REAL ESTATE FINANCE ASSOCIATION OF CONNECTICUT winter REFA newsletter.pdf · 2018-07-20 · 1 REFA-CT • One Regency Drive • Bloomfield, CT • 06002 • 860-243-3977 • ESTATE

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REFA-CT • One Regency Drive • Bloomfield, CT • 06002 • 860-243-3977 • www.refact.org

R E A L E S T A T E F I N A N C E

A S S O C I A T I O N

O F C O N N E C T I C U T

I n s i d e th i s i s su e :

F/W September State

of the Market

Breakfast Program

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REFA-CT Annual Gala at

Great River Golf Club

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F/W October Programs 4

Hartford and F/W

November and

December Programs

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Member Notes/

Member Benefit

6

Real Estate Article and

REFA website update

7

2016 Sponsors 8-9

Membership and

Sponsorship Benefits

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2016 has come to an end, so let’s review the last few months!

September: Annual Gala at Great River Golf Club-Another great night of networking

and an awesome illusionist

September: Fairfield/Westchester Chapter’s Annual State of the Market Breakfast

October: Fairfield/ Westchester Chapter’s “Tour of Bedford Square” and “Trouble at

the Top” luncheon program

November: Fairfield/ Westchester Chapter’s Breakfast program with Tony Malkin of

Empire State Realty Trust

November: Hartford Chapter’s Breakfast program, “ Real Estate Investment Strategies”

and Dr. Edison Liu of Jackson Labs Breakfast program

December: Fairfield/Westchester Chapter’s “Members Only” Breakfast program with

Joe McGee of The Business Council of Fairfield County

We’ve got some great events planned for 2017:

January 5th: Hartford Chapter’s “Members Only” Round Table Discussion with Tyler

Brown of Barings Real Estate Advisers

January 18th: Fairfield/Westchester Chapter’s “Lenders Panel” at the Stamford Mar-

riott

January 25th: Hartford Chapter’s “Old School vs. New School” Program and Winter

Social at The Bond Ballroom

January 26th: Fairfield/Westchester Chapter’s Winter Social at The Inn at Longshore

March 2nd: UConn students will join REFA members at UConn Stamford to discuss

real estate opportunities

June 19th: Annual REFA-CT Golf Outing at Race Brook Country Club

Young Professionals have started planning for 2017, too!

January 26th: Fairfield/Westchester Chapter’s YPNs Round Table Discussion

Young Professionals were busy, too.

August: Fairfield/Westchester Chapter’s “Alive at Five” Concert in Stamford

August: Hartford Chapter’s Summer Social and Wine Tasting

November: Fairfield/Westchester Chapter’s Breakfast Round Table Discussion with

Mike Byrne, Esq. of Day Pitney

November: Hartford Chapter’s Breakfast Round Table Discussion with Vin Bergin of

People’s United Bank

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FA I R F I E L D / W E S T C H E S T E R C H AP T E R ’ S S E P T E M B E R

S TAT E O F T H E M A R KE T B R E A K FAS T P RO GR AM

PANELISTS: (L-R) TOM PAJOLEK OF CBRE, TIM BREDA OF GOEDECKE & CO.

AND AL MIRIN OF CUSHMAN & WAKEFIELD

J I M M O R A N O F

C U S H M A N &

W A K E F I E L D ( L ) ,

M O D E R A T E S T H E

P R O G R A M .

A R T I E M A N N O F

W E W O R K T A L K S T O

R E F A - C T A B O U T H I S

C O M P A N Y A N D I T S

I M P A C T O N

C O M M E R C I A L R E A L

E S T A T E .

BEST NETWORKING OF THE YEAR!

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ILLUSIONIST DENNIS WATKINS WOWS THE CROWD

REFA-CT ANNUAL GALA AT GREAT RIVER GOLF CLUB

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FAIRFIELD/WESTCHESTER’S OCTOBER LUNCHEON : TROUBLE AT THE TOP

SPEAKERS (L-R):

JONATHAN MILLER, MILLER SAMUEL

JEFF DUNNE, CBRE

AMY KANE, WILLIAM RAVEIS

GREGORY BELEW, ALLIANCE RESIDEN-

TIAL COMPANY

FAIRFIELD/WESTCHESTER CHAPTER’S OCTOBER BREAKFAST TOUR OF BEDFORD SQUARE

JOHN GREENSPAN (L) SPEAKS WITH DAVID WALDMAN OF

DAVID ADAM REALTY

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HARTFORD CHAPTER’S NOVEMBER

BREAKFAST PROGRAM WITH DR. EDISON

LIU OF JACKSON LABS

SPEAKERS (L-R):

JONATHAN KELLER, THE FREMONT

GROUP

BRAD HUTENSKY, HUTENSKY CAPITAL

PARTNERS

PAT MULREADY, CBRE

HARTFORD CHAPTER’S NOVEMBER BREAKFAST ON REAL ESTATE INVESTMENT STRATEGIES

FAIRFIELD/WESTCHESTER

CHAPTER’S DECEMBER

BREAKFAST PROGRAM WITH

JOE MCGEE OF

THE BUSINESS COUNCIL OF

FAIRFIELD COUNTY

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M E M B E R N O T E S

Amenta Emma

Has completed a new corporate headquarters for Symmetry Partners in Glastonbury, CT. Amenta Emma designers were challenged to bring daylight deep into the 40,000 s/f building, commonly referred to as “the bunker”.

