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    Hoboken Office | 201-656-0115

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  • The Borough of Collingswood

    Parkview Redevelopment Housing Project:

    In 1996, the professionals at NW Financial advised both the Borough of Collingswood and the CCIA in connection with the issuance of the $50,400,000 Revenue Bonds, Variable Rate Demand Obligations(Parkview Redevelopment Housing Project) Series 2006. The financing plan also included the issuance of a $7m taxable debt by the Borough of Collingswood for the project.  The proceeds of the bonds issued by both the Borough and the CCIA were used to make a loan to GE Parkview Urban Renewal, LLC (“Borrower”) to finance the acquisition and rehabilitation of a multi-family rental housingproject located in the Borough of Collingswood, NJ. Both the Borough and GECapital were owners of the GE Parkview Urban Renewal, LLC and both participated in the revenues realized when the rehabilitated Parkview Apartment Complex was sold by the Borrower in 2008.  The CCIA bonds were structured as variable rate demand obligations which will bear interest at a variable rate determined on a weekly basis. The bonds are secured by revenues and assets of the trust estate under the Indenture. Furthermore, credit enhancement and liquidity support for the bonds was provided by Fannie Mae.  The Borough bonds were structured as fixed rate taxable bonds.

    Lumber Yard Redevelopment Project:

    In 2010, NW assisted the Borough of Collingswood with the renegotiation of terms and conditions of the outstanding bank loan and outstanding redevelopment agreement in connection with the Borough’s Lumber Yard Redevelopment Project.  The project consists of market housing, retail and office space in downtown Collingswood.  The Borough is an active partner in the redevelopment providing infrastructure improvements and guarantees on the outstanding bank construction loan. The renegotiation of the terms and conditions was the result of the economic downturn and the impact of the downturn on the project revenues and schedule for completion. The scope of work included a review and analyses of project cash flows, project construction costs, projected project revenues, projected tax revenues, Pilot payments, and Borough and developer equity.