Original Northeast commercial real estate news & events for New York, New Jersey, Boston, Philadelphia, and other northeastern US states, plus expert insights, commentary and analysis into secondary and tertiary regional and local markets.
In October 2017, Croman was sentenced to a year in jail and paid a $5-million tax settlement following separate criminal charges brought by the Attorney General's office for fraudulent refinancing of loans and tax fraud.
Its acquisition of GE Capital's Energy Financial Services' Project Finance Debt Business is part of the REIT's push to be a “multi-cylinder finance company.”
Sitex will renovate the property's interior and exterior – as it has dozens of other properties in the area – improving functionality and aesthetics to appeal to corporate occupiers.
“This program allows the property owner to achieve the same returns via the workforce housing mezz loan as they would through a standard rent increase.”