Real Estate Salesperson (NJ & PA); CoStar Power Broker What is your greatest professional accomplishment? Building the in-house leasing department for a prominent regional industrial and shopping center landlord from the ground up. I was responsible for an 8-mil - lion s/f portfolio of multi-tenant industrial assets across Southeast Pennsylvania and Southern New Jersey, and over my tenure the department completed more than 1.2 million s/f of lease transactions, generating over $50 million in lease value. Watching that platform grow from nothing into a real value driver for ownership and occupiers alike is the accomplishment I’m most proud of. How do you contribute to your company and/or the industry? With more than a decade of experience across asset classes throughout the Northeast and Mid-Atlantic, I’ve built a specialized focus on industrial real estate, representing landlords, tenants, buyers, and sellers throughout the Philadelphia MSA. Joining NAI Mertz as Director in 2025, I bring institutional landlord-side leasing experience — including building and running an in-house leasing platform — to help strengthen the firm’s industrial practice and deliver a relationship-driven, results-focused approach for our clients. Tell us how and when you began your career in the profession you are in, about your current position, and why you chose the field/profession you are in today. My career began in landlord representation, working directly with industrial and shopping center owners across the Northeast and Mid-Atlantic. Early on, I had the opportunity to found and lead the in-house leasing department for a prominent regional landlord, building a team and process to manage 8 million s/f of multi-tenant industrial assets essentially from scratch. That experience is what drew me deeper into industrial real estate — I saw firsthand how much value the right leasing strategy and tenant relationships could create for owner - ship. In 2025, I joined NAI Mertz as Director, where I now focus on landlord/ tenant and buyer/seller representation in the Philadelphia MSA, building on that industrial specialization.

Who or what has been the strongest influence in your career? My father, Jeff Licht, has been the strongest influence on my career. He’s spent 40 years in commercial real estate, 30 of them at NAI Mertz, and has registered more than $1 billion in aggregate transaction volume over that time. What’s shaped me most, though, isn’t the numbers — it’s watching his commitment to excellence and to his clients’ success, day in and day out. That example set the standard I hold myself to. What were some of your early goals and did anything happen to change them? Early in my career, my main goal was to learn as much as I could about the market and establish myself — putting in the time to understand submarkets, build relationships, and get a real feel for how deals come together. Now that I’ve built a track record of success, my goals have shifted. I’m focused on taking on more complex deals and leveraging the NAI Global platform to expand the geographic reach and range of services I can offer my clients — giv - ing them access to a broader network and deeper resources as their needs grow. What inspiring word of advice would you give to a young executive graduating from college today? My advice would be to focus on learning before earning. In the early years, invest your time in truly understanding your market and in building strong, genuine relationships, because that foundation is what everything else gets built on. Track record and trust take time to earn, and there’s no shortcut around putting in the work. Find someone you respect who’s already doing it well and pay close attention to how they operate — their discipline, their commitment to clients, the way they handle both wins and setbacks. I was fortunate to have that example close to home, and it shaped how I approach every deal. What is your greatest professional accomplishment? My greatest professional accomplishment has been achieving NAI Global Top continued on page 48 Congratulations to our THRIVERS

continued on page 48

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8 — August 2026 — Thriving Under Forty — M id A tlantic Real Estate Journal

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T hriving U nder F orty

Julie Gralla Senior Vice President Kislak Years with Company/Firm: 15 years Years in Field: 15 years Years in Real Estate Industry: 15 years

Matthew LoBocchiaro Sales and Leasing Associate Kislak Years with company/firm: 3 Years in field: 3 Years in real estate industry: 3 Real estate organizations / affiliations: NCJAR

