Pryor Cashman represented Emigrant Realty Finance in connection with the extension of a $25,000,000 note financing with respect to property located in Brooklyn which is entered into the Brownfield Cleanup Program and which is entitled to Brownfield Redevelopment Tax Credits. This was an extension and increase of existing financing between the parties. The transaction closed on January 11, 2019.
Representing Emigrant Realty Finance on the transaction were Ronald Kremnitzer, co-chair of the firm's Real Estate Group, along with partner Joseph Brasile, and associates Michelle Blanter and Ari Buchen.
The firm also represented Emigrant in connection with a $45,000,000 note financing of a 2 phase multi-family development project in Harrison, New Jersey. Phase 1 is comprised of over 200 approved residential units and phase 2 will be comprised of over 400 approved residential units. The financing closed on December 5, 2018.
Kremnitzer, Brasile and Blanter advised on the deal.
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