Firm Closes Three LIHTC Deals in Three Weeks
Day Pitney LLP represented Broad Hill Partners in connection with its financing for the construction of an affordable housing development known as City Hall Apartments, located in Newark, NJ.
The transaction was financed in part using 9% federal Low Income Housing Tax Credit (LIHTC) that will be used to construct an 84-unit mixed-income project, of which 55% of the apartments will be restricted for affordable housing, and approximately 9,000 square feet of commercial space. In addition to the LIHTC tax credit equity, the developer received private construction financing and a Freddie Mac Permanent DUS loan.
The Day Pitney team representing Broad Hill Partners was led by partner Craig Gianetti and associate Megan Bedell.
This transaction marked the third LIHTC deal closed by Day Pitney in as many weeks. At the end of August, Day Pitney, led by Gianetti, represented Omni America LLC in connection with its acquisition and financing of the Garden Spires and Spruce Spires public housing complexes in Newark, NJ, which included approximately $49 million in LIHTC, among other financing sources. The related press release can be viewed here.
Combined, the deals involved over 700 apartments and over $200 million dollars in financing.
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.
New Jersey real estate partner Craig Gianetti will participate in a robust webinar hosted by the New Jersey Builders Association, exploring the multitude of issues that builders and business owners face due to the COVID-19 health emergency.
Day Pitney Alert
Luke Pontier and Nicole Magdziak co-authored an article, "A Cautionary Tale of Orphan Signature Pages," published in the Fall 2019 issue of Dimensions, a newsletter of the New Jersey Builders Association.
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.