Explore the November Issue of MAREJ! Flip through our latest edition packed with regional market coverage, industry leaders, and must-know resources for CRE professionals.
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ISSUE HIGHLIGHTS Volume 37, Issue 11 November 2025
Rockpoint acquires property from Equus Capital Partners for $142M Cushman & Wakefield arranges sale, financing of 1M s/f Richmond ind. portfolio
PHILADELPHIA, PA — JLL Capital Markets an- nounced the sale of an 11-build- ing industrial portfolio totaling 893,625 s/f located between Exits 2 and 14 of the NJ Tpke. JLL represented the institu- tional seller in the sale to EQT Real Estate . The portfolio consists of eleven fully leased industrial assets totaling 893,625 s/f and presented an investor with the opportunity to acquire a critical mass of infill industrial product. The properties are Cushman & Wakefield’s Industrial Advisory Group (IAG) Mid-Atlantic Sales team of Jonathan Carpenter, Graham Savage, Dawes Milchling and James Check, alongside Eric Robison and Bo McKown of Cushman & Wakefield affiliate Thalhimer, represented Equus in the sale. The firm’s Equity, Debt & Structured Finance (EDSF) team, including John Alascio, ICHMOND, VA — Cushman & Wake- field announced that it arranged the sale and fi- nancing of Eastport Indus- trial Park (“Eastport”), an eight-building, 1,068,995 s/f class A industrial portfolio in Richmond, VA. Rockpoint , a real estate private equity firm, acquired the property from Equus Capital Partners (Equus) for $142 million. R
quality of the assets and the growing interest from institu- tional investors in the Rich- mond marketplace.” Alascio added, “We are proud to have worked alongside our IAG partners to represent Rockpoint in securing acquisi- tion financing for this indus - trial portfolio. Our process yielded over a dozen financing bids, including multiple op- tions for a larger aggregation credit facility, underscoring the continued hypercompeti- tive debt market for infill industrial opportunities on be- half of institutional sponsors.” Located near I-95 and Rich- mond International Airport, Eastport features eight modern warehouse and logistics build- ings with 25-foot clear heights and 182 loading positions. The property was 97% leased to 19 tenants at closing. MAREJ
LENDERS DIRECTORY
3-10
PETKA SUCCEEDS SAWKA AS BANCROFT CONSTRUCTION’S PRESIDENT & CEO
Eastport Industrial Park
in Richmond, VA, one of the tightest and best-performing industrial markets on East Coast,” said Carpenter. “Our marketing efforts produced more than 15 offers for the portfolio, a testament to the
TJ Sullivan, Chris Meloni and Michael Zelin arranged acquisition financing through a global alternative investment firm on behalf of Rockpoint. “Eastport represents a best- in-class industrial portfolio
Greg Sawka Mike Petka
11
JLL Capital Markets arranges the sale of the New Jersey value-add industrial portfolio
CONFERENCES NJ Healthcare & Medical Properties Conference January 15, 2025 NJ CRE Forecast Conference February 2025 SNJ CRE Forecast Conference March 2025 For speaking & sponsorship info., please contact: Lea at 781-740-2900 or lea@marejournal.com
Directory
Lenders Directory......................................................3-10 Southern NJ Chapter of The Appraisal Institute...........8-9 DelMarVa Featuring Maryland................................11-14 CIRC Organization........................................................14 New Jersey Featuring Central NJ.............................15-23 Pennsylvania Featuring Central PA..........................24-27 Owners, Developers & Managers............................28-37 People on the Move................................................38-39 CRE Organization’s Events Calendar..............................40 www.marej.com
11-building industrial portfolio spanning in-fill locations along the NJ Turnpike corridor trades hands
located in highly concentrated industrial pockets, offering ac- cess to the population centers of Philadelphia and NYC, as well as the unparalleled distribution
infrastructure across NJ. The JLL Investment Sales and Advisory team was led by senior managing director John Plower , senior director Ryan
Cottone and Managing direc- tors Nicholas Stefans and Jason Lundy . The portfolio is fully leased to a diverse tenant roster. MAREJ
Inside Cover — November 2025 — M id A tlantic Real Estate Journal
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M id A tlantic Real Estate Journal — November 2025 — 1
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2 — November 2025 — M id A tlantic Real Estate Journal Mid Atlantic Real Estate Journal 1/8 Page, November 21 SELLER ORDERED ONLINE ONLY AUCTION Bid Online November 28 th - December 4 th FORMER RITE AID - 10,908 ± SF BUILDING ON 2.15 ± ACRE CORNER LOT
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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 ...................Pedro David Espinoza, Pan Peru USA 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. 37, Issue 11 Subscription rates: 1 year $99.00, 2 years $148.50, 3 years $247.50 & $4.00 single issue - plus postage
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Property Location: 865 Route 45, Pilesgrove, NJ
Pedro David Espinoza
Property Location: 865 Route 45, Pilesgrove, NJ
45
What the RealPage Settlement Means for Real Estate Tech T he real estate industry has lagged behind in leveraging AI to im- prove data analytics due to issues with data quality and fragmentation. The most pop- ular proptech tools that have emerged from AI are those that create a robust and reli- able data pool. However, a recent US De- partment of Justice civil an- titrust lawsuit reveals that real estate companies must be extremely cautious when tapping into AI-driven plat- forms that promise access to reliable, data-driven insights. The suit alleges that the Re- alPage platform, which uses AI to “leverage data insights and monetize space to create incremental yields,” provided landlords with a service that constituted price fixing. The case highlights the chal- lenges that regulators face in overseeing the use of AI tools. It also points to a shift in the proptech industry that could
Freestanding 10,908± SF building (Built 1999) on 2.15± Acres Former Rite Aid - Built for Purpose with Double Stack Drive Thru Corner of Route 40 & Route 45 in a Retail Center - ACME, Wendy’s, Hallmark and Tractor Supply and Wawa across the street.
