Jeffrey S. Beenstock

Partner

beenstock@ballardspahr.com
Tel 856.761.3417
Fax 856.761.1020
New Jersey

Jeffrey S. Beenstock is Managing Partner of Ballard Spahr's New Jersey office and a member of the firm's Expanded Board. He is a transactional real estate attorney with more than 20 years of experience representing businesses, real estate investors, developers, and lenders, as well as public sector agencies, in a range of transactions and projects. He has guided and closed a wide variety of real estate and finance transactions as well as the real estate aspects of corporate transactions, including large, high-profile mergers and acquisitions and divestitures. Although Jeff works on all types of real estate transactions, he has significant experience in affordable housing, redevelopment, leasing, and eminent domain law.

Jeff's experience includes representing developers and public housing authorities in affordable family and senior housing matters involving federal and state programs financed in part with low-income housing tax credits and other state and federal programs geared toward affordable housing. He has gained project approvals and financing for clients from the U.S. Department of Housing and Urban Development (HUD) and state agencies including the New Jersey Housing and Mortgage Finance Agency (NJHMFA), the New Jersey Department of Community Affairs (DCA), the New Jersey Economic Development Authority (NJEDA), the Federal Home Loan Bank (FHLB), and the Pennsylvania Housing Finance Agency (PHFA). He has experience with a variety of deal structures and mixed financing that combines private investment with government subsidies including tax credits, grants, and tax-exempt bonds. Jeff's multidimensional experience enables him to effectively advocate for clients through the entirety of a deal, including leasing, asset refinancing, disposition, investment, and syndication.

Jeff also represents clients in all phases of property transfer through eminent domain, starting with negotiations and continuing through litigation, if necessary. He has served as counsel to public agency condemners acquiring land as well as to condemnees from whom property is being taken. He regularly handles eminent domain property acquisitions relating to redevelopment projects.

Jeff's extensive involvement with professional, civic, and charitable organizations includes providing legal services pro bono for many years to Burlington County (New Jersey) Habitat for Humanity, assisting the nonprofit affordable housing developer with real estate finance legal issues and documents. He has also served on the board of trustees of the South Jersey Eye Center, a nonprofit organization providing eye care to indigent New Jersey residents, since 2004.

Jeff served as an elected member of the Township Council of the Township of Medford, a community of approximately 23,000 residents in southern New Jersey. Appointed to fill a vacancy in 2011, Jeff was elected in 2012, re-elected in 2013, and served until the end of his term on December 31, 2017. Under the township’s Council-Manager form of government, in which the Mayor and Deputy Mayor are chosen from Council by a vote of the members, he served as Deputy Mayor in 2015 and as Mayor in 2016. Jeff's public service began when he became involved years ago in his neighborhood homeowners’ association and was elected association president, which led to involvement with township-wide issues.

Representative Matters

  • Represented large, global chemical company in real estate component of selling a business unit for more than $500 million, a transaction in which Jeff led a team of real estate attorneys who handled the disposition of various shared business sites.
  • Represented a large, international corporation in the $25 million divestiture of defunct plant site in southern New Jersey.
  • For more than a decade, has represented the owner of multi-building office park in southern New Jersey for all leasing matters.
  • Represented owner of multi-building office park in southern New Jersey in the $56 million refinancing of its existing mortgage loan.
  • Represented industrial real estate company in the acquisition, sale, and refinancing of numerous properties in Pennsylvania, New Jersey, and Florida.
  • Represented building owner in an $18 million refinance of office building in Seattle, Washington area.
  • Represented developer and manager of major Mid-Atlantic affordable housing communities in numerous projects, including:

    – Development of a 90-unit affordable rental housing community for families, in conjunction with an urban public housing authority, with mixed financing that includes Hope VI funds, LIHTCs, federal Community Development Block Grants, and state housing agency financing.

    – Acquisition and major rehabilitation of a 64-unit affordable apartment complex in a suburb of Philadelphia, financed largely by LIHTCs.

    – Development of a 45-unit affordable apartment community in Philadelphia in partnership with a nonprofit community development corporation, using LIHTCs, a public agency loan, and land contributed by the public agency.

  • Represented another developer and manager of major Mid-Atlantic affordable housing communities in numerous projects, including:

    – Land acquisition and development of a mixed-income rental community in Central Pennsylvania, with financing to include LIHTCs as well as a county agency loan, consisting of 72 apartments in 10, two-story buildings, as well as 72 townhomes.

    – Land acquisition and development of 56 apartments and a community center in 10 buildings in a suburb of Philadelphia, with financing to include LIHTCs as well as a county agency loan.

    – A ground lease and development of 70 units of family and senior affordable housing in northern New Jersey, with financing to include LIHTCs as well as state and federal housing funds.

  • As redevelopment counsel to two New Jersey municipalities, assisted in designation of areas in need of redevelopment and acquisition of land for redevelopment projects by eminent domain or other means.
  • For more than a decade, has represented a major municipal redevelopment authority in connection with numerous financing, condemnation, and redevelopment matters, including:

    – Redevelopment by a joint venture, led by a large health system, of three different urban project areas.

    – Negotiation of redevelopment agreements and acquisition through eminent domain of land for the redevelopment projects.

    – Defense of lawsuits challenging the use of eminent domain to implement redevelopment plans for neighborhoods.

    – Serving as lender’s counsel to the agency in loans to owners of affordable housing projects.

Judicial Clerkships

Hon. Myron J. Gottlieb, Superior Court, Chancery Division, Burlington County, New Jersey



Professional Activities

American Bar Association

New Jersey State Bar Association

Burlington County Bar Association

Camden County Bar Association

Rankings and Recognition

Chambers USA: America's Leading Lawyers for Business, real estate law, 2016-2018

The Legal 500 US, Real Estate and Construction - Real Estate, 2017

Speaking Engagements

Moderator, "Repositioning & Redeveloping New Jersey Rise of the Metro Burbs!," Biznow, Holmdel, NJ, June 20, 2017

Board Memberships

South Jersey Eye Center

Syracuse University College of Law (J.D. 1993, magna cum laude)
Member, Order of the Coif; Articles Editor, Syracuse University Law Review

University of Michigan (B.A. 1990)

New Jersey

New York

Pennsylvania