P&F Management Company, LLC
1350 Liberty Avenue - Hillside, NJ - 07205
www.pandfmanagement.com
FACTS 2009
COMPANY OVERVIEW
P&F Management Company, LLC, is a multi-faceted real estate investment and development company specializing in the acquisition, repositioning and redevelopment of underutilized real estate assets and portfolios as well as real estate-backed securities, including tax liens. The company, which serves as an owner, lender and developer, aggressively pursues distressed assets in all class categories. Each of the company's properties demonstrates the potential for exceptional value realized through reorganization or repositioning.As a leading stable source of equity, P&F also provides mezzanine financing. Additional services include real estate development, sales and marketing and back-office financial reporting. The company owns, operates and develops $250 million in real estate assets and is the flagship for its affiliates, Maplewood Homebuilders, formed in 2007 to facilitate the acquisition of the Kara Homes portfolio through bankruptcy, and Dornoch Holdings, LLC, which focuses on urban redevelopment.
HISTORY
Established in 2005, P&F was formed as a joint venture of Glen Fishman of Fishman Real Estate Enterprises and Plainfield Asset Management, a $5.3 billion hedge fund based in Greenwich, Conn. Both firms remain among the company's leading investment partnerships, which include an impressive roster of seasoned individuals and entities.Comprised of a talented team of professionals who possess extensive construction experience, market knowledge and management expertise, P&F excels in the reorganization and repositioning of distressed projects through recapitalization. Since 2007, P&F has acquired more than 1,500 residential units, many of which have been built out and sold despite the current economic downturn.
The company also has substantially increased its real estate portfolio in recent years with the acquisition of Foxtons, N.A., LLC, which filed for Chapter 7 Liquidation, and Kara Homes, LLC, which filed for Chapter 11 reorganization. Currently, the company is pursuing distressed properties in New Jersey, as well as the New York metropolitan area suburbs, through traditional acquisitions and joint venture relationships.
PHILOSOPHY
P&F Management's transactional goal is to maximize the value of each asset by providing a high rate of return, with minimal risk. The company's focus is residential development in New Jersey, specifically targeting single-family projects of 25 homes or more as well as multi-family projects comprised of more than 50 units. Commercial pursuits involve office, retail and mixed-use projects exceeding 50,000 square feet as well as single property transactions ranging from more than $3 million to entire portfolios valued at $50 million.PROJECTS
Since its inception, P&F Management has orchestrated the reorganization, development and/or repositioning of numerous high-profile, complex projects, including:Residential
Redevelopment
The Monarch, Plainfield, N.J. - This highly anticipated mixed-use condominium complex features 63 upscale two-bedroom, two bathroom units ranging from 1,120 to 1,289 square feet at 400 East Front St. Pricing starts at $199,000, an uncommon value for first-time homebuyers, empty-nesters and young professionals. Targeted for completion and occupancy in the spring, the project also features a ground-floor senior citizen and veteran's center for use by local residents. The Monarch is the only condominium project being developed in Plainfield and is at the heart of the city's revitalization efforts. A commuting hub, the neighborhood offers two NJ Transit rail stations along the Raritan Valley Line, including the newly renovated Netherwood Station, as well as multiple NJ Transit bus lines to the Port Authority Bus Terminal in Midtown Manhattan, Newark and local routes.The Vistas at the Great Falls, Paterson, N.J. - A newly opened luxury condominium and townhome community comprised of 120 spacious, elegantly designed homes, The Vistas' hallmark is its sweeping views of the city's Great Falls and the surrounding green, open space as well as the Manhattan skyline. Offering spacious one- and two-story floor plans with two bedrooms and up to 1,269 square feet of living space, The Vistas also feature upscale appointments such as dramatic 9-foot ceiling heights. In addition to historic exterior architecture, the tree-lined neighborhood provides residents with a host of on-site lifestyle amenities unique to the area, including an exercise room, clubhouse and outdoor pool. Home prices start at $250,000.
