Month: October 2022

While the third quarter of 2022 was filled with uncertainty caused by rising interest rates, the Murphy Schiller & Wilkes (MSW) transactional team remained incredibly busy, helping our clients close significant deals, both locally and nationally.

In Q3 2022, the firm represented the following:

• National bank in connection with a $125,000,000 revolving credit facility to a company in the Mid-Atlantic region.
• National lender in connection with $50,000,000 in term debt secured by a portfolio of Class A multifamily and office assets in Mercer and Hunterdon County, New Jersey.
• International bank in connection with a $31,000,000 A Note/B Note structured mortgage loan for an apartment building in Hudson County, New Jersey.
• Seller in connection with $24,850,000 sale of hotel in downtown Pittsburgh, Pennsylvania.
• Developer in connection with a $21,000,000 purchase of development site in Monmouth County, New Jersey.
• New Jersey bank in connection with an $11,215,000 commercial mortgage loan refinance for 5 multifamily properties in Hudson County, New Jersey.
• Purchaser in connection with $6,900,000 acquisition of 85,350 SF mixed use building in Windsor Locks, Connecticut.
• Negotiated sale-lease back transactions for real estate management firm for properties in Sarasota, FL, Rockledge, FL, Medley, FL, Tampa, FL, Tupelo, MS, and Columbia, SC.

Murphy Schiller & Wilkes LLP (MSW) recently represented Birdsmouth Beer in connection with a 12,080 square foot lease at Fort Monmouth. The new space will be used as a beer production facility and tasting room. Real Estate NJ’s article on the deal can be found here: https://re-nj.com/craft-brewery-tasting-room-set-to-open-new-12000-sq-ft-location-at-fort-monmouth/

On Thursday, September 29th, MSW Commercial Real Estate and Environmental Teams closed JD Group’s purchase of the bankrupt Farmland Dairies site located on Morris Avenue in Newark’s Central Ward.

The client plans to redevelop the property into a 6-story, 178-unit multi-family development, replacing the dilapidated structures and blight with new housing and retail amenities. The firm’s real estate team, led by Pamela Hoff, secured support from the City of Newark to address a long history of land use violations that plagued the site and worked through bankruptcy challenges to get to a quick closing.

Susan Karp, who leads the firm’s Environmental practice group, led JD Group’s assumption of a complex multi-phased environmental cleanup under a guaranteed fixed-price cleanup contract funded by Farmland.

Due diligence assistance was provided by James Moran of Terraphase Engineering.