Was honored by The New England chapter of the American Institute of Architects with a Citation Award for Excellence in Architecture, as well as a People’s Choice Award for the Symmetry Partners Project.

Fuss & O’Neill

Has been selected, along with innovative art and architecture firm, Svigals + Partners, to create a signature structure on Main Street in New Britain, CT. The project, titled the Beehive Bridge to illustrate the theme of New Britain, will bring together streetscape design, public art, and complete streets.

STV/DPM

Has completed construction of the new Sandy Hook School in Newtown, CT. This project was made possible by a $50 million grant from the State of CT. The new 87,000 s/f school was constructed in 18 months and features a security system and an eco-friendly design, which was designed by Svigals + Partners.

Has completed a 37,000 s/f , $15 million medical-office building at 120 Main Street in Danbury’s CenterCity development for the Greater Danbury Community Health Center and the CT Institute for Communities administrative offices.

Lexington Partners

Have proposed architectural enhancements and improvements aimed at improving the final design of The Tannery (formerly Flanagan’s Landing) in Glastonbury, CT. This property is being redeveloped as a mixed-use development, including 250 luxury apartment homes.

Antinozzi Associates

Has completed the newest residence hall on the University of Bridgeport campus in several decades. University Hall is a sustainably-designed 57,700 s/f, four-story facility housing students in a variety of modern residential configurations.

ULI Westchester/Fairfield District Council

Awarded the 3rd Arthur Collins Sr. Visionary Award for Leadership in Land Use to Spinnaker Real Estate Partners, along with Kim Morque, President, and Clay Fowler, Chairman. The award honors a person, team or organization whose efforts demonstrate a commitment to the highest standards of responsible real estate in our region.

M E M B E R B E N E F I T

On February 22nd, ULI has invited REFA members to attend its upcoming program at the ULI member rate of $50.00

'Making it in Real Estate: Starting Out as a Developer' with Art Collins of Collins Enterprises and author, John McNellis.

To register, go to:

http://west-fair.uli.org/event/click-making-real-estate-starting-developer/

You will see the REFA discounted rate when you check out.

Registration for this event is through ULI only.

http://west-fair.uli.org/event/click-making-real-estate-starting-developer/

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H A R T F O R D T R A N S A C T I O N S

In an era in which various hospitals and

hospital systems look more like big businesses than charitable organizations, whether New

Jersey’s judicial attitude will find additional

traction remains to be seen. Needless to say, its

potential for great mischief is obvious.

The New Jersey Tax Court never doubted the competence of Morristown Memorial Hospital

or questioned its “well deserved reputation for

excellence in medical care and education.” It

simply said that these concerns were not terribly

relevant when analyzing its entitlement to the

property tax exemption.

New winds are blowing in the exemption

world – stay tuned!

For further information about this issue,

please contact Elliott B. Pollack of Pullman &

Comley at 860-424-4340 or [email protected].

N E W R E F A W E B S I T E P O R T A L

WITH THE NEW PORTAL, YOU MAY NOW UPDATE YOUR PROFILE, UPLOAD A PICTURE,

PAY YOUR DUES ONLINE, REGISTER FOR

EVENTS AND VIEW EVENTS YOU ARE

REGISTERD FOR.

YOUR EMAIL ADDRESS IS YOUR USERNAME, AND YOUR PASSWORD IS PASSWORD1 UNLESS

YOU HAVE CHANGED IT.

IF YOU HAVE QUESTIONS, PLEASE CONTACT

SHARON MORAN ([email protected]) OR

AUDREY SUTTON ([email protected]) OR

CALL THE EXECUTIVE OFFICE AT 860-243-3977.

Major New Jersey Hospital exemption

case decided

On June 25, 2015, the New Jersey Tax

Court issued what may prove to be a very influential

ruling. The Court completely rejected the property

tax exemption application of Morristown Memorial

Hospital. Noting that this is the first time “a non-profit hospital’s entire property tax exemption has

been called into question,” the decision appears to

erode 164 years of New Jersey exemption law.

Without going into every detail in this 90

page opinion, the key takeaways are that over the

years, New Jersey courts have grafted a test called “conducted for profit” over the statutory exemption

available to hospitals. In the Morristown case, this

turned out to be the deciding factor.

The crucial elements cited in the Court’s

decision were:

The relationship between the hospital’s activities and “for-profit activities carried out by

private physicians” on the hospital campus

who were not employed by the hospital.

Basically, the ability of non-employed

physicians to operate as proprietary entities on the campus infected the hospital’s

otherwise non-profit status. While the

payment of reasonable compensation by an

exempt hospital will not jeopardize its

federal exempt status, at least in New

Jersey, it has become problematic when determining entitlement to an ad valorem

tax exemption;

The affiliation of the hospital with for-profit

entities such as captive physician

professional corporations, proprietary

members of its health care system such as a captive insurance company and real estate

operations;

The salaries paid to executives which the

hospital could not establish as reasonable.

