Information from Press of Atlantic City revealed that a loan received by the Middlesex County Improvement Authority from the Casino Reinvestment Development Authority is yet to be paid. The Middlesex County Improvement Authority has an accumulated debt of approximately $7 million in arrears. The loan was used to construct a hotel and conference center called The Heldrich. The New Brunswick Development Corp. was the developer.
The Atlantic City Development Authority, which is a firm associated to the New Brunswick, is set to oversee projects worth over $200 million. Chris Paladino heads both the New Brunswick and the Atlantic City Development Authority. He said that although the Heldrich loan may take longer to be paid, it will eventually be paid. This is because the hotel is not yet well established in the market. Christopher Paladino said that although the hotel is currently not able to repay the loan, it pays its workers and real estate taxes promptly.
DEVCO was founded in the mid-1970s. This company is focused on real estate development. The New Brunswick development Corporation is a non-profit organization. The company is keen on promoting partnership between the private and public sectors in real estate. The company mainly operates in New Brunswick, New Jersey. In conjunction with other stakeholders in the sector, the organization has managed to come up with very impressive projects. Its activities in real estate and development are to ensure that New Brunswick is at the same level with other cities in the country.
Since it was founded, Devco has been a part of investments worth over $1.6 billion. The company will take part in even bigger projects in future. Some of its past projects include the Rockoff Hall University Apartments, the Heldrich, and the New Brunswick High School just to mention a few. The company is guided by strong work ethic and principles.