With a background in commercial real estate, Stephen Urban counsels clients on a broad range of transactions encompassing the purchase and sale, financing, leasing and associated issues relating to various property types. Buyers and sellers alike value his extensive experience and cost-effective solutions related to difficult or complicated matters such as property flips, acquisitions of property for development, umbrella partnership real estate investment trusts, tax deferred contributions to private equity funds, sale-leasebacks, 1031 exchanges, and complex property covenants and easements.
Steve also frequently represents landlords and tenants in connection with a variety of commercial lease and sublease transactions involving office, warehouse and retail sites, including retail ground leases. In addition, borrowers seek his strategic advice regarding construction loans, purchase money financing and other commercial loan transactions.
In representing clients, Steve understands that his role is to facilitate the deal. He adheres to the philosophy that clients are best served by quickly reaching a fair agreement that meets the needs of all parties involved, not endless posturing and negotiation. Having represented sellers and buyers, landlords and tenants, and borrowers and lenders throughout his career, Steve can efficiently address the issues that are important to both sides, while still protecting his clients’ interests.
- Represented a land trust in connection with a property acquisition
Sales and Acquisitions: Represented sellers and purchasers in a wide range of commercial real estate transactions, including sales and acquisitions of office buildings, residential subdivisions, retail sites, and vacant land. Representative transactions include:
- Represented a developer in connection with the acquisition of a redevelopment area for development as a residential project, including acquiring development rights from a prior redeveloper, entering into contracts to acquire the properties, and drafting joint venture documents with the entity that co-developed the property.
- Represented a corporation in connection with the acquisition of a 400,000 square foot corporate headquarters.
- Represented a developer in connection with the flip of 15 residential subdivisions to a national homebuilder expanding into the New Jersey market.
- Represented real estate portfolio in connection with the acquisition of 10 industrial properties having an aggregate sales price of over $100 million.
- Represented major financial corporation in connection with the sale of a former corporate headquarters to a pharmaceutical company, where the $150 million mortgage debt assumed by the purchaser exceeded the $80 million purchase price.
- Represented a property owner in connection with the tax deferred contribution of a shopping center to a real estate investment trust.
- Represented private equity fund in connection with tax deferred contributions of various properties to the fund.
- Represented a purchaser in connection with the $12 million sale/leaseback and financing of two supermarket sites.
Leasing: Represented landlords and tenants in connection with a variety of commercial lease and sublease transactions involving office, warehouse and retail sites. Representative transactions include:
- Represented a university in connection with the ground lease, development and use of a major branch campus to be used as a school of medicine.
- Represented a shopping center owner in connection with the lease-up of a vacant retail center with national tenants.
- Represented a company in connection with the leasing of a 305,000 square foot industrial facility to be used as its configuration center.
- Represented a ground landlord in connection with a default by a hotel ground tenant.
- Represented a computer company in connection with an 89,000 square foot office and warehouse lease.
- Represented a property owner in connection with the ground lease of a 100,000 square foot big box retail site.
- Represented a landlord in connection with a 95,000 square foot office lease.
- Represented a wireless company in connection with master leases for nationwide wireless antenna sites.
Finance: Represented borrowers and lenders in connection with commercial loan transactions, including construction loans, acquisition financing and purchase money loans between sellers and purchasers, and defeasance transactions. Representative transactions include:
- Represented a shopping center owner in connection with a $133 million loan from a securitized lender.
- Represented a shopping center owner in connection with the $56 million financing of a big box retail center.
- Represented a public agency in connection with a $6 million subordinated loan to finance construction of a hotel project.
- Represented a company in connection with a $175 million credit facility secured by its accounts receivable and inventory.
- Represented a lender in connection with an $8 million construction loan secured by a leasehold interest in property.
- Represented a lender in connection with a $6 million loan for acquisition of a car dealership site.
- Represented a nonprofit corporation in connection with a $2.25 million bond financing.
- Represented a computer company in connection with a $20 million unsecured line of credit.
- Represented a borrower in connection with a $6 million securitized refinancing of a supermarket.
- Represented a purchaser in connection with a $19 million purchase money loan by a seller of an industrial park.
Other: Represent clients in connection with other real estate related matters, including the real estate aspects of litigation, bankruptcy and corporate transactions. Representative matters include:
- Represented a developer in connection with contributing its shopping center property to a joint venture for the subdivision and development of the property as multiple residential towers.
- Represented a joint venture partner in connection with the real estate aspects of a $200 million corporate joint venture.
- Represented a major corporation in real estate aspects of $700 million asset acquisition.
- Represented a creditors' committee in a major bankruptcy involving the liquidation of over 300 properties.
- Represented a developer in connection with the creation of park covenants for a 400-acre industrial park.
Professional and Community Affiliations
- NJ State Bar Association
- Board of Elders, First Presbyterian Church, Caldwell, New Jersey, Personnel Committee
- Board of Directors, INROADS New York/New Jersey, Inc. (1999-2014)
- National Association of Office and Industrial Properties, New Jersey Chapter
- “Solar Energy, Sunrise or Sunset?” Development of solar Projects, Roseland, New Jersey (January 16, 2013)
- "Legal Aspects of Solar Energy Systems," New Jersey Institute for Continuing Legal Education (October 19, 2011 and October 26, 2011)
- “What to do When Your Tenant or Landlord Files For Bankruptcy,” Newark, New Jersey (June 2, 2010)
- Moderator, “Handling Current Commercial Landlord Tenant Issues,” West Orange, New Jersey (May 12, 2010)
- “Deferral of Capital Gains by Contributing Property to Private Equity Partnerships, DownREITS and UPREITS,” Philadelphia, Pennsylvania (October 28, 2007)
- "Real Estate Development From Beginning to End," East Brunswick, New Jersey (October 6, 2005); Mount Laurel, New Jersey (November 16, 2005)
News & Insights
- The Best Lawyers in America©, 08.15.2018
- Super Lawyers - Thomson Reuters, 03.19.2018
- 2011 Super Lawyers: 20 Connell Foley Attorneys, Top 50 Women New Jersey Super Lawyers, and Rising Stars04.29.2011
- New Jersey Lawyer Magazine, 12.2009
- Real Estate Weekly, 08.2009
- Lorman Educational Services, 2005
- New Jersey Law Journal, 06.2005
- New Jersey Law Journal, 03.2005
Best Lawyers in America (2018, 2019)
- Real Estate Law
New Jersey Super Lawyers (2008-2018)
Cornell Law School (J.D., cum laude, 1990)
Cornell University (B.S., Mechanical Engineering, 1986)
- New Jersey
- United States District Court for the District of New Jersey