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
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).
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.
Jared Ross was quoted in an article, "Ultra-Rich Scout Direct Real Estate Investments," published by Banker & Tradesman.