16C — September 17 - October 21, 2021 — Fall Preview — M id A tlantic Real Estate Journal


F all P review

FCP closes $1.188 Billion FCP Realty Fund V, L.P.

n the pandemic’s wake, there’s been frequent dis- cussion of the possible Lender, Kearny Bank remains bullish Prospects for New Jersey commercial real estate? I

individuals who are long-term unemployed or have inconsis- tent work history, amounting to 75 percent of the new hire’s wage for a maximum of 500 hours or three months > Sector partnerships con- vene companies to address common workforce needs through workforce services, incumbent worker resources and special grants, as avail- able. > Access to pre-appren- ticeships, apprenticeships, internships, mentorships and work experiences to develop a workforce pipeline. Visit https://careerlinkle- highvalley.org/ or http://www. lvwib.org/ for more informa- tion. Whether you are contem- plating joining the Lehigh Valley or are already here, our resources and outlets of support are plentiful. Our community is not only strong because of the traits we hold, but also because of the mul- tiple organizations focused on improving the region for all. If you have real estate needs or questions on the above re- sources, NAI Summit is your market leader to assist you. With four decades of experi- ence, we know our market, we know our people, and we know our resources. Let us help you benefit with our expertise. Staci Saeger is director of marketing at NAI Sum- mit. MAREJ will continue to focus on mod- erate income, class B and C apartment sectors that have proven durability of cashflow through all economic cycles. The remainder of the port- folio is targeted to include alpha generating investments in multifamily development and value-add commercial office focusing on adaptive re- use and creative office, which shows great promise as office uses continue to evolve post pandemic. Our access to fully discretionary capital also al- lows for the flexibility to invest throughout the capital stack as equity, preferred equity, mez- zanine debt or any combination of the above. While national in reach, we will continue to emphasize growth markets in the Southeast and Southwest.” FCP would like to acknowl- edge and thank Evercore Group, Hogan Lovells, and Holland & Knight for their as- sistance with the FCP Realty Fund V, L.P. fundraise. MAREJ

▪ WORKFORCE SERVIC- ES WITH WORKFORCE BOARD LV & PA CAREER- LINK LV The Workforce Board LV and PA Careerlink LV spe- cialize in assisting businesses with the following workforce services: > Personalized intermediary services to connect employers to workforce development, education, economic develop- ment and community-based partners to assist with busi- ness and industry hiring and workforce development needs > Back-office Human Re- sources team for companies, providing workforce services at no charge including job postings on the PA Career- Link® online job matching system, customized recruit- ing, candidate screening and referrals, and rapid response services for business growth and right-sizing > Specialized Job Fairs and Recruitment Events > Workforce resources for companies through On-the- Job Training (OJT) to defray the cost of a new hire. Training subsidies available for OJT of new hires, which may result in a 50 percent wage reimburse- ment for up to a maximum of 1,000 hours or six months of work-based training. Transitional Subsidized Em- ployment (TSE) funds avail- able to employers who hire CHEVY CHASE, MD — FCP announced the closing of FCP Realty Fund V, L.P. (Fund V), a $1.188 billion fund targeting multifamily and com- mercial property opportunities throughout the US. Fund V, when fully invested, is expected to accommodate $4.0 billion of total investment capacity. FCP has already closed on seven investments through Fund V in Texas, Georgia and New York. “The response to this fund- raise and to our accompany- ing stated strategic goals was very strong, with a resulting oversubscription and only four months from first close to fi - nal,” said FCP co-founder and managing partner, Esko Ko- rhonen . “With this fifth fund, we will continue to expand our national platform and invest in both multifamily and com- mercial assets with the same discipline that has marked our work over the last 20-plus years.” Korhonen continued, “FCP

s t r u g g l e s facing New Jersey’s com- mercial real estate (CRE) sector. But, y o u w o n ’ t h e a r s u c h talk fromKe- arny Bank.

Gary Brozowski

“While some banks took a wait and see attitude during the initial stages of the pan- demic, we decided early on to continue moving forward both with our plan for expanding lending relationships and cre- ation of a construction lending platform to serve a growing marketplace need,” saidGary Brozowski, Kearny Bank se- nior vice president / director of commercial real estate lending, who oversees all commercial real estate lending activities. “I’ve been on both sides of the table, as a real estate lender as well as working for a major real estate development and invest- ment firm. So, I know the value of having a bank maintain a steady course through all types of market disruptions. We never stopped moving forward and, as a result, earned a good amount of new business.” More specifically, the bank’s CRE lending business has increased substantially in the past 18 months. This expan- sion has been made possible by a steady stream of sizeable deals. Highlights include: ▪ A $35 million, construc - tion to permanent loan for a 158-unit, mixed use project in Belleville, NJ. ▪ A $32 million, permanent loan for the acquisition of a luxury apartment complex in South Amboy, NJ. ▪ A $29 million, construc - tion to permanent loan for a 485,000 s/f warehouse, distri- bution, and logistics facility in Pemberton, NJ. ▪ A $25 million permanent loan for nine mixed-use apart- ment buildings inManhattan’s HANOVER COUNTY, VA — Coldwell Banker Com- mercial represented Weg- mans Food Markets in their purchase of nearly 221 acres of vacant land in Hanover County for $4 million. J.R. Burdette and Donny Self, CCIM , commercial real estate

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finance the project because the original lender dropped out due to COVID concerns, despite the warehouse sector’s ongoing, exponential growth. I like what that says both about our understanding of the mar- kets we’re in and our capacity to broaden our CRE lending activities.” About Kearny Bank Seamlessly melding the fin - est traditions of community banking with state-of-the- industry capabilities, Ke- arny Bank provides a range of progressive offerings to its personal and business bank- ing clients. Established in 1884, and operating now from administrative headquarters in Fairfield, NJ, Kearny Bank is steadily expanding its foot- print throughout New Jersey, as well as New York City’s Brooklyn and Staten Island boroughs. MAREJ The property is located along Sliding Hill Rd. and Ashcake Rd. “Our relationship with We- gmans Food Markets began in 2013, representing them in a vacant property acquisition near Fredericksburg,” said Self. MAREJ

Union Square district. ▪ A $17 million loan for the acquisition of a 92-unit apart- ment complex in Norwalk, CT. “This growth reflects our strong, ongoing commitment to commercial real estate,” adds Brozowski, who holds a master’s degree in Real Estate Development and Investment from New York University. “It’s a business we embrace and will absolutely continue to pursue.” Though its corporate office is in New Jersey, Kearny Bank’s commercial real estate lending program extends beyond the Garden State. In just the past year, the bank has also made significant loans for projects in New York, Pennsylvania, and Connecticut. “That $29 million construc- tion loan in Burlington Coun- ty?” said Brozowski. “We had the opportunity to step in and professionals with Coldwell Banker Commercial Elite , represented Wegmans Food Markets in the transaction. Wegmans Food Markets plans to build a $175 million, 1 million s/f distribution facility, including 30,000 s/f of office space, on the site.

Wegmans Food Markets purchases 221 acres in Virginia

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