R EAL E STATE J OURNAL the most comprehensive source for commercial real estate news
ISSUE HIGHLIGHTS Volume 25 Issue 13 Sept. 13 - 26, 2013
Team members in the NJ and Baltimore offices rep. buyers & sellers Cassidy Turley negotiates sale of three truck terminals for $12 million
Contributing Columnist
C
HATHAM, NJ — Cas- sidyTurley announces three industrial truck
Licht continued, “It has been a pleasure to work together with Jim Petrucci and Greg Rogerson to complete the hat trick sale of these three properties. JG Petrucci and my sellers, L & L Properties, were the perfect pairing of parties to work together with toward this result. I am grateful to be involved in these transactions which will yield the second phase of a first class multi- use redevelopment project for the residents of Warminster Township.” Licht, Senior vice president at NAI Mertz, was recognized as Broker of the Year by JG Petrucci via receipt of their “2013 Leadership Award”. JG Petrucci principal, Greg Rogerson commented, “Trans- acting business with Jeff is always professional and his upbeat personality makes it fun too. He is always positive and prides himself on creat- ing ‘win-win’ scenarios. It’s difficult not to become a new friend of Jeff ’s if afforded the opportunity to transact busi- ness together.” ■ from Old Dominion Freight Line. The Cassidy Turley team of Casey, Ritter-Ceriello, Oare and Orman represented the buyer and the seller. The 59- door truck terminal is set on 10 acres with access to I-95 and I-195. The team helped Old Dominion dispose of sur- plus property while securing a facility for a long-time client to enter into the market. A. Duie Pyle Inc., plans to renovate and occupy the facility to meet its current transportation and warehousing needs. At 541 Hollow Rd. in Phoe- nixville, PA, Casey and Ritter- Ceriello worked with Matthew Collins of M. M. Collins Real Estate to represent the seller, Realterm NAT, and the buyer, Pitt Ohio Express, in the sale of the 66-door truck terminal on 20.3 acres. ■
terminal sales inMaryland and Pennsylvania totaling in excess of $12 million. Cassidy Turley team members in the New Jer- sey and Baltimore offices repre- sented the buyers and sellers in the transactions. The team was comprised of Larry Casey , senior vice president, principal; JonathanCarpenter , manag- ing director, principal; Robert Oare , senior vice president, principal; Andrew Houston , vice president; Alan Orman , vice president and Robin Rit- ter-Ceriello , associate. Casey led the team of Carpen- ter, Houston and Ritter-Ceriello to negotiate the sale of 6351 South Hanover Rd. in Elkridge, MD, serving as representatives for the owner, A. Duie Pyle Inc.,
Neil Stein
6351 South Hanover Road
2A
and the buyer, Gramercy Prop- erty Trust. A. Duie Pyle Inc. initially bought the property as an investment and leased it back to New Penn Motor Express, which will continue to occupy the space. The terminal at 6351 South Hanover Rd. has 61-dock doors on 10.5 acres
located between Interstate 95 and I-195. The team leveraged its market expertise by mon- etizing an investment property to expand the buyer’s portfolio into a new region. In a second transaction, A. Duie Pyle Inc. purchased 7070 Brookdale Dr. in Elkridge, MD,
Spotlight 15-21A
Also worked with seller, L & L Properties Licht of NAI Mertz sells 110,000 s/f industrial facility to JG Petrucci in Warminster, PA totaling $4.2m
Northern NJ Spotlight
WARMINSTER , PA — NAI Mertz announced the sale of 65 Steamboat Dr. in Warmin- ster to JGPetrucci . The team of Jeffrey Licht and Adam Lashner were responsible for the marketing of this asset. 65 Steamboat is a 110,000 s/f hi-tech industrial facility on 7+ acres. The building fea- tures 15,000 s/f of office space, is 100% air-conditioned, heavy
5-15B
65 Steamboat Drive
Directory
power, 15-24’ ceiling height, 12 tailgate doors and 1 over-sized drive-in door. The building has been prepared for multi- tenancy and NAI Mertz has already leased 65,000 s/f to IWCO. Licht and Lashner now seek to lease out the remain- der 45,000 s/f. Licht was the point man for this project and worked together with seller, L & L Properties , and JG Petrucci to realize this second transac- tion between same parties as last year Licht sold 375 Jack- sonville, a 67,000 s/f first class warehouse distribution center
on 10 acres. “JG Petrucci was the natural buyer of these two properties as a direct result of their well deserved success at Station at Bucks County”, said Licht. Station at Bucks County rep- resents the redevelopment of the former Drager Medical property into a luxury unit residential transit community. The recent property purchases are located directly across the street and contiguous to each other to ensure Bucks Sta- tion Phase 2 and maybe even Phase 3, if deemed appropriate at some point in the future.
