Devco Is Being Questioned After Millions Are Owned To The CRDA

The Middlesex County Improvement Authority has recently failed, yet again, to pay $1 million it owes the Casino Reinvestment Development Authority on a loan they were given. According to Press of Atlantic City, they have already been behind in payments for five years and have racked up almost $7 million in payments missed.

The loan in question was made in 2005 and funded the construction of The Heldrich. The Heldrich is a New Brunswick Hotel and conference center developed by New Brunswick Development Corp.

This corporation, known as Devco, is an archetype of what can be done with public dollars when they are filtered through private firms to fund large-scale constructions. Attorney for Devco, Chris Paladino, claims that the CRDA will be paid eventually, but certainly not right away.

The Heldrich made its opening debut in 2007 and has struggled to attract guests ever since. Its largest account was from Johnson & Johnson. Executives from the company also sit on Devco’s board of directors. The Heldrich’s finances are so tight that Devco had to use three quarters of a million dollars of its own money to take care of basic expenses.

This $20 million loan in question from the CRDA was part of $107 million in financing that was pulled together by Devco to build the hotel. This financing even included $70 million from municipal bonds given by the Middlesex County Improvement Authority. Those bonds will need to be paid back from the revenue earned from the hotel.

Devco is a private nonprofit real estate development company founded in the 1970’s. Their goal is to serve as a facilitator of the city’s revitalization and they have been recognized for helping the city achieve a significant resurgence.

Since its establishment, Devco has led almost $1.6 billion worth of investment in New Brunswick. With their great expertise, Devco is always opening a project, starting another, getting financed for another, and all while creating visions of projects for the future.





Helane Morrison Setting the Bar High.

Helane Morrison, is the former regional director of the U.S Securities and Exchange Commission. Morrison is both a lawyer and business woman and is currently with Hall Capital Partners LLC. Hall Capital Partners LLC is an investment advisor for families, endowments and Foundations. The Partners build, manage and customize multi-asset class portfolios for their clients.


Helane Morrison has served as general counsel and chief compliance officer while at Hall Capital Partners LLC and has done so since 2007. Morrison was born in Brooklyn NY and attended Northwestern University where she received her bachelor’s degree in journalism. She later attended the University of California, Berkeley, School of Law.


During her time at the University of California, Berkeley School of Law she was editor-and chief of the California Law Review. She earned her Juris Doctor in 1984 and in 1987 was accepted to the State Bar of California. Helane Morrison began her career in the United States Court of Appeals for the Seventh Circuit in 1984 as a law clerk for Richard A. Posner. Morrison also served as law clerk for Harry Blackmun of the United States Supreme Court in 1985.


Helane Morrison made partner in 1991 at the firm of Howard, Rice, Nemerovski, Candy, Falk & Rabkin after beginning at the firm in 1986. Morrison continued with the firm until 1996. While at the firm she practiced law focused on defense of private securities actions and SEC matters as well as business litigation. Morrison joined the SEC as head of regional enforcement activities for the San Francisco District Office in 1996.


In 1999 Morrison was promoted to administrator and later regional director of the office. Her duties included overseeing the enforcement and examination of programs within jurisdiction. Several high profile cases were brought under Morrison including cases of fraud involving a subsidiary of McKesson HBOC and NextCard. Other cases involved violations involving brokers and investment advisors and the defrauding of seniors.


Morrison joined the private investment company of Hall Capital Partners LLC, in 2007 serving as general counsel and chief compliance officer and continues to hold that position. She is also a member of executive committee and is Secretary of Board of Directors.




Stephen Murray’s success in Finance and Philanthropy

Stephen Murray graduated from Boston College where he studied Economics. He later attended Columbia Business School and got a Master’s degree in Business Administration. In 1984, Murray joined the Manufacturer Hanover Corporation as a trainee in credit analysis. He later moved to MH Equity Corporation, which was linked to Manufacturer Hanover Corporation. In 1991, Manufacturer Hanover Corporation was acquired by Chemical Bank.

MH Equity Corporation later merged with Chemical Venture Partners. The Chemical Bank later merged with Chase Manhattan Corporation on Crunchbase. Chemical Venture Partners changed its name to Chase Capital Partners in 1996. The chase capital partners became JP Morgan Chase after JP Morgan acquired Chase. Stephen Murray and other partners left JP Morgan Chase to found their own company.

In 2006, Stephen Murray cofounded CCMP with several other partners. One year later, he became the CEO of the company after Jeff Walker. Stephen Murray led CCMP to greatness during his time as the President and CEO. He had many years of experience in private equities. This made him an investment expert. Under his leadership, the company had raised approximately$3.6 billion in funds toward the end of 2014.

Read more: CCMP’s Murray dead at 52

He left the company in February 2015. The reasons for his leaving were not known at that time. Later, the company’s spokesperson provided information that he had left because of health issues. After his departure from the company, Greg Brenneman became the CEO and President of CCMP. Greg was among the co-founders of CCMP and had worked with Murray for long.

About a month after Stephen Murray left the company, he passed away. Mr. Brenneman sent condolences on behalf of the company. In the message, he described Stephen Murray as a man who loved his family. He also said that Murray had played a crucial role in the success of CCMP. Murray had also been a board member in several other companies including AMC Entertainment, the Vitamin Shoppe, and Aramark among many others.

Stephen Murray was also a philanthropist and a kindhearted individual who took pleasure in helping others. He supported the schools where he studied, the Stamford Museum, Make a Wish Foundation, and The Field Bank of Lower Fairfield County. He served in Boston College’s Board of Trustees as the Vice Chairman. In the Make a Wish Foundation, he was a member of the council. After his death, his family asked that people send donations to the Field Bank of Lower Fairfield County.

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