Acupuncture in Netcong, NJ

NETCONG, NJ—A joint venture of CrownPoint Group, The Hampshire Companies and Circle Squared Alternative Investments has secured a $19.88-million loan for its 34 Bank transit-oriented multifamily project here.

The 36-month, floating rate construction loan was provided by M&T Bank and arranged by JLL for the 126-unit luxury project that broke ground on Aug. 28. The complex will comprise approximately 180,000 square feet on a 4.8-acre site located at 34 Bank St.

34 Bank will contain a total of 126 luxury units, of which 113 are market rate. Market-rate units will feature a mix of one- and two-bedroom floor plans and affordable units will feature one-, two- and three-bedroom options.

The property will be situated within walking distance to the Netcong Train Station and downtown Netcong and offers accessibility to all of the region’s major roadways, including Interstate 80 and Routes 206 and 46, all of which are within 1.5 miles of the development.

The development is due for completion in 2020 and will provide an affordable luxury option to supplement the area’s current supply of vintage, garden-style apartments, according to JLL. The property’s amenities, include a great room with business stations, communal kitchen, gas fireplace, large-screen TVs, billiards room, fully equipped fitness facility and electric car charging stations.

The JLL Capital Markets team representing the borrower was led by senior managing director Jon Mikula and managing director Michael Klein.

“JLL is pleased to have been able to secure financing for CrownPoint Group as it continues to expand its portfolio of multifamily properties throughout the state,” Klein said.

“M&T put together very attractive terms and was able to accommodate the borrower as the deal continued to evolve throughout the closing process,” Mikula added.

Outdoor features of the development include a community gathering space with fire pit and a walking path along the Musconetcong River. The community will also offer on-site parking and optional private garages.

At the groundbreaking ceremony late last month, Jeff Sica, president and CEO of Circle Squared Alternative Investments, said, “When analyzing multi-family projects, location is such a critical factor to consider, and along with our partners we collectively agreed that Netcong has a lot to offer.”

He noted that the property is located just over 40 miles outside of Manhattan, and will be within walking distance to rail service–to New York City–as well as restaurants, supermarkets and other popular retailers.

“The beautiful views and recreational opportunities afforded by Lake Hopatcong and the Musconetcong River will also surely place this multi-family complex in high demand by families looking to call Morris County home,” he added.

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Winning the game Netcong-based AdMagic helps independent game designers bring their ideas to market

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When Shari Spiro gets a business call, she lights up and turns on. It’s all business, sure. But she clearly loves what she does.

Spiro said that, on her best days, she’s a dream maker. Her company, AdMagic in Netcong, helps tabletop game designers take their ideas and bring them to life, either through publishing or helping them get into retail outlets.

“The best phone call I made yesterday was to one of my designers,” she said. “I said, ‘Your game is going into the Barnes & Noble.’

“That was one of the best phone calls I’d had in a long time because he basically said, ‘Thank you for making my dream come true.’”

But that wasn’t always the case. Spiro started AdMagic in 1997 as an advertising and promotional firm.

“We started out in ad specialties and did that for a number of years,” she said.

One day in 2003, some custom cards came across Spiro’s desk and, taken by the design possibilities, she decided to start printing custom playing cards.

“I started in custom playing cards because I liked them,” said Spiro, whose business cards are printed on the back of playing cards. “They came across one day, I looked at them and said, ‘A rectangle: That’s really easy.’

“You can print anything on a rectangle.”

Then, in 2011, AdMagic had a new client ask it to print a new card game they had been developing. It was a small run, just enough to fulfill orders the game designers had received on Kickstarter as they were trying to fund further development.

“We ran the Kickstarter run for them where I was lucky if I made $50,” she said.

That game was Cards Against Humanity. In two years, it would be well on its way to slicing out its own comfortable spot in the cultural zeitgeist.

“(Cards Against Humanity) is our flagship client,” she said. “We promote them and also fulfill some of the roles of a publisher, but they’ve really created their own culture.”

The company operates in two arms: one as AdMagic, and the other as its publishing wing, called Breaking Games.

“We bring games to shows and move stuff into retail, but it’s basically ‘indie,’” she said. “On our publishing side, which is Breaking Games, some games we do from scratch where a designer will come to us with an idea, we build the art, we test the mechanics, publish it, put it in stores and test it at conventions.

