The Middlesex County Improvement Authority did not make the principal and interest payment it owed the Casino Reinvestment Development Authority earlier this year. The organization was supposed to pay the amount of $1 million. This was for a loan that amounted to $20 million. This was nothing new, however. The Middlesex group had skipped out on many payments for half a decade and needed to cover close to $7 million to make up for everything. They initially got the loan from the Casino Reinvestment Development Authority back in 2005. It was for a New Brunswick, New Jersey hotel called The Heldrich. This hotel was planned by The New Brunswick Development Corp., a not-for-profit organization. It consists of 235 guest rooms and has had a difficult time getting business. Finances are a significant problem for the hotel. Information regarding the debts associated with this hotel appeared on the Press of Atlantic City website.
Devco is short for the “New Brunswick Development Corporation.” It’s a well-known real estate development firm that focuses on urban projects. It was established in the seventies. Its goal at that time was to organize redevelopment efforts. The corporation has been involved with a wide range of different projects since its inception. It’s been involved with developments that involve education, medical care, culture, government and transportation, for example.
Christopher J. Paladino is the President of Devco. Merissa A. Buczny, Randall L. Currier and Alison V. Brown are all Vice Presidents of the organization. Sarah F. Clarke is its executive Vice President. Other influential members of the firm’s management staff include development associates Robin Iantosca, Garrett Blitz, Dave Schwebel, Tracey O’Reggio and Wayne Koehler. People can reach out to the Devco team by email, telephone, fax or Facebook messaging. The organization also has a YouTube account for people to view.