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Professional Spotlight
FBT GIBBONS
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 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’ 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
One Gateway Center
1145 Raymond Plaza West
Newark, NJ 07102