Biz in Brief
Company: AdMagic
Founder: Shari Spiro
Headquarters: Netcong
Employees: 13
One more thing: Aside from being passionate about games, Shari Spiro is also a musician who plays bass, keyboards and sings.

“Other games will come to us already made and we’ll take them to different levels by working with those people. We have a very much custom model based on both manufacturing and publishing.”

The manufacturing aspect of the business is still the largest revenue driver. It’s brought the company major growth, but the sudden demand for Cards Against Humanity, the drive that started it all, presented some real challenges for Spiro and her then four-person company.

“That first year and a half was spent just trying to keep Cards Against Humanity in production,” she said. “But it was like stepping into where I should’ve been from the beginning; it was like going home.”

Then, sitting in the audience for a panel of the designers of Cards Against Humanity, Spiro had an “a-ha!” moment: This is where she was supposed to be.

The company spent the next 18 months working to keep up with the demand for Cards Against Humanity, but one fact was clear: AdMagic was now a gaming company.

“It completely changed my path because I fell in love with games,” she said. “I went and saw one of (Cards Against Humanity’s) panels and I was laughing because they’re so funny.

“I just thought, ‘Oh, my God: This is my job now.’ This is the greatest job in the world.”

Array

Bull—-!
Shari Spiro loves a good challenge. The founder and CEO of AdMagic is passionate about her love for games and is always looking to help her clients bring new and exciting products to market.
This last Black Friday, that included “Bull—-” for Cards Against Humanity.
“It actually has (expletive) in it,” she said. “You could buy bull—- for $6 that, by the way, probably costs $7. They didn’t make any money, but they got a tremendous amount of publicity.”
The custom box included genuine bull excrement from Texas that was specially dried under UV lights.
As for Spiro’s role in taking her client’s idea and helping to make it a logistical reality?
“I did everything,” she said.

AdMagic’s products are now in major retailers across the country and continuing to spread.

“We have Cards Against Humanity going back into Target this year, along with five or six other games, and we’ll be in Barnes & Noble this year,” she said. “There’s a lot of exciting stuff going on.”

The company has distribution in Canada, Europe, the United Kingdom and Australia, as well as the United States.

“That came from traveling all over the world,” she said. “We basically just threw ourselves into it and said, ‘OK, let’s try it.’”

The company also recently purchased Print & Play in Vancouver, Washington. That new wing of the company does small runs of specialized manufacturing for the company’s Kickstarter campaigns.

“We do the prototypes and small game runs in Washington,” she said. “Designers can use it if they have an idea and want to print a prototype.”

And the company just expanded to a new warehouse space in Stanhope, the next town over.

“We have our own warehouse now, which is pretty big,” she said.

But, with all this expansion, Spiro doesn’t plan on leaving the state anytime soon. In fact, the new warehouse was purchased specifically because it was within walking distance to the company’s current location.

“I grew up in New Jersey,” she said. “I love New Jersey, and I’m not planning on leaving.”

E-mail to: [email protected]
On Twitter: @sheldonandrewj

(NETCONG, NJ) -- The Growing Stage, The Children’s Theatre of New Jersey, presents their first Studio Series of the 41st season, The Giver by Eric Coble from January 19-22 . This play is based on the Newbery Award-winning book by Lois Lowry. This production is directed by Matthew Fralley, The Growing Stage’s Production Manager.

The Giver introduces us to Jonas, who’s world is perfect. Everything is under control and safe. There is no war or fear or pain. There are also no choices. Every person is assigned a role in the community. But when Jonas turns 12, he is chosen for special training from The Giver—to receive and keep the memories of the community. The Giver is the only person who holds the memories of real pain and real joy. Now Jonas will learn the truth about life—and the hypocrisy of his utopian world. Through this astonishing and moving adaptation, discover what it means to grow up, to grow wise, and to take control of your own destiny.

The production features 17 young performers and one adult performer in the role of “The Giver,” hailing from Morris, Sussex and Warren counties. This production is a part of their Studio Presentation Series. This series, initiated in the fall of 2009, has succeeded in engaging both patrons and artists. Targeted for specific-aged audiences rather than the wide-reaching family fare of the Main Stage, the series provides community artists with a unique opportunity to participate in the creative process of “trying out” new, more experimental works under the direction of our professional artists. This program allows their company to both cultivate new talent and challenge audiences.