DelMarVa ........................................5-10A New Jersey .................................Section B Northern New Jersey....................... 5-15B Pennsylvania ..............................Section C Central PA........................................ 5-10C
Upcoming Spotlights September 27, 2013 Fall Preview
www.marejournal.com
Inside Cover A — September 13 - 26, 2013 — Mid Atlantic Real Estate Journal
www.marejournal.com
Mid Atlantic Real Estate Journal — September 13 - 26, 2013 — A
www.marejournal.com
2A — September 13 - 26, 2013 — Mid Atlantic Real Estate Journal MAREJ a dvertisers d ireCtorY Asset Preservation .......................................... 12A Bayshore Recycling ......................................... 19B Belfor USA...................................................... IC-A Bennett Williams .............................................. 4C Bill Board Directory.....................................IBC-A BL Companies ................................................... 6C Brasler ............................................................... 1C Business Card Directory................................. 27A Bussel Realty Corp............................................ 1B CBRE ...................................................IBC-A, 12B Commercial Choice ........................................... 3C Cooper Horowitz.............................................. 23A CPREA............................................................. 16A Cushman & Wakefield .................................... 15B Deerwood Real Estate Capital ....................... 14A Earth Engineering ......................................4B, 5C Exchange Strategies Corporation .................... 3A Fortna Auctioneers & Marketing Group.......... 4A Delmarpa Janitorial Services........................... 6A Gebroe-Hammer................................................ 3B Greater Newark Delaware ............................... 7A GREP ................................................................. 4C Harvey Hanna & Associates................... 10, BC-A Heller Industrial Parks .................................. 13B Hinerfeld.......................................................IFC-C Kaplin | Stewart............................................... 2A Keast & Hood .................................................. 11C Landmark Commercial ..................................... 9C Lee & Associates ...................................IBC-A, 4B LMS Commercial ............................................ 10C M. Miller & Son............................................... 24A Madison Capital ................................................ 6A Marcus & Millichap ........................................ 11B Max Spann ........................................................ 7B Mericle ...........................................................BC-C Meridian Capital Group ................................ IC-B Metro NJ Chapter Appraisal Institute .......... 20A NAI Summit ...................................................... 3C NorthMarq...................................................8A, 8B PG Commercial ............................................... 27A Philadelphia Metro Chapter Appraisal Institute .. 17A Poskanzer Skott Architects ............................ 17B Productive Painting ..................................27A, 2B Progress Capital Advisors .............................. 13A Real Property Capital ....................................... 3A Regal Bank ........................................................ 9B ROCK Commercial............................................ 8C Rose Metal Systems ............................. 27A, FC-C SEBCO Laundry Systems ................................ 2B Security Resources .......................................... 19B SELA Properties LLC ..................................... 10B Sheldon Gross Realty...................................... 17B Singer Financial................................................ 1A Sorce Companies ...........................................BC-B Southern NJ Chapter Appraisal Institute 18-19A Spencer Savings Bank .................................... 20B The Architectural Appraisal Group................ 21A The Kislak Company ...................................... 14B Thompson Management ................................... 2B Warfel Construction .......................................... 7C WCRE ................................................................ 3B Whitesell...................................................... IBC-B P
www.marejournal.com
Mid Atlantic Real Estate Journal
Mid Atlantic R eal e state J ouRnal Publisher ............................................................................ linda christman Publisher ............................................................................... Joe christman Publisher/Senior Account Executive ................................. elaine fanning Section Publisher .................................................................... Steve Kelley Section Publisher ...........................................................Janine Hennessey Senior Editor/Graphic Artist .................................................Karen Vachon Production Intern .........................................................................Julie King Office Manager ................................................................... Joanne Gavaza Guest Columnists ...............................................neil Stein, Stan freeman Mid Atlantic R eal e state J ouRnal ~ Published Semi-Monthly P.O. Box 26 Accord, MA 02018 (Mail) 312 Market Street, Rockland, MA 02370 (Overnight) Periodicals postage paid at Rockland, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal, P.O. Box 26, Accord, MA 02018 USPS #22-358 | Vol. 25 Issue 17 Subscription rates: $99 - one year, $198 - two years, $4 - single copy REPORT AN ERROR IMMEDIATELY mare Journal will not be responsible for more than one incorrect insertion Toll-Free: (800) 584-1062 | MA: (781) 871-5298 | Fax: (781) 871-5299 www.marejournal.com The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal
By Neil Stein The Supreme Court Helps Private Property Owners (At Least For Now)
rivate property own- ers requesting courts to intervene in land use
cases, rarely obtain a favorable outcome when raising constitu- tional claims. Although there have been exceptions. Nollan and Dolan (short titles) were U.S. Supreme Court cases that established that the govern- ment cannot make unreason- able demands as a condition for a permit. Such demands must be both related to the impact of the proposed development and roughly proportional to the expected harm caused by the development. Simply put, a permit application is not al- ways a justifiable opportunity for the government to engage in extortion. On June 25, 2013, in a sig- nificant victory for landowners, the Supreme Court held that the government’s demand for property from a land use ap- plicant must satisfy the Nollan and Dolan requirements even when it denies the permit. In St. Johns River Wa-
ter Management District v. Koontz, the Supreme Court was asked to decide (1) whether Nollan and Dolan protections apply to government permit conditions demanding money or other property (and not just real property); and (2) whether a permit application must be granted in order for Nollan and Dolan to apply to such demands. Koontz owned and sought to develop a small portion of wetland impacted land. To do so, he needed a permit from the Management District and offered to impose a conservation easement on most of the property and to
continued on page 26A The Supreme Court held that under the unconstitutional conditions doctrine, which pre- vents government from coerc- ing people to give up their con- stitutional rights, courts cannot distinguish between approving a permit on a condition and conduct mitigation studies. The District thought these were insufficient concessions and directed Koontz to perform mitigation on a large parcel of land, located elsewhere in the watershed, which he did not own. Koontz refused and the permit application was denied.
Contact: Neil A. SteiN (ARVEST $RIVE "LUE "ELL 0! s s www.kaplaw.com Other Offices: s #HERRY (ILL .* s 0HILADELPHIA 0! Kaplin Stewart A t t o r n e y s a t L aw 'ETTING YOU THROUGH THE MAZE OF REAL ESTATE LAW Strategy. Skill. Success.
To advertise, call 1-800-584-1062
KS Ad 6x5.5 Maze.indd 1
10/9/12 9:53 AM
Mid Atlantic Real Estate Journal — September 13 - 26, 2013 — A
www.marejournal.com
M id A tlantic R eal E state J ournal By Stan Freeman, Exchange Strategies Corporation The Optimal Exchange Strategy – Transaction Timing Control
T
his is the first in a series of articles on the sub- ject of optimizing 1031
kets for multi-family hous- ing and triple-net properties, for example, are intensively competitive and significant cap-rate compression is nor- mal in these locations. With the likely continuation of low interest rates for (near-) cash investments and the attractive arbitrage between CAP rates and the cost of leverage, this type of competition and pres- sure is not expected to abate in the near-term. If you are contemplating a 1031 exchange in order to achieve an investment objec- tive, this market - favoring sellers to an unusual extent
- must be navigated carefully in order to achieve your in- vestment goals and keep your capital continuously deployed, that is, defer the tax on the gain from the sale. Hence, the first aspect of optimizing a 1031 exchange that I describe is “transaction control” and relates to the timing of the acquisition of the Replace- ment (or “New”) Property in an exchange. Here is the danger: if you start a “forward” or “delayed” 1031 exchange, you’ll likely be able to sell what you are plan- ning to exchange with rela- continued on page 26A
exchanges in today’s CRE marketplace. Th i s t op i c should be of keen interest to real estate owners and investors as well as the
Stan Freeman
brokerage, legal and account- ing communities that assist them. Most experienced CRE professionals have some ex- perience with 1031 exchanges but many do not appreciate the full range of sound options that are available. In challenging market conditions, it makes sense to understand and use all of the available tools to help ensure success and reduce risk. The first set of articles will address optimizing in terms of transaction timing and control, return on investment and the integration of 1031 exchange with lending and cost segrega- tion. The second set of articles will describe several popular and effective 1031 strategies for increasing tax deferment potential in today’s CREworld. Our thoughts are informed by information gathered at scores of meetings with investors and CRE professionals all over the country. We promise to keep the discussion pithy (not too much detail) and avoid ir- relevance (e.g. vacation home exchanges). Any reader who wishes to discuss any topic in more detail or to jump forward to a topic of interest is encour- aged to contact me as indicated elsewhere in this publication. The term “optimization” means getting maximal benefit – strategically and financially - from an exchange for you, the person or entity doing the ex- change. This implies that the form of the exchange used (for- ward or reverse) is determined only by what is best for you and not what is best for your QI. As simple as this may seem, it is often an approach that is not encouraged by QIs. In today’s CREmarket, there is a consistent and sometimes overwhelming shortage of high-quality property for sale. The market is strongly aligned in favor of sellers. This short- age is perhaps most acute in the segment consisting of investment-grade, income- producing assets. The primary and secondary regional mar-
Intelligent 1031 Exchange Strategies Involve A Lot More Than Safe Cash. PUT TIME ON YOUR SIDE. Get The Most From Your Capital. OPTIMIZE YOUR STRATEGY.
