The New Brunswick Development Corporation has been instrumental in linking the public and private entities to assist in the construction of development projects that are meant to be used as a source of revenue and serve the public. Therefore the presence of DEVCO and other similar firms in New Brunswick is necessary in linking the government to private entities to secure funds for economically viable projects.
One of the notable developments that New Brunswick Development Corp managed to source funds for is the construction of the Heldrich Hotel constructed in New Brunswick. The firm sourced funds for this project from Casino Reinvestment Development Authority. Although Middlesex County Improvement Authority has been in default, the head of Devco Mr. Paladino has made an assurance that the loan would be repaid back. He stated that the delay was occasioned by the hotel not making substantial returns that were meant to repay back the loan. This position was also confirmed by the head honcho of CRDA. This information about Devco was provided by northjersey.com
Attorney Christopher Paladino also heads the Atlantic City Development Corporation. The corporation is similarly involved in financing both public and private development projects and is expected to oversee the development of the Gateway Project at Chelsea area in the city. The corporation is expected to issue one hundred and twenty million dollars in bonds for the construction of Stockon University Satellite campus which will be refinanced by dorm room revenue and sale of tax credits. Mr. Paladino has been equally successful heading the Atlantic City Development Corporation and it has been stated that the Gateway Project would likely perform well compared to the Heldrich Hotel project. Apart from the Heldrich Hotel, DEVCO is expected to help in funding for multimillion dollar development projects.
New Brunswick Development Corporation has been operational for more than forty decades. It has significantly helped in real estate development company helping with the building of private constructions as well as those belonging to the public. Its remarkable performance as the link between the public and private in development financing has helped it built its name as a reputable real estate development firm in New Brunswick.