The Middlesex County Improvement Authority has failed to pay $1 million in principal and interest on a $20 million loan that was received by the Casino Reinvestment Development Authority. This Authority had already been behind in payments by 5 years, totaling almost $7 million in missed payments.
The loan was used to build The Heldrich, a hotel and conference center developed by the New Brunswick Development Corp. This corporation has been hyped up by a state Senate as a model of what is possible when public money is channeled through private firms for large construction. Headed by Chris Paladino, Devco (New Brunswick Development Corp.) has every intention of paying back the $20 million loan, but states it could take a little while longer. For the complete article, visit the Press of Atlantic City website.
Devco is a private non-profit real estate development company started in the 1970’s. This company serves as a facilitator for the New Brunswick’s renewal. They have expertise in creating alliances, strong public or private partnerships and groundbreaking project financing to help them create award-winning mixed-use projects.
Since Devco was established they have overseen almost $1.6 billion worth of investment in New Brunswick. Even with the rest of the country suffering through challenging times, New Brunswick continues to redevelop with help by Devco’s unique method. They are always opening breaking ground on one project or another while simultaneously financing other projects and visualizing future projects.