Daniel L. Mita is a business lawyer and advisor. His practice concentrates on real estate transactions, including acquisition, disposition, investment, financing, development, and leasing. Mr. Mita leverages his years of experience working in real estate development to advise real estate developers, financial institutions, property owners, and entrepreneurs on a host of issues, including development and land use, public and private financing structures, property acquisition and disposition, loan restructuring and workout, and commercial leasing. Mr. Mita also represents investors, community development entities, and developers nationally in projects developed with the federal New Markets Tax Credit Program. Mr. Mita adds a unique perspective to his representation of clients' needs, informed by his business experience. He formerly served as a senior manager for a leading privately owned real estate development company where Mr. Mita focused on mixed-use developments executing loan and equity restructuring, land use and entitlements, and investor/ lender relationship management.
Areas of Practice
- Eminent Domain/Condemnation
- Transactional Law
- Commercial, Residential and Mixed-Use Real Estate Development
- Real Estate Financing
- Real Estate Leasing
- Distressed Asset Restructuring/ Workout
Represented ICONA Opportunity Partners 1, LLC and ICONA, LLC in their $85 million financing from WSFS Bank to refinance current debt as they continue to grow the ICONA luxury brand along the East Coast. The existing ICONA hotel portfolio includes ICONA Avalon, ICONA Cape May, and ICONA Diamond Beach, in southern New Jersey.
Represented Republic Bank in its $8.9 million construction loan to Wilmington Culinary Hotel XLIV Owner LLC for the conversion of the historic former Security Trust and Safe Deposit building in Wilmington, Delaware into a culinary-focused boutique hotel, involving an opportunity fund investment along with state and federal historic tax credits.
Represented Holy Family University in the negotiation and disposition of a commercial building for $3 million in Bensalem, Pennsylvania.
Represented the District of Columbia Housing Finance Agency, as bond counsel, in issuing $11.5 million in tax-exempt bond financing, involving the underwriting of $7.2 million in four percent low income housing tax credit (LIHTC), to finance the rehabilitation of 65 affordable rental housing units in connection with the redevelopment of Savanah Apartments in Washington, D.C.
Represented a Mexico City-based diversified hotel platform with extensive hospitality holdings in Mexico, the Caribbean and the U.S., in its purchase and multi-million dollar financing from Banco de Sabadell in connection with its acquisition and management of the Grand Hyatt Denver, the fourth-largest hotel in downtown Denver, Colorado with 516 rooms.
Represented real estate private equity firm Blue Flag Capital in connection with its multi-million dollar acquisition and financing of the Kelley House, a historic 57-room boutique hotel in Edgartown, Massachusetts.
Represented Service Electric Cable T.V. of New Jersey, Inc., a cable and broadband provider in North Jersey, in its approximately $150 million sale to Altice USA.
- Represented Lovett Commercial, a Houston-based commercial real estate developer, in its New Markets Tax Credit financing of the $150 million historic renovation of the former Houston Post Office Building, a mixed-use development to house a Live Nation music venue, retail and makers’ spaces and rooftop urban farm.
- Represented Community Asset Capital Preservation in its multi-faceted debt and equity financing involving an opportunity fund investment and construction financing; the capital sources will be used for the conversion of the historic former St. Michael's Medical Center in Newark, New Jersey into apartments and commercial space.
Represented Sterling National Bank in its $7.9 million construction loan to 1400 Dauphin Associations, LLC, for the development of an affordable housing project in Philadelphia; the capital stack included 9% federal low income housing tax credit equity provided by R4 and subordinate financing provided by the Pennsylvania Housing Finance Agency and the Philadelphia Redevelopment Authority.
- Represented I Pennsylvania Housing Finance Agency, as bond counsel, in obtaining $16.8 million in Series 2018 Special Limited Obligation Multifamily Housing Development Bonds to finance the development and construction an income restricted property containing 83 residences located in Philadelphia, Pennsylvania, being developed by a partnership among the Blumberg Apartments Phase III LP, Philadelphia Housing Authority Development Corporation, Philadelphia Housing Authority, and other parties.
- Represented International Education and Community Initiatives d/b/a One Bright Ray, Inc. and Community Academy of Philadelphia, a Pennsylvania Charter School, each 501(c)(3) organizations, as borrowers counsel, in obtaining $41 million in Series 2018 Tax-Exempt & Taxable Revenue Bonds to refinancing current debt and to finance a multimillion dollar capital plan for three school facilities serving the respective parties, all located in Philadelphia, Pennsylvania.
- Represented Brown University in the disposition of multiple real estate holdings located in Chester County, Pennsylvania.
Represented Vidalia Industrial Facilities, LLC in $19.4 million in federal New Markets Tax Credit financing in connection with $30 million in USDA and SBA financing to develop a denim-spinning mill in Vidalia, Louisiana.
- Served as underwriter's counsel for a syndicate of investment banking firms that sold approximately $442 million in Pennsylvania Turnpike Commission Oil Franchise Tax Revenue Bonds.