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bring greater transparency to AI development and application. Comprehensive renter data allegedly fuels anticompetitive practices The recent DOJ lawsuit tar- geting RealPage and a number of top landlords focuses on algorithmic pricing, a practice that leverages AI-driven data analytics to identify and de- termine rental rates that opti- mize rental income. According to RealPage’s website, its AI Revenue Management module gives landlords “transparent and straightforward recom- mendations that leverage AI modeling to strategically bal- ance rent and occupancy.” The DOJ alleges that the “strategic balance” landlords gain from using RealPage vio- lates the law because it draws upon nonpublic, competitively
sensitive information about rental rates and lease terms to train the platform’s algorith- mic pricing process. The suit was expanded in early 2025 to target several high-profile landlords whom the DOJ claims subverted free-market competition by using “algo- rithmic coordination and other anticompetitive practices.” One of the landlords named in the updated suit, a ma- jor developer and property manager, signed a proposed settlement agreement with the DOJ in August 2025. Under the terms of the agreement, the developer committed to refrain from using “any an- ticompetitive algorithm that generates pricing recommen- dations using its competitors’ competitively sensitive data continued on page 36
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 — Financial — Lenders Directory — November 2025 — 3
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Lenders Directory
C.H. Kauffman & Associates, Inc. 130 Monmouth St Red Bank, NJ 07701 P: 732-212-0333 www.chkauffman.com Columbia Bank 19-01 Route 208 North Fair Lawn, NJ 07410 P: 201-599-7067 www.columbiabankonline.com
— CALIFORNIA — D
Money360 999 Corporate Dr. • Ste 110 Ladera Ranch, CA 92694 www.money360.com
Northmarq 2230 West Joppa Rd. • Ste 200 Lutherville, MD 21093 P: 410-296-6565 jtburke@northmarq.com www.northmarq.com Mortgage Lenders: Joseph T. Burke • William Libercci • Brett Bowman
Sabal Capital Partners, LLC 4 Park Plaza • Ste 2000
Irvine, CA 62614 P: 619-888-1975 lending@sabal.com www.sabal.com
Commercial Mortgage Depot 1000 Clifton Ave • Ste 104
— MASSACHUSETTS —
Clifton, NJ 07013 P: 973-742-1111
Thorofare Capital 633 West Fifth St • Ste 2200 Los Angeles, CA 90071 P: 213-873-4000 www.thorofarecapital.com
The Henley Group, Inc 8A Pleasant St. South Natick, MA 01760 P: 508-318-6520 www.thehenleygroup.com
Cronheim Mortgage 205 Main St Chatham, NJ 07928 P: 973-635-6800 www.cronheimmortgage.com
— DELAWARE — D
— MICHIGAN — D
Applied Bank 2200 Concord Pike • Ste 102 Wilmington, DE 19803 P: 302-326-4200 www.appliedbank.com Ross Capital Partners 724 Yorklyn Rd Hockessin, DE 19707 P: 302-300-4218 www.rosscapitalpartners.com
Bloomfield Capital 700 Forest Ave Birmingham, MI 48009 P: 248-745-1700 www.bloomfieldcapital.com
— NEW JERSEY — D
Cushman & Wakefield Equity, Debt, & Structured Finance One Meadowlands Plaza 7th Fl • East Rutherford, NJ 07073 www.cushmanwakefield.com Brad Domenico, Vice Chair brad.domenico@cushwake.com P: 908-433-7467
ARD Appraisal 36 Brant Ave • Clark, NJ 07066 P: 732-396-1965 • F: 732-396-1987 www.ardappraisal.com Barings Multifamily Capital LLC 101 Grovers Mill Rd • Ste 120 Lawrenceville, NJ 08648 P: 609-917-3353
— MARYLAND — D
BlueWater Financial Partners 350 Fortune Terrace • 2nd Fl Rockville, MD 20854 P: 301-656-6566 F: 240-206-3228 www.bwfpartners.com Eastern Union Funding 7910 Woodmont Ave • Ste 870 Bethesda, MD 20814 P: 202-629-9140 www.easternunion.com FCP 4445 Willard Ave • Ste 900 Chevy Chase, MD 20815 P: 240-395-2000 www.fcpdc.com M&T Realty Capital Corporation One Light St • 12th Fl Baltimore, MD 21202 P: 800-737-2344 realtycapital@mtb.com www.mtrcc.com
Brian Anderson, Executive Managing Director brian.anderson@cushwake.com P: 732-616-0908
Berkadia 17 HQPL West Tower Morristown, NJ 07960 www.berkadia.com/
Kathy Anderson, Vice Chair kathy.anderson@cushwake.com P: 908-601-4891
Blue Foundry Bank Corporate Headquarters 25 Orient Way • Rutherford, NJ 07070 P: 888-931-BLUE x 3246 www.bluefoundrybank.com Carl Berger Associates 17 Furler St • Totowa, NJ 07512 P: 973-256-5330 • F: 973-256-7424 www.carlberger.com Case Real Estate Capital, LLC 336 W. Passaic St • 3rd Fl Rochelle Park, NJ 07662 P: 201-845-4244 www.caserealestatecapital.com
C.W. Unger, Consultant, LLC 498 Atsion Rd Shamong, NJ 08088 (609-820-4253)
Emigrant Mortgage, 350 West Passaic St Rochelle Park, NJ 07662 C: 732-425-0962
First Bank 1395 Yardville-Hamilton Square Rd Hamilton, NJ 08691 P: (609) 643-0050
4 — November 2025 — Lenders Directory — Financial — M id A tlantic Real Estate Journal
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Lenders Directory
