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ISSUE HIGHLIGHTS Volume 34, Issue 7 July 22 - August 18, 2022
Assets represent a total of 536 units in Amherst, MA Eastern Union’s Muller secures $83.8M in financing for 2 multifamily properties
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EW YORK — Mi- chael Muller , a se- nior managing director
SPOTLIGHTS
with East- ern Union , has arranged a total of $83.8 million in financing in support of The Boul- ders, a 256- unit, multi-
SOUTHERN NEW JERSEY 6-11A TAX ISSUES & ACCOUNTING
Michael Muller
family property in Amherst, MA, and Cliffside Apartments, a 280-unit property situated in neighboring Sunderland, MA. The combined apartment count amounts to 536 units. Eastern Union is one of America’s largest commercial real estate brokerages. Muller secured a ten-year mortgage of $44.805 million for The Boulders, which was built in 1974. The interest rate is floating at a spread of 2.83 percent plus the one-month SOFR. The financing allows for interest-only payments for the
Cliffside Apartments
The Boulders
first four years. The property consists entirely of market- rate, two-bedroom units mea- suring an average size of 844 s/f. The site’s total rentable area equals approximately 216,000 s/f. He also closed on a ten- year, $39-million mortgage for Cliffside Apartments, which was constructed in 1976. The interest rate is floating at a spread of 2.83 percent plus the one-month SOFR. As with
The Boulders, the financing allows for interest-only pay- ments for the first four years. Sixty percent of the property consists of one-bedroom units, with the balance comprised of two-bedroom, three-bedroom, four-bedroom and townhouse units. Average unit size for the Cliffside site is 532 s/f and the total rentable area is ap- proximately 149,975 s/f. All apartments are market-rate. The combined loan-to-value
5-11B
ratio was 75 percent. Financ- ing was provided through Newmark. The seller was Boston-based Northland. The identity of the buyer was not disclosed. “Tapping our strong rela- tionships with the lending community, Eastern Union was able to secure excellent leverage for this client,” said Muller. “These two properties had been held by their prior owners for 29 years.” MAREJ decided to sell, knowing the upside potential of the prop- erty due to its location and the quality.” Sweetwood commented on the sale, “I sold this property to a longtime client who owns many properties outside the area, so this is first-time ownership in an area attrac- tive because of its waterfront proximity and abundant local amenities. With more people working remotely, many peo- ple are moving south.” Conveniently located near the Garden State Parkway and Route 36, the property has diverse, abundant trans- portation with buses to New York City nearby and ferry services to Manhattan via the Seastreak Ferry Line, just a 20-minute drive from Keyport Village. Keyport is a borough in northern Monmouth County along Raritan Bay approxi- mately 38 miles south of New York City. MAREJ
BROKERAGE DIRECTORY
Section D
UPCOMING CONFERENCES & WEBINAR September 22, 2022
Holland, Waisbrod & Sweetwood of Kislak arrange sale of 132 units in Monmouth County, NJ for $29M
8th Annual NJ Apartment & Multifamily Conference Sheraton Edison Hotel October 6, 2022 How to Manage a Construction Project Zoom Webinar For speaking & sponsorship info., please contact: Lea at 781-740-2900 or [email protected]
KEYPORT, NJ — The Kislak Company, Inc. an- nounced the recent sale of Keyport Village Apartments, a 132-unit apartment com- plex at 251 Atlantic St. in Keyport, Monmouth County, for $29 million. Kislak marketed the prop- erty on an exclusive basis with
president Robert Holland and executive vice president Barry Waisbrod managing the assignment on behalf of the seller, Keyport Village Apartments DE, LLC. Ex- ecutive vice president Joni Sweetwood procured the purchaser and longtime client. The property consists of six, two-story, brick build- ings containing 22 studios, 78 one-bedroom units, 30 two-bedroom units, and two three-bedroom units with modern kitchens upgraded with stainless steel appli- ances and granite counters and a mix of hardwood floors Robert Holland
Barry Waisbrod
Joni Sweetwood
