Represented a financial partner in connection with a joint venture transaction involving the development of a new headquarters building in the Mid-Atlantic region for a division of major publicly traded corporation and the representation of the joint venture in connection with a construction loan for the development.
Represented a buyer in its joint venture with a sponsor to develop a 324-unit multifamily property in Summerville, SC, and also handled the construction loan financing and the negotiation of the various construction agreements.
Represented the Cantor Silverstein Opportunity Zone Trust in the development and financing of 3.0 University Place, a 250,000 sq. ft. life sciences, commercial lab, retail, and office building in West Philadelphia. This development supports Philadelphia's burgeoning life sciences sector and includes long-term space for established research institutions as well as a floor dedicated to pre-built "Growth Pods" with short-term and flexible leases for smaller-scale life science companies.
Represented Safehold, Inc., a publicly traded corporation that originates real property acquisition and ground lease transactions, in connection with construction financing for a modular student housing project located at 1598 University Avenue in Berkeley, CA. As lead transactional counsel for Safehold, the landlord/lender, Cozen O’Connor drafted and negotiated the purchase and sale agreement, ground lease, the development agreement, and related ancillary documents; construction loan documents; general contractor contract; and negotiated recognition agreements with the preferred equity investor. Further, given that the project involves modular construction, a large portion of the development costs is budgeted for modular student housing units that will be fabricated off-site. Accordingly, Cozen O’Connor negotiated the modular unit subcontract and drafted and negotiated bespoke security agreements. This matter required complicated maneuvering to ensure that each capital source fits within the overall transaction structure.
Represented the equity investment partner in a joint venture with development partners in the rezoning, entitlement, development, and construction financing (mortgage and preferred equity) of a 26-acre, for-rent, mixed-residential development project in Texas that includes 192 mid-rise apartments, 28 townhouses, and 94 single-family homes with eight acres of dedicated greenspace/wetlands.
Represented the equity investment partner in a joint venture transaction with a development partner in connection with the demolition of an industrial building in Los Angeles that also involved the rezoning, entitlement, development, and construction financing of 376 low-income housing units as well as 6,500 sq. ft. of retail space. With the project subject to Housing Authority of the City of Los Angeles vouchers, Los Angeles land use restrictive covenants, and California Revenue and Taxation Code (Section 214(g)) real estate tax exemption criteria, the representation involved negotiating real estate tax exemption documentation, a guaranteed maximum price construction contract, not-for-profit welfare asset management participation, public sector welfare subsidy investment, environmental remediation, and construction loan documentation.
Representing Safehold, Inc., a publicly traded corporation that originates real property acquisition and ground lease transactions, in connection with a complicated and highly structured parcel assemblage, acquisition of parcels (from multiple third parties), and creation of a ground leasehold estate for The Hunter Apartments, a new, ground-up multifamily development in Colorado Springs, CO. The $89 million transaction required innovative structures to balance the ground lessee’s and leasehold lender’s different interests.
Represented a regional developer in connection with obtaining zoning entitlements for the new construction of a 46-story tower, consisting of 213 residential units, above an existing one-story building in Center City Philadelphia. The completed project will stand among the city's tallest residential towers.
Served as land use counsel to a developer for a commercial development in the Long Island City neighborhood of Queens, including negotiating a design and construction phase agreement with Amtrak, negotiating an easement agreement with the LIRR, and bringing an action to quiet title for a portion of the development site.
Served as land use counsel to a developer for the development of a site in the Jackson Heights neighborhood of Queens, including obtaining a discretionary approval from the Board of Standards and Appeals regarding the height of the building due to its proximity to LaGuardia Airport.
Represented the lender in connection with a $48.4 million loan for a multifamily development in Bethesda, Md.
Represented a joint venture between a leading national developer/investor and a top tier local developer, as borrower, in a complex $176 million senior and mezzanine construction loan facility to fund a luxury multifamily project that is planned to be the tallest building in the State of Utah and is being built to the highest environmental standards.