• Unique optimization methods based on transaction timing control, ROI, asset utilization and deferment potential • Improvement exchanges, multiple-property exchanges, exchanges of air rights and TDRs • Reverse exchanges which deal efficiently with the Pennsylvania Realty Transfer Tax • Exchanges of heavy equipment and vehicles that provide incremental sales tax efficiencies • Non-safe-harbor reverse exchanges
Exchange Strategies Corporation 877-487-1031 www.exstra1031.com
Locations: NYC | RICHMOND | SAN ANTONIO | CAMPBELL
A — September 13 - 26, 2013 — Mid Atlantic Real Estate Journal
www.marejournal.com
Mid Atlantic R eal E state J ournal N e w J e r s e y • P e n n s y lva n i a • D e l awa r e • M a ry l a n d • W a s h i n g t o n D . C . • V i r g i n i a • Auctioneers Directory
212-213-9770 www.sheldongood.com/jerseycity.php
www.fortnaauctioneers.com 1-855-831-4242 Offices in: PA, DE, NJ, MD & Ft. Lauderdale, FL
©2008 Sheldon Good & Co. Auctions NE, LLC
AUCTIONS NE, LLC
5th_floor • CLIENTS • S-CLIENT • Sheldon Good • 18000 Jobs 18448 Sheldon Good_New York • 18448 SG-3x2_MAREJ Mid Atlantic Real Estate Journal / business card 3 x 2 (28 lines) • Proof 1 • 5/1/08 • Debbie Richard G. Warner, President NJ & PA Licensed Real Estate Broker Warner Real Estate & Auction Co., Inc. 109 East Grant Street, Suite B Woodstown, NJ 08098 Ph: (856) 769-4111 ext 710 Website: www.WarnerRealtors.com
COMMERCIAL REAL ESTATE AUCTIONS On-Site, Tues, October 1 @ 6 PM Shrewsbury Twp, GLEN ROCK, PA
P lace your B usiness C ard in our A uction D irectory T oday ! AUCTIONEERS P romote Y our C ompany and its S ervices in our T wice monthly D irectory E mail L inda T oday ! lchristman @ marejournal . com
VI5HWDLO6SDFHRQ$FUH =RQHG+LJKZD\&RPPHUFLDO )RUPHU$UW*DOOHU\ 5HVWDXUDQW $GGLWLRQDO²6WRU\%5%$+RPH 12121 Susquehanna Trail
12001 Susquehanna Trail =RQHG+LJKZD\&RPPHUFLDO %ULFN5DQFK6W\OH%5%$+RXVH )XOO)LQLVKHG%DVHPHQW &DU*DUDJH
Visit our website www.FortnaAuctioneers.com for more info & photos of the property! INSPECTION: MONDAY, SEPT. 16, 4–6 PM
The Mid-Atlantic Real Estate Journal, 5x6, Auction Section, Aug. 30 & Sept. 13
Mid Atlantic Real Estate Journal — September 13 - 26, 2013 — A
www.marejournal.com
Kohlhoss of the DC office and Ferrell of the Baltimore office orchestrate transactions NorthMarq arranges $5.82 million mortgage for an industrial facility & 66-unit multifamly
G
ermantown, MD — Matthew Kohl- hoss , vice president of
NorthMarq’s Washington, DC regional office, arranged first mortgage refinancing of $3.32 million for Churchill Business Center located at 13210-13220 Wisteria Dr. in Germantown. The property is an attractive, well maintained, 100% leased, 39,917 s/f industrial facility in very good location. Selvadurai Palanivelu, Autobody Connec- tion and Sherwin Williams are major tenants at the site. Financing was based on a 25- year term and a 20-year amor- tization schedule. NorthMarq arranged this financing for the borrower through its relation- ship with a correspondent life company lender. “The lender’s ability to pro- vide long-term fixed-rate fi- Washington, DC —The principals of R ock Creek Property Group announced that they have sold 1438 U Street, NW, a two-story build- ing in the white-hot 14th and U Street corridor of Wash- ington, DC. The property was sold to the Republic of India for $5,750,000, or $467 psf, based on the total build- ing size of 12,325 s/f, which includes two stories plus a small lower level. Rock Creek first acquired the property in December 2010. “The property’s location and special attributes are without equal in this corridor,” said Rock Creek’s Gary Schlager , one of the firm’s principals. “Large, efficient floors sizes, exposed brick, and 10-20 foot ceilings are rare and really differentiated this opportu- nity in the market. We are just thrilled to see the property find the perfect fit in its new owner, the Republic of India, who will invest the requisite capital for its own use and to the benefit of the surrounding, growing community.” 1438 U Street, NW was
Churchill Business Center
Townhomes at River’s Crossing
nancing at an attractive rate won this business,” Kohlhoss said. In a second transaction, Nancy Ferrell , senior vice
president and managing direc- tor of NorthMarq’s Baltimore regional office, arranged first mortgage refinancing of $2.5 million for Townhomes at Riv-
er’s Crossing, a 66-unit, mar- ket rate multifamily property located in Essex, Baltimore County. Financing was based on a 10-year term and a 30-
year amortization schedule and was arranged for the borrower by NorthMarq through its rela- tionship with a correspondent life company lender. n
Rock Creek Property Group sells 1438 U Street, NW for $5.75 million in DC
DelShah Capital completes sale of $3.6 million condo
2523 13th Street NW
Washington, DC — DelShah Capital, LLC , a full-service real estate debt acquisition, development and management company, an- nounced it has completed the sale of 2523 13th Street NW in Washington, D.C. to Aria Investment Group for $3.6 million. Located between the historic U Street Corridor and Colum- bia Heights, the condominium building includes 23 units and 11,210 square feet of rentable space. The property has been substantially renovated and includes a new lobby, laundry facility and bike room. All units feature hardwood floors
throughout, as well as a chef ’s kitchen with granite counters, dishwasher and stainless steel appliances. The Greysteel Company in Bethesda, MD represented DelShah. Aria Investment Group represented itself in the transaction. “It was satisfying to take the deal all the way from acquisi- tion of the non performing debt to fully repositioning the underlying asset, and then selling at a favorable price,” said Michael Shah , principal of DelShah Capital. “Wash- ington D.C. is a great market, but we are focused on our local holdings in New York.” n
1438 U Street, NW
acquired on behalf of Rock Creek’s Opportunity Fund, which has acquired seven as- sets in the District of Colum- bia and in strategic locations in Virginia and Maryland. Recent Rock Creek acquisi- tions have included 810 5th
Street, NW in the heart of Gallery Place/Chinatown, the 88-unit Takoma Flats just off GeorgiaAvenue, NWand 1100 16th Street, NW, a newly de- veloped single-user headquar- ters building located just steps from the White House. n
6A — September 13 - 26, 2013 — Mid Atlantic Real Estate Journal
www.marejournal.com
d el M AR V A
OPPORTUNITY Promote Your Company
Free, no obligation consultation Delmarpa Janitorial Services offers Janitorial &other services D elmarpa Janitorial Services, LLC, a fam- ily owned business.
