Scarinci Hollenbeck Partner Robert Marsico represented TD Bank, N.A. as the Administrative Agent and lead lender in connection with a $75,000,000 construction financing loan to Towne Centre Urban Renewal Company, LLC for the construction of a major redevelopment project in Cliffside Park, New Jersey.
Cliffside Park’s $140M Towne Centre project is expected to start next month, according to The Record. The mixed use project will contain more than 270 residential units, with nearly 50,000 square feet of retail and office space. The Towne Centre project has been on the drawing board since at least 1999 and will cover a 3.3 acre site on Anderson Avenue. As part of the transaction, the Borough of Cliffside Park will be provided with a 190 space parking lot facility. The project will also include a public space outdoor plaza with a fountain and outdoor seating.
Mr. Marsico drafted and negotiated the sophisticated ground lease mortgage loan documentation and worked with counsel for the developers. He also worked with representatives of the Borough of Cliffside Park to resolve the terms of the complex redevelopment agreement for the site, and to finalize the provisions of a long term ground lease between the city and the development entity.
He comments, “It was a pleasure to be able to represent TD Bank, N.A. on this matter and to participate in the redevelopment process of an important property in the Borough of Cliffside Park. It was especially satisfying to see the developers and town officials work together with our client, TD Bank, N.A. to drive forward a beautiful addition to the municipality. We at Scarinci Hollenbeck were happy to be able to assist TD Bank, N.A. in providing the necessary financing to move the project forward.”
The Towne Centre is estimated to take between 18 – 24 months to complete.
Robert A. Marsico is a real estate and commercial transactions lawyer at Scarinci Hollenbeck. He holds more than 30 years of legal experience and represents a wide variety of financial institutions, corporations and entrepreneurial clients throughout the region. He can be reached at rmarsico(at)scarincihollenbeck.com or 201-896-4100.