It’s an issue many developers (and bankers and builders and municipalities) are dealing with every day: Changes in the cost of money combined with supply-chain issues are putting a lot of mixed-use projects in danger of not being completed.
What to do?
On Feb. 7 at the New Jersey Law Center in New Brunswick, leading figures in the sector will participate in a case-study program entitled: “Your Mixed-Use Redevelopment Project Is in Distress. Now What?” (To register, click here.)
The event, put on by the Rutgers Center for Real Estate, aims to provide insights for developers, lenders, investors, commercial real estate professionals and community leaders.
It will begin with a panel of experts playing various roles in a fictional case (that will hit home for many). The case was authored by Ted Zangari of Sills Cummis & Gross and George Jacobs of Jacobs Enterprises.
The following people have been announced so far for the first segment, titled “Feeling Out the Issues”:
- Joel Bergstein (Lincoln Equities Group): Serving as owner;
- Joshua Schainker (Houlihan Lokey): Serving as owner’s restructuring consultant;
- Jason Teele (Sills Cummis & Gross): Serving as owner’s bankruptcy counsel;
- Christopher Coiley (Valley National Bank): Serving as New Jersey bank construction lender/secured creditor;
- Joseph Schwartz (Riker Danzig): New Jersey bank’s bankruptcy counsel;
- Steve Cassidy (Rescue Capital Fund and Denholtz Properties): Prospective substitute developer ;
- Marjorie Perry (MZM Construction & Management): Prospective substitute general contractor;
- Tammy Jones (Basis Investment): Prospective take-out/rescue investor – institutional;
- Billy Procida (Procida Funding & Advisors): Prospective take-out/rescue investor – entrepreneurial.
Next week, the event is expected to announce who will play the part of the financial adviser to nonprincipal investor, court-appointed receiver, capital markets broker and investment sales broker.
Those attending will be given a copy of the case study in advance.
The event also will feature a one-on-one discussion with Jonathan Schultz of Onyx Equities and then a second panel of experts (to be announced) who will offer analysis in a segment titled, “Figuring Out a Way Forward.”
Zangari, who will facilitate the panelists’ dissection of the case study, feels the format will be a hit.
“We employed a similar case study format for a real estate and health care discussion, involving a cast of executives from health care companies, real estate developers and community leaders, and the result was a spirited debate on the issues identified in the case study,” he said. “The format captivated the crowd of interested parties and we expect this program to do the same.”
Early bird registration for the event, which runs from 8:30 to noon, is open here.
