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New Jersey Age-Restricted Community Sells for $30M

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New Jersey Age-Restricted Community Sells for $30M


Royal Pines at Marlboro. Picture courtesy of JLL Capital Markets.

F.M. Ferrari Investments has acquired Royal Pines at Marlboro, an 89-unit age-restricted multifamily group in Englishtown, N.J. JLL Capital Markets brokered the $29.9 million transaction representing the vendor, a three way partnership between GRJ and Castellan Actual Property Companions.

Royal Pines beforehand traded in 2014 for $17.6 million, in response to Yardi Matrix knowledge. In 2020, the property turned topic to a $15 million mortgage originated by UBS Financial institution, the identical supply exhibits.

Whereas the group largely serves adults aged 55 and over, 20 p.c of models are reserved for tenants 35 years and over. Accomplished in 2008 and at the moment present process unit renovations, Royal Pines encompasses one- and two-bedroom flats, ranging between 750 and 1,100 sq. ft.

Frequent-area facilities include a health middle, group room, enterprise middle, sport room, yoga studio and library. Models embody washers and dryers, stainless-steel home equipment, walk-in closets and personal patios or balconies. The group additionally options elevators, parking, after-hours safety and video-monitored entrances.

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The property at 362 U.S. Route 9 is inside strolling distance of New Jersey Transit 139 Bus Route cease, offering entry to New York Metropolis, whereas Marlboro Recreation Middle is 4.6 miles away.

The JLL Capital Markets Funding Gross sales Advisory workforce concerned within the deal included Michael Oliver, Jose Cruz, J.B. Bruno, Steve Simonelli and Michael Zlotnick. Based on Oliver, there’s heightened demand for multifamily product in Monmouth County. The realm’s market fundamentals are strengthening, whereas its rental housing inventory is underserved.



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New Jersey

N.J. Unveils AI Training, Tool for State Government Workers

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N.J. Unveils AI Training, Tool for State Government Workers


A new tool in New Jersey, the NJ AI Assistant, empowers state employees to use generative artificial intelligence (GenAI) — while a companion training program ensures they have the skills to do so responsibly.

The state has proven to be a leader in AI governance, establishing an AI task force in October and releasing a policy in November to guide state employees’ AI use. Officials have since launched an AI hub to advance responsible AI development and appointed Beth Simone Noveck to serve as the state’s first chief AI strategist. Noveck has underlined Gov. Phil Murphy’s commitment to train the public workforce on how to safely use AI.

In a similar vein, Oklahoma recently partnered with Google to provide AI training to Oklahomans. But New Jersey’s program, launched Wednesday, is unique in that it specifically targets state government employees. The NJ AI Assistant uses GenAI in what the state deems a secure “sandbox” environment. To ensure its security, the tool is hosted on state infrastructure with heightened security and privacy protections. The tool does not use state data to train the model.


As a key part of this launch, the state has also unveiled a GenAI training course, created in partnership with InnovateUS, to inform employees on how the technology can be used responsibly and in alignment with state policies.

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This course was designed with consultation from federal, state, industry and academic leaders as well as the public-sector workforce, to do several things: offer an overview of GenAI, outline best practices, and relay strategies for mitigating bias and other risks.

“Generative AI is evolving in real time, and now our public workforce will be on the forefront of advancing this technology and helping to realize its boundless potential to build a better New Jersey,” Noveck said in a news release.

Through the training — which is free, self-paced and voluntary for employees — participants will get to experience firsthand how GenAI can be used to make public information more accessible using plain language. The NJ AI Assistant tool lets employees safely test use cases that are demonstrated in the training course.

Some departments have already begun using what the state terms GenAI; the New Jersey Department of Labor and Workforce Development has worked with the Office of Innovation to use AI for rewriting emails in plain language. This has helped the state respond 35 percent faster. The New Jersey Division of Taxation has also leveraged AI in call analysis, to improve self-service menu options — resulting in a 50 percent increase in the number of calls that were resolved.

The NJ AI Assistant and the training course stem from Murphy’s Executive Order 346, which called for the development of policies that would govern responsible use of AI by the state. The launch of the tool and training, the governor said in the news release, puts New Jersey “on the cusp of a new era of government transformation.”

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Crews battling wildfire in New Jersey’s Wharton State Forest

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Crews battling wildfire in New Jersey’s Wharton State Forest


Crews in Burlington County, New Jersey are battling a wildfire in Wharton State Forest. 

Officials say the fire is burning in Tabernacle Township near the Batona Campground and Apple Pie Hill. 

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The campground has since been evacuated and the Batona Trail was closed between Route 532 and Carranza Road. Local Wharton State Forest roads are also closed in the area. 

Officials say the fire is impacting about 100 acres and is 0% contained. Two structures are also threatened as a result of the fire. 

The public is asked to avoid the area while crews work to contain the fire.

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Ryan of First Bank installed as chair of New Jersey Bankers Association | ROI-NJ

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Ryan of First Bank installed as chair of New Jersey Bankers Association | ROI-NJ


The New Jersey Bankers Association recently installed a new slate of officers for its 2024-2025 fiscal year, including Patrick Ryan of First Bank as chair, Craig Montanaro of Kearny Bank as first vice chair and Elizabeth Magennis of ConnectOne Bank as second vice chair.

Ryan said he is eager for the opportunity.

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“I’m very excited for the coming year as chair of the New Jersey Bankers Association,” he said. “This is an exciting and challenging time in our industry.

“NJBankers is in a great position to help member banks navigate these turbulent waters. And, more importantly, the association can help drive meaningful change as we move forward. We have an amazing team of leaders at the association. I’m proud to have this opportunity to do my small part to help the industry grow and prosper in the next year and beyond.”

Ryan is the founder, director, CEO and president of First Bank, and is responsible for the strategic direction and overall performance of the company. Since the bank’s inception in 2008, it has grown to 26 locations in New Jersey, Pennsylvania and Florida, with $3.59 billion in assets and 288 employees.

First Bank has been named one of S&P Global Market Intelligence’s Top 100 Best-Performing Community Banks in the nation for record growth and profitability.

Montanaro is the CEO of Kearny Bank. He was appointed to serve on the board of directors of Kearny Financial Corp. and the board of directors of Kearny Bank in 2010. He joined Kearny Bank in 2003 when Kearny acquired West Essex Bank, where he served as chief operating officer. He was appointed CEO of Kearny Financial and Kearny Bank in April 2011.

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Magennis is the president of ConnectOne Bank, the bank subsidiary of ConnectOne Bancorp Inc. ConnectOne is a leading commercial bank, with over $9 billion in assets, serving the New Jersey, New York and South Florida markets.

Magennis holds over 30 years of experience in the banking industry. As president of ConnectOne, she is responsible for the growth, function and strategic direction of the bank. She joined ConnectOne Bank in 2006 and has played an integral role in growing the company to a top-performing bank with industry-leading metrics.

Steven Klein, chair and CEO of Northfield Bank, will serve as immediate former chair.

In addition, new members serving on the NJBankers board of directors for the 2024-2025 year include:

  • John Borelli, Jr.: CEO, Newfield National Bank;
  • Matthew Carcich: CEO, Freedom Bank;
  • John DeSclafani: senior vice president/commercial banking leader, Wells Fargo Bank;
  • Edward Dietzler: CEO, Bank of Princeton;
  • Catherine Franzoni: Chief operating officer, Manasquan Bank;
  • Donald Mindiak: CEO, First Commerce Bank;
  • Michael Shriner: CEO, BCB Bank.





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