Monthly Update


awarded $34M project Concord Engineering Group was


awarded engineering, procurement and construction management for a $34 million project at the University Medical Center of Princeton at Plains- boro that will provide a carbon emis- sion reduction equivalent to taking 1,900 cars off the road per year. The combined heating and cooling plant is expected to receive grants from New Jersey through the NJ Board of Public Utilities and benefit from Federal Tax Credits. When com- pleted in January 2012, the plant’s sys- tems will be monitored and controlled through an advanced software system that optimizes energy use and mini- mizes the Medical Center’s utility costs and carbon footprint Concord Engineering Group, with headquarters in Voorhees, is working with NRG Thermal on the engineer- ing, procurement, construction man- agement and installation of the Ther- mal Energy Storage facility and the CHP+NRGSM Plant. Slated to open in early 2012,UMCPP will be an approximately 636,000 square-foot facility with more than 237 single patient rooms, with the ability to double the size of the facility in the future. The hospital is located on 50 acres of a 170-acre health campus that will host health-related uses.


Concord Engineering


Kulzer & DiPadova make ‘Best Law Firms List’


U.S. News & World Report has named Kulzer & DiPadova to its 2010 Best Law Firms List.Kulzer & DiPado- va was included among the best firms in New Jersey for Estates and Trusts (Tier 1) and Tax law (Tier 3). The an- nual list showcases law firms in 81 practice areas throughout the United States. Kulzer & DiPadova is one of the few firms in South Jersey to re- ceive this honor. Kulzer & DiPadova, P.A. limits its practice of law to matters of federal and state taxation, wills, trusts and es- tates, gift and generation tax planning and litigation. The firm also assists its closely owned business clients with various transactions, including acqui- sitions, sales and combinations, em-


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ployment and employee benefit mat- ters.


Sun Bancorp acquires WL Ross & Co. LLC


Sun Bancorp Inc. announced that with all necessary regulatory ap- provals received, it has successfully completed a sale of common and pre- ferred stock to private equity funds managed by WL Ross & Co. LLC, the bank’s founding Brown family share- holders and other institutional and ac- credited investors, with total gross proceeds to the company of $106.7 mil- lion. The sale is comprised of approxi- mately 4.7 million shares of common stock and 88,000 shares of preferred stock and will result in approximately $98.5 million in net proceeds to the company after expenses. The newly authorized preferred


stock is mandatorily convertible into approximately 22 million shares of common stock upon the receipt of shareholder approval. Sun plans to hold its annual meeting of sharehold- ers on Nov. 1 to obtain the necessary shareholder approvals to convert the preferred stock into common stock. The shares to be purchased by WL Ross will represent 24.9 percent of the company’s outstanding common stock, pro forma for the closing and as- suming the conversion of the convert- ible preferred stock.


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