2. Table of Contents
Company Overview Page 2
Partial Principal Experience
The Packard Building Page 3
Valley Square Lifestyle Center Page 4
50 Pine Street, NYC Page 5
1500 Walnut Street Page 6
1510/1530 Chestnut Page 7
The Graham Building Page 8
Landmark Apartments Page 9
Village of Windhover Page 10
Westin- Savannah Page 11
Management Team Overview Page 12-14
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3. Company Overview: Cross Investments
Cross Investments, LLC (“CI”) is a newly-formed real estate investment and development platform created by a team of experienced real estate
professionals to take advantage of the exceptional investment opportunities caused by the current turmoil in financial and real estate markets.
Without the burden of troubled legacy assets, CI is positioned to acquire both distressed and performing assets and create value through
recapitalization, superior operational management and physical improvements to assets that have been starved of investment due to the financial
distress of current ownership. Over the last 10 years, the Principals of Cross Investments have acquired, developed and managed over five (5) million
square feet of office, retail, multifamily, and hospitality assets throughout the northeastern United States with a total transaction volume in excess of
$500 million.
The members of the Management Team have extensive direct experience spanning all areas of real estate development, construction, brokerage,
finance, and property management. This experience, combined with CI’s market knowledge and strong relationships in the Northeastern United States
urban and suburban markets, ensures efficient and effective execution of acquisition opportunities.
Company Affiliates and Infrastructure [A Full-Service Real Estate Organization]
The Company is fully integrated to provide property management, brokerage, and construction oversight services.
Internal brokerage, through the Company’s wholly owned affiliate, Porter Advisers, assists in generating high-quality deal flow, thereby
maximizing acquisition opportunities. It also streamlines the sales and leasing process and provides direct and unbiased access to tenant and
market intelligence.
In-house property management minimizes tenant default risk, provides direct control of operating costs, and maximizes both short and long-
term income returns.
Direct construction oversight by the Principals allows the Company to mitigate construction risk, control costs and deliver projects in a timely
fashion. Furthermore, through its partners, CI’s services include accounting, legal, lease administration and property maintenance.
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4. The Packard Building – Philadelphia, PA
Location: 15th & Chestnut Streets, Philadelphia, PA
Description: 400,000 square foot mixed-use residential, office, and retail building
Notes:
Predecessor firm purchased a 400,000 square foot, 27-story, Class B historic
office building ideally located in the Philadelphia Central Business District
Anchor lease with the City of Philadelphia Public Defenders’ office occupied
the lower half of the building, with a new entrance created to segregate this
use from the upper floors and ground floor retail space
Upper floors were converted into luxury rental apartments and later sold as
individual condominium units
The historic former bank retail space on the ground floor, the mezzanine level,
and the basement occupied by Del Frisco’s Steakhouse, a national premium
steakhouse concept
Capitalization included a $12 million Federal Historic Tax Credit and utilized a
commercial condominium structure to create flexibility in the development
process
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5. Valley Square Lifestyle Center – Bucks County, PA
Location: Warrington Township, Bucks County, PA
Description: 400,000 square foot mixed-use development
Notes:
Part of a larger development that includes 1.2 million square feet of retail, office and residential anchored by
Wegman’s Food Market
Located at the high traffic intersection of Rt. 611 and Rt. 132 in affluent Bucks County, PA
Lifestyle phase features over 320,000 sf of retail and 80,000 sf of office with Main Street architecture
Grand Opening occurred November 2007. Phase I retail is stabilized. National retailers such as Wegman’s,
Borders Books, P.F. Chang’s and Banana Republic anchor the development
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6. 50 Pine Street – New York, NY
Location: 50 Pine Street, New York, NY
Description: 47,000 square foot, 12-story mixed-use residential building
Notes:
12-story residential building converted to 20 luxury condominium units
with ground floor retail
Located in lower Manhattan’s Financial District one block north of Wall
Street - one of the City’s fastest growing residential neighborhoods
Property acquired at an attractive purchase price, and overall development
costs were quite low for this competitive market
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7. 1500 Walnut Street – Philadelphia, PA
Location: 15th and Walnut Streets, Philadelphia
Description: 22-story, 350,000 square foot office building, 160-car parking
Notes:
Opportunistic purchase of a prime Center City B-class office building
Located on the corner of Walnut and 15th Streets in the heart of the high-
end Walnut Street shopping district and Restaurant Row
The property’s A+ location, size and layout made for an ideal conversion to
multiple potential alternative uses
Within six months of the asset’s purchase, the Property received an
unsolicited purchase offer which represented a 2x multiple on invested
equity
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8. 1510 and 1530 Chestnut – Philadelphia, PA
Location: 1500 Block Chestnut Street, Philadelphia, PA
Description: Combined 100,000 square feet mixed-use (student housing and retail) space
Notes:
Purchased two 50,000 square feet Class B historic office buildings ideally located in the
Philadelphia Central Business District
Strong relationship with the Art Institute secured master leases in both buildings for
student housing above the ground floor retail space
Adaptive re-use and complete rehab of vacant office buildings into 50+ apartments and
classroom space.
