AT A GLANCE
One Gateway Center
1145 Raymond Plaza West
Newark, NJ 07102
OUR EXPERTISE
Representing corporations, lenders, owners, developers throughout the region in buying, selling, leasing, financing real estate; zoning, planning, permitting for development, redevelopment, public/private infrastructure projects
OUR CLIENTS
Our clients are innovative developers, property owners and investors undertaking transformative, multibillion-dollar projects, changing landscapes in Newark, Jersey City, Hoboken, Atlantic City, Asbury Park and along the Raritan and Delaware Rivers. They’re also industry leaders in other sectors, including health care, manufacturing, logistics and education, looking to further their missions by improving their real estate portfolios or expanding their holdings.
PROJECT SPOTLIGHT
FBT Gibbons served as lead counsel to Panepinto Properties, a leading Gold Coast developer, in a multilayered transaction involving the acquisition and capitalization of Harborside 8 and 9, an approximately four-acre mixed use site on the waterfront of Jersey City, New Jersey. FBT Gibbons guided Panepinto and its joint venture partners through the acquisition of the property from affiliates of Veris Residential, overseeing the deal structuring, diligence and closing required to complete the acquisition and advance plans for vertical development at Harborside 8, a proposed 678-unit multifamily tower along the Hudson River waterfront with an estimated total project cost of approximately $450 million. Given its complexity, FBT Gibbons worked with Panepinto Properties on its pursuit of this project for over two years before finally consummating this significant transaction.
On the financing, FBT Gibbons provided comprehensive support across the project’s capital structure, representing Panepinto in securing from Kennedy Wilson an approximately $300 million senior construction loan and an approximately $80 million in preferred equity financing through affiliates of Affinius Capital. With respect to the structuring and redevelopment entitlements, FBT Gibbons guided the client on the formation of a commercial condominium to permit the separate ownership of each phase of the project as well as the negotiation of two separate redevelopment agreements and other ancillary documents with the Jersey City Redevelopment Agency required to permit this landmark phased development to proceed.
Attorneys from FBT Gibbons’s Real Estate and Corporate Departments worked together to negotiate and finalize the loan documents, preferred equity agreements and the joint venture between Panepinto and its joint venture partners, addressing inter-creditor issues, governance matters and other components necessary to complete the financing. The firm’s coordinated, multidisciplinary approach was essential to overcoming the structural complexities of this high-value development financing and achieving a successful closing.
ONE MORE THING
FBT Gibbons offers multidisciplinary services statewide, from Bergen to Atlantic counties and all points between, addressing all aspects of real estate development deals. Our team provides a full complement of services to take our clients’ projects from concept to construction and beyond, including:
- Transactional: Purchases, sales, leasing, financing
- Redevelopment: Redevelopment property designation, adoption of redevelopment plans, redevelopment agreements, financial agreements (PILOTs), special assessment agreements, Redevelopment Area Bonds (RABs)
- Land use and permitting: Appearances before planning boards, boards of adjustment, county planning boards, state agencies
- Appeals: Representation in actions in lieu of prerogative writs, Appellate Division and Office of Administrative Law
