In November 2021, Day Pitney represented Crescendo Capital SA, a Geneva-based asset manager, and its U.S. affiliate, Crescendo Asset Management, LLC, in connection with the formation of a master-feeder fund structure consisting of two Cayman Islands domiciled feeder funds investing into a Delaware series limited liability company (the "Intermediary Vehicle"). The Intermediary Vehicle will invest in target properties sourced by a sub-advisor with deep U.S. real estate investment experience. Each series of the Intermediary Vehicle will invest into an individual target property through a special purpose investment vehicle formed for that purpose. The Day Pitney Investment Management team, consisting of Peter Bilfield, Erik Bergman, Lydia Lee, Joty Mondal and Kim Morabito, with U.S. tax assistance from Steve Ziobrowski, Carl Merino, Justin Hannan and Emily Byrnes, and with ERISA assistance from Liza Hecht, advised the client on tax structuring under the portfolio interest exception, negotiating the terms of sub-advisor agreements, the preparation of offering documents, including private placement memoranda, a series limited liability company agreement, series designations and series appendices for each series and subscription agreements for each feeder fund. Cayman Islands advice was provided by Ed Pearson and Martin Davies from Walkers.
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Day Pitney Real Estate Partner Steven J. Wernick is featured in RentCafe article "Unlocking Miami-Dade's Housing Potential."
Day Pitney Real Estate Partner Steven J. Wernick is featured in the South Florida Business Journal article "28-Story Tower With Over 100 Apartments Planned in Miami."
Day Pitney Real Estate, Environmental and Land Use practice co-chair Craig Gianetti was featured in Gothamist article "Court Tells Wealthy NJ Town: We'll Decide Where You'll Put Affordable Housing."
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Day Pitney Real Estate, Environmental and Land Use Partner Steven Wernick is featured in the Miami Herald article "The End of Single-Family-Only Home Suburbs? Miami-Dade Zoning Rule Impact Could Be 'Sweeping'."
Day Pitney Real Estate Partners Nicole Magdziak and Thomas Malman represented firm client Kushner, a real estate development and management firm headquartered in New York City, on a multimillion dollar mixed use residential and retail development in the Long Branch, NJ’s Lower Broadway redevelopment zone.
Day Pitney Real Estate, Environmental and Land Use practice co-chair Craig Gianetti was featured in Law360 article "NJ Bill Paves An Aggressive Affordable-Housing Path."
Day Pitney Real Estate, Environmental and Land Use Counsel Joseph A. Ruiz was featured in the South Florida Business Journal article "Local Distillery Proposes Location in Miami-Dade Warehouse."
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