What is your greatest professional accomplishment? Hitting 15 years in the business this year. I can’t believe how quickly it’s gone! What is your most notable project, deal or transaction? I’ve had quite a few memorable transactions over the past 15 years, from setting a record per-unit price in South Orange early in my career to more recently selling properties in Plainfield at record per-unit prices for their vintage. One especially memorable transaction was selling a 134-unit complex in Bridgewater for the original builders. This was the first time it had traded since it was built nearly 30 years earlier. I’m also proud of the development deals I’ve been a part of, particularly several in Plainfield. I love being a part of creating positive change. How do you contribute to your company and/or the industry? I’m orga - nized, detail-oriented and persistent, and I stay on top of a deal from start to fin - ish to make sure it gets to the closing table. I’ll do nearly anything to get a deal done, often going well beyond the traditional broker’s role. Who or what has been the strongest influence in your career? My mother, Joni Sweetwood. She’s an Executive Vice President at Kislak and was Kislak’s highest producer for many years. She inspires me every day to work harder. Her passion for the business and her clients is unparalleled, and I aspire to be the champion in this industry that she has become. There is truly no stopping her. What impact has social media/networking had on your career? Networking is everything in this industry, but I’ve found that it’s most effective in person. I use publications and the internet to market listings and maximize exposure, but my greatest success has come from building strong, personal relationships over time. Tell us how and when you began your career, about your current position and why you chose this field/profession. I started my career in advertising before joining Kislak in December 2010. I’ve stayed in real estate because, while I love the flexibility and earning potential, what I really love is being with people. It’s especially rewarding when clients become trusted friends. What were some of your early goals, and did anything happen to change them? When I started, my goal was simply to surpass what I had earned in continued on page 48

What is your greatest professional accomplishment? One of my greatest professional accomplishments has been representing Our House, Inc. in securing a new location for their headquarters and day programs. I am proud to have helped identify a space that meets their operational needs and supports their continued efforts to provide important services to adults with intellectual and developmen - tal disabilities. The transaction is particularly rewarding because my work as a broker allowed me to directly support an organization that has such a meaningful and positive impact on the community. What is your most notable project, deal or transaction? One of my most notable transactions has been the Brooks Brothers lease at 32-34 Broad Street in Red Bank. The transaction was a great opportunity to work with a national retailer and play a role in bringing the brand to a prominent location in Red Bank. I was involved throughout the process and gained valuable experi - ence working through the negotiations and details of the transaction. It was a significant deal for my business and an experience that helped me continue to grow as a commercial real estate broker. How do you contribute to your company and / or the industry? I contribute to my company and the commercial real estate industry through sales and leasing, helping property owners, tenants, investors, and developers navigate transactions and make informed real estate decisions. I focus on building strong relationships, identifying opportunities, and creating value through effective marketing, nego - tiation, and deal execution. What impact has social media / networking had on your career? Social media and networking have allowed me to expand my professional network, meet more people, and stay connected with contacts more consistently. It has made it easier to maintain relationships, which is especially valuable in commercial real estate, where relationships and referrals are critical to success. Tell us how and when you began your career in the profession you are in, about your current position and why you choose the field/profession you are in today? I began my career in commercial real estate shortly after continued on page 48

CONGRATULATIONS

to Julie Gralla and Matt LoBocchiaro for recognition in the Thriving Under 40 . We celebrate their accomplishments and honor their hard work, integrity, and client dedication.

Julie Gralla Senior VIce President

Matt LoBocchiaro Sales & Leasing Associate

The Kislak Company, Inc. | kislakrealty.com | 732 750 3000

M id A tlantic Real Estate Journal — Thriving Under Forty — August 2026 — 9

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T hriving U nder F orty “Invest in relationships, make networking a priority, learn to listen & never stop asking questions.” NFP assistant VP Alex Schum helps clients navigate environmental risk

Additionally, my mentor, Chris Alviggi, has played a sig - nificant role in my professional development by providing nu - merous opportunities to work on complex transactions and demonstrating how to navigate them effectively to achieve the best outcomes for clients. What outside activities do you enjoy during your free time? I enjoy fishing and golf - ing, both of which provide an opportunity to get outside, slow down and spend meaningful time with others. What inspiring word of continued on page 38

hat is your most notable project, deal or transac-

needed to overcome to be- come as successful as you are today? One of the biggest challenges was establishing credibility early in my career. Many of the most valuable learning experiences come from working on complex and challenging transactions, but opportunities can be limited for younger professionals. Fortunately, my role has exposed me to a wide variety of deals and industries, acceler - ating my learning and helping me develop expertise across a broad range of environmental risk scenarios.

