Cole Schotz P.C. represented 400 Claremont Urban Renewal, LLC in its purchase of a 2.73-acre site in Jersey City for $17 million. The Cole Schotz team advised on the acquisition and the financing of the project, as well as provided guidance on the corporate structuring and environmental remediation related to the purchase of the project at 400 Claremont Ave. The project is located in a budding West Area of Jersey City, and footsteps away from the West Side Lite Rail Station. The deal closed on August 22, 2018.
Previously the site of an Elementis Specialties, Inc. manufacturing facility, the location will be redeveloped into a residential rental building with a number of attractive amenities, parking and retail stores. The financing will allow for the acquisition of the property, the demolition of the existing structure and for predevelopment costs to be covered before construction begins at the site.
The Cole Schotz team was led by member Leo Leyva, and consisted of member Robert DiPisa and associate Jonathan Goodelman who advised on the acquisition; member Rab Nalavala and associate Eric Reisman who advised on the loan; member Jennifer Horowitz and associate Samantha Epstein who provided corporate guidance; and members Richard Ericsson and Marcie Horowitz and associate Elizabeth Bogle who assisted with the environmental work.