Scura, Rise & Partners, LLC

SRP Arranges Financing for the Purchase of 17 Acres of Land for the Redevelopment of

900 Garfield Ave, Jersey City, NJ

New York, NY – July 2009 – SRP announced that it acted as the financial advisor and arranged financing for 900 Garfield Avenue, LLC, a special purpose company jointly owned by The Hampshire Group and HJ Funding, LLC.  Garfield Avenue LLC was awarded a redevelopment contract on a 17 acre site which overlooks Manhattan.  The proceeds of the financing were used to purchase property entitled for the development of a mixed residential and retail project consisting of 1,700 condominium units and 110,000 square feet of retail.  The property is adjacent to the Jersey City Light Rail Line.  Before any construction can begin, the site must first be remediated.  PSE&G of New Jersey and PPG Industries are parties to a judicial consent order to clean up the property which is presently undeveloped.  The environmental clean-up is expected to take five years.

“The Garfield Avenue Project is a model for urban redevelopment” said Paul Scura, Managing Partner of SRP.  “This property, 17 acres of contaminated land is presently off the property tax rolls. It will be cleaned up and developed into 1,700 residential units.”  It is situated 30 minutes from Manhattan by public transportation. 

Scura, Rise & Partners LLC  (www.scurarise.com),  a private investment bank and registered broker dealer regulated by FINRA, located in Rockefeller Center in New York City secializes in providing financial advice and assists companies in raising capital. SRP and its affliated company, Plymouth Financial Company, have been active in hundreds of millions of dollars of urban redevelopment projects as financier and owner.