Alex Schum Assistant Vice President NFP, an Aon Company Years with company/firm: 2 Years in field/Industry: 8 Years in real estate industry: 4 Real estate organizations / affiliations: ICSC

tion? Placement of a complex, multiyear environmental in - surance program for a large warehouse portfolio with vari - ous transactional and envi - ronmental risk requirements. As the client has continued to expand through acquisi - tions, the program has grown alongside, providing tailored risk transfer solutions that support ongoing transactions and portfolio development. How do you contribute to your company and/or the industry? I help buyers, sellers and investors navigate environmental risks that can impact transactions, identify - ing solutions that keep deals moving forward. By leveraging pollution liability insurance and other specialized risk manage - ment strategies, I also work closely with professionals across our Real Estate, Private Equity, M&A, Energy and Sports prac - tices to address environmental challenges and create success - ful outcomes for clients. Who or what has been the strongest influence in your career? My father. He taught me the value of hard work, pa - tience and how to connect with people from all backgrounds and perspectives. Those lessons continue to shape how I build relationships and approach challenges today. Tell us how and when you began your career in the profession you are in, about your current posi- tion and why you choose the field/profession you are in today? I began my career in P&C insurance to build a strong foundation across traditional coverage lines, later working in personal lines where I saw firsthand how insurance decisions impact individuals and families. As my career progressed, I sought to develop expertise in a specialized area and ultimately found my niche in environmen - tal insurance. Today, I help clients manage environmental risks through insurance solu - tions that support transac - tions, protect investments and drive business growth. What were some of your early goals and did any- thing happen to change them? Early in my career, my goal was to learn as much as I could on all insurance lines, but specifically to

combine technical expertise with problem-solving on complex transactions. What challenges and/or obstacles do you feel you

become an expert in a spe - cialized area of insurance. I ultimately found my niche in environmental insurance, where I have been able to

10 — August 2026 — Financial — M id A tlantic Real Estate Journal

www.marej.com

F inancial

NGLEWOOD, NJ — Kennedy Funding , one of the nation’s leading Direct private lender’s 9% loan helps fast-track 41-acre site purchase in booming Gulf Coast region Kennedy Funding closes $1.5M land loan in 18 days for Alabama multifamily development E

exceptionally competitive rate for a land acquisition loan. “This was exactly the kind of opportunity Kennedy Fund - ing is built for,” said Mark Falzone , executive loan of - ficer at Kennedy Funding. “The borrower faced a firm purchase deadline, brought substantial equity to the transaction and had a devel - opment-ready property. “We recognized the urgency immediately and moved quickly to provide the funding need - ed so the acquisition could move forward.” Andrew Williams , manag - ing partner at KLEI Capital , a San Diego-based broker, praised Kennedy Funding’s responsiveness. “There was an - other lender who could not get the deal across the finish line, so we reached out to Kennedy Funding, a lender with exten - sive experience in land loans the LLC’s protective structure if the investor fails to treat the entity as distinctly separate from themselves, a concept known as “piercing the veil.” Maintaining a dedicated bank account, keeping independent books and records, and ensur - ing business and personal affairs are separate are es - sential steps in preserving the liability shield. While an LLC does offer many benefits for investors, it is not without cost or complex - ity. Investors should expect annual filings, a separate tax return, and other ongoing ad - ministrative upkeep for each LLC they establish. When an LLC Becomes Necessary Not every deal requires the added structure of an LLC. For smaller deals, the potential benefits may not justify the costs of setting up the LLC and the hassle of maintaining the “separateness.” But for larger transactions, including multi-unit properties or deals valued north of $1 million, the added protection an LLC pro - vides becomes more valuable and usually worth the cost and effort. This calculation changes further when multiple inves - tors or partners are involved in a transaction, because in that case, an LLC provides both liability protection and the structural foundation for defin -

