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Posted: September 24, 2012
Marzetti of Paul Hastings leads counsel team for Acadia-Washington Square Albee LLC
Paul Hastings LLP represented Acadia-Washington Square Albee LLC, an affiliate of Acadia Realty Trust, as special tax counsel in connection with new markets tax credit financing for its City Point development, a 1.8 million gross s/f transformative retail and residential complex in Downtown's Fulton Mall shopping district.
The $20 million tax credit financing will be used for the retail component of the second phase of City Point's three-phase development. The second phase will include the development of 650,000 gross s/f of retail space as well as almost 700 units of market rate and affordable housing.
The City Point development is expected to revitalize downtown Brooklyn and create thousands of jobs.
Tax partner Philip Marzetti led the Paul Hastings team.
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