* SEND NEWS RELEASES AND PHOTOS *
• Brokered Transactions • New Services/Products • Projects Completed or Underway • Expert Articles • Appointments, Promotions, & Honors • Events • Mergers & Acquisitions • Financing Deals The Mid Atlantic Real Estate Journal welcomes all editorial dealing with the commercial/industrial real estate industry. P.O. Box 26 • Accord, MA 02018 (mailing) 312 Market St. • Rockland, MA 02370 (overnight) e-mail: editor@midatlanticjournal.com www.midatlanticjournal.com
D e l ma r p a Jan i t o r i a l as s o c i a t e s a r e i n d i - viduals who will care as much about your facility or commer- cial space as
800-584-1062 781-871-5299 fax Mid Atlantic Real Estate Journal
Jamar Henry
much as you do! Our concept has enabled us to provide our clients with trained profes- sionals who have the intel- ligence, attitude, desire and determination to maintain the high cleaning standards that you demand for your facility or office space. Delmarpa Janitorial Ser- vices was founded by Jamar Henry. Mr. Henry wanted to start this business not only because he had a passion for the janitorial industry but because he wanted to help the economy in this reces- sion. He wants to build the busi- ness so that he can not only help stimulate the growth in
"We are CONSISTENT, FRIENDLY and PROFESSIONAL in all that we do!"
the economy, but also help increase the amount of em- ployees and therefore, help- ing decrease the amount of people on unemployment. Delmarpa Janitorial Ser- vices has a vision for a great- er expansion for this busi- ness down the road! Delmarpa Janitorial Ser- vices offers a variety of Jani- torial and other services throughout Delaware, Mary-
land, and Pennsylvania. With so many choices in the janitorial industry, Del- marpa Janitorial Services, LLC wants you to feel secure in your selection. We offer a free, no obligation consulta- tion to evaluate your current office, facilities or any janito- rial cleaning needs, and to help find opportunities for us to provide the highest quality service within your maintenance budget. n
Delmarpa Janitorial Services, LLC
Delaware
Equipment & Vehicle Financing Solutions for the Commercial Real Estate Industry Conserve your cash with our fixed rate financing for: • Holiday Décor • Generators • Parking Lot Systems • Security Systems • Solar Projects • All Types Of Vehicles • Sweeper Trucks • Common Area Furniture
Maryland
Pennsylvania
302-943-8529
Madison Capital is a direct lender offering terms from 24-60 months and no extra fees*.
CONTACT US TODAY. PHONE: 800-733-5529 EMAIL: CUSTOMERSERVICE@MADISONCAPITAL.COM WWW.MADISONCAPITAL.COM *REFERENCE THIS AD AND WE WILL WAIVE THE DOC & UCC FILING FEES (UP TO A $299 VALUE). NEW APPLICATIONS ONLY
Mid Atlantic Real Estate Journal — September 13 - 26, 2013 — A
www.marejournal.com
D el M ar V a
Greater Newark Economic Development Partnership Greater Newark: It All Adds Up
H
ave you ever been to Newark, DE? If not, you’ve certainly heard
secured co-generation plant. It will also bring thousands of construction jobs during a three- year construction timeline, and nearly 300 full-time and 50 part- time jobs during operation. Central to wherever you want or need to be in Delmarva, the Greater Newark Area has a great story to tell: It all adds up for businesses and residents alike. With convenient access to road, rail, air and sea trans- portation, businesses will be positioned in the heart of the 35 million people of the NY- Philadelphia-DC megalopolis, in a family-friendly, affordable setting. n
of or read about Vice President Joe Biden, NJ Gov. Chris Chris- tie, Super Bowl MVP Joe Flacco or WNBA All-Star Elena Delle Donne. What do they have in common? They all attended the University of Delaware, the flagship of higher education in Delaware, located in bustling downtown Newark. But local leaders isn’t all Newark has to offer! Global leaders such as Air Liquide, AstraZeneca, Chris- tiana Care, DOW Chemical, DuPont, W.L. Gore, FMC, GE Aviation and Siemens Health- care Diagnostics have chosen to locate in the Greater Newark Area because of its strategic location in the Mid-Atlantic near Interstate 95, its highly educated workforce, its proxim- ity to a top research university and its responsive local govern- ment—as well as a quality of life that’s affordable, fun and family-friendly. The advantages to setting up shop in Newark are a result of a concerted effort of the univer- sity, the local government and the business community to move Newark into a new era. When DaimlerChrysler closed its auto- mobile plant in Newark in 2008, the loss was felt throughout the community. During the height of its productivity, Chrysler had employed 5,500 full-time employees. For a town of ap- proximately 32,000 people, the plant’s loss was dramatic—but it also fueled a real renaissance of Greater Newark. Looking to the future, the University of Delaware pur- chased the 272-acre Chrysler site in 2009, rebranding it as the Science Technology and Advanced Research (STAR) Campus—an investment in innovation, research and aca- demia—to create space for labs, health-science initiatives, housing, retail, offices and tran- sit space. Its first occupant, Bloom Energy, recently opened its East Coast operations at STAR Campus. The company manufactures Bloom Energy Servers—also known as a Bloom Box—an innovative distributor power generator that produces clean, reliable and affordable electricity. The university has also inked a deal to bring The Data Centers, LLC, to STAR Campus. The $1.1 billion project includes construction of a man- aged data facility with its own
Science Technology and Advanced Research (STAR) Campus
QUALITY OF LIFE
ACCESS
LOCATION WORKFORCE UNIVERSITY OF DELAWARE
8FSF)FSFGPS :PVS#VTJOFTT
5BLFB-PPLBU (SFBUFS/FXBSL
:PVS$PNQBOZT *EFBM-PDBUJPO
(302) 294-2067 info@greaternewarkde.com www.GreaterNewarkDE.com
8A — September 13 - 26, 2013 — Mid Atlantic Real Estate Journal
www.marejournal.com
d el M AR V A
ALTimORE, mD — Destination XLGroup, Inc. has signed a lease At harrisburg mall St. John Properties & Petrie Ross Ventures signs Destination XL group, inc. to 8,000 s/f lease B
on Paxton Street that features more than 70 tenants, includ- ing anchor stores Macy’s, Bass Pro Shops, 2nd & Charles and Regal Cinema’s Great Escape Harrisburg Mall Stadium 14. Destination XL plans to open by Thanksgiving. DXL sells more than 2,000 private label and name brand styles for big and tall men, including Polo Ralph Lauren, Calvin Klein, Lacoste, DKNY, Nautica, Tommy Hilfiger and Reebok. The first DXL store opened in 2010 and the com- pany expects to operate more than 200 locations by the
end of 2015. DXL presently operates approximately 70 stores nationwide, including four locations in Pennsylva- nia. Clothing dimensions are available in sizes 38 to 64 for waists, Big Sizes from XL to 7XL, Tall Sizes from XLT to 6XLT, plus shoe sizes from 10- 16 and widths to 3E. “DXL is expanding rap- idly across the country with a proven concept targeting the male audience seeking high- quality apparel and footwear in recognizable name brands,” explained Bill Russell, Direc- tor of Harrisburg Mall. “The retailer is carefully selecting locations in growing demo- graphic areas that provide high traffic counts and are sur- rounded by high-performing tenants with loyal followings. The addition of DXL provides Harrisburg Mall with another destination-style retailer tar- geting a highly-focused audi- ence. DXL is widely considered an excellent retail operator that establishes strong re- lationships in the local com- munity.” Located on a 61-acre parcel on Paxton Street off Exit 45 of Interstate 83, Harrisburg Mall has approximately 70 tenants, including Aeropostale, Bath and Body Works, Champs Sports, Claire’s, Express, Foot Locker, Kay Jewelers, New York and Company, Radio Shack, Victoria’s Secret and others. Free-standing Toys “R” Us andApplebee’s are also part of the tenant mix. One an- chor store, previously occupied by Boscov’s until its corporate bankruptcy in 2008, remains available for lease. The Mall received a $60 million exterior and interior renovation ap- proximately six years ago and St. John Properties and Petrie Ross have undertaken a wide range of improvements since they purchased the mall last summer. Cockeysville, mD — Lak- er, LLC purchased 211 Cock- eysville Road, a 3,080 s/f office building in Cockeysville. Paul Obrecht, iii, SiOR and Pat- rick Smith of Blue & Obre- cht Realty, LLC represented the seller, Cockeysville Road LLC, and george Santos of Colliers international rep- resented the buyer. n Blue & Obrecht Realty handles 3,080 s/f lease
for 8,000 s/f of space at Har- risburg Mall with St. John Properties, inc. and Petrie Ross Ventures , the partner- ship group that co-owns and manages the property. The multi-channel specialty re- tailer plans to open its Desti- nation XL (DXL) concept at the Mall, focusing on big and tall men’s apparel, footwear and accessories. Harrisburg Mall is a one million square foot regional retail project located
Harrisburg Mall
Mid Atlantic Real Estate Journal — September 13 - 26, 2013 — A
www.marejournal.com
October 9, 2013 (WED) Next CIRC Meeting & Membership Luncheon + CONTINUING EDUCATION 2 Clarion Hotel-The Belle, 1612 N. Dupont Hwy.,New Castle, DE 19720
Delaware’s Demographics… What’s in Store for our Future? Please join us for our next regular monthly membership networking luncheon at The Belle in New Castle, Delaware, and hear what Edward Ratledge, from the University of Delaware, can tell us about Dela- ware’s Demographics and what that may tell us about what is in store for our future. Speaker : Edward C. Ratledge, Director and Associate Professor for the University of Delaware’s Center for Applied Demography & Survey Research Buffet lunc h will be served with two entrees and selections that will please all. Continuing Education - Register Now!
