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BUSINESS
July 30, 2014 | By Harold Brubaker, Inquirer Staff Writer
A New Jersey investment firm has agreed to pay $30.25 million for Northeast Philadelphia's Deer Meadows Retirement Community, which filed for bankruptcy protection in April. Investment 360 L.L.C., of Lakewood, will function as a "stalking horse bidder" at an auction next month, setting a baseline price, according to a bankruptcy court filing. U.S. Bankruptcy Judge Eric L. Frank on Monday scheduled a hearing for Aug. 11 on a proposed breakup fee that would pay 2.5 percent of the purchase price, or $756,250, to Investment 360 if the deal does not close or a higher bidder emerges.
BUSINESS
July 28, 2014 | By Harold Brubaker, Inquirer Staff Writer
In a bid to cut Medicare spending and help pay for health-care changes, the Obama administration has significantly expanded audits designed to recover improper payments from health-care providers. "We are taking, I would say, a brutal spanking, those that are fully compliant and within regulation," said Tim Fox, founder and chief executive of Fox Rehabilitation, a Cherry Hill company that provides physical therapy and other services to the elderly. "It's dead easy to commit fraud under Medicare, and that's why there's so much fraud and abuse out there," Fox said.
NEWS
July 27, 2014 | By Amy S. Rosenberg, Inquirer Staff Writer
STONE HARBOR - Christina Smith is not a local, but close. Nearly 20 years ago, the interior designer gave up the cosmopolitan lifestyles of Philadelphia and Stamford, Conn., and cast her lot at the Shore. In her case, the very tony Shore of Stone Harbor and Avalon. She formed the Summer House Design Group and, needless to say, she has had a unique view of the lifestyles of the rich and shoobie. And it's not all starfish fabric and "Welcome to the Beach" signs. Question: How did you end up at the Shore, here in Stone Harbor?
NEWS
July 26, 2014 | By Julia Terruso, Inquirer Staff Writer
For Justin Soulen, the worst part of a long weekend at the Shore with friends was the drive home. Not because of the return traffic or the ending of a vacation, but because of what was traveling home with him in the trunk - bags and bags of hot trash. "It was gross - all the stuff from BBQs, parties," Soulen said. "We just said to ourselves, 'This is ridiculous.' " Because Soulen, 25, and friends would leave Ventnor on a Sunday, and trash day was at midweek, their only choice was to bring the trash home or risk being fined for leaving cans on the street too early.
BUSINESS
July 26, 2014 | By Paul Nussbaum, Inquirer Staff Writer
"Ride-share" services Uber and Lyft won temporary authority from the Pennsylvania Public Utility Commission on Thursday to operate in Pittsburgh and surrounding Allegheny County. In another development, taxi cabs in Philadelphia will be required to install security cameras this year, following approval Thursday by the state Independent Regulatory Review Commission. The security cameras will monitor both the driver and passengers, and are designed to improve safety for both, said the Philadelphia Parking Authority, which regulates taxis in Philadelphia.
BUSINESS
July 24, 2014 | By Chris Mondics, Inquirer Staff Writer
Morgan, Lewis & Bockius L.L.P., of Center City, is reportedly among a handful of firms in merger talks with Boston-based Bingham McCutchen. Morgan Lewis, already one of the nation's largest firms, with 1,400 lawyers, would grow to well over 2,000 if the firms combined. Both firms declined to comment Tuesday. News of the discussion first emerged in a report by Reuters. In the last year, Bingham McCutchen, with 850 lawyers, has gone through a leadership change and a decline in revenue.
REAL_ESTATE
July 14, 2014 | By Erin Arvedlund, Inquirer Staff Writer
He's the man who built Campus Apartments in University City from a regional student-housing company into a national firm. David Adelman, who took over from the Campus Apartments founder, is branching out into office space in West Philadelphia - and he's looking to attract a key anchor tenant, such as Google, to lease his former factory space at 4101 Sansom St. The retrofitted printing-press shop here is known as the Graphic Arts Lithographers building...
NEWS
July 11, 2014 | By Joseph N. DiStefano, Inquirer Staff Writer
Camden's potential role in Holtec International Inc.'s future is part of a larger plan by the company to accelerate its already rapid growth of recent years. In recent interviews, founder Krishna P. Singh and other officials of the Evesham-based power-plant supplier have described a vision for the company in which it would develop and build small reactors, which they said would be cheaper and safer than 20th-century nuclear power stations and greener than fossil-fuel-burning power plants.
NEWS
July 10, 2014 | By Julia Terruso, Inquirer Staff Writer
The New Jersey Economic Development Authority on Tuesday disclosed a proposal to award Holtec International Inc. a 10-year, $26 million tax credit to locate some of its operations in Camden. News of the potential project, listed online as part of a meeting agenda, comes a month after an $86 million tax credit was awarded to the 76ers to build a practice facility on the city's waterfront, moving there from Philadelphia. Holtec, based in Marlton and Jupiter, Fla., is a multinational power-plant supplier founded by Krishna P. Singh, who has an engineering doctorate from the University of Pennsylvania.
NEWS
July 8, 2014 | By Alan J. Heavens, Inquirer Real Estate Writer
Pantzer Properties of New York on Wednesday acquired the 13-story, 80-unit Oakwood Philadelphia at 1601 Sansom St. for $29 million, according to JLL Capital Markets, which arranged the transaction. The building, owned by Jones Lang LaSalle, was leased by Oakwood Worldwide of Los Angeles, has offered short-term rentals for corporate executives at $129 to $174 a night. Oakwood Philadelphia, which will be renamed Point at Rittenhouse Row and offer market-rate rentals, has 77,656 square feet of rentable apartment space and 11,192 square feet of retail and commercial space.
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