I came across an article in the Press of Atlantic City. It was about how questions regarding an unpaid loan and about New Brunswick Devco, a New Jersey development company.
The article discussed how a few months ago the Middlesex County Improvement Authority didn’t pay $1 million on a 20$ million loan that the Casino Reinvestment Development Authority gave them. The million dollars was for principal and interest.
For five years the Improvement Authority has been in arrears, and the loan was bankrolled by a hotel called The Heldrich, which was developed by Devco (Brunswick Development Corp.). Christopher Paladino, who heads Devco, said the CRDA will be paid, but it would take a few more years.
The CRDA loan was part of financing ($107 million) that was put together by the corporation, so they could build the hotel. Revenues from the hotel was supposed to go towards paying back $70 million in bonds that the Middlesex County Improvement Authority give the corporation as part of the package.
New Brunswick Devco was founded in the 70’s and the company is a non-profit real estate development company. They specialize in urban real estate development.
Devco has seen over $1.6 billion of investment in the area of New Brunswick, and they have done this since the company started until today. The company is known for taking a unique approach to redevelopment and they are known for always working on a project and always completing a previous project.