Jason Halpern is committed to Restoring Glory to Historical Sites as well as Helping the Community

Jason Halpern: Born to Develop Property

Jason Halpern’s JMH Development took a remarkable stride in the real estate industry when they opened the Aloft South Beach hotel two years ago. The hotel is among the biggest hotels in the Miami Beach, with eight stories and more than 230 rooms of an average floor space of 360 sq. ft. Aloft South Beach is merely a block away from the shores of Miami Beach, giving the hotel’s guests easy access to Lake Pancoast and Collins Canal. The Plaza Construction Company handled the construction part while ADD, Inc. were the architects.

 

Jason’s Legacy

 

Aloft South Beach was built on the site that was previously occupied by Motel Ankara, earning it a lot of praise for reducing urban sprawl in the region. This project stamped Jason’s legacy of reusing historical sites and restoring their lost glory. Reusing historical sites, however, is not as easy as it sounds since the local community usually objects due to their emotional attachment to the property. Jason has earned a lot of respect from other real estate market players for his ability to create a rapport with the local community, making it easy for his company to develop countless historical sites.

 

Jason’s Involvement in Philanthropy

 

Daniel de la Vega, Aviv Siso, Laura Garcia, Louis Buckworth, Thomas Juul Hansen and Jason Halpern

When not doing business, Jason involves himself in community empowerment programs and philanthropy. He has hugely invested in buying equipment for the Joel A. Halpern Trauma Center that offers open-heart & orthopedic surgeries as well as neurosurgery. The facility also attends to pregnant women and children living in Westchester. Through JMH Development, Jason has collaborated with the Relief Society of Tigray and Splash to provide clean water to many Ethiopians and Nepalese.

 

About JMH Development

 

Jason’s Family

JMH Development is one of the most seasoned and prominent full-service real estate development companies in the U.S. The firm employs innovation at its best in all their projects, making it the leading developer in State-of- the-art and uniquely designed properties nationwide. JMH develop both residential and commercial properties.

 

JMH is also famous for its talented team of experts as well as their diligent professional marketing team. These specialists combined with their wealth of experience in the industry have seen the firm develop properties in the most competitive regions in Brooklyn, Manhattan and Miami Beach.

 

Worry Sets In As New Brunswick Devco Defaults on CRDA Loan

In 2005, the Casino Reinvestment Development Authority (CRDA) loaned $20 million to the New Brunswick Development Corp, a non-profit organization for the construction of a hotel and conference center. The Heldrich Center is located in New Brunswick. Its development took two years.

Earlier in the year, it was reported in the Press of Atlantic City that the non-profit Devco failed to fulfill its loan payment to the CRDA who had signed up as a subordinated lender. Attorney, Chris Paladino, who is the head of The Heldrich Center and the mastermind behind the $20 million loan, stated that the loan would eventually be repaid, albeit only taking a few more years.

The 235-room center officially opened in 2007 during the financial crisis and struggled to attract guest. Its occupancy rate in 2015 was just 63.5%, with its largest account made up of the board of directors of the Devco.

The total construction cost of the Heldrich project was $107 million, which comprises of the $20 million CRDA loan as well as an additional $70 million municipal bonds. The stipulation that revenue generated by the Heldrich Center is supposed to service the bonds issued by the Middlesex County Improvement Authority.

Payments to the holders of $30 million in senior bonds have been reimbursed with 5% interest, as stipulated however, subordinate bondholders haven’t received any payment in years. This default of payment played a part in the signing in of a new law by Governor Chris Christie which prohibits state organizations from offering loans and grants to private institutions that have a history of defaulting on state issued loans or bonds.

About New Brunswick Devco

New Brunswick Development Corporation is a real estate development company. The non-profit organization was founded in the mid-1970s, and its main aim is to revitalize the city through word class structures. Devco has overseen over $1.6 billion in real estate investments in New Brunswick since its inception.