Rahway Transit Village, Rahway, N.J. -The Savoy, opened in February, is a new, affordably priced condominium complex featuring 36 two-bedroom, two-bathroom units with up to 2,000 square feet of living space. Centrally located on Main Street in the heart of the Gas Lamp Quarter, The Savoy is just one block from the NJ Transit Rail Station and features 800 square feet of ground-floor retail space. In addition to The Savoy, plans are underway to develop The Lofts, a four-story building featuring three floors of upscale residential space and 7,000 square feet of ground-floor retail space. These projects will bring P&F's holdings in Rahway, which has been designated as a transit village redevelopment corridor, to 200 residential units.
The Landings at Manahawkin, Manahawkin, N.J. - Set just across the bay from Long Beach Island, The Landings is comprised of a mix of 197 townhomes and condominiums at the crossroads of the Jersey Shore region. Each offers a one-car attached garage while the single-level condominiums also include finished basements. The spacious homes offer three bedroom, two-and-a-half bath townhome layouts of up to 2,800 square feet and two-bedroom, two-bath condominiums of more than 2,800 square feet. Pricing starts at $319,000.
Construction
In New Jersey, P&F Management Company is currently managing the construction of more than 112 single-family luxury homes in Middletown, Jackson, Monroe and Marlboro townships as well as the development of two separate single-family communities totaling in excess of 100 luxury homes in Little Egg Harbor. Within the active adult market, the company is spearheading the development of more than 100 single-family homes in Lakewood Township while multi-family/condominium projects include 160 units in Stafford Township, 140 units in Hackensack and 100 units in Newark. The company's mixed-use interests also involve 30 residential units with ground-floor retail space in Highland Park.Commercial
Office/Retail
At the core of P&F's commercial portfolio is a 150,000-square-foot office campus in Hillside, which serves as the company's headquarters. Acquired in 2007, the corporate office park consists of four recently renovated free-standing buildings, ample parking and an on-site cafeteria. Formerly occupied by Bristol-Myers Squibb, the property's distinct entranceway and rolling, professionally landscaped grounds offer tenants a high-identity location with easy access to Routes 22, 78 and the NJ Turnpike.In addition to this office property, P&F's retail portfolio includes 15,000 square feet in Paterson, 17,257 square feet in Rahway and a planned 54,000-square-foot center in New Brunswick. The company also integrates ground-floor retail into many of its urban redevelopment projects throughout New Jersey to enhance the property's positioning with local shopping and/or community space.
Corporate Restructurings
Kara Homes, LLC - P&F's residential division, Maplewood Homebuilders, acquired 400 homes in 12 communities throughout central and southern New Jersey as part of the Chapter 11 Bankruptcy reorganization of this former homebuilder.Foxtons N.A., LLC - After filing for Chapter 7 liquidation in October, 2007, Foxtons North America, the West Long Branch-based discount real estate brokerage firm, was acquired by P&F. The company collaborated with Century 21 Atlantic Realty to handle home sales listed with Foxtons while marketing its new Kara Homes acquisitions.
KEY MANAGEMENT
Glen Fishman, chief executive officer, is the founder of P&F Management Company, LLC, which was formed by Fishman Real Estate Enterprises in collaboration with Plainfield Asset Management, LLC. As a leading real estate investor, developer and asset manager, Fishman possesses more than 25 years industry experience and is an acknowledged expert in the repositioning of distressed real estate assets. He is a founding partner and the president of Fishman Real Estate Enterprises, based in Lakewood, N.J., and a licensed real estate broker. In addition, he is a managing partner with Asbury Partners, LLC, the redeveloper of 1.5 miles of beachfront property in Asbury Park, N.J. Previously, he served as president of First New Jersey Real Property Management Company, Inc., the largest tax lien foreclosure firm which managed more than $100 million in assets throughout the Mid-Atlantic region during the resolution trust corporation (RTC) era. He earned an associate's degree in business from Middlesex County College and a bachelor's degree in business administration from Thomas Edison State College.Deborah L. Bertino, vice president of sales and marketing, oversees P&F Management's marketing initiatives and serves as a member of the executive management team. She is responsible for conducting and evaluating on-going market research and managing a team of sales directors, managers and support staff throughout the entire portfolio. Bertino possesses more than 15 years of real estate expertise and is responsible for sales of luxury single-family homes, upscale townhomes and mid- and high-rise luxury condominiums in excess of $500 million. Prior to joining the real estate industry, she worked at several defense industry publications.
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