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.
On November 18, the Morris County Bar Association will hold their 2020 Legalpalooza.
Christopher Stracco and Katharine Coffey co-authored article, "COVID-19 and Its Impact on Real Estate," for the Real Estate Finance Journal.
Day Pitney Alert
Day Pitney Alert
Due to the COVID-19 pandemic, this year's annual Day Pitney Palm Beach Family Office Forum, which had originally been scheduled for April 28 and 29, has been postponed to hopefully be rescheduled for later this year.
Day Pitney Press Release
Craig Gianetti, a partner in Day Pitney's Real Estate & Land Use group, has been elected to serve as Chair of the Land Use Law Section of the New Jersey State Bar Association (NJSBA).
Jay Mussman authored an article, "Real Estate Considerations," published by South Florida Business Wealth.
Craig Gianetti is featured in a Market Forecast special section in the January 2020 issue of Real Estate New Jersey.
Day Pitney LLP announced today that April F. Condon has joined the firm as a partner in the Real Estate and Environmental group in its Stamford office. She joins from Robinson & Cole LLP.