and a reputation for closing fast. Kennedy said they could close by the deadline, and they did. They responded right away, quickly vetted the deal, and the entire experience was phenom - enal,” Williams said. Located along Highway 59, one of Baldwin County’s pri - mary commercial corridors, the site offers direct access to Inter - state 10 while placing future residents within convenient commuting distance of Mo - bile, Pensacola and Alabama’s Gulf Coast beaches. Highway 59 serves as the backbone of central Baldwin County, connecting rapidly expanding residential communities with employment centers, shopping, healthcare and transportation. Population growth, expanding healthcare, manufacturing, logistics, tourism and new business investment continue to drive demand for housing ing each party’s roles, contribu - tions, and expectations. This clarity is critical for ensuring a smooth partnership. Understanding the Benefits & Tradeoffs One final, often overlooked, factor in choosing whether to utilize an LLC is financing. Some real estate mortgage lenders are reluctant to is - sue loans directly to an LLC or may offer more favorable terms to an individual (hu - man) borrower. For smaller, single-owner deals in par - ticular, lenders may simply prefer to see an individual on the title, which is worth con - firming early on before you go under contract. If that’s the case, it’s worth exploring ad - ditional liability insurance to allow you to access the financ - ing you want or need without sacrificing legal protection. Whether an LLC makes sense for any given deal ulti - mately depends on the size of the transaction, the financing involved, and an investor’s own tolerance for adminis - trative complexity and risk. There is no one-size-fits-all ap - proach, and it’s critical to loop in legal counsel and trusted advisors early to ensure you’re making the best decision for your unique situation. James Yoakum is an at - torney in the real estate & fi - nance group with Kleinbard LLC in Philadelphia. MAREJ

throughout the region. Adding to the area’s momen - tum is the nearby Gulf Alabama (Port Alabama) Industrial Cen - ter, a more than 900-acre in - dustrial development planned to include 12 million s/f of industrial space. The project is expected to generate thousands of jobs while strengthening the Highway 59 and I-10 corridor as one of the Gulf Coast’s premier logistics and industrial hubs. The region is also benefiting from significant corporate and industrial investment. Novelis is constructing a $4.1 billion dollar aluminum rolling and recycling facility in Baldwin County that is expected to cre - ate significant job opportuni - ties. Nearby Mobile is also home to Airbus’ US manufacturing facility and Austal USA, a ship manufacturer headquartered in the city. “Deals like this demonstrate

where Kennedy Funding’s pri - vate lending adds the most value,” said Kevin Wolfer , CEO of Kennedy Funding. “When qualified borrowers face extremely tight deadlines, they need certainty of execution. Our team was able to provide that certainty and keep this project moving forward.” The approved 420-unit proj - ect will help meet increasing housing demand generated by the area’s expanding popula - tion, expanding industrial base and growing workforce. With development-ready land becoming increasingly difficult to find in high-growth markets, the loan highlights both the continued demand for multifamily housing across Baldwin County and Kennedy Funding’s ability to deliver customized financing solutions when speed, certainty and execution matter most. MAREJ

direct private lenders, has closed a $1.5 million land loan for the acquisition of a 41.09-acre fully entitled multifamily development

Mark Falzone

site along Highway 59 in Lox - ley, Baldwin County, Alabama. The financing, provided to Vision of Loxley APT, LLC, was completed in just 18 days, enabling the borrower to sat - isfy a contractual acquisition deadline on a property approved for 420 multifamily units. The borrower is purchasing the site for $3 million. Kennedy Funding’s financing also featured an impressive 9% first-year interest rate, an One of the most common questions I hear from new, and even experienced, real estate investors is whether they need to form an LLC to take title in a real estate transaction. The honest an - swer, as with most real estate questions, is that it depends (I’m a lawyer after all!) – but understanding the tradeoffs early can save investors time, money, and headaches down the road. Below I outline a few factors to consider when determining if an LLC is necessary for your transaction. Why Real Estate Investors Form LLCs A limited liability company (LLC) is a legal entity created to own and operate a busi - ness or investment. For real estate investors, the appeal is straightforward: when prop - erly formed and maintained, an LLC creates a legal sepa - ration between an individual investor’s personal assets and business assets. For example, if a tenant is injured at a property and sues the owner, exposure would generally be limited to the LLC and its assets, rather than exposing an investor’s personal savings, home, or other holdings to the lawsuit and potential judgments. It’s important to note that LLC protection is not guar - anteed. Courts will disregard

PPR announces launch of build-to-rent housing fund

By James Yoakum, Kleinbard LLC LLC Considerations For First-Time Real Estate Investors

in high-growth markets with strong renter demand. BTR communities are pur - pose-built single-family homes or townhomes designed for renters, offering more space, privacy and professional prop - erty management than tradi - tional apartments. Planned acquisitions will initially focus on the Charlotte and Nashville MSAs and feature amenities such as private yards, at - tached garages and high-end finishes. MAREJ

