In March 2020, Day Pitney represented a Connecticut-based investment management firm in connection with the formation of a single asset real estate fund to invest in a joint venture with an Asia-based family office operating partner, which manages a private investment firm specializing in equity and debt commercial real estate investments. Through the real estate fund's investment in the joint venture entity, the fund's investors would indirectly invest in multifamily apartment buildings, the purchase of which were capitalized by a senior loan. The Day Pitney team, consisting of Peter Bilfield, Eliza Fromberg and Lydia Joo Lee, advised the client on the preparation of offering documents, including a limited liability company agreement with appendices addressing risk factors, conflicts of interest and U.S. tax and ERISA considerations, and a subscription agreement. Day Pitney also negotiated the terms of the joint venture with the operating partner, formed a sub-advisory entity to be partially owned by the real estate fund's portfolio manager, and negotiated the terms of the portfolio manager's relationship with the investment manager. Tax assistance was provided by Steve Ziobrowski and Justin Hannan.
Day Pitney Real Estate Partner Steven J. Wernick is featured in RentCafe article "Unlocking Miami-Dade's Housing Potential."
Day Pitney Real Estate Partner Steven J. Wernick is featured in the South Florida Business Journal article "28-Story Tower With Over 100 Apartments Planned in Miami."
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."
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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."
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