Tickets are $15 for Adults and $12 for Young People (17 and under) and Seniors (62 and above). To make a purchase, visit www.growingstage.com or call the TGS Box Office at (973) 347-4946. Performances take place Thursday and Friday at 7:30pm, Saturday at 4:00pm and Sunday at 2:00pm.

The Growing Stage is located in the Historic Palace Theatre on Route 183 in Netcong, New Jersey. The Growing Stage – The Children’s Theatre of New Jersey programs are made possible, in part, by funding from the New Jersey State Council on the Arts, and contributions from numerous corporations, foundations, and individuals.

Suspended by the state office, locked out of their building and out of money, members of Morris County's oldest Veterans of Foreign Wars post voted on Tuesday to consider dissolution and the surrender of their charter.

But not so fast, said state officials, who informed Netcong Post 2347 that its suspension last week precludes any actions − including a decision for their post to stand down.

"They can't do that," said VFW state Adjutant Ken Hagemann. "They are under the control of the state department commandeer through the administrative committee. They can't do anything. They can't even hold the meeting they held yesterday."

But post Commander Martin Bischoff said that with his members locked out of their deteriorating building and without a canteen license, which allows the post to sell liquor, he sees no way to continue.

"Suspending us and closing our canteen choked our last trickle of income," said Bischoff, a retired Army colonel. "My poor post, after 70 years what a way to go out, by our own guns."

Hagemann was more upbeat about the possibilities to revive Netcong and other posts suspended this month for administrative and other infractions by the state VFW office. Denville Post 2519 and Woodbridge Post 4410 quickly resolved their largely administrative issues and are no longer under suspension. But 10 others remain shuttered and under state control with their futures in limbo.

Hagemann said the state office will send a letter to Netcong members informing them their meeting "was unauthorized and any action taken there is null and void."

"We're going to try and revitalize the post," Hagemann said. "We want to make these posts successful. We don't want to close them down."

Suspended:12 New Jersey VFW posts placed under suspension by state office

Hagemann said he met Tuesday with a Camden County post that had not met since the beginning of the COVID pandemic.

"A lot of members transferred out because they weren't doing much," he said. "But a few people showed up who want to keep it going. We're going to help them move forward."

Hagemann said the state office did grant Netcong an operating exception to allow hall rentals in hopes of generating income. But Bischoff said rentals are not currently practical after a neighboring business prohibited VFW parking in its lot, which the hall had used for decades.

Bischoff said Netcong is down to about 62 members, but many are older veterans, some of whom live in Florida and rarely participate.

"I'm one of the younger guys, and I'm 60, which [the state] beats us up about," he said. "It's hard right now attracting new members."

"It hurts to see a VFW Post close in my legislative district," said state Assemblyman Brian Bergen, a West Point graduate who serves as commander of the Denville post. "As their Assemblyman and their VFW District 10 junior vice commander, I will actively support the members of Post 2347 in finding a new post to call home."

Bischoff said he called a special meeting to vote on the dissolution on Aug. 23. Hagemann said the state office will schedule its own meeting with members.

If Bischoff will not cooperate, "he'll have to be moved aside," Hagemann said.

William Westhoven is a local reporter for DailyRecord.com. For unlimited access to the most important news from your local community, please subscribe or activate your digital account today.

Email: wwesthoven@dailyrecord.com

Twitter: @wwesthoven

Following last week’s report about the New Jersey VFW office suspending chapters statewide for various infractions, the struggling Netcong chapter, Morris County’s oldest, unanimously votes to begin dissolution.

The VFW has around 1.5 million members, a drop of a million from 1992. The average age is 67, with 400,000 members over 80. The largest organization of veterans' clubs, the American Legion, has two million members, down from 3.3 million in 1946.

America’s largest and oldest war veterans’ organization began its new membership year earlier this month with almost 1.165 million members, a million less than its peak in 1992, yet significant nonetheless, according to VFW National Commander B.J. Lawrence, who attributes the growth to the organization being more visible on the national scene as well as in more than 6,000 communities in all 50 states, the District of Columbia, four U.S. territories, and 11 foreign countries.