2013 Board of Directors WÙÝ®Äã :Ê«Ä®ÙîĦ«Ã ƵƐŚŵĂŶΘtĂŬĞĮĞůĚŽĨĞů͘ s®WÙÝ®Äã ÙãZÊÊã͕s ,ĂƌǀĞLJ,ĂŶŶĂΘƐƐŽĐŝĂƚĞƐ dÙÝçÙÙ <ã«Ù®Ä>͘^®½®ãÊ͕W 'ƵŶŶŝƉΘŽŵƉĂŶLJ͕>>W ^ÙãÙù ùÙ:͘^ÄùÙ͕ ÝØ͘ ĂLJĂƌĚΘƐƐŽĐŝĂƚĞƐ ®ÙãÊÙÝͬÊÃîãã çã®ÊÄ«®Ù͗ Ä>Ý«Ù WĂƩĞƌƐŽŶtŽŽĚƐƐƐŽĐŝĂƚĞƐ >¦®Ý½ã®ò«®Ù͗ :͘'Ù¦ÊÙù ½½®Ý WĂƩĞƌƐŽŶͲtŽŽĚƐƐƐŽĐŝĂƚĞƐ WÙʦÙë®Ù͗ :Ê«Ä®ÙîĦ«Ã ƵƐŚŵĂŶΘtĂŬĞĮĞůĚŽĨĞů͘ DÃÙÝ«®Ö«®Ù͗ :ÃÝDÄÄ DŝĚŽĂƐƚŽŵŵƵŶŝƚLJĂŶŬ ĹîÄ:͘Ù¦Ù͕ ÝØ͘ ĞƌŐĞƌ,ĂƌƌŝƐ͕>> :®ÃK͛,Ù͕:Ù͘ E/ ŵŽƌLJ,ŝůůͲZĞƚĂŝůŝǀ͘ Z«½:çÝã® dWKŚƌŝƐƟĂŶĂ ÊĽZÊ®ãþÙ dŚĞŽŵŵŽŶǁĞĂůƚŚ'ƌŽƵƉ DÙò®Ä^«Ý ĞůůĞǀƵĞZĞĂůƚLJŽ͘ ƌŝŐŚƚ&ŝĞůĚƐ͕/ŶĐ͘ :ÙÃù½ÝÊÄ
2FWREHU Time: 8:30 AM Ethical Case Studies (MOD. 2) Delaware CORE Module #2
Instructor: Colin F. McGowan, Frederick Academy of Real Estate Credits: DE 3.0 Core Mod. 2, PA 3.5 Elec., MD 3.0 Elec., NJ 3.0 Elec. 2FWREHU Time: 1:30 PM Fair Housing and Agency (MOD. 1) Delaware CORE Module #1 Instructor: Colin F. McGowan, Frederick Academy of Real Estate Credits: DE 3.0 Core Mod. 1, PA 3.5 Elec., MD 1.5-Req’d F.H’g,/1.5 Elec., NJ 3.0 Elec. -DQXDU\ Time: 8:30 AM Understanding Bankruptcy Reform Act (MOD. 5) Delaware CORE Module #5 Instructor: Colin F. McGowan, Frederick Academy of Real Estate Credits: DE 3.0 Core Mod. 5, PA 3.5 Elec., MD 3.0 Elec., NJ 3.0 Elec. -DQXDU\ Time: 1:30 PM Contracts: Formation and Terms (MOD. 3) Delaware CORE Module #3 Instructor: Andrew Taylor, Esq., Frederick Academy of Real Estate Credits: DE 3.0 Core Mod. 3, PA 3.5 Elec., MD 3.0 Elec., NJ 3.0 Elec. 0DUFK Time: 8:30 AM Real Estate Hot Buttons (MOD. 7) Delaware CORE MOD. 7 Instructor: Colin F. McGowan, Frederick Academy of Real Estate Credits: DE 3.0 Core Mod. 2, PA 3.5 Elec., MD 3.0 Elec., NJ 3.0 Elec. 0DUFK Time: 1:30 PM Charitable Giving in Real Estate (MOD. 6) Delaware CORE Module #6 Instructor: Duncan Patterson, CCIM, for Frederick Academy of Real Estate Credits: DE 3.0 Core Mod. 6, PA 3.5 Elec., MD 3.0 Elec. CLASS INFORMATION Location:Clarion Belle Hotel, Savannah Room,
øͲK¥¥®®ÊDÃÙÝ çÝ®ÄÝÝDĦÙ
:Äã^͘W®ÖÖÙã /Zͬ>ĂŶĚŵĂƌŬ
^ĐŝĞŶĐĞΘ ŶŐŝŶĞĞƌŝŶŐ >¦®Ý½ã®ò>Êù®Ýã ͘^Êãã<®ÄÙ
͘^͘<ŝĚŶĞƌΘƐƐŽĐŝĂƚĞƐ ÊÄÊîò½͘>®®ÝÊÄÝ EóÝã½ÊçÄãù«ÃÙ Ê«ó®»͕®ÙãÊÙ
E Đ͘Ğǀ͘ŽƵŶĐŝů ^ããÊ¥½óÙ :¥¥^ãÊÄ ^ƚĂƚĞŽĨĞůĂǁĂƌĞ͕ K ®ãùÊ¥t®½Ã®Ä¦ãÊÄ :¥¥&½ùÄÄ KĸĐĞŽĨ ĐŽŶŽŵŝĐĞǀ͘ ŽŶƚĂĐƚhƐ ǁǁǁ͘ĐŝƌĐĚĞůĂǁĂƌĞ͘ŽƌŐ ;ϯϬϮͿϲϯϯͲϭϳϬϱ
1612 N. DuPont Hwy., New Castle, Delaware 19720 CIRC Class Cost: $35 Member/$45 Non-member REGISTER ONLINE: www.circdelaware.org/education/schedule.cfm
10A — September 13 - 26, 2013 — Mid Atlantic Real Estate Journal
www.marejournal.com
d el M AR V A
INDUSTRIAL
OFFICE
RETAIL
FLEXIBLE SPACE SOLUTIONS FOR YOUR BUSINESS Contact us today to learn more
Operating and managing 3 million square feet of industrial, commercial, and retail space in the mid-Atlantic region.
405 E. Marsh Lane, Suite 1 Newport, DE 19804 Phone: (302) 323-9300 www.HarveyHanna.com
F inancial D igest F eaturing T he A ppraisal I nstitute
Mid Atlantic Real Estate Journal — September 13 - 26, 2013 — 11A For three medical office buildings Cronheim Mortgage arranges $13.865m
www.marejournal.com
In financing for multifamily properties Meridian Capital Group negotiates $117.2 million
ew York, NY — Meridian Capi- tal Group, LLC an- nounced the following trans- actions: Meridian negotiated new mortgages totaling $12.05 million on four multifamily buildings totaling 183 units located on Carroll St., St. Paul’s Place, Union St. and Ocean Ave. in Brooklyn. The loans feature rates of 3.00% and terms of 10-years and 15- years. ChaimTessler and Avi Weinstock negotiated these transactions. Newmortgages totaling $40 million were placed by Merid- ian on two multifamily build- ings totaling 191 units located on Fifth Ave. and East 72nd St. in New York. The loans feature rates of 3.25% and 10- year terms. Rael Gervis and Josh Simpson negotiated this transaction. A new mortgage totaling $5.9 million was placed by Me- ridian on a 54-unit, six-story multifamily building located on 50th St. in Brooklyn. The loan features a rate of 3.00% and a 10-year term. Morris Diamant and Steven Ribiat negotiated this transaction. Meridian negotiated a new mortgage in the amount of $5.35 million on a 48-unit, six-story multifamily build- N Syracuse, NY — Sam Berns , senior vice president and managing director of NorthMarq’s Rochester regional office, and Greg Nalbandian , senior vice president and man- aging director of NorthMarq’s North Jersey regional office, co- operated to arrange acquisition financing of $4.27 million for a 33,360 s/f grocery/retail prop- erty located on Erie Blvd. in Syracuse. The property is fully leased to Price Rite. Financing was based on a 10-year term and a 30-year amortization schedule. NorthMarq arranged this financing for the New Jer- sey based institutional sponsor through its relationship with a