in the main living areas and carpeting in the bedrooms. Amenities include a fitness center, onsite laundry facili- ties and shopping and dining within walking distance from the property. Holland highlighted the team’s expertise in the trans- action and the future po- tential of the property, “The purchaser plans to upgrade the units, which will result in higher rents. I am proud of our teamwork getting this done.” Waisbrod added, “The seller with whom we have long term relationship took advantage of the strong market and
Directory ROP (Front Section)........................................... Section A Retail Development Reimagined...............................3-4A Financial featuring Tax Issues & Accounting............5-11A DelMarVa.............................................................. 12-13A Billboards & Business Card Directory..........................15A CRE Organization’s Events Calendar............................16A New Jersey..............................................................1-14B Pennsylvania........................................................15-BC-B Owners, Developers & Managers.......................Section C Brokerage Directory.......................................... Section D
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Inside Cover A — July 22 - August 18, 2022 — M id A tlantic Real Estate Journal
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M id A tlantic Real Estate Journal — July 22 - August 18, 2022 — 1A
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2A — July 22 - August 18, 2022 — M id A tlantic Real Estate Journal
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M id A tlantic R eal E state J ournal Publisher, Conference Producer ..............Linda Christman AVP, Conference Producer ...........................Lea Christman Publisher ........................................................Joe Christman Conference Producer ...............................Jordaan Van Oort Editor/Graphic Artist ......................................Karen Vachon Contributing Columnist ...........................Roey Dor, Obligo Mid Atlantic R eal E state J ournal ~ Published Monthly Periodicals postage paid at Hingham, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal 117 HMS Halsted Dr., Hingham, MA 02043 USPS #22-358 | Vol. 34, Issue 6 Subscription rates: 1 year $99.00, 2 years $148.50, 3 years $247.50 & $4.00 single issue - plus postage REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion Phone: 781-740-2900 www.marej.com
Roey Dor
4 Key Questions to Ask Before Implementing a Deposit-Free Renting Solution n rental housing, secu- rity deposits have long been the preferred way to protect property owners from damage and other losses. But as property management operations become highly au- tomated, security deposits are seen as more of a burden than a benefit. Savvy property managers have begun to look for security deposit alternatives. Here are 4 key questions to ask before implementing a deposit-free renting solution. 1. How is deposit-free renting better than taking a traditional deposit? Property managers take security deposits for good rea- sons. Maintaining protection against damages and unpaid rent is the primary reason, but deposits also provide screen- ing and establish account- ability with renters – they now have skin in the game. So how is a deposit alternative better than a cash deposit in check- I
ing these boxes? Handling traditional cash deposits is no picnic. Accept- ing, processing, and refund- ing deposits is a burdensome administrative process, made even more complicated by ongoing regulatory changes. The right deposit-free solu- tion will help you transition to a paperless process, saving many hours on administrative tasks. Your residents will also love keeping the cash to invest, save, travel, or spend. 2. How do I make sure that my residents are still accountable for damages? What good is a security de- posit alternative if renters are
continued on page 14A 3. How does deposit-free renting impact my leasing and accounting process? unsure about their account- ability and property owners are unable to understand pricing, coverage policies, and claims processes? When considering a deposit- free solution, it’s important to read the fine print and understand how the company describes its service to rent- ers. Is it clear that they are still accountable for damages or unpaid rent? What kind of protection is promised to you? Is there a claims process, and how are disputes handled?
Firmly Rooted in the Law and in the Community We are well grounded in every facet of real estate law, from acquisition to construction. We are committed to serving the needs of our clients and our communities.
