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Housing authority approves Nokia site ownership change, sets construction timeline and financing terms
Summary
The New Brunswick Housing Authority voted to approve an ownership change and modified completion schedule for the Nokia H2 redevelopment project, accepting SJP New Brunswick LLC and a Morgan Stanley real estate investment trust as new principal owners and recording a $526 million total project cost and staged certificate-of-completion plan.
The New Brunswick Housing Authority on April 1 approved a change in the redeveloper ownership for the Nokia H2 project and authorized a two-stage certificate-of-completion and a phased construction timetable.
Counsel John Hoffman told the board the redeveloper interest will be transferred so that SJP New Brunswick LLC and a Morgan Stanley real estate investment trust will be the controlling parties. Hoffman said the authority will permit the developer to separate the certificate of completion into one certificate for the…
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