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.
In May 2023, Day Pitney represented a state pension fund in connection with a $1 billion investment in an open-ended "fund of one" formed by an asset management company focused on acquiring below investment-grade broadly syndicated loans through an intermediate bankruptcy remote holding company.
On June 2, Day Pitney is sponsoring the United Way of Northern New Jersey's 2023 United Way Legacy Event hosted by the Commercial Real Estate Network.
Day Pitney Real Estate Partner April Condon was featured in the Connecticut Post article, "Connecticut's Office Market Is 'Going to See Some Pain' Experts Say," discussing the Connecticut commercial real estate industry.
Day Pitney Real Estate Partner Daniel Diaz Leyva was featured in Florida Bar News for being named to The Fund President’s Circle, which recognizes the top 100 member firms based on policies remitted in 2022.
Day Pitney Multistate Tax Practice Chair Scott Brian Clark was recently appointed to Bloomberg Tax's State Tax Advisory Board.
Day Pitney Land Use team represented Spring Grove Property LLC before the Borough of New Providence Board of Adjustments in its application for amended site plan, conditional use and variance approval in connection with an addition to its existing nursing home facility, to provide for on-site dialysis and more private rooms.
Day Pitney New Jersey Real Estate Counsel Amanda M. Curley has been awarded the contract to serve another year as the Hudson County Planning Board Attorney.
Day Pitney Partner Namita Tripathi Shah was featured in the Diverse Lawyers Network newsletter for her election to the firm's Executive Board.
Day Pitney New Jersey Partners Katharine Coffey and Craig Gianetti's appointment to co-chair of the Real Estate and Environmental practice was featured in Law360 article, "Day Pitney Names Real Estate, Environmental Co-Chairs in NJ."
Day Pitney New Jersey Partners Katharine Coffey and Craig Gianetti's appointment to co-chair of the Real Estate and Environmental practice was featured in Real Estate NJ article, "Coffey, Gianetti Named Co-Chairs of Day Pitney Real Estate and Environmental Group."