THE BRAHIN ORGANIZATION: A CORPORATE 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 Oklahoma. 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:

• The expansion of the Somers Point Plaza in Somers Point was completed in 2002 with the newly constructed 106,000 square foot Big Kmart. It was the only new Kmart construction project in the nation during the 2002 and with its completion the center is now 278,225 square feet and is the dominant focal retail complex in the marketplace.
   
• The development of Shore Health Park, a medical complex consisting of three medical office buildings totaling 25,000 square feet opened in the Fall of 2002.
   
• An expansion and renovation project of the Brooklawn Square Shopping Center in Brooklawn New Jersey was completed with the occupancy of a 46,722 square foot Shop Rite. Further expansion of the Shop Rite is scheduled for 2005 when its total square footage will grow to 48,222 square feet.
   
• Recent Free-Standing developments in New Jersey included; an 85,000 square foot McNaughtons Garden Center in Somers Point, New Jersey and two Eckerd Drug store locations in Camden County and a McDonalds Restaurant in Somers Point.
   
• The development of Ocean Heights Plaza in Somers Point consisting of a CVS and Advance Auto, opened in 2001 and will be expanded to include two additional free standing businesses in 2006.
   
• The completion of a redevelopment project to the Eastgate Shopping Center introduced a 53,000 square foot Albertsons Supermarket into an Enterprise Zone of Tampa.  It was the first major inner city development project for Albertsons in the State of Florida and was the commercial focal point for an extensive urban redevelopment project for East Tampa.
   
• The renovation and conversion of Glynn Plaza, located in Brunswick/St. Simons Island, form a neighborhood strip retail center into a 93,000 square foot mixed use office/retail center and then the sale of the property in 2003.
   
• The development of the 325,000 square foot Berkshire Square Shopping Center located in Wyomissing, Pennsylvania.  The project was 95% leased at completion and has remained at or near 100% occupied since 1989.
   
• The renovation and redevelopment of the West Oak Lane Shopping Center that included the placement of the West Oak Lane Charter School, which is one of the most successfully operating Charter Schools in Philadelphia, was completed and then expanded to include an Auto Zone out-parcel location.
   
• Completion of Phase I and II of the Massena Towne Centre, in Massena, New York, created a 187,000 square foot shopping complex that consists of a Wal-Mart and an Aldis Supermarket. An additional 50,000 square feet of retail space plus out parcel developments are currently being planned for Phase III of the project.
   
• The acquisition of Delcroft Plaza in Folcroft, Pa and the subsequent renovation of the 146,577 square foot shopping center.
   
• The acquisition of a 120,000 square foot Warehouse building in Millville, New Jersey and setting a new marketing strategy for the property which may include re-zoning it for mixed use redevelopment.
   
• Forming a joint venture ownership of the Tollhouse Plaza in Mantua, New Jersey and then coordinating an expansion of an existing Acme.

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.

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.