8A — June 2024 — Creative Financing — M id A tlantic Real Estate Journal
www.marej.com
C reative F inancing
Reynolds closes $16M refi. for Lawrenceville, NJ office park
Providing financing that supports sustainability goals DCPACEProgram&Peachtree Group secure $3.5 Million
LAWRENCEVILLE, NJ — After acquiring ownership of the Princeton Pike Office Park in 2022 and making significant improvements, Reynolds As - set Management (Reynolds) , in partnership with investors Capital Solutions , secured a $16 million loan to refinance the property. Located at 3131 Princeton Pike in Lawrencev- ille. Reynolds worked with the lenders at Northwest Bank to refinance the original acquisi - tion loan over a five-year term with a 6.60% fixed rate. “Working closely with Law- rence Township, our partners, and the property’s existing tenants over the past two years, we’re proud to have improved the property and increased occupancy, leading to the successful stabilization of the property,” said founder and CEO of Reynolds Asset Management, Lou Reynolds . “Central to Reynolds Asset Management’s mission is in- vesting in communities and this project is a great example of how we’re doing just that here in Lawrenceville.” In April 2022, Reynolds acquired the Princeton Pike Office Park, beginning an intricate process to stabilize the largely vacant office park. At the time, the six-building complex was approximately 50% vacant. In collaboration with Newmark Group, a com- mercial real estate advisory and services firm, Reynolds relocated, consolidated, and signed renewals and expan- sions of existing office tenants into three of the six buildings which were all renovated with new flooring, ceilings, walkways, bathrooms, interior
ASHINGTON, DC — The DC PACE Program and Peachtree Group announced the closing of $3.5 million in fi - nancing to improve the sustain- ability and energy efficiency of a new five-story mixed-use building in Ward 5. This proj- ect will include solar panels, insulation, LED lighting, and energy-efficient water fixtures and elevators. These measures will result in estimated annual reduction in electricity usage of 134,279 kWh and annual water reduction of 326,050 gallons, saving more than $2 million over the expected life of the equipment. The completed building at 1717 Hamlin St. NE will deliver 26 homes and 1,500 s/f of retail space. The new building is anticipated to create up to 18 permanent jobs. “This project shows the best of what the DC PACE Program has to offer: clean and sustain- able development, access to capital for a small business owner, and investment in a historically underserved community,” said Ronald Hobson , DC PACE Program director. “We are proud to con- tinue this valuable partner- ship with Peachtree Group to provide flexible financing that W
and exterior LED lighting, fresh exterior paint and sig- nage. In addition, the office buildings’ parking lots were repaired and landscaping was updated. Reynolds success- fully stabilized the property by boosting occupancy of the three buildings and today, on account of the work completed, occupancy is over 95%. “Having worked with Reyn- olds on the acquisition loan, we immediately saw the team’s dedication to the revi- talization of the site,” said Abe Ibrahim , commercial banking executive at Northwest Bank. “We share in their vision of creating a welcoming, sought- after office space and one that will attract new tenants in the years to come.” “Reynolds’ unparalleled ex- pertise and professionalism made for a smooth reloca- tion process for the property’s existing office tenants,” said Rob Loderstedt , managing director in Newmark’s East Brunswick, New Jersey office, who executed new leases and tenant activity. “As Reynolds continues to breathe new life into this development, we’re excited to further our collabora- tion, and bring in new tenants to the site.” MAREJ Renovated lobby of Princeton Pike Office Park.
1717 Hamlin St. NE
supports developers of all sizes while helping to achieve our sustainability goals.” With this project, Peachtree Group, formerly known as Stonehill PACE, has now suc- cessfully invested more than $20 million in projects in the District through the DC PACE Program. These four projects are estimated to reduce energy use by more than 4.2 million kWh annually – the equivalent of more than 570 homes. “We are excited to partner again with the DC PACE Pro- gram and proud to have in- vested more than $20 million in the District with commercial PACE to date,” said Jared
Schlosser , EVP and head of CPACE at Peachtree Group. “Commercial PACE enables the refinancing of completed and ongoing construction projects. In today’s market, this trans- lates to fresh capital infusion to manage ongoing expenses and debt service, which helps owners meet their obligations.” “The DC PACE Program and Peachtree Group empowered us as a resident-owned Certi- fied Business Enterprise to in - vest in making this new build- ing energy efficient and bring - ing much needed housing to Ward 5,” said Mel Negussie , owner of NT Group , the de- veloper of the property. MAREJ
BALTIMORE, MD — MCB Real Estate has wel- comed Jared Stile, CPA, MCB Real Estate hires Stile, CPA, MBA as new CFO treasury management, tax and audit, reporting and FP&A. As MCB continues to expand, Stile’s expertise in leading financial strategies and accounting operations for MCB’s diverse commercial real estate portfolio will be invaluable, particularly his hands-on guidance, structure, and solid financial discipline. “Jared’s background and industry proficiency are a natural fit for MCB,” said P. David Bramble , co-founder of MCB. “Throughout his career, whether he’s been called upon to build relation- ships, engage in tough negotia- tions, or coordinate on complex transactions, Jared has consis- tently demonstrated a level of professionalism that sets the benchmark for his position.” Stile most recently served as CFO at Questar Properties where he managed all budget- ing activities for property and corporate operations, oversaw all treasury management functions, and worked with external auditors to ensure the seamless coordination of schedules. MAREJ Lument expands real estate capital markets team MBA as the company’s new CFO. In this new posi- tion, Stile’s primary re- sponsibility will be the oversight, di- rection, and execution across all finance and accounting activities at MCB, includ- ing, among other functions, Jared Stile
Investment Real Estate promotes Kyle Eichelberger to controller
YORK, PA — The Invest- ment Real Estate Group of Companies (IREGC) an-
rise through the company gives him a unique perspective that will allow him to lead and make the necessary financial decisions for the accounting department and the company as a whole.” In his new position, Eichel- berger will play an integral role in helping to drive the company’s growth by stream- lining office operations and providing clear and concise analytical information and leadership for key decisions. “Since joining IREGC, I’ve been able to hone my account- ing and leadership skills,” said Eichelberger. “I’m looking for- ward to continuing that while collaborating with other teams across company.” MAREJ
nounced the promotion of Kyle Eichel - berger to controller. E i c h e l - berger joined IREGC in 2020 as a staff accoun- tant and has
NEW YORK, NY — Lument has doubled the size of its real estate capital markets team, expanding the array of capital solutions it offers multifamily investors and extending the company’s reach to all major commercial real estate sectors. The team is under the leader- ship of senior managing direc- tor Rick Warren and now in- cludes some of the leading real estate capital markets experts
in the industry. They collective- ly secure or place an average of $1.44 billion annually across a wide range of asset classes. Lu- ment’s capital markets group recently opened a new office in East Rutherford, NJ. “In this economy, it is more important than ever to have a wide range of options to offer clients,” said Lument CEO James Flynn . “Our decision to create a capital markets
group of this caliber reflects our determination to connect an even broader universe of investors with the capital they need to pursue their goals.” Through this initiative, Lument now offers a broad selection of alternative debt and preferred equity finance solutions from such capital sources such as banks, debt funds, life companies, and conduits. MAREJ
Kyle Eichelberger
since been promoted twice before now being named IREGC’s controller. “As the controller, Eichel- berger will continue to be a key member of the IREGC team,” said Brandy Meyer , director of finance for IREGC. “Kyle’s
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