WAYNE, PA — PPR Capi- tal Management (PPR) an - nounced the launch of the PPR Keystone Housing Growth Fund, a single-strategy fund focused exclusively on build-to-rent (BTR) residential communities. The Fund targets fully built communities at or near cer - tificate of occupancy, allowing investors to enter after develop - ment and construction risk has largely been absorbed by the sponsor. Its strategy centers on lease-up and stabilization

National Integrity Title Agency establishes PA headquarters in Bryn Mawr

culture. Serving the five- county Greater Philadel - phia region, the Bryn Mawr office centralizes NITA’s Pennsylvania operations with support from its Marl - ton headquarters. “Our roots in Pennsylva - nia run deep, making this a natural next step for our company,” said NITA co- owners George E. Duffield Sr. , CEO, and Fran Turchi , president. “Establishing an office across the river rein - forces our long-term com - mitment to the market and positions us to better serve and grow alongside the real estate professionals, lend - ers, attorneys, builders and developers who have placed their trust in us.” MAREJ

MARLTON, NJ/BRYN MAWR, PA – National In- tegrity Title Agency (NITA) has strengthened its long- standing commitment to the Pennsylvania real estate mar - ket with the opening of its new Pennsylvania headquarters at 919 Conestoga Rd., Suite 314, in Bryn Mawr. The new 1,500 s/f office will support com - mercial and residential title insurance and settlement ser - vices throughout Philadelphia, Bucks, Chester, Delaware and Montgomery counties. Home to a five-member team, the location reflects NITA’s investment in Penn - sylvania and commitment to providing local expertise backed by the company’s technology and collaborative

M id A tlantic Real Estate Journal — Financial — August 2026 — 11

www.marej.com

F inancial

CLOSED IN JUST 18 DAYS.

$1,500,000 Closed Land Acquisition Vision of Loxley, APT, LLC Loxley, Alabama

The opportunity was too juicy to pass up. Kennedy Funding quickly stepped in with a $1.5 million land loan featuring an impressive 9% first-year interest rate. The funding helped secure 41.09 acres for a 420-unit multifamily development in one of Alabama’s fastest-growing regions. That’s how you bring the heat.

With over $4 Billion in closed loans, why would you go anywhere else?

Call 201-342-8500 or visit KennedyFunding.com

LAND, WORKING CAPITAL, ACQUISITIONS, BANKRUPTCIES, DISCOUNTED PAYOFFS, NOTE PURCHASES, WORKOUTS AND FORECLOSURES

12 — August 2026 — Financial — M id A tlantic Real Estate Journal

www.marej.com

F inancial

Silver Arch Capital Ptrs. closes $5.66 Million loan

Madison Realty Capital & Cottonwood Group provide financing Inspired By Somerset Dev. secures $211 Million financing package A

PHILADELPHIA, PA — Basis Investment Group, LLC (Basis) , a CRE debt and equity investment plat - form founded by CEO Tam- my Jones , has provided a $19.95M bridge loan to re - finance the existing debt, support the continued stabi - lization, and fund remaining tenant-improvement and leas - ing costs associated with Wolff Court. The subject property is a four-story, class A mixed-use development built in 2020, con - taining 71 multifamily units and 12,660 s/f of ground-floor commercial space fully leased to The Learning Experience, a national childcare and early- education operator, and 57,075 s/f of rentable area, sponsored by GY Properties in Philadel - phia’s Fishtown neighborhood. “Wolff Court represents an opportunity to support tan - gible impact for Philadelphia residents and communities through the provision of flex - ible transitional capital,” said Jones. “We’re honored to once again partner with GY Prop - erties , an established and well-respected borrower with SBURY PARK, NJ — Inspired by Som- erset Development announced the closing of $211 million financing provided by Madison Realty Capital and Cottonwood Group for LIDO Asbury Park, a Jersey Shore luxury residential offering. The milestone coincides with sig - nificant construction progress, with structural groundwork now complete, and the North Tower beginning its vertical ascent. Completion is on track for 2028. “What we’re building at LIDO isn’t just a response to what the market was asking for. It’s a reimagining of what coastal living in New Jersey can be,” said Ralph Zucker , CEO and president of Inspired by Somer - set Development. “Asbury Park has an extraordinary spirit and a deep connection to the sea, and LIDO was designed to honor that while elevating it, creating a place where world- class design, genuine wellness and the best of seaside life can coexist effortlessly.” Located at 1201 Ocean Ave. in the storied “City by the Sea,” LIDO introduces 112 thoughtfully designed condo -