Worked with City, State and National Park Service officials to secure Federal Historic
designations on both buildings, thereby enabling the creation of $5 million of Federal
Historic Tax Credits
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9. The Graham Building – Philadelphia, PA
Location: 30 S. 15th Street, Philadelphia
Description: 240,000 square foot Class “A” CBD office tower
Notes:
Prime Central Business District location in the Market Street West sub
market
Core plus asset purchased by predecessor firm in a joint venture with
long time institutional capital partner
CI Principals led improvements in building operations, management and
leasing, increasing occupancy from 85% to 92%. Implementation of
deferred maintenance to core systems, active oversight of building
operations and aggressive collection of overdue receivables generated
increased cash flow in excess of $200,000 per annum
Successful implementation of stated strategy by CI Principals led to
additional property management mandate from institutional partner for
600,000 sf portfolio in Baltimore CBD
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10. The Landmark Apartments
Location: 1900 Frontage Road, Cherry Hill, NJ
Description: 544 Unit, High Rise Apartment Buildings
Notes:
Market leading $131,000 / unit brokerage transaction,
structured debt and equity totaling $187,000 / unit.
Exhaustive marketing to more than 20,000 investors and
56 tours for operators, equity partners and lenders.
Consummated in 2008 as the market declined. Certain New Jersey construction and zoning ordinances became
barriers and CI Principals worked through these to mutually beneficial transaction.
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11. Village of Windhover
Location: 104 Sandburg Place, New Castle County, Delaware
Description: $19M Cash Out Refinancing and Value-Add Program
Notes:
Structured financing and value-add repositioning of
384 unit garden apartment complex.
Strenuous transaction as advisor to ownership.
Provided market intelligence, staffing
recommendations, $6M capital expenditure and
schedule, drawn down facility and continued
guidance to achieve $110 rent bump goals and
revenue benchmarks.
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12. The Westin Savannah Harbor Resort
Location: One Resort Drive, Savannah, Georgia
Description: $55M Performing Mortgage Note Purchase, Buyer Representation
Notes:
Represented national hotel owner/operator.
Leveraged lender and brokerage relationships to discover programmatic decision of lender to jettison certain
debt and uncover this off-market opportunity.
LOI to close in 21 days.
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13. Management Team Overview
Cross Investments is led by a highly experienced management team which has more than 75 years of combined real estate and related
experience. Each management team member’s role and experience is summarized below and detailed further in the following pages.
Management Role Experience Contributions/Notes
David Blumenfeld, Esquire Acquisitions 25 Significant site selection and development
President Financing experience
Legal Bachelor’s degree -Northwestern University
J.D. - University of Miami
Member PA and NY State Bar,
Licensed RE Broker- PA and NY
Kevin Michals Origination 15 Directs strategy for acquisitions, development,
Principal Acquisition leasing and property management
Strategic Planning Primary source of proprietary deal flow
Development Arranges debt and equity financing
Rudyard Porter Origination 20 20+ years experience in sales and investment
Principal Financing Broker
Deal Management Power Broker 2008
Due Diligence Over $750 million in transactions
Licensed RE Broker – PA and NJ
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14. Management Biographies
David Blumenfeld, Esq. – President
David’s real estate career spans over 25 years and is part of a multigenerational development family in Philadelphia.
David’s experience includes new construction and renovations for apartments, condominiums, independent senior
living community, and student housing. Mr. Blumenfeld has completed retail developments, urban mixed-use projects
and lifestyle properties. His portfolio acquisition, development and disposition exceed 4 million square feet across all
asset classes and over $500 million in transactions. David was also instrumental in structuring and investing a $35+
million Real Estate Equity Fund.
David is a member of the Pennsylvania and New York Bar and holds a Pennsylvania Real Estate Broker’s License. Mr. Blumenfeld earned
his Bachelor’s degree from Northwestern University and his Juris Doctorate from the University of Miami.
Kevin Michals – Principal
Kevin has over 15 years experience in investments and capital placement. Kevin has been closely involved in real
estate transactions that span millions of square feet, valued at hundreds of millions and across all asset classes. His
experience includes fund raising, acquisitions, structuring financing (debt and equity), tax credits, leasing and
property management.
Prior to real estate, Mr. Michals was a successful financial adviser in San Francisco helping manage hundreds of
millions of dollars for Silicon Valley executives and Napa Valley winery owners. Kevin sold his practice in 2004 to
focus on real estate investments. Kevin graduated cum laude with a degree in accounting from the University of Illinois- Champaign
Urbana.
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15. Rudyard Porter – Principal
Rud has been involved in investment sales for nearly a decade with cumulative transaction volume that exceeds $750
million, including nearly $230 million in notes sales in 2009 alone. Rud was awarded a 2008 CoStar Power Broker
award for market-leading transactions. Mr. Porter is a licensed real estate broker in 2 states and president of Porter
Advisors, LLC, a transaction-oriented firm selling assets and placing equity. He has represented private and
institutional property owner’s interests as well as banks and insurance companies in sales of their real estate assets.
Prior to real estate, Rud spent nearly 20 years with Medtronic, Inc., a world leader in medical device technology. He
consistently ranked as a top sales producer and lead sales and marketing teams in Asia as Director of Market
Development for Emerging Markets, based in Hong Kong.
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