Represented the developer and landlord of 385,000 square feet of industrial space to be constructed in Newark, Del., as part of First State Logistics Park, a 149-acre property the company purchased with the firm's assistance. The tenant will use the space as the site of a new production facility for a semiconductor materials unit, an expansion that will support critical semiconductor growth in the United States. The project will also include the development of parkland, walking trails, and recreational wetlands for the use and enjoyment of the public.
Represented industrial non-profit Greenpoint Manufacturing and Design Center in connection with the $118 million development of Bridge Rockaway, a unique, mixed-use affordable housing development in the Brownsville neighborhood of Brooklyn. The project utilized New Market Tax Credit financing, an Industrial Development PILOT program, Low Income Housing Tax Credit financing, state and federal grant funds and various bridge financing facilities, and involved the creation of a commercial condominium and ground lease. Combining 174 affordable apartments, 87 permanent supporting housing units for those formerly experiencing homelessness, 40,000 sq. ft. of light manufacturing space, and 11,000 sq. ft. of green space, this project is the first of its kind in the region.
Represented a joint venture between Gattuso Development Partners and an international investor in negotiating the development, with Drexel University, of a $450 million, 11-story, 500,000 sq. ft. life sciences/lab building on Drexel's campus, including ground lease negotiations with Drexel, joint venture negotiations with institutional investors, development and easement negotiations, and life sciences tenant leases. The project was named the 2022 Real Estate Deal of the Year by the Philadelphia Business Journal.
Represented a publicly traded REIT in a transaction to transform several surface parking lots shared by multiple office buildings owned by the client into canopy-style solar generating facilities (with parking beneath) to provide electrical energy for those buildings.
Represented a developer in the negotiation of a programmatic joint venture with a large, Boston-based, institutional equity investor. Represented the joint venture in the acquisition and development of the first project for the programmatic JV – a Class A life sciences building in Philadelphia.
Represented a publicly traded REIT in the negotiation of a multi-phase life sciences and residential development transaction on the campus of the University of Maryland.
Represented the lender of a $340 million construction loan financing for a mixed-use hotel condominium project in downtown Miami. The 50-story project is slated to include a 219-room hotel with 310 residential condominium units above the hotel portion, as well as ground-floor retail space that will include five restaurant and bar areas.
Represented a development partnership in connection with one of the largest real estate deals in downtown Pittsburgh in 2020. The landmark project will transform an iconic Pittsburgh department store building into the premier Class A-plus, mixed-use facility in the downtown area.
Represented real estate developer Parkway Corporation in connection with the zoning, construction, leasing, and $187 million financing of a new office tower at 2222 Market Street in Philadelphia. The 19-story tower has 305,000 square feet of rentable space.
Represented the Grand Avenue Joint Powers Authority (JPA) in connection with the development of The Grand Avenue project, which is transforming the Bunker Hill area of downtown Los Angeles, for more than a decade. Served as lead outside counsel for the JPA in connection with the development of the Broad Museum, the Emerson Apartments, and a $1 billion multi-use high-rise development on property owned by the County of Los Angeles and the successor to the Los Angeles Community Redevelopment Agency.
Represented Greenpoint Manufacturing and Design Center Local Development Corporation in the acquisition, development, and financing of an 85,000 sq. ft. manufacturing facility in Queens, N.Y. The cost of the acquisition and development of the Ozone Park project is an estimated $40 million. The project was financed through several incentive programs, including New Markets Tax Credit financing, Historic Tax Credit financing, grant funds from New York City's Economic Development Corporation, grant funds from the State of New York, Industrial Development Agency tax benefits through a PILOT program, and bridge financing through the New York City Partnership Foundation.
Represented a suburban Philadelphia real estate development company in the multi-hundred million dollar redevelopment of a 55-acre industrial facility site in Southeastern Pennsylvania, which had been converted to and partially occupied as offices and retail outlets, into a mixed-use Class A office, specialty use, and retail development, including negotiating the site acquisition, tenant lease terminations and relocations, major tenant build to suit leases, and a series of project financing.