Valley National Bank 70 Speedwell Avenue Morristown, NJ 07960 Christopher J. Coiley, First Senior VP, CRE Regional Market President Office: 973-305-4026 • Cell: 862 596 1120 ccoiley@valley.com www.valley.com
Northmarq 48 Maple Avenue • Ste 50-1W Morristown, NJ 07960 P: 973-538-2330 gcohen@northmarq.com www.northmarq.com Mortgage Lender: Gary Cohen Palisades Financial, LLC E. Palisade Ave Englewood Cliffs, NJ 07632 P: 201-894-5000 • F: 201-894-8833 www.palfi.net Procida Funding & Advisors 570 Sylvan Ave Englewood Cliffs, NJ 07632 P: 201-871-117 www.procida.com Provident Bank 1220 Green St. • Iselin, NJ 08830 P: 732-283-0700 • 800-448-7768 www.ProvidentNJ.com Ready Capital 200 Connell Dr • Ste 4000 Berkeley Heights, NJ 07922 P: 1-800-453-3548 www.readycapital.com Regal Bank 570 West Mt. Pleasant Ave Livingston, NJ 07039 (HQ) P: 973-716-0600 regalbanknj.com Silver Arch Capital Partners
Kennedy Funding Lenders: Kennedy Funding is a commercial real estate secured direct private lender, specializing in nationwide, fast, creative, short-term bridge loans ranging in size from 1 million to more than 50 million. Land, Development, Acquisitions, Bankruptcies, Discounted Payoffs, Note Purchases, Workouts and Foreclosures. 267 South Dean Street Englewood Cliffs, NJ 07631 P: 1-201-342-8500 Edwin Urrego, Executive Loan Officer Loan commitments in 24hrs. Close in as little as five days.
— NEWYORK — D
Alpha Tech Lending 329 Hempstead Tpke West Hempstead, NY 11552 P: 888-276-6565 www.alphatechlending.com Atlas Commercial Capital, Inc. 45 Rockefeller Plaza • 20th Fl New York, NY 10111 P: 212-332-3457 AtlasCommercialCapital.com
info@kennedyfunding.com www.kennedyfunding.com
Kearny Bank 120 Passaic Ave Fairfield, NJ 07004 P: 800-273-3406 kearnybank.com
Community Preservation Corporation 54 State St • Ste 201 • Albany, NY 12207 P: 646-822-9353 www.communityp.com Community Preservation Corporation 500 Seneca St • Ste 140 • Buffalo, NY 14204 P: 716-954-8904 Community Preservation Corporation 480 Bedford Rd • Ste 4201 Chappaqua, NY 10514 P: 914-747-2570 Community Preservation Corporation 220 East 42nd St • 16th Fl • New York, NY 10017 P: 212-869-5300 Community Preservation Corporation 510 Clinton Square. • Rochester, NY 14604 P: 585-939-7602 Community Preservation Corporation 315 North Clinton St • Syracuse, NY 13202 P: 315-476-3173 www.communityp.com CPC Mortgage Company 220 East 42nd St • 16th Fl • New York, NY 10016 P: 855-363-4646 www.communityp.com/cpc-mortgage-company Cooper Horowitz LLC 622 Third Ave • 35th Floor • New York, NY 10017 P: 212-986-8400 • F: 212-983-0512 www.cooper-horowitz.com
LCD Commercial Lending 195 Rte 46 West • Ste 7 Totowa, NJ 07512 P: 973-435-2800 www.lcdcommercial.com Meridian Capital Group New Jersey Office 517 Route 1 South • Ste 4000 Iselin, NJ 08830 P: 732-301-3200 www.meridiancapital.com Navesink River Capital, LLC 83 South St. • Ste 302 Freehold, NJ 07728 P: 855-778-1000 www.navesinkrivercapital.com
411 Hackensack Ave Hackensack, NJ 07601 www.silverarchcp.com
Spencer Savings Bank 611 River Dr. • Elmwood Park, NJ 07407 P:1-800-363-8115 Dana Berlin Senior VP, Director CRE Lending Group P:(201) 703-3807 dberlin@spencersavings.com
Stratton Equities 28 Bloomfield Ave • Ste 302 • Pinebrook, NJ 07058 P: 1-800-962-6613 www.strattonequities.com TD Bank 277 Franklin Ave • Nutley, NJ 07110 P: 973-284-1777 TD Bank 1060 Stelton Rd • Piscataway, NJ 08854 P: 732-529-3560 • F: 732-529-3510
Northmarq 211 Blvd. of the Americas • Ste 207 Lakewood, NJ 08701 P: 973-995-9250 dsinger@northmarq.com www.northmarq.com Mortgage Lender: David Singer
M id A tlantic Real Estate Journal — Financial — Lenders Directory — November 2025 — 5
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Lenders Directory
FairCap Group Financing 1600 60th St • Brooklyn, NY 11210 P: 718-906-0443 www.faircapgroup.com Greystone & Co. Inc. 152 West 57th St • 60th Fl New York, NY 10019 P: 212-649-9700 HAB Bank
D2 Capital Advisors 610-368-6565 www.d2organization.com
Singer Financial Corp. A Private Financial Institution 1708 Locust St • Philadelphia, PA 19103 P: 215-893-9722 www.singerfinancial.com
Fulton Bank, N.A. Commercial Banking Group 710 Upper State Rd North Wales, PA 19454 P: 215-412-3400 www.fultonbank.com
—VIRGINIA — D
99 Madison Avenue New York, NY 10016 P: 212-532-4444 ext. 1303 zwahidy@habbank.com
GREA 107 S 2nd St • 4th Fl Philadelphia, PA 19106
P: 215-454-2852 www.grea.com
Northmarq 7204 Glen Forest Drive • Ste 202 Richmond, VA 23226 P: 804-716-9153
Kay Properties & Investments New York Office P: 855- 899-4597 Jason Salmon - Executive Vice President and Managing Director
kwells@northmarq.com www.northmarq.com Mortgage Lenders: Keith Wells • Mike Lowry Charlie Rimkus • Win Martin
