Day Pitney LLP represents Omni America, LLC, a full service real estate development company that owns and manages affordable housing apartments, in connection with its acquisition and financing of the Garden Spires and Spruce Spires public housing complexes in Newark, NJ. Omni America will act as the new owner and property manager of the complexes. As announced by the New Jersey Department of Community Affairs in a September 5, 2018 press release, the more than $172 million dollars in financing will be used to rehabilitate these two "dilapidated and nearly uninhabitable" rental housing complexes.
This 4% acquisition rehab project has been committed approximately $49 million in federal low income housing tax credits awarded by the NJ Housing and Mortgage Finance Agency (NJHMFA); approximately $75 million in financing from the NJHMFA Conduit Bond program; and $43 million in state Economic Redevelopment and Growth (ERG) Program tax credits awarded by the NJ Economic Development Authority (EDA) to facilitate the sale of the two properties to Omni America as well as make possible the significant repairs and rehabilitation. The combined buildings will provide over 650 apartments for families.
This creative and complex financing structure, which included bond financing, a Fannie Mae ROAR loan, and a bridge loan on the ERG tax credits, called on various legal disciplines. The Day Pitney team representing Omni America was led by partner Craig Gianetti and associate Brooke Luxenberg Kaplan and includes partners Stephen Ziobrowski on tax matters, Judith Blank on public finance and David Waizer on corporate matters; and associate Luke Pontier on real estate matters.
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Boston attorneys William Pezzoni, Jared Ross and Justin Hannan gave a presentation on Qualified Opportunity Zones (QOZs) before Chamber of Commerce and City Economic Development members in New Bedford, MA.
On June 6, Von Sanborn will serve as the moderator at an Opportunity Zones program presented by the National Association of Corporate Directors (NACD) Connecticut Chapter and held at the Shore & Country Club in Norwalk, CT.
Beth Barton spoke on a plenary panel, "Hot Topics in Sustainable Redevelopment Throughout the Northeast," at the 10th Annual Northeast Sustainable Communities Workshop (NSCW) presented by the Brownfield Coalition of the Northeast and held at the New Jersey Institute of Technology in Newark, NJ.
Day Pitney attorneys Von Sanborn and Justin Hannan will be speaking at "Qualified Opportunity Funds – A Primer for Attorneys," a program presented by the Boston Bar Association (BBA).
Day Pitney Press Release
Craig Gianetti, a partner in Day Pitney's Real Estate & Land Use group, has been elected to serve as Vice Chair of the Land Use Law Section of the New Jersey State Bar Association (NJBSA).
Day Pitney Press Release
Peter Wolfson was mentioned in an article, "Over-Capacity Crowd for Madison Historic Preservation Commission's Hearing on Proposed Movie Theater Redevelopment," published by Tapinto.net.
Kate Coffey was mentioned in an article, "Planning Board Grants Preliminary Approval for Assisted Living Facility," published by centraljersey.com.