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Gibbons Closes $850 Million Construction Facility for JPMorgan Chase Bank, N.A.

News

March 4, 2011

A multidisciplinary team of attorneys from Gibbons P.C., led by Michael J. Lubben and Frank T. Cannone, represented JPMorgan Chase Bank, N.A., as administrative and collateral agent, in connection with a $850 million construction facility for Revel AC, Inc. The Gibbons team served as lead real estate finance counsel to JPMorgan Chase Bank, N.A. on the transaction. The loan proceeds will be used in part to fund construction of the Revel casino and entertainment complex located on a 20-acre beachfront site in Atlantic City, New Jersey.

In its news release announcing the closing of the credit facility, Revel remarked that the project is expected to open in mid-2012, “and will have broad positive employment and economic implications for Atlantic City and the state of New Jersey…Re-starting the project immediately puts 2,100 construction craftsmen and craftswomen back to work and will result in full-time employment for approximately 5,500 people.”

A multidisciplinary team of Gibbons’ attorneys from our Corporate, Land Use, Real Estate, and Environmental practices were involved in this matter. Attorneys working on the matter included Frank T. Cannone, Michael J. Lubben, Douglas J. Janacek, Kevin Evans, Nancy A. Lottinville, David A. Brooks, Shepard A. Federgreen, Rogelio J. Carrasquillo, Jennifer Phillips Smith, and Marc Fitapelli.