Andrew B. Berman, Associate

Represented Valley National Bank in connection with the $28.6 million refinancing of a land loan secured by property located in Davie, Florida. Concurrently with the closing of the refinance, the sponsor, El-Ad Group, subdivided the property, and Valley extended a $85 million construction loan to finance the development of the first phase of the project. 

Represented a joint venture between LargaVista Companies and Baron Property Group in connection with a $43.5 million bridge refinancing of its recently developed multifamily property located at 4568 Broadway, NYC known as The Park Overture.

Represented The Community Preservation Corporation in the preparation and negotiation of their Master Participation Agreement and various Construction Loan Participation Agreements.

Represented a private lender in a $30 million construction takeout financing for a Brooklyn multifamily development in the Midwood neighborhood of Brooklyn, NY.

Represented KPR Centers in connection with acquiring a $180 million multi-state portfolio of eight shopping centers through a joint venture structure. The portfolio includes retail centers in Florida, Wisconsin and Missouri, comprising more than 1.5 million square feet of space. Cumulatively 96 percent leased at the time of the acquisition, the portfolio is a combination of grocery-anchored and power centers.

Represented a New York City owner/operator as part of a joint venture with an investment fund entity in a $130 million refinance of a loan secured by a multi-state portfolio of over 20 commercial-use properties. Herrick advised our client in its negotiation and execution of the loan transaction and a preferred equity arrangement. Herrick also represented our client in the concurrent reorganization at closing of the existing property-owning entities into Delaware-domiciled entities by merger or conversion with simultaneous qualification to transact business in their states of original formation.

Represented a developer in connection with a $35.75 million financing secured by a recently completed multi-family project located in a New Jersey Qualified Opportunity Zone.

Represented a private lender on a $40 million refinancing secured by industrial property in the Red Hook neighborhood of Brooklyn. 

Represented an investor in the acquisition of a 35,000-square-foot office building in Forest Hills. The transaction included a Purchase and Sale Agreement; an acquisition loan; an LLC agreement; multiple estoppels and SNDAs; the refinancing of another property owned by the investor to raise equity for the acquisition following two aborted sales of a Maine property that had previously been acquired in a 1031-exchange; and a 99-year license agreement from the LIRR to provide parking for the tenants at the office building.