Contact: NEIL A. STEIN • [email protected] 910 Harvest Drive, Blue Bell, PA 19422-0765 • 610-941-2469 • kaplaw.com Other Offices: • Cherry Hill, NJ 856-675-1550 • Philadelphia, PA 215-567-3120 Kaplin Stewart Attorneys at Law
R etail D evelopment R eimagined
M id A tlantic Real Estate Journal — Retail Development Reimagined — July 22 - August 18, 2022 — 3A
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Agrifolio, Lombardi and Talbert orchestrate retail transactions in the Mid Atlantic region Horvath & Tremblay completes the sale of three retail properties for $9,473,153
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fueling stations, a propane filling station, and an on-site air station and vacuum. The property features a new 10-year Double Net lease with annual rent increases that commenced in September 2021. The lease calls for annual rent increases throughout the base term. The property is situated at the con- vergence of US Rte. 206 and US Rte. 130, two of the area’s primary commercial and com- muter roadways. These two heavily trafficked roadways directly connect to I-295 and I-95. The property lies less than 1-mile from downtown Bor- dentown and is surrounded by densely populated residential neighborhoods and enjoys con- venient access to area schools and retailers. The property enjoys good visibility, signage, and frontage along US Rtes. 130 & 206. Bordentown is an affluent bedroom community of Philadelphia, located 30-miles northeast of the city. Horvath & Tremblay’s Lom- bardi and Michael Talbert
have facilitated the sale of Dunkin’ in Marlboro, NJ. Hor- vath & Tremblay exclusively represented the seller in this transaction at a sale price of $1,499,153. Dunkin’ is located at 34 US Rte. 9 N in Marl- boro, NJ. Dunkin’ has been at this location since it was constructed in 2004 and has 2+ years remaining on their Absolute NNN Ground Lease with two, 5-year renewal op- tions. The ground lease fea- tures an attractive 12.9% rent increase at the start of the first renewal option and a 12.5% rent increase at the start of the second renewal option, providing the investor with an attractive hedge against inflation. The property is set along US Rte. 9 NJ, 1-mile from the interchange with NJ Rte. 18, the areas two primary commercial and commuter cor- ridors. The property benefits from outstanding visibility and frontage along US Rte. 9, and is surrounded by national re- tailers and restaurants. MAREJ
ID-ATLANTIC — Horvath & Trem- blay has completed
the sale of three Mid-Atlantic retail properties for $9,473,153. Michael Lombardi of Hor- vath & Tremblay has suc- cessfully completed the sale of a Wawa in Hereford, PA. Horvath & Tremblay repre- sented the seller and procured the buyer to complete the transaction at a sale price of $7,365,000. Wawa is located at 1182 Gravel Pike in Her- eford, PA. The new construc- tion stand-alone convenience store and gas station had a rent commencement in March of 2022. The property consists of a 5,585 s/f convenience store and a gas station on a large 4.12-acre parcel of land. Wawa has a new 20 year, cor- porately backed, ground lease (Absolute NNN) with six, 5-year options. The lease fea- tures 10% rent increases every five years beginning in year 11 of the lease and continuing throughout both the primary
BP Gas Station
term and the option periods providing the investor with an attractive increase in revenue and a hedge against inflation. Wawa is strategically posi- tioned at the signalized inter- section of Chestnut St. (PA Rte. 100) and Seisholtzville Rd. (PA Rte. 29), the area’s two primary commuter roads. The property enjoys outstand- ing visibility from both roads and will serve as the primary convenience store and gas station for area residents and passing commuters.
Michael Agrifolio and Mi- chael Lombardi of Horvath & Tremblay have successfully completed the sale of a BP Gas Station in Bordentown, New Jersey. Horvath & Tremblay represented the seller to com- plete the transaction at a sale price of $609,000. The BP Gas Station located at 231 US Rte. 206 in Bordentown, NJ. The property has been operating as a successful gas station and convenience store for many years. The property is improved with a convenience store, eight
Institutional Property Advisors completes the sale of 71,329 s/f, Montgomery County, MD shopping center
action and excited to help Milbrook Properties expand in the Mid- Atlantic with their first retail acquisition in Mary - land.” In a second retail transac- tion, IPA announced the sale of 227,333 s/f Eagle Plaza, a grocery-anchored shopping center in in Voorhees Twp., NJ. “Anchored by Albertsons’ subsidiary Acme Markets for over 40 years, Eagle Plaza is the area’s dominant grocery- anchored shopping center,” said Brad Nathanson , IPA senior managing director in- vestments. “Previous own- ership invested significant capital to improve the center’s curb appeal by delivering new modern village-looking facades that drove significant interest in the property. The availabil- ity nationally of grocery-an- chored shopping centers with a major value add opportunity within infill high income sub -
