Indigo Blue Hotel Development Project

Indigo Blue Hotel Development

Love and Long, L.L.P. represented Brick City Development Corporation, Newark’s economic development catalyst, in the partial financing of the $29.2 million renovation of the First National Bank Building into a 12-story hotel to be rehabilitated in a manner that qualifies for the historic rehabilitation tax credit allowed for qualified rehabilitation expenditures incurred in connection with the “certified rehabilitation” of a “certified historic structure” pursuant to the Section 47 of the Internal Revenue Code of 1986.

The firm prepared documents to effect aspects of the transaction. The firm negotiated the UEZ loan with the owner, the guaranty of gap financing with the senior lender, the subordination, non-disturbance and attornment agreement among the borrower, the historic tax credit pass-through lessee and BCDC, and the subordination and intercreditor agreement with the senior lender.