The Middlesex County Improvement Authority has been having difficulty keeping its promise to return a loan to the Casino Reinvestment Development Authority. PressofAtlanticCity.com posted an article that discussed this matter in great detail. The problem has been going on for quite some time now, too. The Middlesex County Improvement Authority owes the CRDA practically $7 million in skipped payments. The Middlesex organization received the loan all the way back in 2005. It was for the building of New Brunswick, New Jersey’s The Heldrich. The Heldrich is a conference center and hotel that’s in the middle of the city’s downtown area. The New Brunswick Development Company was the organization that was behind the plan to create The Heldrich. This corporation’s name is often abbreviated as DEVCO.
Christopher Paladino is the lawyer who set up the loan for The Heldrich. The loan total was $20 million. Paladino stated that the CRDA will indeed get their money back. He also stated, however, that it will require some more time. The Heldrich is a fashionable hotel that includes 235 rooms. It launched in 2007. Things have not been “smooth sailing” for The Heldrich over the past few years. It hasn’t been easy for the hotel to entice guests. It, as a result, is experiencing a severe money shortage.
Devco is a private firm that focuses on real estate development. It has been in business since the seventies. It was founded to refresh and give newfound energy to New Brunswick. Paladino isn’t just an attorney. He’s also Devco’s president. Other people who are members of Devco’s management sector are executive vice president Sarah Clarke, development associate Tom Kelso, development associate David Banks and vice president Allison Brown. The company’s extensive board of directors includes names such as Gilbert H. Blitz of UBS Financial Services, Dennis Marco of Hamilton Public Affairs, LLC and David D. Sciarra of Education Law Center, Inc.