markets of a major city center are rare, contributing to the tremendous demand that was seen on Eagle Plaza.” Nathan- son represented the seller, Hutensky Capital Partners, and procured the buyer, First National Realty Partners. Constructed in 1977 and renovated over the past five years, Eagle Plaza is anchored by Acme Markets and Ross and is located at Voorhees Township’s main intersection, which is shared by a recently renovated Target, Chick-fil-A, Royal Farms, AMC Theatre, and Edge Fitness. Located 20 miles east of Philadel- phia, Voorhees Township is an affluent Southern New Jersey community adjacent to Cherry Hill and Marlton. There are over 80,000 people within three miles of Eagle Plaza and the average annual household income is more than $120,000. MAREJ
GAITHERSBURG, MD — Institutional Property Advisors (IPA) , a division of Marcus & Millichap an- nounced the sale of Gaither- stowne Plaza located in the highly affluent Montgomery County submarket of Gaith- ersburg, The property sold for $24.45 million. Gaitherstowne Plaza is a 71,329 s/f shopping center and is 100% leased. The aver- age tenure of tenants at the property is over 10 years and the roster includes national brands Gabe’s, AutoZone, Sherwin Williams and IHOP on an outparcel. “This is a generational acquisition as there are a limited number of transactions in esteemed Montgomery County, which is ranked as the nation’s fifth- wealthiest county by Bloom- berg,” said Dean Zang , IPA executive managing director. Zang and IPA’s David
Gaitherstowne Plaza
“Gaitherstowne Plaza’s lo- cation along the busy North Frederick Avenue corridor makes it a strong draw for ten- ants,” added Crotts. “Growing rents and strong demographics ensure the asset will continue to appreciate over time. We are appreciative of BIG USA entrusting us with this trans-
Crotts and Josh Ein rep- resented the seller, an entity related to BIG Shopping Centers USA , a subsidiary of the Israeli parent com- pany BIG Shopping Centers Ltd., and secured the buyer, Milbrook Properties , a Manhasset, New York-based investment group.
4A — July 22 - August 18, 2022 — Retail Development Reimagined — M id A tlantic Real Estate Journal
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R etail D evelopment R eimagined
The national off-price department store retailer is slated to open this fall RD Management signs lease with Burlington Stores at Harriman Commons in Monroe, NY
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EW YORK, NY — RD Management LLC has signed a
ties at the power center, a gas station and 7,970 s/f pad site situated in front of BJ’s Whole- sale is planned. Two drive- thru parcel buildings, a 1,923 s/f proposed food hall concept with 3,300 s/f of outdoor patio seating, and future develop- ment of 3.52 acres northwest of Target are also in the works. “Adding Burlington to the center further validates Har- riman Commons’ presence in the community,” said Richard Birdoff , principal and presi- dent of RD Management. “Bur- lington and the future develop- ments planned will enhance the already booming center and offer community members even more shopping and din- ing options close to home while providing prospective tenants a diverse mix of retailers driving steady traffic.” MAREJ Katz & Associates reps. Seymour Street redev. for Montclair project MONTCLAIR, NJ — Katz & Associates is helping re- vitalize downtown Montclair by bringing top-notch retail and entertainment experi- ences to the Seymour Street redevelopment project. Katz’s Brian Katz and Amy Sta- ats are retail leasing agents for the project developed by Ironstate Development and Brookfield Properties . Located on Bloomfield Ave. alongside the Wellmont The- ater, the project features over 35,000 s/f of retail, as well as a 12,000 s/f outdoor plaza, 200 apartments, and 40,000 s/f of office space. Retail Anticipated to Open Summer 2022: • The Goddard School (9,962 s/f) – tenant rep by Harry Rosen, D.L. Rosen & Co. • Nami Nori (2,050 s/f) – ten - ant rep by David Mandel- baum, KAM Realty Group • Madison Reed Color Bar (2,428 s/f) – tenant rep by Nancy Erickson, Colliers • Montclair Mud Clay Stu - dio (3,300 s/f) – tenant rep by Amy Staats, Katz & Associates • Cornbread (1,533 s/f) – tenant rep by Navin Bhu- tani , Locate , and Sean Pyle, Sabre Real Estate Group • Brick City Vegan (844 s/f) – tenant rep by Navin Bhutani, Locate, and Sean Pyle, Sabre Real Estate Group MAREJ
lease with Burlington at Harriman Commons, a 706,230 s/f power center in Monroe (Woodbury). This will be Burlington’s second location in Orange County. Harriman Commons contin- ues to expand. In addition to the existing retail opportuni- Richard Birdoff
