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   RYAN SANZARI NAMED PRESIDENT OF ALFRED SANZARI ENTERPRISES
enabling a more collaborative workflow enterprise-wide.
Ryan Sanzari has also significantly revamped ASE’s internal capabilities, placed a renewed focus on recruiting and retaining top talent and has successfully created the strongest property management division in the firm’s history, according to a news release. Additionally, the firm cited his role in transforming its multifamily portfolio through recent acquisitions, overhauling its flagship Glenpointe campus
in Teaneck and spearheading the development of a dual-branded Hampton Inn & Suites and Homewood Suites hotel nearby.
“I am incredibly fortunate to have worked alongside my father over the course of my career, during which I have gained invaluable insights from him as a mentor, leader and businessman,” Ryan Sanzari said. “I am deeply honored and humbled to build upon
the examples of my father and grandfather and am thankful to our dedicated team of employees who have been instrumental in our continued success and always go above and beyond to provide the
 Alfred Sanzari Enterprises has named Ryan Sanzari as its new president as part of an expanded role for the company’s third- generation leader.
The Hackensack-based firm announced March 22 that it has promoted Sanzari, the grandson of its founder and son of CEO David Sanzari, from his prior
post of chief operating officer.
In his new position, he will be responsible for overseeing Alfred Sanzari Enterprises’ construction, leasing, property management and accounting departments while ensuring the firm’s operational efficiencies.
David Sanzari, who was appointed president in 1988 and became CEO and president in 1998, will continue to direct the organization’s long- term strategy as its chief executive.
“Ryan has played an integral role
in our firm’s success over the
past several years, demonstrating outstanding leadership on a number of fronts to enhance our portfolio, modernize our operations
and consistently put our employees and tenants first,” David Sanzari said. “Throughout his time with
the company, Ryan has steadfastly charted a clear vision for the future of our firm while never losing sight of the foundational ideals that have stood at the root of our success for the last 75 years.
“It is with great pride that I am naming him as my successor as president and I look forward to watching him lead the organization into the future.”
In its announcement, the firm
said Ryan Sanzari has helped
guide its sustained growth since being appointed COO in 2016, spearheading innovative initiatives, technologies and strategies
to enhance and streamline its operations and its portfolio, particularly in the residential and hospitality sectors. For instance, he recently initiated and oversaw a sweeping upgrade of the company’s technology infrastructure, substantially improving operating and financial efficiencies, while
Ryan Sanzari
best possible experiences for our tenants.”
Along with helping ASE employees, tenants and residents navigate the COVID-19 crisis, Ryan Sanzari has also helped coordinate efforts to give back to the local community, the news release said. For instance, the firm has donated 2,750 stays
at its Hampton Inn & Suites hotel to front-line health care workers, while hosting the Bergen County Sheriff’s Office at the parking lot outside its Medical Arts Building in Hackensack as they sanitized the personal vehicles of more than 50 Hackensack Meridian Health employees.
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 FURNITURE SELLER BUYS EXIT 8A FACILITY, INKS $50 MILLION LOAN
The occupier of a newly built, 635,000-square-foot distribution center in Hightstown has acquired the property with the help of a $50 million loan.
According to Cronheim Mortgage, which arranged the debt, an
affiliate of Modway Inc. is using the permanent financing to support its purchase of 329 Wyckoff Mills Road. An undisclosed lender provided the $49.5 million loan, which has an 80 percent loan-to-cost ratio and a rate of 3.46 percent, with an interest- only structure for the entire 10-year term.
The nearly four-year-old building serves as Modway’s headquarters and distribution center for its omnichannel furniture business.
“Modway is a fast-growing company and was able to acquire this property at a reasonable price,” said Andrew Stewart, who was part of the Cronheim debt placement team. “We recognized that and were
able to help them save significant money by providing a high leverage, interest-only solution at an attractive rate that allows them the cash flow and flexibility to grow their business with a modest fixed- rate payment stream.”
Stewart represented the borrower alongside Dev Morris and Allison Villamagna from the Chatham- based advisory firm. They noted that Modway, an 11-year-old company, imports and wholesales home furnishings to various chain stores, online sellers and internet- based distribution channels, while also selling furniture to the public through web-based sales streams.
Exeter Property Group delivered the 634,495-square-foot Hightstown facility in 2017, capitalizing on a location alongside the New Jersey Turnpike and just off Exit 8. The property has 36-foot clear ceiling heights, 111 dock doors, 153 trailer spaces and 271 car parking spaces. RE
   




























































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