6B — July 13 - 26, 2018— Southern New Jersey — M id A tlantic
Real Estate Journal
www.marejournal.com
S outhern N ew J ersey By Michael DiSanto, M&T Bank The Camden skyline is changing
C amden, once known as a blighted, impov- erished city, is un-
Camden home, and the city’s skyline is blooming. In late April, M&T Bank joined with Camden Mayor FrankMoran, Camden County Freeholder Jeffrey Nash, CP Residential, The Michaels Organization, NFI and Conner Strong & Buckelew, among others, to celebrate the official groundbreaking of a new $48 million apartment building, 11 Cooper. The newly constructed, mar- ket-rate apartment building is the first in 15 years to be developed along the city’s wa- terfront and will be outfitted
with 156 units geared towards families and young profession- als looking to join Camden’s growing workforce. With easy access to Rutgers University’s Camden campus, the Camden Waterfront, and Philadelphia via the Benjamin Franklin Bridge, 11 Cooper is a sure sign of the city’s awakening – a key reason M&T’s Commercial Real Estate Team provided CP Residential with the total bank financing for the project, which included a $24.8 million con- struction loan, a $12.4 million bridge loan and a commitment to purchase the tax credits.
In June, the bank celebrated yet another milestone devel- opment along the waterfront with the Camden community – the topping off of a brand new office complex adjacent to 11 Cooper. The Commercial Real Estate Financing Team at M&T Bank, which includes my colleagues Bernie Shields, Patrick Ellis and Campbell Hudson, worked to conceptu- alize, design and implement a customized financing solu- tion to provide construction and permanent financing for the project. The project also received incentives from the
Economic Development Au- thority. The new 394,164 s/f office tower was adorned with a “Camden Rising” banner for the topping off ceremony in early June, and will soon be home to Conner Strong & Buckelew, NFI, and The Mi- chaels Organization. The de- velopment includes a rooftop helipad, six-level parking ga- rage and open-air piazza on the eighth floor. Nearly 1,000 people are ex- pected to be employed at the office tower--now the tallest building along the Camden waterfront--another positive sign of a growing city that has seen a nearly 5 percent uptick in median household income and 1.74 percent increase in employment from 2015 to 2016. These updates, in addition to the construction of 11 Cooper and the adjacent office tower, are visibly transforming Cam- den’s neighborhoods and creat- ing an ideal space for residents to live, work and play. Michael DiSanto is senior relationship manager at M&T Bank. Procida Funding hosts preview party forRCAVictorWorld HQ in Camden CAMDEN, NJ —Millennial Place along with Hagen Con- struction , Procida Funding , and JLL hosted an invite-only event to preview renovations at Camden’s historic RCA Victor World Headquarters at 201 N. Front St. Procida Funding’s 100 Mile Fund recently provided a $5.5 million acquisition loan to Millennial Place, LLC for the acquisition, marketing, light re- habilitation and lease-up of the building that was the epicenter of America’s recording industry starting in 1916. Many were first to see the inside of the historic RCA Vic- tor Building since construction began to transform it into its next generational use as class A office space with the potential for ground floor retail. Billy Procida of Procida Funding, Alfred (Fred) Ha- gen of Millennial Place, and Rick Widerman of JLL con- ducted tours and discussed the building’s role in the resur- gence of Camden’s Waterfront Business District.
dergo i ng a renaissance. In fact, Cam- den’s crime rate has de- c reased by n e a r l y 4 0 percent since 2 0 1 2 , a n d more than $3
Michael DiSanto
billion has been invested in Camden’s economic redevel- opment. Notable businesses, including the Philadelphia 76ers and Subaru, are calling
CHARITY REALTY INTERNATIONAL Knowledge Hardwork Results Philanthropy 973.714.1110 James F. Costanzo Licensed NJ Real Estate Broker
jim@charityrealtyint.com
23 Kulick Road Fairfield, NJ 07004 Charity Realty International, LLC www.charityrealtyint.com
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