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Tarrunumn Murad, CEO of Tramz Hotels as well as Statue of Liberty Harbor North Redevelopment Urban Renewal LLC, doesn’t think the Liberty Harbor deal would’ve seen the light of day had it not been for EFG’s involvement.
“Developing a luxury hotel on a brownfield property would probably not have happened without EnviroFinance Group’s financing,” said Murad in a prepared statement. “EnviroFinance Group was the bridge we needed to make a good project become invaluable. But to get a diamond, we have to clean it up.”
Since the successful closing of the Liberty Harbor deal, does EFG see any future opportunities in the Garden State? “Not a month goes by that we’re not looking for something in New Jersey,” says Elanjian. “Jersey’s got a lot of experience (with brownfield remediation)—they’ve been at this a long, long time. We’d be more than happy to get involved in more Jersey deals.” Carbrey adds that two or three more are in the works.
Elanjian says, all in all, brownfield remediation is not only conducive to New Jersey’s redevelopment ambitions, but helps advance our nation and our world toward a greener tomorrow.
“We’re moving into an era of environmental consciousness, and we look at ourselves as the front end of that,” Elanjian says. “Green is very exciting, but part of that whole process is getting rid of the old mess. Getting rid of brown is a step toward green.”
