Delaware State Of The Market

Michael S. Purzycki, Wilmington’s 57th Mayor, is currently serving his second, four-year term as the City’s Chief Executive. The Mayor was initially elected to office in November of 2016. He was re-elected in November of 2020 to a second term. His time as Mayor is driven by his desire to see the City run at a high level of efficiency, to increase the level of shared prosperity among its citizens, and to confront the problems too many cities experience throughout the country. Mike Purzycki was born in Newark, New Jersey in 1945. He graduated Seton Hall Prep in 1963 and earned a football scholarship to the University of Delaware, where he played for four years and set every Blue Hen receiving record. After graduating with a degree in history, he signed a contract with the NewYork Giants football team for the 1967-1968 season when an injury sidelined his professional football career. The mayor worked with IBM in Data Processing sales, as a stockbroker, and then in real estate sales and development while attending Delaware Law School at night. He was admitted to the Delaware bar and served as attorney for the Delaware State Senate and then practiced law for over a decade. He first ran for public office in 1982 and was elected to New Castle County Council where he served for nine years as Chairman of the County’s Council’s Finance Committee and wrote the legislation that created the state’s first ethics law. In 1996, Mike Purzycki was tapped to head the Riverfront Development Corporation, and was tasked with the challenging job of resurrecting the blighted, industrial wasteland along the Christina River. He and his team did what many said would be impossible—they reinvented and reinvigorated the former World War ll shipyard into an economic, cultural, and social hub of the City which included over one billion dollars of public and private investment, including the Chase Center, The Peterson Wildlife Refuge, two miles of Riverwalk, hundreds of apartments, restaurants, hotels, and other amenities. Mike also served for ten years as Chairman of the Wilmington Hope Commission during which he oversaw the 2014 opening of the Achievement Center, a ten thousand-square-foot building housing a groundbreaking program that helps formerly incarcerated men successfully transition from prison back into the community. During his tenure as Mayor, the City has seen almost $1 billion of private investment injected into the local economy. Thousands of apartments, hotels, and new nightlife and dining destinations have breathed new life into the downtown and riverfront. Wilmington has invested $14 million in its neighborhood parks and public spaces. Twenty-six miles of City streets have been paved and repaired. There has been no tax increase for four years while the City’s cash position has been improved. During this same period, Moody’s removed a negative outlook from the City’s previous bond rating to improve the City’s borrowing power. Mike married the former Bette Richitelli in 1984. They live in the Highlands with their teenage son, Gage. Their adult children—Adriane, her husband Andrew and granddaughter Pascal live in Hockessin, while Mick, his wife Ally, and granddaughter Yoyo live in Maryland.

Mr. Motley leads JLAM’s investment team. He is responsible for the firm’s investment strategy, market research, and leading the execution of transactions. He also manages all debt and equity capital relationships. Doug has overseen the investment of more than $200 million in equity across multiple investment strategies and across multiple market cycles. Prior to JLAM, Doug co-founded a private equity real estate platform that invested in office assets in the mid-Atlantic and southeast US. He also previously served as Chief Financial Officer of a regional real estate development firm and was a Vice President of a global financial services company. A native of Delaware, Doug graduated magna cum laude from the University of Delaware with a Bachelor of Science in Economics, is a member of the Private Equity CFO Association, and serves as a Governor-appointed member of the State of Delaware Council on Housing. He also holds the Chartered Financial Analyst designation.

Alfred University, Alfred, NY- BS in Business Administration, Minor in Finance Wilmington University, New Castle, DE- MBA in Finance Joined Wilmington Trust Company in 2005 Joined M&T Bank in 2011 (merger)  Group Manager for the Real Estate team covering the Delaware and Eastern Shore of Maryland markets.  Currently manages a team of three Relationship Managers.  Responsible for leading the new business development efforts as well as oversight of the existing book of business totaling in excess of $850 million in loan commitments, representing 70+ relationships throughout the market.  Voting member of the Bank’s governing Charitable Committee for the region.  Executive Board Member of the Committee of 100 (Secretary) as well as Chair of the Economic Development committee.  Executive Board Member with Wilmington Alliance  2023 Chair of the American Heart Association’s Heart & Stroke Ball  Resides in Avondale, PA with husband, Patrick and their four children, Ethan-11, Lucas-8, and twin daughters Aislin- 5 and Addilyn-5.

Sara Wagner, chair of the firm’s Real Estate Services Group, is considered “THE top real estate lawyer in Delaware” (Chambers USA). Sara focuses her practice on complex transactions involving the finance, acquisition, sale, lease, and development of commercial real estate properties. With “technical competence” and an “impeccable skill set,” she represents major real estate developers, financial institutions, significant holders of commercial real estate, and institutional clients in all types of commercial real estate transactions. “Sara is top notch. She knows how to get a deal done” (Chambers USA). Sara has particular expertise in closing sophisticated commercial real estate loans, including: CMBS financing, portfolio financing, and mezzanine and preferred equity transactions. Sara also regularly advises clients on joint venture formation, equity capitalization, and other real estate matters. Sara teaches a master-level project finance class at Temple University’s Fox School of Business. A contributing author of several published articles, she regularly updates “Delaware” in State-by-State Guide to Architect, Engineer and Contractor Licensing, Aspen Law & Business; “Delaware Construction and Design Law” in State-by-State Guide to Construction & Design Law: Current Statutes and Practice, American Bar Association; and “Delaware” in State-by-State Guide to Commercial Real Estate Leases, Law & Business.