Office: 855- 899-4597 Direct: 917-837-1492 Jason@kpi1031.com Alex Madden - Vice President Direct: 508-219-7171
Northmarq 2001 Market Street • Ste 3815 Philadelphia, PA 19103 P: 215-484-0319 jbanas@northmarq.com www.northmarq.com Mortgage Lender: John Banas • Kris Wood
— WASHINGTON, DC — D
Cell: 978-473-9752 Alex@kpi1031.com
Northmarq 7600 Wisconsin Ave • Ste 650 Bethesda, MD 20814 P: 301-654-2400 gmcglynn@northmarq.com www.northmarq.com Mortgage Lenders: Gary McGlynn • Jason Smith Ken Gentzel • Daniel Siesser • Matt Deal Ross Bender
KeyBank Real Estate Capital 1301 6th Ave • New York, NY 10019 P: 212-368-2200
Meridian Capital Group 1 Battery Park Plaza • 26th Fl New York, NY 10004 P: 212-972-3600 www.meridiancapital.com sales@meridiancapital.com Mission Capital Advisors, LLC 41 Madison Ave • 35th Fl New York, NY 10010 P: 212-925-6692 www.missioncap.com Select Commercial Funding LLC 1233 Beech St • Ste 33 Atlantic Beach, NY 11509 P: 877-548-9454 www.selectcommercial.com
RED STAR MORTGAGE CORP. Private Non-Bank Commercial Real Estate Lender No Doc/Stated Income, No Tax Returns! 30-Year Fixed Rate & Term, High LTV’s, Cash Out. Loan Amounts from $250K - $5MM Alternative to SBA for Owner-User Commercial & Investment Real Estate Financing Multi-Family, Office, Retail, Warehouse/Industrial, Mixed-Use, Self-Storage, Hotel/Motel, Special Use Property.
Every effort was made to make this year’s directory listing accurate. To update your listing or to be included in next year’s edition, please email:
• Company Name • Address • Telephone/Fax • E-Mail: • Website
— PENNSYLVANIA — D
Corporate Office: Philadelphia, PA P: 610-578-0715 Email our Deal Team:
Apex Mortgage Corp. One Walnut Grove Dr • Ste 300 Horsham, PA 19044 P: 877-604-5304
Info@RedStarMortgage.com www.RedStarMortgage.com We close loans that Banks can’t or won’t!
e-mail: lea@marejournal.com P: 781-740-2900
Briar Cliff Financial Services 518 Broad St • Ste 2 • Sewickley, PA 15143 P: 412-749-9554 • www.bcfsllc.com
6 — November 2025 — Lenders Directory — Financial — M id A tlantic Real Estate Journal
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Lenders Directory
NJ lender closed loan after previous lender backed out Kennedy Funding closes $2.05 Million Texas land loan
Breaking bank rules: Red Star Mortgage delivers fast, flexible CRE loans
Gary Polao Executive Managing Director Red Star Mortgage Headquarters: Philadelphia Years with company/firm: 20+ Years Years in field: 20+ Years
E
“Our process is about lend- ing based on the project’s po- tential,” Urrego said. “Nearly 178,000 people moved to Dallas between July 2023 and July 2024. They all need a place to live, which makes projects like this one spearheaded by The Beach Dallas highly lucrative.” The property is located in an area of South Dallas that’s well- serviced by a broader regional highway network, including Interstate 20. Residents of the future housing development at 2700 Simpson Stuart Rd. will have easy access to downtown Dallas and Dallas Fort Worth International Airport. The future development is located near two colleges, University of North Texas — Dallas and Paul Quinn College. The area’s highly skilled workforce, in turn, is highly desirable to the growing number of companies opening offices in, or relocating to, the Dallas-Fort Worth area. “Half of the fastest-growing cities in the U.S. are in Texas, presenting an incredible op- portunity for borrowers like The Beach Dallas to invest in their communities,” said Kevin Wolfer , CEO and president, Kennedy Funding. He added that this is the sec- ond Dallas-area loan the direct private lending firm closed this year. MAREJ
NGLEWOOD, NJ — Some much-needed new housing is coming to one
tian Toxboe . “Edwin and the Kennedy team came through for us, especially after going through the ringer with the other lender. They were abso- lutely amazing to work with.” “What happened to Chris- tian could have happened to anyone, and it illustrates just how often we see borrowers up against the clock because other lenders can’t close on time,” said Edwin Urrego , Executive Loan Officer at Kennedy Funding. “That’s why choosing the right lender is often the difference be- tween success and failure — and saving or losing huge amounts of money.” Even when the borrower’s credit is an issue, as in this case, Kennedy can close a land loan fast and on time for virtu- ally any purpose: acquisition, development, workout — you name it,” he adds. “Banks and other traditional lenders won’t even look at the deal.” “We’re not scrutinizing your credit history when we evalu- ate the current opportunity that’s on the table,” he said. That same logic — focusing on the deal itself and the value of the land — is why Kennedy wasn’t deterred from lending on a project in Dallas, a city known for its lengthy and strict permitting process.
