Reference: John and Maryan LLC

As principals of John and Maryan LLC, we’ve worked with Max and DevForma Partners on multiple projects in Bayonne where the tax structure was a major variable in overall feasibility. They laid out a clear comparison between conventional property taxes and a PILOT structure, and the difference was significant. On representative assets, the PILOT approach reduced projected taxes by well over 40%, translating to more than $300,000 in annual savings annually, while also putting us in good standing with the town as we worked through community benefit discussions.

That level of savings isn’t incremental; it shapes the deal. Lowering the recurring tax burden strengthened cash flow, improved overall valuation, and allowed projects to pencil that otherwise would have been extremely tight under the traditional tax framework. The analysis was straightforward, realistic, and grounded in how these projects actually perform at stabilization.

Max understands how to frame the economics in a way that makes sense to both the developer and the municipality. He’s thoughtful, prepared, and practical in his approach. The work DevForma did created real, recurring savings across our portfolio, and we’ve appreciated the clarity and professionalism they bring to every project.