Newark, NJ 07102
AT A GLANCE
Year founded: 1989
Number of attorneys: 71
Number of attorneys involved in commercial real estate in New Jersey: 12
Areas of expertise in real estate: Commercial real estate redevelopment agreements and approvals, commercial leasing and financing, site plans and subdivisions, variances, land use, zoning and permitting.
Genova Burns represents a broad range of participants 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. 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.
Our clients of Genova Burns have access to a team of attorneys that proactively interact with clients to understand their business and transactional expectations in order to develop a business-oriented, cost-effective strategy to achieve solutions for their particular real estate needs. Our attorneys take a collaborative approach with clients and their consultants to provide practical and comprehensive advice to the client drawing on the multidisciplinary expertise of our firm. The experience of Genova Burns in the regional marketplace allows us to identify opportunities and provide risk assessments associated with all aspects of a client’s real estate transaction.
A team of Genova Burns attorneys represented a syndicate of five family-owned real estate investment companies in the sale and subsequent acquisition of three multifamily projects consisting of an aggregate of 1,500 apartment units at a time in the early stages of the pandemic when the economic uncertainties in the market created challenges to the viability of the transactions. The sale of one project was linked with the $122 million acquisition of two apartment complexes, combined with one another as a single transaction for financing purposes and in order to qualify for Section 1031 treatment under the Internal Revenue Code.
The companies pooled their resources to expand their portfolio, with the acquisitions facilitated through financing provided by an institutional lender backed by Fannie Mae. Timing was critical to the client’s investment decision, as they were able to take advantage of attractive financing terms before underwriting criteria and guidance adopted by lenders tightened in response to the economic fallout associated with the COVID-19 pandemic.