$5.66M loan secured by a newly developed property in Huntington Station, NY

interest rates decline over the next several years, the financ - ing allows BGNYAVE, LLC to take advantage of lower borrowing costs, providing both immediate value and long-term financial flexibility. “We are proud to partner with experienced develop - ers like BGNYAVE, LLC, and provide financing solu - tions that are both competi - tive and flexible,” said Jef- frey Wolfer , president and CEO of Silver Arch Capital Partners. “Our goal is to structure loans that meet our clients’ current financ - ing needs while positioning them to benefit from favor - able market opportunities in the future.” This transaction reflects Silver Arch Capital Partners’ continued commitment to providing creative financing solutions for multifamily and mixed-use real estate projects throughout the New York metropolitan area. MAREJ rise and fall. Lending condi - tions will tighten and loosen. A disciplined asset man - agement strategy provides the framework for making sound ownership decisions re - gardless of where the market moves next. The decision should be grounded in ownership strat - egy, whether it is prompted by a maturing loan or undertaken proactively for other reasons. Additional Data source: US Department of the Trea - sury – Daily Treasury Par Yield Curve Rates https://home. treasury.gov/resource-center/ data-chart-center/interest- rates/TextView?type=daily_ treasury_yield_curve&field_ tdr_date_value=2026 Andrew Lofredo is CEO of CRE Vertical Advisors. MAREJ

HACKENSACK, NJ — Hackensack, NJ-based Silver Arch Capital Partners an -

LIDO Asbury Park

minium residences to one of the most sought-after coastal enclaves on the East Coast. Since launching sales in July 2025, the project has already set the record for the highest- priced condominium ever sold in New Jersey, a milestone that speaks to the depth of appetite in this market. “Few sites on the Jersey Shore offer the combination of location, product quality and market demand that LIDO offers,” said Josh Ze- gen , co-founder and man - aging principal of Madison Realty Capital. “Inspired by

Somerset Development has built a strong track record of delivering distinctive projects, and LIDO’s early sales per - formance underscores both the quality of the asset and the strength of the underly - ing market. We’re pleased to provide this financing and support the project as it enters its next phase of construction.” Creative team: interiors by the internationally renowned Clodagh Design , architec - ture by Minno & Wasko Ar- chitects and Planners and landscape design by Melillo Bauer Carman . MAREJ

nounced the closing of a $5.66 million loan secured by a newly developed mixed-use property in Huntington Station, NY.

Jeffrey Wolfer

The financing is secured by a fully leased 16-unit apartment building with two ground- floor retail spaces. The bor - rower, BGNYAVE, LLC, is the developer of the property and successfully completed the project to help meet the growing demand for quality residential and commercial space in the area. The loan was structured with a highly competitive interest rate while also provid - ing the borrower with the flex - ibility to capitalize on future market conditions. Should for years to come. It affects acquisition capacity, capital planning, disposition timing and the ability to respond when opportunities emerge. That’s why asset manage - ment connects capital markets with day-to-day execution. Leasing plans determine fu - ture cash flow. Capital projects influence refinancing proceeds. Reserve planning affects flex - ibility. Debt structure shapes investment capacity. ‍ Every decision builds on the next. Viewed independently, each may appear operational. Viewed holistically, they de - termine whether a portfolio consistently creates value over time. Markets will continue to change. Treasury yields will

Basis Investment Group, LLC provides $19.95M bridge loan for mixed-use property in Philadelphia

continued from page 2 Loan maturities are not a strategy

Wolff Court in Philadelphia’s Fishtown neighborhood

generations of expertise and success in the local market, to provide the essential resources to access quality living.” Wolff Court is strategically located at 501 E. Girard Ave. in Fishtown, one of Philadel - phia’s most active residential and commercial neighbor - hoods. The residential com - ponent is currently 95% occu - pied, and its ground-floor com - mercial space is fully leased. The transaction represents another financing completed by Basis with GY Properties,

a private real estate invest - ment, development, and man - agement firm that has a deep local expertise of the market with approximately 3,800 residential units owned and managed at 97% occupancy across its portfolio. The property meets a grow - ing demand for housing in the region, offering access to Philadelphia’s distinct culi - nary, art and musical culture alongside historic institu - tions for academia, nature, and entertainment. MAREJ

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