Harriman Commons
Relocation Opportunities Wanted
PENNSYLVANIA COUNTIES OF INTEREST INCLUDE: Bradford, Bucks, Carbon, Columbia, Lackawanna, Lehigh, Luzerne, Lycoming, Monroe, Northampton, Pike, Schuylkill, Sullivan, Susquehanna, Tioga, Wayne, Wyoming TYPES OF LOCATIONS WANTED: End Cap, In-Line, Drive-Thru, Free Standing
PLEASE CONTACT: Abbie Muto [email protected] | Cheryl Green [email protected] (610) 366-8120 • www.sdepa.com
F inancial D igest F eaturing T ax I ssues /A ccounting
M id A tlantic Real Estate Journal — July 22 - August 18, 2022 — 5A
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$87.1M financing arranged for New Jersey multi-housing community JLL Capital Markets arranged the financing for the 258-unit Valley and Bloom in Montclair
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Bloom is conveniently situated in the main business district of the Township. The com- munity is located within one mile of two NJ Transit com- muter rail stations, Walnut Street Station and Bay Street Station, with direct service to Midtown Manhattan, and is proximate to the Garden State Parkway, Route 23, I-280 and I-80. The property is also near Montclair State University, Hackensack Meridian Health Mountainside, Nishuane Park and Eagle Rock Reservation. The JLL Capital Markets Debt and Equity Advisory team representing the borrow- er was led by senior managing directors Jim Cadranell and Jon Mikula and vice presi- dent Michael Lachs . “Valley and Bloom is a best- in-class asset that has per- formed extremely well. It was a pleasure to work with LCOR, Madison, and PGIM on this transaction,” said Cadranell. MAREJ
ONTCLAIR, NJ — JLL Capital Mar- kets has arranged
the $87.1 million financing of Valley and Bloom, a two- building, 258-unit, mixed-use multi-housing community in Montclair. In addition to the residential units, the property also includes 19,812 s/f of of- fice space, 19,921 s/f of retail space and an attached parking garage. JLL worked on behalf of the borrower, a joint venture be- tween LCOR, Inc. and Madi- son International Realty , to secure a seven-year, float - ing-rate loan through PGIM Real Estate , the $209.3 bil- lion real estate business of PGIM, the $1.4 trillion global asset management business of Prudential Financial, Inc. , on behalf of its core strategy. The six-story Valley and Bloom consists of studio, one-, two- and three-bedroom units with hardwood flooring, Cae - sarstone countertops, center
Valley and Bloom
islands, full-size washers and dryers, stainless steel appliances, tile flooring in bathrooms and 9.5-foot ceil- ing heights. The property’s amenity package includes two fitness centers, two roof - top terraces with barbecue
grills, two courtyard lounge areas with fire pits, a resident lounge/club room, a Click Café, a children’s playroom and indoor bicycle storage. The ground floor office space is currently leased to Regus Corporation and Sotheby’s
International Realty. The re- tail space consists of a mix of tenants, including Cycle Bar, Hand and Stone, Pure Barre, Row House, Amazing Lash, Waxing the City, AT&T and Sayola Restaurant. At 34 Valley Rd., Valley and
Cronheim Hotel Capital secures $22.0M acquisition financing for Doubletree to Embassy Suites Conversion in Plymouth Meeting, PA
We are excited to rebrand this hotel, offering high quality ac- commodations and added ser- vice value to our guests.” said Wayne West III, President and Chief Operating Officer, Newport Hospitality Group. Founded in 1991, New- port Hospitality Group, Inc. (NHG) is a leading hotel management company spe- cializing in select and full- service hotels. They operate more than 50 hotels across the United States. Their diverse portfolio includes indepen- dent boutique hotels and top brands such as Hilton, Marri- ott, Hyatt, Wyndham, Choice, and IHG. NHG takes pride in delivering superior owner returns, exceptional guest experiences, and rewarding hospitality careers. Services include new hotel develop- ment and acquisitions, local market sales, revenue man- agement, purchasing and capital renovation. MAREJ
PLYMOUTH MEETING, PA — Cronheim Hotel Capital (CHC) has secured $22.M for the acquisition of the DoubleTree Suites in Plymouth Meeting. The loan was originated with one of CHC’s balance sheet lender relationships. The buyer, Kingsbury Hos- pitality REIT I, plans to fully renovate the property and convert it to an Embassy Suites. The property is the only full-service hotel in Plymouth Meeting and is located near entertainment, shopping and dining at Plym- outh Meeting Mall as well as numerous corporate office spaces and Villanova Univer- sity. Kingsbury has engaged Newport Hospitality Group to manage the asset. David Turley , president of CHC, noted: “Business plan financing for hotels is receiving extra scrutiny in today’s lending environment.
