The $20 Million Unpaid Heldrich Loan Raises Questions

Devco is a non-profit and private urban development company in real estate that was founded in the 1970s. It has initiated redevelopment facilities to serve as the conjunction between private and public economic investments in New Brunswick.

Fostering private-public partnerships and bring together the New Brunswick development activities. New Jersey state institutional and corporate leadership are essential to success. It leverages public, private, state, local, and federal resources to enable DevCo to create an impact in project development.

DevCo accomplishes its mission using mixed-use projects and development-seeking critical mass to address the challenges posed by the general public. While each development project has conceived an implementation in Devco, it has achieved success through quality reclamation in an urban lifestyle setup. This is the characteristic realized by many American cities.

The company is an expert in creating strong public-private partnerships and strategic alliances for innovative financing. Their role in society has led to the development of the award-winning inventory projects. Since its incorporation, the company has overseen over $2 billion in investments. For this reason, the city’s redevelopment activities remain high even in the most challenging times in the country’s economy.

For the last month, the improvement authority in Middlesex County failed to return their loan in interest and principle. Their monthly repayment is $1 million. This loan amounts to $20 million received from the Casino Development Authority. The authority has arrears from the past five years. It has missed payments of up to $7 million.

The finance, issued in 2005, aided in the construction of the Heldrich hotel. The Brunswick conference center and hotel developed by New Brunswick Development Corporation. Stephen Sweeney, the state senator, has touted the company as an example of what happens when state funds are released to private investors to execute additional construction. The Atlantic City Development Company is a sister corporation to New Brunswick which oversees over #200 million in private and public financing. They are currently managing over $19.5 million CRDA finance. The money is used in the development of City section of Gateway. Both companies are chaired by Chris Paladino, an attorney, who aided the Heldrich $20 million loan. Read full article on






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