of America’s fastest-grow- ing metro- politan areas. New Jer- sey-based di- rect private lender Ken- nedy Fund- ing closed a
Area of Interest: Non-Bank Lending - Small Balance Commercial Real Estate Loans for Owner User & Investment property Na- tionwide, loan sized typically under $5MM. Who is your target market? Owners and Users of debt capital for income produc- ing commercial real estate. Sponsors that are frustrated with banks rigid guidelines and long time lines come to us for quick execution and attention to their deals along with the longest terms available for commercial mortgages – 30 YEARS! What separates you from the competition? We underwrite the PROP- ERTY to ensure debt service support, NOT the borrower. Unlike banks, we look to the property and are not con-
Edwin Urrego
$2,050,000 loan to The Beach Dallas LLC, to acquire 62.696 acres of raw land at 2700 Simp- son Stuart Rd. in Dallas, TX. The borrower is under contract to acquire the property for $3 million, and Kennedy has agreed to permit the seller to hold $1.095 million in the form of a second mortgage behind its loan. Kennedy Funding was re- ferred to the borrower by a broker who knew the direct private lender’s reputation for fast closings. The borrower’s initial lender failed to deliver after three years under con- tract to buy the property. “We went through the entire process — completed all the documentation, performed due diligence. All of a sudden, our lender closed their office and their phones were shut off. They were out of business,” said the borrower, Chris-
cerned with personal income or global cash-flows. Name some of your most unique qualities/reasons why someone should do business with your finan - cial institution? As a non-bank private lend- er, we lend on all deals that make sense. Common Sense underwriting and approv- als based on understanding the “Story” of the deal. It’s easy,we look at the property, the borrower and the loan request and if it makes sense, we APPROVE! MAREJ
MMCC arranges $9 Million financing for Norfolk, VA hospitality property
JLL secures construction financing for class A industrial speculative development in Hanover, New Jersey
MORRISTOWN, NJ — JLL Capital Markets has secured construction financing for Marcus Partners’ devel- opment of a new class A indus- trial facility at 35 South Jef- ferson Rd. in Hanover Twp., Morris County, New Jersey. JLL represented Marcus Partners in securing a four- year construction loan with a one-year extension option with Truist Bank . The to-be-constructed facility will span 72,000 s/f and feature premium industrial specifica - tions, including 36-foot clear ceiling heights, 10 dock doors with the ability to expand to 18 loading positions, one drive-in door with potential for a second and 3,785 s/f of office space. The development will provide 90 employee parking spaces and eight trailer parking spac- es on a 6.62-acre site, with a 130-foot truck court depth de- signed to accommodate modern logistics operations. Located less than one mile
Wyndham Garden Norfolk Downtown
with a 7% interest rate and full term interest only. “We are pleased to secure fi - nancing for Wyndham Garden Norfolk Downtown, support- ing the local hospitality sec- tor,” said Bhat. “Its prime loca- tion and strong market made it an appealing investment, and we anticipate continued success in downtown Norfolk.” The property is located in downtown Norfolk within walking distance of several museums, historic sites and the beach, and is less than 8 miles from Norfolk Interna- tional Airport. MAREJ
NORFOLK, VA — Marcus & Millichap Capital Corpo- ration (MMCC) , a provider of commercial real estate capital markets financing solutions, arranged an $8,940,000 loan to refinance the Wyndham Garden Norfolk Downtown, a 354-key hospitality property located at 700 Monticello Ave. in Norfolk, Virginia. Robert Bhat , senior man- aging director in MMCC’s Mi- ami office, secured the financ - ing with a global investment bank on behalf of a private cli- ent. The loan is non-recourse and features a five-year term
35 South Jefferson Road
from the intersection of Rte. 10 and I-287, and three miles south of the I-287 and I-80 interchange, the property of- fers exceptional connectivity to major transportation net- works. The strategic location provides direct access to New York City, New Jersey port facilities, Newark Liberty International Airport and the New Jersey Turnpike. The development is situated in Hanover Township’s Whip- pany section, 30 miles west of
Manhattan. The surrounding five-mile radius contains more than 160,000 residents and 8,000 blue-collar workers, providing substantial end-user demand and labor supply for potential tenants. Marcus Partners broke ground on the development in September 2025 with an esti- mated delivery in April 2026. The JLL Capital Markets team was led by senior man- aging director Michael Klein and VP Michael Lachs . MAREJ
M id A tlantic Real Estate Journal — Financial — Lenders Directory — November 2025 — 7
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Lenders Directory
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8 — November 2025 — Appraisal Institute Southern NJ Chapter — M id A tlantic Real Estate Journal
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www.ai-snj.org Telephone 856-415-0281 • Fax 856-415-1952