15-year term. Joseph Taub and Daniel Blumenthal ne- gotiated these transactions. Meridian negotiated a new mortgage in the amount of $10 million on a 17-story, 117,000 s/f office building located on West 38th St. in New York, NY. The loan features a rate of 2.90% and a 10-year term. Diamant and Tzvi Krieger negotiated this transaction. A new mortgage of $10 million was placed by Meridian on a 94-unit, six-story multifamily building located on Montgom- ery St. in Brooklyn. The loan features a rate of 2.98% and a 10-year term. Diamant and Adam Newman negotiated this transaction. Meridian negotiated a new mortgage in the amount of $2.25 million on a 26-unit, six-story multifamily building located on Bainbridge Ave. in the Bronx. The loan features a rate of 3.00% and a 15-year term. Allan Lieberman and Asher Haft negotiated this transaction. Anewmortgage of $2 million was placed by Me- ridian on a 49-unit, six-story multifamily building located on Fort Washington Ave. in New York. The loan features a rate of 2.88% and a 10-year term. Lieberman and Haft ne- gotiated this transaction. n station, containing 3,883 s/f of retail space nicely located at 193 New Middletown Rd. The property is owned by existing borrower. The gas station is BP branded. Financing was based on a 15- year term and a 15-year amor- tization schedule. NorthMarq arranged this financing for the borrower through its relation- ship with a correspondent life company lender. “The lender ’s recognition of the borrower ’s financial strength and business acu- men allowed the borrower to refinance the subject property at very attractive rates and terms,” Kohlhoss said. n
ing located on Barclay Ave. in Queens. The loan features a rate of 3.25% and a 12-year term. Weinstock negotiated this transaction. A new mortgage $3 million was placed by Meridian on a 24-unit, four-story multifam- ily building located on Lincoln Place in Brooklyn. The loan features a rate of 3.00% and a 10-year term. Weinstock and Michael Farkovits negoti- ated this transaction. Meridian negotiated a new mortgage in the amount of $1.5 million on a 16-unit, four- story multifamily building located on Prospect Place in Brooklyn. The loan features a rate of 3.00% and a 12-year term. David Zlotnick and Sam Shifer negotiated this transaction. Meridian negotiated a new mortgage in the amount of $2.1 million on a 21-unit, five- story multifamily building located on West 179th St. in New York. The loan features a rate of 2.53% and a seven-year term. David Fisher negoti- ated this transaction. A new mortgage of $23 mil- lion was placed by Meridian on a 137-unit, six-story multifam- ily building located on Shore Road in Brooklyn. The loan features a rate of 3.00% and a “This acquisition loan closed within 35 days of application with a fixed rate of 3.50% for the entire 10 year term,” said Berns. Added Nalbandian, “Working throughmyRochester colleague’s correspondent bank, we were able to collaborate and provide my client with a true outlier financing structure at a very belowmarket interest rate and aggressive fixed prepay structure.” In Elwyn, PA, Matthew Kohlhoss , vice president of NorthMarq’s Washington, DC regional office arranged the refinance of existing First Trust of $1.2 million for a retail gas
31,505 s/f medical office building in Hamilton Township, New Jersey
NEW JERSEY — Janet Proscia and David Turley of Cronheim Mortgage ar- ranged mortgage financing totaling $13.865 million for three NJ medical office proper- ties. “Lenders like the supply/ demand characteristics of the NJ medical office market,” said Turley. “Medical practices have a low failure rate and build their business around a specif- ic location, which makes them sticky tenants. We capitalized on the asset class’s appeal to complete several medical office assignments.” Cronheim sourced a $3 mil- lion permanent loan for several owner-occupied medical office condos in Fair Lawn totaling about 12,200 s/f. Proscia noted that the borrower’s previous efforts to finance the property had failed due to property val- uation issues. “We were able to secure a bank willing to lean into a leveraged office condo loan. The financing allowed the borrower to cash out some of his value creation and unlock ENGLEWOOD CLIFFS, NJ — Procida Funding’s 100 Mile Mile Fund has made a $1.75 million bridge loan secured by a 38,186 s/f office building. The loan proceeds are being used to purchase property at a dis- count, renovate and lease up the property.
