Day Pitney Successfully Represents The Richman Group in Obtaining Approval for Affordable Housing Project
A Day Pitney team led by Craig Gianetti recently represented Vista at Old Bridge LP, a subsidiary of The Richman Group (TRG), in obtaining approval from the Old Bridge, NJ planning board for a project to build 72 affordable housing units consisting of three, three-story buildings with 24 rental units. Vista at Old Bridge is a contract purchaser of a portion of the property, which is currently owned by Old Bridge Housing Authority. The deal was featured on MyCentralJersey.com, part of the USA Today Network, in the article, "Old Bridge Approves Affordable Housing Project with Disabled Veterans in Mind."
This is one of three matters in which Day Pitney has represented TRG in the past three months. The second project was the closing of title and financing for the construction of Allenwood Terrace, an 85-unit senior affordable housing development in Wall Township, NJ. For two years prior, Day Pitney represented TRG in obtaining rezoning and development approvals along with negotiating a payment-in-lieu-of-taxes (PILOT) with the Township. The transaction closed in June 2019.
The third project involved obtaining rezoning and development approvals for Glen Oaks, a multifamily residential project also in Wall Township, NJ, consisting of 60 townhouses and 120 apartments. The deal also included negotiating a PILOT with the Township. TRG received site plan approval for the project in June 2019.
Craig Gianetti represented TRG on these matters and was assisted by Megan Bedell on the Allenwood Terrace transaction, Nicole Magdziak on the Allenwood Terrace and Glen Oaks development approvals, and Luke Pontier on the Old Bridge redevelopment project.
Recommended
Day Pitney Press Release
Katharine A. Coffey, a Real Estate Partner, has a new leadership post after being tapped as vice chair of the firm's corporate and business law department.
Day Pitney Real Estate Partner Steven J. Wernick was featured in Miami Today article, "Wynwood Commercial Site Shifts to Hotel, Condo Units."
Day Pitney Real Estate, Environmental and Land Use co-chair Craig Gianetti was featured on WNYC Radio's Morning Headlines regarding the ruling that Millburn, NJ has lost their latest appeal to block a judge's order allowing a 75-unit all-affordable apartment development on its Main Street.
Day Pitney Real Estate Partner Daniel Diaz Leyva was featured in GlobeSt.com article, "Wealth Migration Leading to Surging Retail Demand in Florida."
Day Pitney Real Estate Partner Steven J. Wernick was featured in South Florida Business Journal article, "Wynwood Walls Creator, Developer Partner on Hotel, Condo Building."
Day Pitney Real Estate, Environmental and Land Use practice co-chair Craig Gianetti was featured in Law360 article, "Affordable Housing Law 'Streamlines' Process for Cities." Gianetti commented that the new law could positively impact affordable housing production in New Jersey, provided specific towns looking to take advantage of its provisions follow proper procedure.
Day Pitney Real Estate Partner Jared Ross was featured in the Boston Globe article "Boston's Office-to-Residential Conversion Program Has Only a Handful of Takers So Far. Here's Why."
Day Pitney Florida Real Estate chair Daniel Diaz Leyva is featured in Sun Sentinel's article titled, "Clouds Rising Over Banks? As Interest Rates Stay High, FAU Survey Handicaps Risks For Lenders With Big Books of Commercial Loans."
Day Pitney Miami Real Estate Partner Sandra Ferrera was featured in The Real Deal article "Is the Miami Hype Waning? In South Florida, Defaulted Debt Volume Skyrockets by 100%."