“Building a stronger, fairer New Jersey economy requires taking an innovative approach to community revitalization that acknowledges economic prosperity and environmental sustainability are not competing goals but mutually reinforcing ideals,” says Governor Phil Murphy.
"With the forthcoming renovations and refurbishments, we expect this hotel to drive long-term value, and be an integral part of the expanding Cambridge Landmark portfolio," says Pedro Miranda, managing partner.
Hunt, a highly regarded office real estate specialist, will help expand firm's consultation and tenant-representation practice in Philadelphia and Wilmington.
Developers should focus less on the benefit from the opportunity zone incentives and more on the overall return from investing in the property, says Jeff Monge, managing partner of Monge Capital.
The transaction was structured with a seven-year term, with 30 months of interest-only (during construction) followed by a 30-year amortization schedule.