December 18, 2023

MSW: Year-End Highlights 2023

In what was a complicated and uncertain year in the commercial real estate market, Murphy Schiller & Wilkes LLP (MSW) helped our clients close significant transactions, renegotiate loans, secure noteworthy land use approvals, and obtain tax credits for large-scale development projects. Providing a full suite of legal services to the commercial real estate industry, the firm represented a wide range of clients, including institutional funds, lenders, developers, family offices and private investors in connection with complex transactional matters, land use and zoning approvals, tax credits and incentives, distressed real estate, and litigation.

In 2023, the firm represented the following:

Transactions:

  • Private equity fund in connection with modification of $96,000,000 loan for a mixed-use medical office/multifamily building in San Francisco, CA. ($96,000,000 loan modification for mixed-use office/multifamily building in San Francisco, CA)
  • Lender in connection with the modification of a $57,000,000 loan for an office building in Arlington, VA. ($57,000,000 loan modification for office building in Arlington, VA)
  • Seller in connection with $49,500,000 sale of industrial building in Union County, NJ. ($49,500,000 sale of industrial building in Union County, NJ)
  • Seller in connection with $30,750,000 sale of hotel in Buena Vista, Florida. ($30,750,000 sale of hotel in Buena Vista, Florida)
  • Lender in connection with $25,000,000 in construction and permanent financing for a multifamily residential project in Passaic County, NJ. ($25,000,000 construction and permanent financing for a multifamily residential project in Passaic County, NJ)
  • Tenant in connection with lease of 240,000 SF industrial building in Phillipsburg, NJ. (240,000 SF lease of industrial building in Phillipsburg, NJ)
  • Landlord in connection with lease of 160,000 SF warehouse facility in Rahway, NJ. (160,000 SF lease of warehouse facility in Rahway, NJ)

Tax Credits:

  • Developer in connection with obtaining a $90,000,000 tax credit award under the Aspire Tax Credit Program for a 14-story, 350-unit multifamily development in Newark, NJ. ($90,000,000 tax credit for 14-story, 350-unit development in Newark, NJ)
  • Developer in connection with obtaining a $49,500,000 tax credit award under the Aspire Tax Credit Program for a multifamily development in Newark, NJ. ($49,500,000 tax credit for multifamily development in Newark, NJ)

Land Use Approvals:

  • Cannabis dispensaries in Jersey City, NJ.
  • Industrial Outdoor Storage (IOS) project in Woodbridge, NJ.
  • Cannabis dispensary in Newark, NJ.
  • Multifamily apartment building in Scotch Plains, NJ.
  • Cold storage warehouse in Newark, NJ.
  • Industrial Outdoor Storage (IOS) project in Newark, NJ.
  • Industrial Warehouse development in Hasbrouck Heights, NJ.
  • Multifamily apartment building in Hackensack, NJ.

Murphy Schiller & Wilkes LLP (MSW) is a boutique law firm servicing the commercial real estate and construction industries. Headquartered in Newark, New Jersey, the firm services the commercial real estate and construction industries. Through the development of comprehensive legal strategies, our team works tirelessly to create a blueprint for success and advance our clients’ interests in every matter.