JSHF Rapidly Expands to Take the Lead in Constructing Luxury Properties under Jose Auriemo

The rapid expansion of JHSF Participacoes SA., is directly attributed to the excellent leadership qualities of the Chairman and CEO Jose AuriemoNeto. In Brazil, he is considered the king or emperor of developing luxurious properties. He also administers other vast interests the group has in executive hotels, construction of public recreational facilities, development of shopping malls and other retail outlets. He was responsible for business agreements signed with Hermes, Pucci, and Jimmy Choo in 2009 when the organization entered the field of retail business. The partnership he established led to the establishment of CidadeJadrim which is a top-of-the-range luxury shopping complex. His participation in the activities of JHSF began in 1993 after his graduation from the Fundação Armando ÁlvaresPenteado University (FAAP) in Sao Paulo. The first successful venture he initiated was the construction Parkbem a company that managed parking lots, and the establishment of Shopping Santa Cruz, the first mall for the group.

JHSF Participacoes SA a Brazilian real estate development organization that is at the forefront of developing luxurious, international class residences, hotels, commercial properties, and an executive airport. It also acquires and rebuilds shopping complex and malls. The buildings the company constructs in Brazil and elsewhere are meant to attract people with high income. The company was founded in 1972, and ever since then, it has been linked with the first class development of houses and shopping complexes. Through the leadership of Mr. Auriemo, the company is always quick to seize opportunities and convert them into stable investments.

Apart from that, JSHF has a strong reputation for designing sustainable and innovative solutions for the creation of new projects. It is a pioneer organization in Latin America that is famed for inventing technology-driven initiatives in the real estate sector. Since its inception, it has grown by leaps and bounds to be the leading company in places like Miami and New York in the USA, Punta Del Este in Uruguay, Manus, Sao Paulo, and Salvador. Presently the company is headquartered in Sao Paulo from where all its four divisions are managed. The branches include the development of luxury houses, hotels, shopping malls, and maintenance of an executive airport. In the section of Bovespa Corporate Governance hierarchy, it was ranked the highest in 2007.

DEVCO Has Issues With Hotel Built in 2007

Just a month ago, the Middlesex County Improvement Authority was not able to pay a $1 million principal payment on a $20 million total it got from the Casino Reinvestment Development Authority. Over the course of five years, The Improvement Authority has totaled $7 million in payments that it missed. The loan was used to develop a new hotel and conference center combo called The Heldrich, located in New Brunswick in 2005.
The president of the state Senate, Stephen Sweeney, said that the project is a great example of what can happen when public money is funneled into private companies for big construction projects. The Atlantic City Development Corp. is a sister company of the New Brunswick Development corp and is using them as a model to emulate. The company will use $200 million to develop a new project in Chelsea.

Attorney Chris Paladino is in charge of both operations and personally arranged the Heldrich’s $20 million loan. The $20 CRDA loan is just a part of a larger $100 million loan that was put together to build The Heldrich. Bonds were included in the loan, and were supposed to be paid back. However, only senior bond holders (representing about $30 million) have been paid back in full, plus about 5% interest. Other bondholders haven’t been paid for years now.

John Palmiere, the CRDA Executive Director, said that the payment had not happened but they knew they would be the last to be paid. Apparently, there are positive effects. For example, the hotel employs 235 union workers and pays $1.2 million in taxes for real estate every year.

The funds for the Gateway project in Chelsea are going to be used to build a dorm and campus extension for Stockton University. Apparently, the sale of the tax credits and revenue from the dorms is going to repay the loan.

Devco is based in New Brunswick. It is a development company. It was founded in the 1970’s.

Devco is planning to further its operations nationally. They have managed over $1.6 billion. Their projects are mainly in New Jersey.

This is a recap of an article that originally appeared in Press of Atlantic City

Source: http://www.pressofatlanticcity.com/news/breaking/unpaid-million-crda-loan-raises-questions-about-new-brunswick-devco/article_a03318e2-dcdb-11e5-a563-67611bc7b7bc.html