Deal Announcement - Tony Coscia, Chuck Liebling and Team Close $300 Million Financing of Rutgers University Redevelopment Project
The firm's long-time client, the New Brunswick Development Corporation, closed on its financing for a $300 million redevelopment project, the largest in its history. The project, when complete, will transform Rutgers University's New Brunswick campus, bringing: a new 175,000 square foot academic building for the Rutgers University School of Arts & Sciences; a separate building consisting of a 500-bed residence hall for Honors Students; a 500-bed apartment-style residence building comprised of apartments for Rutgers University students as well as 13,000 square feet of retail space and a public plaza; and a 300-space multi-story parking structure and surface lot. The project also includes a new administrative and classroom building, chapel and 10 student apartments for the New Brunswick Theological Seminary. The transaction, headed by Tony Coscia and Chuck Liebling, included: a tax-exempt bond sale in the amount of $237 million and a master lease of the facilities to Rutgers, overseen by John Bitar; the acquisition of multiple parcels and the negotiation of development agreements, ground leases and facility licenses, handled by Michael Brenna; and the sale of $33 million in Urban Transit Hub tax credits, handled by Julie Tattoni; all ably assisted by Lana Dubiago. Gary Walsh, Julianne Befeler, Kaylie Lotzof, Taila Martin and Julian Buchbinder also provided transaction support.
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