Chris Buccini is Co-President of The Buccini/Pollin Group, Inc. (“BPG”), and founder and President of BPG Real Estate Services, LLC, the entity responsible for BPG’s office, residential, retail, and parking management and leasing efforts. Mr. Buccini is responsible for the ultimate performance of the company’s commercial, retail, parking and entertainment activities, leading its acquisitions, financing, leasing, operations, and disposition efforts. Since joining BPG in 1999, Mr. Buccini has grown the company to over $4 billion in assets, including ownership of six million square feet of office and retail space, 6,500 hotel rooms, 2,000 apartments and four live entertainment venues. In addition, Mr. Buccini co-founded and is co-owner of Major League Soccer’s Philadelphia Union. Mr. Buccini is the founder and current member of the Board of The Light Up The Queen Foundation; a member of the Board of Trustees of Wilmington Friends School; on the Board of Directors of the Brandywine Conservancy, United Way of Delaware, and Wilmington Renaissance Corporation; and a member of the Delaware Business Roundtable, City of Chester Institute for Economic Development, and Hagley Museum and Library Council of Advisors. Prior to The Buccini/Pollin Group, Mr. Buccini was the Director of Acquisitions and Senior Vice President of Barrow Street Capital, LLC, a New York City-based real estate private equity fund which is an affiliate of Greenhill and Company. Prior to joining Barrow Street, Mr. Buccini was a Vice President at Eastdil Realty, where he was involved in the disposition, financing and development of investment quality office, retail, industrial, lodging and multi-family projects. Mr. Buccini received his Bachelor of Arts degree from Princeton University.

JJ is the President of Retreat Hotels & Resorts. He oversees all aspects of the company’s long-term strategy and day-to-day operations, and serves on the company’s Board. Previously, he was the Director of Hospitality and corporate Treasurer of LNWA, a commercial developer in Wilmington, DE. He also held several roles in public service and in finance. For several years, he was the Economic Policy Advisor to U.S. Senator Chris Coons, and also worked as a credit analyst in the White House Office of Management and Budget. A proud former Peace Corps volunteer, Singh ran a micro credit loan fund in Oruro, Bolivia. In finance, Singh worked as a health care equity analyst at a hedge fund in New York. Additionally, he was a loan underwriter for small businesses in all five boroughs. Singh holds an MBA from Harvard Business School, an MPA from the Harvard Kennedy School, and a BA from the University of Virginia. He holds a certificate in Hotel Real Estate Investments and Asset Management from Cornell University. He is a Certified Hotel Administrator (CHA) and a Project Management Professional (PMP). He is an commissioner on the Arlington VA Economic Development Commission, as well as the county’s Fiscal Affairs Advisory Commission. Singh serves on the board of Ascendus, a non-profit that empowers low- to moderate-income business owners with access to capital and financial education. He also sits on the board of the Jekyll Island Foundation, a non-profit that raises funds for conservation, preservation, and educational initiatives for Jekyll Island.

Megan M. McGlinchey is currently the Executive Director of the Riverfront Development Corporation of Delaware (RDC). In this role, she guides the creation of strategies and objectives to fulfill the RDC’s mission of creating economic vitality along the Brandywine and Christina Rivers, while enhancing the environment, encouraging historic preservation and promoting public access. Through targeted and leveraged investments, RDC creates employment and residential development while promoting education, the arts, recreation and tourism. Over the last 22 years, the RDC has spearheaded a one billion dollar redevelopment project along the Christina River that has seen an economic and environmental wasteland transformed into a thriving business, residential and entertainment center. Ms. McGlinchey has been a member of the RDC team for the last 20 years and has held various roles within the organization, most notably as Director of Operations and Deputy Director. Ms. McGlinchey holds a Bachelor’s Degree in Business Administration from the University of Miami and a Master’s Degree in Public Administration from the University of Delaware. She currently serves on the Board of Directors for the Delaware Zoological Society, the March of Dimes - Delaware Chapter, the Greater Wilmington Convention & Visitors Bureau, the Delaware Children’s Museum, and she is the Chair of the Board of Trustees for the Kalmar Nyckel Foundation. She is also the chairperson of the Governor’s Tourism Advisory Board. Ms. McGlinchey lives in Wilmington with her husband, Brian and daughter, Norah.

Kurt Foreman was appointed President and CEO of Delaware Prosperity Partnership (DPP) in the spring of 2018. DPP is the public-private economic development organization created by Governor John Carney and the Legislature to take the lead in promoting the State of Delaware as a premier business location for companies considering new locations or expansions and to attract entrepreneurs and innovators eager to nurture and grow new ideas and ventures in a vibrant and supportive environment. DPP is a 501C3 nonprofit funded by the state and private-sector investors. Foreman's experience includes serving in various senior roles in economic development groups throughout the United States, including in Oklahoma, Louisiana, Pennsylvania, Wisconsin and twice in the Washington, D.C., metro area. Foreman has served as a site selection consultant working directly with companies to help assess and choose where to locate or expand throughout the nation. He also worked as an executive recruiter with a leading global executive search firm supporting senior-level searches across many sectors. Foreman received his bachelor’s degree at Franklin & Marshall College in Lancaster, Pa., and his master’s degree from Wake Forest University in Winston-Salem, N.C. And perhaps most importantly, he and his wife, Julie, have four grown children and three grandchildren.