Represented ICONA Opportunity Partners 1, LLC and ICONA, LLC in its multi-million dollar financing from Beneficial Bank to refinance current debt as they continue to grow the ICONA luxury brand along the East Coast; the existing ICONA hotel portfolio includes ICONA Avalon, ICONA Cape May, and ICONA Diamond Beach, in southern New Jersey.
- Represented Community Loan Fund of New Jersey, Inc. in the deployment of $10.5 million of Federal New Markets Tax Credit to fund a portion of the development of a new multi-tenant 27,000 square foot state-of-the-art food industry commercialization center in Bridgeton, New Jersey, which will serve as an incubator providing flexible spaces, technical assistance, and other resources for new food production companies, being developed by a partnership among the Food Specialization Redevelopment Corporation, Cumberland County Improvement, Rutgers University, and other parties.
- Represented B&J Property Associates as seller in conveying a 56,000 SF industrial warehouse building located in McKees Rock, Pennsylvania.
- Represented the Wilma Theater in licensing a newly renovated mixed purpose flex-use lobby space on Philadelphia's Avenue of the Arts to Good Karma Café, for café and concessionaire use.
- Represented Community Loan Fund of New Jersey, Inc. in the deployment of $10 million of Federal New Markets Tax Credit to fund a portion of the development of a $172 million mixed use project including the New Brunswick Performing Arts Center in downtown New Brunswick, New Jersey by a public-private partnership among Pennrose Properties, New Brunswick Development Corporation, Rutgers University, Middlesex County, the City of New Brunswick the New Brunswick Cultural Center, the New Brunswick Parking Authority, and other parties.
Represented Holy Ghost I, LP in connection with $56 million in financing, including debt, private equity, Federal Historic Tax Credit equity, and Federal New Markets Tax Credit equity for the construction and revitalization of the iconic Metropolitan Opera House theater in the North Broad corridor of Philadelphia, Pennsylvania being developed by EB Realty Management Corporation and consisting of a concert venue leased by Live Nation; deal honored by Philadelphia Business Journal as Best Real Estate Deal of 2018.
- Represented Philadelphia Chinatown Development Corporation in the closing of land, financing, private equity, EB-5 financing, and Federal New Markets Tax Credit equity for the construction of the $70 million Eastern Tower Project in Philadelphia, Pennsylvania which will consist of apartments, office and retail space, and a community center.
- Represented Community Loan Fund of New Jersey, Inc. in the deployment of $8 million of Federal New Markets Tax Credit to fund a portion of the development of a $80 million mixed use project in downtown Newark, New Jersey by L and M Development, Inc. Goldman Sachs also provided New Markets Tax Credit allocation and invested in the Federal New Markets Tax Credits generated by the transaction.
- Represented Executive Education Academy Charter School Foundation, a 501(c)(3), in obtaining $41 million in series 2017 tax-exempt & taxable revenue bonds for the financing and acquisition of a commercial property in Allentown, Pennsylvania for $32.5 million consisting of approximately 473,000 square feet on an approximately 33-acre parcel, and for the further improvement of the property including the construction of a gymnasium.
- Represented private real estate developer in restructuring and repositioning a portfolio of residential and mixed-use projects including $159 million in full recourse debt for a luxury waterfront condominium tower, $110 million of debt for a mixed-use development including 5,350 planned residential units, and $16 million of full recourse debt for a 421 unit multifamily riverfront development.
- Represented private business in the negotiation and documentation of a 34,000 square foot industrial lease on the Delaware River in Philadelphia, PA.
- Counsel to private estate for effecting the disposition of multiple real estate properties located in Palm Beach County, FL, Ocean County, NJ, and Chester County, PA, in excess of $2.5 million.
- Represented private institutional client in the negotiation and documentation of multiple retail leases in Philadelphia, PA and securing local and state tax abatements for a mixed-use development project.
- New Jersey
- Drexel University, Thomas R. Kline School of Law, J.D., 2016
- Dean's Scholar and Rising Merit Scholar
- Georgetown University, B.A., 2008
- Duane Morris LLP
- Associate, 2016-present
- Law Clerk, 2015-2016
- O'Neill Properties Group, LP
- Senior Project Manager, 2011-2014
- Project Manager, 2008-2010
- United States Congress, Office of the Speaker
- Congressional Intern, 2008
Building Industry Association of Philadelphia
- American Bar Association
- Philadelphia Bar Association
Honors and Awards
- Recipient of 15th Annual Duane Morris Pro Bono Award, 2021
- Listed in Philadelphia Super Lawyers, 2020 and 2021
Civic and Charitable Activities
Pennsylvania Chapter of Child Advocacy Center and Multidisciplinary Teams, Board of Directors
- Variety the Children's Charity, Board of Directors, 2011-2015
- United Way of Philadelphia, Leader
- Center City Residents Association, Member
- Rittenhouse Savoy Owner's Association (Condominium), Council Member, 2017-2019