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.
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."
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."
Day Pitney Partners Stephen Catanzaro, Laurence Smith, and Elizabeth Yoo were featured in New Jersey Law Journal's 2024 New Partners Yearbook, which highlights partners, including lateral partners, made or hired at New Jersey firms.
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Day Pitney Real Estate Partner Daniel Diaz Leyva was featured in GlobeSt.com article "How Debt Funds View The Market."
The arrival of New Jersey Corporate Partner Elizabeth Yoo was featured in the New Jersey Law Journal's On the Move and After Hours column.
The news of Elizabeth Yoo joining Day Pitney as a partner in the firm's Corporate practice was featured in Thomson Reuters' The Daily Docket Industry Moves column. Yoo is based in New Jersey.
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