Appraisal Institute Urges Stronger Oversight, Clarity, and Innovation Balance in Valuation Policy at EGRPRA Hearing At the Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA) public hearing held on Oct. 30, 2025, Deb Clark, MAI, Certified General Appraiser and Vice Chair of the Appraisal Institute’s Government Relations Committee, urged federal banking regulators to strengthen oversight of evaluation practices, harmonize state and federal valuation standards, and ensure that technological innovation in valuation operates within a framework that preserves public trust. Clark testified before representatives of the Office of the Comptroller of the Currency (OCC), Federal Reserve, Federal Deposit Insurance Corporation (FDIC), and National Credit Union Administration (NCUA). Her remarks centered on maintaining “integrity, quality, and public trust in real estate valuations” while ensuring that regulatory approaches evolve with modern lending practices and technology. Strengthening Oversight of Evaluations Clark began by emphasizing that appraisal exemption thresholds — which determine when an appraisal versus an evaluation is required — have significant implications for how lenders manage risk and cost. Any changes, she said, should be grounded in data and supported by strong quality controls. While recognizing that evaluations play an important role in the safety and soundness of the financial system, she noted that “banks’ internal evaluation programs vary widely in quality and oversight.” The Appraisal Institute, she said, recommends that regulators reopen the Interagency Appraisal and Evaluation Guidelines to establish clearer expectations for evaluation quality control. Clark proposed that institutions periodically test internal evaluations through independent validation, mirroring new quality-control standards for automated valuation models (AVMs) taking effect this month. “Applying similar testing to evaluations would help ensure that in-house valuation processes are credible, consistent, and defensible,” Clark said. She added that such a framework benefits all parties—helping institutions strengthen programs, bolstering public confidence, and giving regulators a clear method to assess whether internal evaluations meet safety and soundness standards. Clarifying the Role of Professional Appraisers Clark reaffirmed that professional appraisers—who meet rigorous education, experience, and ethical requirements—remain central to credible collateral valuation. She noted that the ability of appraisers to perform evaluations is complicated by a patchwork of state laws, with some states allowing evaluations outside of USPAP, others requiring USPAP compliance, and others remaining silent on the matter. “We encourage the agencies to work with state regulators to clarify and harmonize these requirements so appraisers can contribute their expertise wherever possible,” Clark said. “The goal isn’t to limit who performs evaluations, but to ensure all valuations are credible, reliable, and ethical.” Aligning Innovation with Accountability Clark also highlighted the rapid growth of artificial intelligence, automation, and data analytics in valuation practice, noting both their potential and the need for guardrails. “While these tools can improve efficiency and objectivity,” she said, “they must operate within a framework that preserves independence, transparency, and accountability.” She called on the agencies to establish clear standards for model validation, data governance, and human oversight when technology influences collateral-risk decisions. “Appraisers are well positioned to validate data, interpret results, and ensure that automated conclusions are reasonable,” Clark said. Closing Emphasis on Partnership and Trust In her closing remarks, Clark reiterated the Appraisal Institute’s commitment to working collaboratively with regulators, lenders, and other stakeholders. “Sound valuation depends on combining innovation and efficiency with the human judgment, independence, and ethics that define our profession,” she said. “The Appraisal Institute stands ready to work with the agencies to modernize valuation policy while maintaining safety, soundness, and public trust.” Banker Comments on Appraisals During the hearing, another witness raised concerns about appraisal requirements associated with higher-priced mortgage loans, citing potential operational burdens. However, toward the end of the session, when one of the regulators invited panelists to share any additional comments or concerns related to appraisals or appraisers, none of the witnesses chose to weigh in. The absence of further criticism underscored the constructive tone of the discussion and the recognition that professional appraisal remains an essential safeguard in the nation’s real estate finance system. What’s Next The EGRPRA review—conducted once every ten years—requires federal banking agencies to identify regulations that may be outdated or unnecessarily burdensome. The process will continue through 2025, with additional outreach sessions and opportunities for public comment expected. As regulators deliberate potential changes, the Appraisal Institute will continue to advocate for: • Stronger quality controls on internal evaluation programs; • Clear and consistent state and federal guidance on appraisers’ ability to perform evaluations; and • Balanced oversight that integrates innovation while preserving independence and public confidence. Clark’s testimony reinforced that credible, professionally guided valuation remains a cornerstone of financial stability and consumer protection—and that modernization must strengthen, not weaken, those foundations.
2025 OFFICERS AND DIRECTORS
President: Maria Nucci, SRA, AI-RRS
