AT A GLANCE
494 Broad Street
Newark, NJ 07102
Year founded: 1989
Number of attorneys: 70
Number of attorneys involved in commercial real estate in New Jersey: 14
Areas of expertise in real estate: Commercial Real Estate and Redevelopment, including, but not limited to, commercial financing, commercial leasing, land use and zoning, redevelopment agreements and public incentives, including tax abatements and state and federal incentives.
OUR CLIENTS


Chair, Commercial Real Estate & Redevelopment
Genova Burns represents a broad range of clients with a diverse class of asset types in the real estate industry, from local, regional and national developers, commercial lenders and financial institutions to property owners, landlords, tenants and borrowers. Our clients are engaged in all aspects of real estate development, construction, leasing and financing across all sectors. The core of our client base includes multifamily and mixed-use property owners and developers, private equity investors and joint ventures, national as well as local retail businesses, and owners and operators of office, industrial and retail properties, all having or seeking to establish a presence in the local marketplace.
ON THE HORIZON


As the State of New Jersey rolls out a host of new incentives programs, we anticipate that clients will be interested in determining how their projects may benefit from them. We have found that government incentives, including grant and tax credit programs, have become a crucial component of a capital stack to fill financing gaps in projects of all sizes. Understanding these incentive programs can make the difference between a project that fails or stalls and a project that succeeds, and our clients will want to work with trusted advisors to help navigate the often-confusing process.
TRANSACTION SPOTLIGHT


We recently worked with a client that had a large, well-situated piece of land that was underutilized and underperforming. The client had multiple considerations that needed to be addressed, including the need for immediate funds to be used towards renovations on another aged property. There also was a reluctance to sell the land, both for historical and personal reasons, since the land already provided a small rental stream and served as parking and a venue space.


Instead of a fee simple sale of the property, the transaction was structured as a long-term ground lease. This allowed the client to retain ownership and receive a reliable rental stream, while providing the ground lessee with sufficient interest in the land to finance its project. The client’s more project-specific issues were addressed by structuring the deal around the client’s needs — to address the immediate need for funds, a large, upfront payment was required after the developer ground lessee reached certain approval milestones, and the lease drafted to ensure the client could continue to use the property for parking and venue space after construction.