Month: October 2021

On Thursday, October 21st, the Newark Zoning Board of Adjustment approved plans to permit the construction of a new 4-story mixed-use structure, with twenty-seven (27) residential apartments over ground floor commercial and basement parking in the R-4 (Low-rise Multifamily Residential) Zoning District.

Roosevelt J. Donat, Esq. led the firm’s successful efforts on behalf of the development team, which included Derek Garlick from Derk Garlick Architects LLC, engineer George Gloede from G. Gloede & Associates, and professional planner Matt Flynn from John McDonough Associates.

On Thursday, October 14th, the Bordentown Planning Board approved plans to permit the construction of a 104,030 square foot self-storage facility in the AH-1 Affordable Housing Overlay Zone. The Board granted Preliminary and Final Major Site Plan approval, along variance and waiver relief.

Chris J. Murphy, Esq. led the firm’s successful efforts on behalf of the development team, which included Jeffrey Martell of Stonefield Engineering, Louis Vandeloecht of GMA Architects, and Creigh Rahenkamp of Creigh Rahenkamp & Associates.

Despite continued uncertainty in the commercial real estate market due to the COVID-19 pandemic, the Murphy Schiller & Wilkes (MSW) transactional practice groups have had an incredibly busy third quarter. Having closed major transactions in multiple jurisdictions over the past three months, the firm predicts an increase in transaction volume in the coming months, as clients look to close transactions before the end of the year.

We have recently represented the following:

• Seller/Developer in connection with $162,000,000 land sale and development agreement for industrial park property in Gloucester County, New Jersey.
• Seller in connection with $85,000,000 sale of 392,000 SF industrial facility in Devens, Massachusetts.
• Borrower in connection with $53,000,000 refinance of mixed-use development in East Orange, New Jersey.
• Purchaser of $20,000,000 portfolio of three (3) commercial loans secured by properties in Colorado, North Dakota and Texas.
• Purchaser in connection with acquisition of $18,150,000 portfolio of five (5) NNN Federal Express facilities in Connecticut, Massachusetts, New York and Rhode Island.
• Borrower in connection with $14,850,000 refinance of industrial facility in Brooklyn, New York.
• Borrower in connection with a $10,500,000 permanent mortgage loan from a leading national life insurance company for a multifamily development in Essex County, New Jersey.
• Borrower in connection with a $8,400,000 increase to a $48,500,000 senior lien term loan secured by business assets and 11 real estate assets located in Illinois, Michigan and Arizona.
• Commercial real estate investor in connection with a $7,500,000 purchase and lease back of a Bergen County, New Jersey office property.
• Buyer in connection $5,800,000 acquisition and financing of 120-unit apartment complex in Davenport, Iowa.