The Court refused to apply reasonability

standards adopted by the Internal Revenue Service in its exempt organizations analyses

and dismissed the lack of a challenge by the

IRS to Morristown’s salaries as having no

significant bearing on its property tax

exemption.

Needless to say, if extended to other states, the

New Jersey court’s ruling will find similar

financial and contractual relationships

between hospitals, physicians and other for-

profit entities. Connecticut is no exception.

mailto:[email protected]

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FOUNDING SPONSORS

Carlton Fields Jorden Burt

Cigna Realty Investors

Day Pitney LLP

Fidelity Family of Title Insurers

First American Title Insurance Company

Hart Realty Advisers, Inc.

McElroy, Deutsch, Mulvaney & Carpenter, LLP

People’s United Bank

REFA-WIDE SPONSORS

Amenta/Emma Architects

AvalonBay Communities

Bank of America

CATIC

CBRE

CohnReznick LLP

First Niagara

GZA GeoEnvironmental, Inc.

H.B. Nitkin Group

HRP Associates

Murtha Cullina LLP

Perkins Eastman

Pullman & Comley

Robinson & Cole, LLP

Shipman & Goodwin, LLP

TD Bank N.A.

United Bank

FAIRFIELD/WESTCHESTER CHAPTER SPONSORS

Antinozzi Associates

Building & Land Technology

Cacace Tusch & Santagata

Carmody Torrance Sandak Hennessey LLP

Celestial Capital Group, LLC

Citizens Bank

Citrin Cooperman

Cohen & Wolf, P.C.

Collins Enterprises, LLC

Cushman & Wakefield

Empire State Realty Trust

F.D. Rich

First American Title NCS

Forstone Capital, LLC

Fuller Development

Goedecke & Co., LLC

2 0 1 6 R E F A - C T S P O N S O R S

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FAIRFIELD/WESTCHESTER CHAPTER SPONSORS (cont’d)

Jones Lang LaSalle

JP McHale

Lincoln Property Company

M&T Bank

Marcus Partners

McCarthy Fingar LLP

Merritt 7 Corporate Park

Mountain Development Group

Newmark Grubb Knight Frank

NorthMarq Capital LLC

Nova Consulting Group

OFI

Reckson, a Division of SL Green

RFR Realty

RiverOak Investment Corp., LLC

RMS Construction, LLC

Spinnaker Real Estate Partners

Summer Street Advisors

The Ashforth Company

The Davis Companies

Union Savings Bank

Urstadt Biddle Properties

Webster Bank

WFL Real Estate Services

HARTFORD CHAPTER SPONSORS

BlumShapiro

Brown Rudnick

Center For Real Estate (UConn)

Cornerstone Real Estate Advisers LLC

Farmington Bank

Ford & Paulekas

GHD Services

Hinckley Allen

Lexington Partners LLC

M.J. Fish Insurance

MetroHartford Alliance

Sentry Commercial

STV|DPM

The Guilford Savings Bank

The Simon Konover Company

Tomasso Brothers

UBS Realty Investors, LLC

Updike, Kelly & Spellacy, P.C.

Whittlesey & Hadley

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REFA Sponsorship

REFA-CT Sponsors serve a leadership role in supporting the organization financially as well as fostering the exchange of real estate finance information through program and networking opportunities. As a Sponsor, organizations not only gain the benefit of REFA’s membership opportunities, but they bene-fit from special Sponsor networking events and increased visibility within the industry. Sponsors are rec-

ognized as leaders by their peers.

Free membership and free passes to regular programs

Sponsor-only dinners and special events

Company name visibility on REFA-CT website and printed materials

Direct company links from REFA-CT website

Automatic Gala Sponsorship

For more information, visit: www.refact.org/sponsor

More than 50 specialized breakfast and lunch programs, such as The State of the Market and Capital Markets. Programs are led by popular guest speakers, including high-level economists from Fairfield University, Webster Financial Group, Moody’s Analytics, Torto-Wheaton, and the Center for Real Estate at UConn

Special networking events, including seasonal cocktail receptions, sponsor receptions, and the annual Golf Outing

The REFA-CT Gala - considered the networking “event of the year” for Connecticut commercial real estate professionals

An online membership directory, including an updated website list of all association members - A Who’s Who of Commercial Real Estate Professionals

As THE information resource for the Connecticut real estate community, REFA-CT hosts an impressive calendar of educational seminars and networking events that include a who’s who of the industry.

For more information, visit: www.refact.org

Member Benefits

Through its efforts to foster the exchange of real estate finance information, REFA has earned a reputation for delivering quality programming at a more than competitive price.

Member Benefits Include:

Our Vision: To be the Premier Association of

Real Estate Finance Professionals

Sponsor Benefits Include:

http://www.refact.org/sponsor.html

Documents

REAL ESTATE FINANCE ASSOCIATION OF CONNECTICUT winter REFA newsletter.pdf · 2018-07-20 · 1 REFA-CT • One Regency Drive • Bloomfield, CT • 06002 • 860-243-3977 • ESTATE