capital for his next deal.” Cronheim advised on an ac- quisition/renovation loan for a 12,600 s/f medical build- ing in downtown New Bruns- wick proximate to St. Peter’s Hospital. The building will be completely renovated to house a cancer center and support- ing medical offices. Cronheim worked with a regional bank to complete the financing. Turley said, “Strong sponsorship and an equity stake by St. Peter’s Hospital in the cancer center tenant helped overcome con- cerns around the high price/val- uation PSF and untested nature of the property’s anchors.” Cronheim secured a $7.4 million, 5-year permanent loan from a New Jersey bank for a 31,505 s/f medical office build- ing in Hamilton Twp. “This was a leverage-driven transaction,” said Proscia. “We secured an 80% LTV financing offer and were able to negotiate the rate when the appraised value supported a 74% LTV.” n “Procida provided the reli- able execution and flexibility required by the borrower,” said Kyle Funsch , principal of Procida Funding. “Our abil- ity to meet the needs of our borrower in a timely manner allows them to move fast and take advantage of the favor- able opportunity.” n
NorthMarq organizes $5.47million inmortgages for NY Price Rite and PA retail gas station regional bank.
Procida’s 100 Mile Fund provides $1.75 million bridge loan in NJ
12A — September 13 - 26, 2013 — Mid Atlantic Real Estate Journal
www.marejournal.com
F inancial D igest
By Pamela A. Michaels, Esq. and Scott Saunders, Asset Preservation, Inc. Substantiating intent in a § 1031 Exchange
A
taxpayer’s intent to hold both the relin- quished property and
substantiating the investment intent is the responsibility of the taxpayer and the items be- low are not an exhaustive list but provide useful indicators in determining the taxpayer’s intent. • The purpose for which the property was initially ac- quired. • The purpose for which the property was subsequently held. • The purpose for which the property was being held at the time of sale. • The extent of advertising, promotion of other active efforts
used in soliciting buy- ers for the sale of the property. • The listing of property with brokers • The extent to which im- provements, if any, were made to the property. • The frequency, number and continuity of sales .• The extent and nature of the transaction. • The ordinary course of busi- ness of the taxpayer. Real estate held as “stock in trade or other property primarily for sale” is excluded from the tax deferral benefits of IRC Section 1031. Stock in
trade describes property which is included in the inventory of a dealer and is held for sale to customers in the ordinary course of business. The gain on the sale of this property is taxed as ordinary income. A 2010 Tax Court case il- lustrates the consequences of failing to substantiate invest- ment intent. In Goolsby v. Commissioner (April 1, 2010); T.C. Memo. 2010-64, taxpay- ers exchanged a relinquished property in California for two replacement properties located in Georgia. Two months after the exchange was completed, the taxpayers moved into one of the replacement properties (the Pebble Beach property) and used it as their personal residence. The IRS took the position that the Pebble Beach residence was not acquired with the requisite intent to hold for investment and failed to qualify as replacement property within the meaning of Section 1031(a). The Tax Court rejected the taxpayers’ argument that cer- tain other facts demonstrated that they intended to rent the property when they acquired it and decided later to move into the property. As a result, the taxpayers were liable for the capital gain taxes allocable to that portion of their exchange and also for an accuracy related penalty for understatement of tax. In rejecting the taxpayers’ argument, the Tax Court found that the Goolsbys: -conditioned the purchase of the Pebble Beach property on the sale of their former primary residence in California; -asked their qualified inter- mediary (QI) about converting an investment property into a residence before the exchange was completed; -failed to research whether the covenants of the homeown- er’s association would permit the Pebble Beach property to be used as a rental and generally did little research on the rental market; -placed a rental advertise- ment in a small neighborhood newspaper for only two months and made no other efforts to rent the property; -began preparations to fin- ish the basement of the Pebble Beach property within two weeks after purchasing the property. Note that any non-privileged discussions evidencing a con- trary intent before, during, continued on next page
transaction to determine the taxpayer’s true intent at the time of the exchange. If those
replacement property for investment or for use in a trade or busi- ness is a re- quirement for any exchange transaction qualifying for
facts and cir- cumstances are not con- sistent with the requisite intent, the ex- change may not qualify for tax defer- ral.