Vice President: Meghan Linaris, MAI
Treasurer: Deborah Tordella, MAI, SRA
Secretary: Joshua Garretson, MAI, AI-GRS, AI-RRS Past President: Sherrie Lisa Galderisi, SRA, AI-RRS Directors: Steve Bartelt, MAI, SRA, AI-GRS Michael Descano, MAI Danielle Fischer Lee Ann Kampf, MAI
Jerry McHale, MAI Errett Vielehr, MAI
M id A tlantic Real Estate Journal — November 2025 — 9
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The Appraisal Institute is a global professional association of real estate appraisers, with over 13,000 professionals in almost 50 countries throughout the world. The Southern New Jersey Chapter has well over 100 members. They perform a variety of services ranging from single family valuation to feasibility studies for regional malls & hotel- casinos. Whether it’s assistance on a home purchase or providing expert testimony for litigation, our members are uniquely qualified to meet these needs. For more information regarding the Southern NJ Chapter of the Appraisal Institute visit: www.ai-snj.org, or call Executive Director Lisa Weiss at 856-415-0281. 2025 Designated Members of the Southern NJ Chapter
(732) 886-6695 (267) 253-5926 (609) 221-7274 (215) 842-0649 (732) 928-1410 (609) 832-2102 (609) 914-4679 (856) 853-7622 (732) 682-9949 (732) 571-3660 (267) 675-4905 (609) 214-8418 (609) 292-2573 (732) 389-3600 (856) 396-0000 (609) 914-4679 (856) 292-3021 (856) 468-0068 (856) 662-0027 (856) 787-6290 (856) 218-2800 (609) 918-1000 (732) 576-2037 (609) 943-3492 (609) 391-0404 (856) 761-3012 (856) 795-8700 (732) 605-0791 (469) 228-4123
J. Paul Bainbridge, MAI Steven Bartelt, MAI, SRA, AI-GRS Sergey Belov, MAI Lawrence E. Bowne, MAI Pamela J. Brodowski, MAI Steven Brownell, MAI Richard J. Carabelli, Jr, MAI J. S. Carduner, MAI, AI-GRS Cynthia Carpenter, MAI, AI-GRS Lana Chiappetta, MAI, AI-GRS John P. Corbett, MAI Albert Crosby, MAI Susanne Curran, MAI, AI-GRS Eugene P. Davey, SRA Thomas C. Davis, SRA Michael A. Descano, MAI Russell V. DiLello, MAI, AI-GRS John E. Doyle, MAI Scott A. Eiffes, MAI, AI-GRS Jack Jerome Enright, MAI Philip Fortuna, MAI, SRA Sherrie Lisa Galderisi, SRA, AI-RRS Joshua Garretson, MAI, AI-GRS AI-RRS Timothy P. Golden, Jr., MAI Mark J. Hanson, MAI, SRA, AI-GRS Joseph V. Heenan, MAI, SRA Tony F. Kamand, Jr, MAI Lee Ann Kamph, MAI Jessica Klauder, MAI Robert M. Klein, MAI, AI-GRS
Cape May Ct. House Turnersville Marlboro Burlington
Lakewood Audubon
(609) 465-9978 (856) 582-5892
Samuel Levi, MAI Meghan E. Linaris, MAI
Philadelphia Philadelphia Jackson Maple Shade Lumberton Woodbury New Egypt Rumson Burlington West Deptford Trenton Shrewsbury Medford Cherry Hill Linwood
Bonnie L. Longo, MAI, SRA Eileen Lynn, MAI, AI-GRS Peter A. Maher, SRA, AI-RRS Charles A. McCullough, MAI, AI-GRS Jerome J. McHale, MAI Edward Molinari, SRA, AI- RRS Leonard Molinari, SRA Donald Moliver, MAI Christopher Murphy, MAI Maria Nucci, SRA, AI-RRS Robert Parmley, SRA Richard A. Plock, MAI, AI-GRS
(267) 675-4907 (609) 261-4220 (856) 753-3030 (609) 438-9063 (609) 223-4911 (215) 280-4563 (609) 220-3791 (215) 587-6004 (215) 928-7526 (215) 493-5000 (215) 806-3268 (856) 764-6500 (856) 375-2148 (973) 970-9333 (215) 231-9900 (856) 234-9250 (732) 237-6413 (215) 925-1212 (973) 283-2266 (856) 451-0933 (215) 561-8976 (609) 457-7297 (609) 391-8862 (732) 286-9250 (609) 736-0695 (215) 514-0896 (215) 963-4047
Eastampton West Berlin Hamilton Robbinsville
Summit Medford
Philadelphia Philadelphia Yardley Philadelphia Delran Cherry Hill Morris Plains Philadelphia Moorestown Brick Philadelphia Ocean View Bridgeton Philadelphia Audubon Ocean City Toms River Ocean City Marlton Philadelphia
Jeffrey D. Richwall, SRA Susan T. Roettger, MAI Michael S. Sapio, MAI
Jack Sheehan, MAI, AI-GRS Timothy Sheehan, MAI, SRA Richard Shorter, SRA Thomas J. Sliwowski, SRA Peter E. Sockler, MAI James Stuart, MAI, SRA, AI-GRS Robert J. Tighue, MAI Deborah P. Tordella, MAI, SRA Errett Vielehr, MAI John H. Walton, Jr, MAI, SRA Richard J. Ward, SRA Thomas Westerfield, SRA
Wenonah Cherry Hill Mt. Laurel Sewell Hightstown Colts Neck Trenton
Ocean City Haddonfield Cherry Hill Monroe Township Fort Wayne, IN
10 — November 2025 — Lenders Directory — Financial — M id A tlantic Real Estate Journal
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Lenders Directory
hen most people think of real estate appraisers, they pic- By Carlo L. Batts, MAI, Rittenhouse Appraisals and The Reduxx Group Beyond Property Valuation: The Expanded Role of Commercial Real Estate Appraisers W
After years in this industry, I’ve watched our profession evolve from pure valuation work to becoming strategic advisors across multiple facets of commercial and residential real estate. Here are some ways appraisers serve beyond traditional property valuations. Market Analysis and Feasibility Studies Before investing millions in a development project or major acquisition, property owners and developers need to understand where market fundamentals are headed. Will demand support new construc- tion? Where is the next emerg-
more than they should simply because no one is regularly reviewing their assessments. We work with owners to analyze whether their assessed values accurately reflect cur - rent market conditions. This involves understanding local assessment methodologies, comparing properties to similar assets in the jurisdiction, and identifying discrepancies that could justify an appeal. The stakes are particularly high for owners of properties in multiple states, as it means dealing with different assess- ment cycles, appeal deadlines, and valuation approaches.