DoubleTree Suites in Plymouth Meeting value for all involved. We look forward to many more transactions with them.” “This is a unique opportu- nity given the demand in the market and the hotel’s struc-
Through an extensive mar- keting effort, we’re pleased to have found Kingsbury attractive debt terms that will allow them to execute on their plans and create
tural elements – atrium-style layout and full-service din- ing outlets. Embassy Suites by Hilton continues to be a leading upscale all-suite hotel category for many travelers.
6A — July 22 - August 18, 2022 — Tax Issues/Accounting — Financial Digest — M id A tlantic Real Estate Journal
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T ax I ssues /A ccounting
American Society of Cost Segregation Professionals member Cost Recovery Solutions promotes Hazem Tawfik to senior project engineer
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quisition/divestiture consult- ing. Both service offerings require extensive research to prepare the final reports that support his findings. Hazem graduated from NJIT with a degree in mechanical engineering, and became in- terested in working for CRS because, “I enjoyed the pros- pect of being challenged daily. Combining my engineering skills with learning the world of cost segregation caught my interest. I also enjoy travel- ing to different parts of the country and abroad for site visits – it helps me get away
from my desk!” “Hazem is a huge asset to the CRS team,” said manag- ing director Rob Rahner . “His enthusiasm, experience and professionalism bring so much to the table, and we are excited to see what he’ll accomplish next as he contin- ues to grow and take on more responsibilities.” One of Hazem’s ultimate ca- reer goals is to become a Certi- fied Cost Segregation Profes - sional (CCSP), the highest lev - el of professional achievement awarded by the American Society of Cost Segregation
Professionals (ASCSP). He’s currently an ASCSP member and will be eligible to become certified after seven years in the industry and complet- ing rigorous testing covering technical/engineering, legal, tax, ethical and other relevant industry issues. Looking to his future with the company, Hazem shares, “It’s great to be part of the CRS family. Starting my career here allowed me to grow into more responsibilities such as more extensive client interaction and supporting business de- velopment activities. Learning about different building types and structures is also giving me valuable skills that will help when I decide to build my own home one day. I started at CRS not knowing much about tax incentives and valuation compared to what I know now, and I still enjoy learning more every day.” MAREJ NEW YORK, NY — David Lulgjuraj, Michael Cunib - erti and James K Cole- man of Houlihan-Parnes Properties have arranged 1st mortgage financing in the amount of $1 million encumbering a property at 48 Pinehurst Ave. which is a 5-story walkup apartment building containing 20 apart- ments in the Washington Heights section of Northern Manhattan. The loan has a fixed in- terest rate of 3.875% and a 10-year term on a 30-yr amortization schedule. The loan was placed with a New York-Based Commercial Bank. Lulgjuraj, Cuniberti and Coleman have arranged a 1 st mortgage in the amount of $2.6 million encumber- ing a property located at 18 Palmer Ave. in Bronxville. The property is a mixed use three-story walkup apart- ment building containing 8 residential apartments, five retail spaces and a parking garage. The loan has a fixed inter - est rate of 3.7%- and six-year term on a 30-yr amortization schedule. The loan was placed with a New York-Based Com- mercial Bank. MAREJ Houlihan-Parnes arranges first mortgage financing for NY apt. bldg.
liability and improve ROI for clients by increasing deprecia- tion deductions on commercial building assets. His responsi- bilities include identifying all property-related costs that can be depreciated over 5, 7 and 15 years, conducting site inspec- tions, estimating asset costs and performing thorough >Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26 Page 27 Page 28 Page 29 Page 30 Page 31 Page 32 Page 33 Page 34 Page 35 Page 36 Page 37 Page 38 Page 39 Page 40 Page 41 Page 42 Page 43 Page 44 Page 45 Page 46 Page 47 Page 48 Page 49 Page 50 Page 51 Page 52 Page 53 Page 54 Page 55 Page 56 Page 57 Page 58 Page 59 Page 60 Page 61 Page 62 Page 63 Page 64 Page 65 Page 66 Page 67 Page 68 Page 69 Page 70 Page 71 Page 72 Page 73 Page 74 Page 75 Page 76 Page 77 Page 78 Page 79 Page 80
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