Goulston & Storrs Represents United Communities LLC in Financing of Solar Energy Installation for Public-Private Partnership at New Jersey Military Base
February 26, 2013 – Press Releases
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Goulston & Storrs is pleased to announce that it successfully represented United Communities LLC in its role in closing a $35M financing and commencement of construction of a 12.3 megawatt solar photovoltaic energy installation for a public-private partnership at Joint Military Base McGuire-Dix-Lakehurst in Burlington County, New Jersey. United Communities serves as host of the installation as the owner and manager of the privatized military community at the base. When complete, the project will result in one of the largest military community-based solar installations in the United States.
The installation is a portfolio company of True Green Capital Management, a New York-based private investment firm specializing in asset-based investments in distributed renewable power. CIT Energy served as Sole Lead Arranger in a $24 million senior secured credit facility and financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT.
United Communities LLC is wholly owned by First Montgomery Group, a Marlton, New Jersey-based owner, operator and manager of multifamily residential communities in New Jersey, Pennsylvania and Delaware. Michael Haydinger, vice president for First Montgomery Group, remarked on this transaction: “The estimated 13.7 million kilowatt hours produced each year by the full rooftop solar system will represent roughly 40 percent of the annual electricity usage of our 2,104 military family homes at Joint Military Base McGuire-Dix-Lakehurst.”
Goulston & Storrs attorneys Lee Carter, and Peter Corbett represented United Communities LLC in this transaction.
Marty Fantozzi, co-managing director at Goulston & Storrs, commented, “We congratulate our client, United Communities LLC, on the closing of this financing and for its extraordinary efforts to bring renewable energy solutions to its community at Joint Military Base McGuire-Dix-Lakehurst. For our lawyers who focus their practice in this area, this is a ‘perfect storm’ of sorts – a public-private partnership at a military housing portfolio with the installation of advanced renewable energy technology. We are pleased to work in this space and play a role in the successful financing of such notable deals.”
The Goulston & Storrs Military Housing Privatization group, drawing upon the recognized strength of the firm’s real estate, tax and finance attorneys, represents public-private ventures, developers, underwriters and credit enhancers on the broad array of development, construction, financing, regulatory and tax implications that arise in military housing privatization projects. Our attorneys have represented developers, underwriters and credit enhancers in more than $4 billion of real estate joint venture transactions between the United States Government and private developers, including privatization of more than 40,000 housing units.
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