ing market? What asset types offer the best opportunities? This is where experienced appraisers provide critical strategic value. We analyze market trends, study supply and demand dynamics, evalu- ate demographic shifts, and identify indicators that signal where opportunities exist. Our market analysis goes beyond current conditions to help cli- ents anticipate where markets are moving. Tax Assessment Review Property taxes represent one of the largest, ongoing expenses for commercial prop- erty owners, yet many pay
We help owners navigate this complexity, prioritizing which properties offer the greatest opportunity for tax reduction and assisting throughout the appeal process. Expert Witness Testimony When property valuations be- come part of litigation, through tax appeals, condemnation pro- ceedings, partnership disputes, or divorce cases, the expert tes- timony of a real estate profes- sional can determine outcomes worth significant dollars. Serving as an expert witness requires more than appraisal skills. It demands the ability to explain complex valuation concepts clearly to judges and juries, defend methodologies under cross-examination, and present findings in a credible, unbiased manner that with- stands legal scrutiny. We’ve provided expert testi- mony across various legal con- texts, from challenging munici- pal tax assessments to valuing properties in eminent domain cases. The key is combining technical expertise with the communication skills necessary to make complicated concepts accessible to non-experts mak- ing critical decisions. Beyond these core areas, real estate appraisers rou- tinely assist with eminent domain and condemnation matters, dispute resolution in divorces and foreclosures, zoning issues, feasibility stud- ies, market rent analyses, investment return projections, land utilization studies, and supply-demand assessments. Each of these services draws on the foundational skills of un- derstanding property markets, analyzing comparable transac- tions, and applying rigorous methodologies. Yet each of these skills is then applied to different business challenges. The commercial real estate landscape has grown increasing- ly complex, and property owners face challenges that extend well beyond knowing their assets value. Experienced apprais- ers have evolved to meet these needs, offering strategic guid- ance helping clients navigate complex transactions, resolve disputes, optimize investments, and make informed decisions backed by solid market analysis and decades of experience. Carlo L. Batts, MAI is the principal of Rittenhouse Appraisals and The Reduxx Group, both based in Center City Philadelphia. MAREJ
ture someone determining what a prop- erty is worth. While valu- ation is cer- tainly core to what we do, the reality is that expe-
rienced appraisers bring a broader set of capabilities to the table, with skills that can help solve complex business challenges and save clients significant time and money. Carlo L. Batts
Reduce Your Commercial Real Estate Tax Burden
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M id A tlantic Real Estate Journal — DelMarVa — November 2025 — 11
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D el M ar V a
Award-winning regional construction manager celebrates 50th Anniversary Bancroft Construction enters new era as Mike Petka succeeds retiring president & CEO Greg Sawka
announced a leadership transition that honors the compa- ny’s proud history and bright fu- ture. After 25 years W
consecutive years, an unprece- dented accomplishment within the construction industry. “I’ve truly
new geographic regions, and we’ve set new standards as a leader in a variety of market sectors. Because of this growth and evolution as a company, we’ve been able to provide per- sonal and professional growth opportunities for our team members. I’m excited to see Bancroft and our people take on new challenges under the third wave of leadership.” In addition to his profes- sional achievements, Sawka has contributed to the broader community as a board mem- ber of various organizations. His influence extends well beyond Bancroft, leaving a
legacy of leadership rooted in both business excellence and civic responsibility. Succeeding Sawka as presi- dent & CEO is Mike Petka, who has been with Bancroft since 2000. Like Sawka, Petka began his career as a project engineer and quickly rose through the ranks, holding positions as project manager, senior project manager, VP of Preconstruc- tion, and most recently, VP of Operations. Along the way, Pet- ka has led diverse and complex projects across cultural, insti- tutional, healthcare, K-12, and higher education sectors. His successfully managed projects
include the Longwood Gardens Main Fountain Garden Revi- talization, Longwood Gardens East Conservatory Plaza, the ChristianaCare Freestanding Emergency Department, and the PS DuPont Middle School. His focus on client satisfac- tion, cost control, and schedule management has earned him lasting partnerships with cli- ents and stakeholders alike. As a senior leader, Petka drives strategic initiatives that ad- vance Bancroft’s utilization of technology and Lean pro- cesses, enhancing efficiency across the company. continued on page 36
ILMINGTON, DE — Bancroft Construction has
enjoyed work- ing with col- leagues who share an unwavering passion for construction excellence and contin-
Greg Sawka
Mike Petka
ued improvement,” said Sawka. Reflecting on his 15 years of leadership, Greg shares, “I’m most proud of the fact that, year after year, we’ve continued to grow as an organization into
with the company, 15 years of which as president & CEO, Greg Sawka will retire at the end of 2025, with Mike Petka appointed as his successor. This marks only the second time in Bancroft’s 50-year his- tory that the company’s top leadership has changed hands. Founded in 1975 by Stephen M. Mockbee, Bancroft grew from a small builder on the banks of the Brandywine Riv- er in Wilmington, Delaware into one of the most respected construction management firms in the Mid-Atlantic Region. Stephen’s vision was simple yet enduring: to deliver projects with integrity, pro- fessionalism, and a genuine commitment to the community in which we live and work. In 2010, Mockbee transitioned leadership to Greg Sawka, who carried those values for- ward while expanding Ban- croft’s reach and reputation. Sawka joined Bancroft Con- struction in 1999 as project engineer on the DuPont Stine Haskell Site in Newark, DE, and rose steadily through the organization, serving as project manager, vice presi- dent of Preconstruction, and ultimately president & CEO. Under his leadership, Sawka grew the company into a regional construction man- ager with the opening of two regional offices in Princeton, NJ and Salisbury, MD. Over the past 15 years, Bancroft has managed $2.5 billion in construction projects for local, regional, and world- renowned clients. A recent accomplishment was the suc- cessful completion of the $250 Million Longwood Reimag- ined project for Longwood Gardens, which was turned over to the client earlier this year. Sawka also built a company culture rooted in collaboration and service. Since 2010, Bancroft grew its employee base by 110% and has received a Delaware Top Workplace Award for nine
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