Pamela Michaels
Scott Saunders
tax deferral under Internal Revenue Code Section 1031. The IRS and federal courts may examine all of the facts and circumstances surrounding the
Listed below are some fac- tors the IRS may review to determine whether or not the intent was to hold the property for investment. The burden of
&YDIBOHF4NBSU 4FDVSJUZZPVDBOCBOLPO
0AMELA -ICHAELS %SQ 6ICE 0RESIDENT $IVISION -ANAGER -ANHATTAN \ ,ONG )SLAND PMICHAELS APIEXCHANGECOM \ APIEXCHANGECOM #ALL FOR A COMPLIMENTARY CONSULTATION
! .ATIONAL )2# e h1UALIFIED )NTERMEDIARYv
Mid Atlantic Real Estate Journal — September 13 - 26, 2013 — 13A
www.marejournal.com
F inAnciAl d igest
Amsel originates and arranges loan Eastern Union Funding arranges $. million for flagged hotel in monroeville, PA
M
OnROEViLLE, PA — Eastern Union Funding has nego-
arranged by moti Amsel , a director based out of Eastern Union’s Howell office. A 187 room hotel located in Monroeville, the property is centrally located in a very busy retail area adjacent to the Pennsylvania Turnpike. The property had recently undergone extensive renova- tions, with the remaining renovations to be completed by the buyer. Due to a TOE closing, the borrower required a lender who could close within 45 days, and would lend PIP funds to finish the remaining
renovations needed. Amsel was able to quickly place the deal with a Wall Street lender who was comfortable with the borrower ’s experience and track record, along with the property’s location and strong historical performance. The lender provided a fixed rate loan at 75% Loan-to-Cost for the purchase of the property, over a two year term. The pro- cess was smooth and the loan closed within the timeframe required by the TOE. The bor- rower is projecting a 10% to 15% increase in revenue after renovations are completed. n
tiated a $5.55 million acquisi- tion bridge loan on a Holiday Inn property near Pittsburgh. The loan was originated and continued from page 12A Substantiating intent in a § . . . or after the exchange are fair game for the IRS, even the taxpayer’s discussions with a qualified intermediary. In a 2012 Tax Court case, Re- esink v. Commissioner, (April 23, 2012) T.C. Memo 2012-118, husband and wife purchased a residential house as a replace- ment property with the intent to rent the property. Unfor- tunately, the Reesinks were unable to find a tenant and obtain the rent they wanted, so they decided to sell their current residence and move into the rental home that they acquired in the 1031 exchange. They moved into the rental home only 8 months after it was purchased in a tax deferred ex- change. Nevertheless, the Tax Court found that the Reesinks intended to hold the rental property as an investment at the time they engaged in the 1031 exchange. In deciding the case for the taxpayer, the Tax Court dis- tinguished Goolsby v. Com- missioner, (April 1, 2010); T.C. Memo 2010-64, a case in which a series of factors established that the taxpayers intended to use the replacement prop- erty as a residence following a 1031 exchange. The Tax Court found the following evidence persuasive: • The Reesinks placed many rental flyers throughout the town advertising the house as available for rent; • The Reesinks showed the house to two different potential tenants; • The taxpayers refrained from using the property for recreational use prior to moving into the property; • The Reesinks decided to sell their personal residence almost 6 months after purchasing the replacement property; • The Reesinks waited over 8 months after acquiring the property to move in. The Reesinks also presented corroborative testimony sup- porting the foregoing facts. Like Goolsby, the Reesi- nk case shows the need for continued on page 1A
A 187 room hotel located in Monroeville
Progress has closed over $150 million in Multi-Family Loans at interest rates starting as low as 2.99%
LOAN PROGRAMS ©3HUPDQHQW ©&RQVWUXFWLRQ ©%ULGJH ©5HKDE ©(TXLW\ ©'HEW©5HVWUXFWXUH ©1RQ-5HFRXUVH©DYDLODEOH PROPERTY TYPES ©0XOWL-)DPLO\ ©5HWDLO ©2IILFH0HGLFDO ©,QGXVWULDO:DUHKRXVH ©+RWHO+RVSLWDOLW\
Progress Capital Advisors, LLC MISSION: ACCOMPLISHED
FIND US HERE ©%URDG©6W©6XLWH© 6KUHZVEXU\©1-©©
• Kathy Anderson
Kathy@ProgressNJ.com (732) 720-6301
7HO ©© © - )D[ © © -
• Brad Domenico
Brad@ProgressNJ.com (732) 720-6304 www. P rogress C apital A dvisors.com
Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26 Page 27 Page 28 Page 29 Page 30 Page 31 Page 32 Page 33 Page 34 Page 35 Page 36 Page 37 Page 38 Page 39 Page 40 Page 41 Page 42 Page 43 Page 44 Page 45 Page 46 Page 47 Page 48 Page 49 Page 50 Page 51 Page 52 Page 53 Page 54 Page 55 Page 56 Page 57 Page 58 Page 59 Page 60 Page 61 Page 62 Page 63 Page 64 Page 65 Page 66 Page 67 Page 68 Page 69 Page 70 Page 71 Page 72Made with FlippingBook Annual report