Building on History
The Philadelphia-based Brahin Organization traces its origins to Leon Freeman Builders, a large Delaware Valley based development company founded in 1935 by Mr. Freeman. Over the years the company expanded from its original specialty of single family residential construction to include multi-family apartment projects and eventually into commercial development.
As a result of the company’s sound business strategies, the firm became a respected and recognized commercial developer with an emphasis in Southern New Jersey and Southeastern Pennsylvania. Within that Delaware Valley marketplace, Freeman Builders developed 37 food market anchored shopping centers for such clients as Acme Markets, A&P and Penn Fruit. They additionally constructed over 60 Pennsylvania Liquor Control Board stores throughout the Philadelphia region.
An integral part of Leon Freeman’s company was his daughter Judith Brahin who, along with her son Lee Brahin, co-founded Brahin Properties, Inc. With the formation of Brahin Management Corporation and Commercial Properties Associates in 1988, the Brahins expanded the scope of the companys activities to include Third Party Management and Leasing/Marketing services. They now provide such professional services for 20 shopping centers and other commercial properties that have a total combined GLA of over 2,000,000 square feet.
The Brahin Organization now owns and manages commercial properties in; Florida, New Jersey, Pennsylvania, New York and Maryland. They are pursuing further development projects, acquisition and third party management opportunities in these marketplaces and are currently involved in expansion, renovation or redevelopment projects on many of their existing properties.
Recent or major projects include:
- Since 2016 we completed two free standing Dollar General projects in Southern New Jersey and are currently developing five more throughout New Jersey and Pennsylvania. By the end of 2019 we will have a total of nine Dollar General stores operating in our retail portfolio.
- Repositioned the marketing strategy and redeveloped the Kings Point Square Mall so that it is now anchored by Tractor Supply Company and Home Foods Specialty Grocery Store.
- Conducted a remodeling and conversion project of a 3,000 square foot District Court to a Fitness Center in Narberth, PA. The remodeling included a new store front design that is now driving more remodeling within this popular Main Line Borough.
- A major redevelopment project of the Brooklawn Shopping Center in Brooklawn, N.J is completed and now has a dynamic mix of tenants that include; Shop Rite, Planet Fitness, Petco, Advance Auto, AT&T Mobile, Hair Cuttery and DaVita Dialysis Center. The improvements include; improved site lighting, resurfaced parking lot, a new facade and landscaping design.
- Completed the renovation of the Eastgate Shopping Center in Tampa, Florida to include a new store front façade and the occupancy of a Discount Department store operated by FP Stores, Inc.
- Commenced the renovation of Tollhouse Plaza, located in Mantua, New Jersey, in 2012 and completed it in 2014. The project consisted of renovating 36,832 square feet of vacant space, which included a 28,000 square foot former grocery store, to a new 17,895 square foot Planet Fitness, a new 8,832 square foot Dollar General and 10,800 square foot Wine Warehouse.
- Completed a PetSmart fit-out project in 2014 in Somers Point, N.J. The occupancy of PetSmart was part of a remodeling of the Somers Point Plaza that also included improved site lighting, a façade and landscaping redesign.
- At 1535 Chestnut Street in Philadelphia we converted the ground floor single retail tenant space into a Children’s Place and Steve’s Prince of Steaks. The two-story mixed-use building located in the heart of Center City Philadelphia is now 100% leased.
- The recently completed redevelopment of the 29,512 square foot Lindbergh Plaza is now 100% occupied with strong retailers such as Dollar General, Pep Boys and T-Mobile.
- Rita’s Water Ice is the perfect business to be located on this 1/3-acre corner property in Havertown, PA. They opened in 2013 and have been enjoying both the visibility along the highly traveled Route 3 corridor as well as the walk-up business from the adjacent neighborhood.
