TICK,TICK,TICK: Christie Bridge Jam INQUIRY TO PROBE $1 Billion Projects

[rocktivity]

5. CUE THE VONAGE THEME!

Last edited Wed Jan 14, 2015, 01:13 AM - Edit history (11)

And I'll raise you an "absolutely fabulous, sweetie darling!"


I am VERY interested in the financing deal for the Ft. Lee development, especially since it wasn't completed until right after the lane closures after a "delay."

From a Tucker Development press release (circa 2011):

Construction will begin sometime in 2012, with completion 18 months later...The agreement resolves several disputes among the developers and the borough regarding what was known as Redevelopment Area 5...

Under the agreement, Tucker will redevelop the West Parcel; and FLRA...comprised of SJP Residential Properties, Bergen County attorney James Demetrakis and a private equity fund managed by Palisades Financial...(will redevelop) the East Parcel.

Tucker acquired the western portion of the site in 2009, and submitted proposals to the borough for the redevelopment of that portion of property...

From a Tucker Development press release, Oct 16 2013

A joint venture partnership of affiliates of Tucker Development Corporation, Ares Management and Kushner Real Estate Group (“KRE Group”) announced today that it has secured $218 million in financing for Phase I of Hudson Lights, a large-scale, one-million-square-foot mixed-use redevelopment of a prominent eight-acre site located at the base of the entrance to the George Washington Bridge in the heart of downtown Fort Lee, N.J...

The U.S.-based unit of international real estate services firm, Savills, arranged the debt and equity capitalization, including a $117 million construction loan provided by Sovereign Santander Bank.

Why would "Governor Soprano" do anything to jeopardize the development -- because HIS financial backers weren't getting a piece of the action?


rocktivity

P.S. The fire in Seaside Heights was officially deemed to be an accident. Seaside has a Democrat mayor. Maybe the Feds should double check that as well.