NAI DiLeo-Bram & Co., recently announced that Eric B. Johnston, principal, represented the buyer, Landmark Companies, LLC, in the acquisition of 34 Bank Street, a 126-unit multifamily property, in Netcong, New Jersey. The sale price was $44.5 Million.

“Demand for Class A properties in the multifamily sector continues to be very strong,” stated Johnston. “We are pleased to have been able to help negotiate this transaction on behalf of the buyer, Landmark Companies, LLC. This marks the third multifamily property our firm has sold recently, totaling over 275 units,” he added.

Located in walking distance to a NJ Transit train station as well as I-80 and Routes 46 and 206, 34 Bank Street is a newly constructed, 126-unit multifamily building. The eight-building apartment community is comprised of one, two and three-bedroom units. Features of the property include waterfront views, garages, grilling stations, fire pits, a clubhouse and fitness center. The newly constructed units contain stainless steel appliances, quartz countertops, oversized windows, and vinyl wood plank flooring.

Marcus & Millichap Capital Corporation (MMCC), a division of Marcus & Millichap (NYSE: MMI), has arranged $18.42 million in acquisition and conversion financing for a newly constructed, state-of-the-art healthcare asset located in Temple, Texas.

MMCC secured a lender and joint venture equity partner to provide funds to acquire and convert the asset into a long-term acute care hospital (LTACH). Following the conversion, the facility will include 10 ICU Beds, 13 Rehab Beds, and 30 LTAC Beds for a total of 53 beds. The facility will be operated by KPCHealth, a division of KPC Group (KPC), and an industry leader in healthcare and LTACH operations. KPC has amassed over $10 billion in assets, including hospitals, clinics, schools, commercial real estateproperties and agricultural research centers.

MMCC worked on behalf of the borrower, a partnership between Todd Harmon, his partners and KPC, tosecure the loan through an independent community bank and funded the non-recourse loan for the deal.Headquartered in Midland, Texas, the bank predominantly serves the communities of West Texas, NorthTexas, the Texas Panhandle and the Texas Hill Country. MMCC secured the joint venture equity throughan out-of-state real estate private equity firm.

MMCC’s Capital Markets team was led by Senior Director Kevan McCormack based out of MMCC’sDallas office. Kevan’s practice includes a focus on financing healthcare and senior living oriented realestate projects.

MMCC Senior Director, Kevan McCormack said, “The Pandemic has taught us about the state of thehealthcare industry and the demand for increased bed counts. This project will satisfy this criticalrequirement and will serve its community for decades to come.”

Square Mile Capital Management LLC (“Square Mile Capital”) today announced that it has provided a $200 million construction facility to affiliates of KKR, a leading global investment firm, to finance the development of industrial properties across the United States. Square Mile Capital provided the facility in partnership with BMO Harris Bank (“BMO”).

Proceeds from the facility are being used to support KKR’s development of four sites, with another four sites in pre-development and additional capacity available. The financing positions KKR to grow its industrial real estate footprint in strategic locations across major metropolitan areas in the U.S., complementing the firm’s existing footprint, which currently includes over 45 million square feet of industrial property.

Square Mile Capital Principal Eric Cohen said, “This facility represents a unique opportunity for us continue to scale our exposure to superior industrial product in a geographically diverse portfolio and to strengthen our long-standing relationship with KKR, one of the nation’s preeminent investment firms and owners of industrial real estate. We’re excited to provide this facility alongside BMO, who has quickly become a trusted partner of Square Mile in the construction lending space.”

“We are very pleased that we’re able to help the exceptional management team at KKR scaletheir industrial platform to the next level with this construction facility,” said Catherine Sierakowski, Managing Director, U.S. Commercial Real Estate, BMO Harris Bank. “We were happy to partner with Square Mile Capital to provide an innovative financial solution, and we look forward to seeing KKR continue to grow their business.”

“We continue to see strong demand for high quality industrial space and our development strategy positions us to meet the market and add attractive, strategically located new supply to our portfolio,” said Ben Brudney, a Director in the Real Estate group at KKR who oversees the firm’s industrial investments in the United States. “We look forward to working together with Square Mile Capital and BMO on our construction facility. This is a bespoke financing solution that enhances our overall industrial platform.”