- Conveniently located in the Overbrook Park section of Philadelphia, the traditional streetscape neighborhood row of businesses known as The Shoppes at Haverford Avenue is now 100% leased. The Shoppes at Haverford Avenue has been a major contributor to the stability of this Philadelphia neighborhood for decades and will continue to be an intrigal part of its growth with solid mix of retail and service businesses.
The Brahin Organization also has in-depth hands on experience in the financing and refinancing of existing commercial properties and ground up development projects. Several of Brahin Properties recent accomplishments in this area include:
- The placement of a new non-recourse $8,000,000 ten year permanent mortgage on the Berkshire Square Shopping Center. This resulted in a reduction in annual debt service of $200,000.
- The refinancing of the K-Mart anchored 155,000 square foot Greenville Square Shopping Center. A ten year non-recourse first mortgage was obtained. The financing included successful negotiations with the second and third lenders to convert their mortgages to a limited partnership interest.
- The placement of a construction loan on the Brooklawn Shopping Center to be utilized for a major expansion and renovation project. The financing included successful negotiations with the existing first and second lenders who agreed to subordinate their portion to a new first mortgage for the benefit of the project. The completion of take out permanent non-recourse ten year financing on the Brooklawn Shopping Center. The construction loan was paid off early at advantageous terms to the property owner.
- The refinancing of the Fleming-anchored portion of the Brooklawn Shopping Center. A new first mortgage was obtained with the second lender agreeing to release its mortgage for $600,000 less than the balance of its mortgage.
- The placement of construction and take out permanent financing on the Somers Point Plaza. The loan was utilized to facilitate a major expansion and renovation of the property.
- The placement of acquisition and construction financing on the Glynn Plaza Office and Retail Center in Brunswick, Georgia. Funds were utilized to acquire the property and facilitate major renovation and tenant improvement work for the Plazas new anchor tenant, First American Health Care.
- The refinancing of 1535 Chestnut Street, a Center City Philadelphia office and retail facility. The refinancing of this project, anchored by Rite Aid, will produce an additional $125,000 in cash flow to the owners.
- Obtaining a $750,000 revolving credit line facility to fuel the organizations short term capital needs and expansion plans.
- The refinancing of a Fleming anchored 165,000 square foot Southland Shopping Center. A ten year non-recourse first mortgage was obtained. The financing included successful negotiations with the second and third lenders to convert their mortgages to a limited partnership interest.
- Construction and permanent financing in the amount of $1,960,000 for a freestanding drug store in Brooklawn, New Jersey.
- Construction and permanent financing for a freestanding drug store and automotive store located in Somers Point, New Jersey.
- Acquisition, construction and mini-permanent financing facility for purchase and redevelopment of the Eastgate Shopping Center in Tampa, Florida. The below market interest rate on the $4,450,000 was hedged by using a swap facility which effectively locked the borrowers interest rate for the loan term.
- Acquisition and permanent financing for the purchase of an existing First Union Bank Branch in Wyomissing, Pennsylvania.
- Construction and permanent financing in the amount of $2,000,000 for the development of Bethel Commons, a 25,000 square foot medical office park in Somers Point, New Jersey.
- Acquisition, construction and mini-permanent financing in the amount of $2,600,000 for the purchase and redevelopment of a 30,000 square foot retail shopping center in Philadelphia, PA.
- The recent ground up development of Folcroft Secured Storage, a 50,000 square foot climate controlled self storage facility located in Delaware County. Construction and permanent financing achieved with Commerce Bank.
- The negotiation and closing of multiple credit line facilities of approximately $15,000,000 providing work capital and acquisition, redevelopment funds for multiple property and business lines within the Brahin Family.
- The negotiation of a complex Debt/Equity Agreement with Merrill Lynch for the development and ownership of the first phase of the New Jersey Motorsports Park in Millville, New Jersey. The deal includes approximately $34,000,000 in development and operating financing with in excess of $13,000,000 in equity funding.
Brahin Properties has strong working relationships with local banks, life insurance companies, credit companies and conduits which help to enable the company to consistently secure financing for a variety of projects.