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Article: How Wall Street is transforming New Jersey's commercial real estate industry
- Article from:
- NJBIZ
- Article date:
- October 6, 1997
- Author:
CopyrightCopyright Snowden Publications, Inc. Oct 06, 1997. Provided by ProQuest LLC. (Hide copyright information)
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Most people who know Joseph Taylor, CEO of Matrix Development Group, a developer in Monroe, would say he is a conservative businessman. During the real estate boom of the 1980s, Matrix financed the development of its properties around Exit 8A of the New Jersey Turnpike through partnerships of rich individuals. That strategy helped keep debt low. As a result, when the recession struck in the late 1980s, Matrix was spared the problems that afflicted developers who were stretched too thin. Matrix not only survived, it thrived.
But the strategy of financing development through private investors' capital has a limitation: It is expensive. Earlier this year, Taylor announced a change in the way ...