Matters

Commercial Bank – All Claims Dismissed in Litigation over Failed Loan

Negotiated a settlement on behalf of a commercial bank resulting in the voluntary dismissal of all claims filed in a New Jersey state court by an asset manager seeking to hold the bank responsible for losses on a failed loan made to a furniture business prior to the business’ bankruptcy filing.  Claiming that it had been induced into extending the loan based, in part, on a multi- million revolving credit line extended to the business by our client, the plaintiff argued that the credit line and our client’s alleged failure to adequately monitor the business gave the plaintiff the impression that the business was is better financial shape than it was.  Following Herrick’s filing of a third-party complaint, repeated motions to dismiss and an aggressive discovery, the plaintiff dismissed its claims against our client without any payment or admission of wrongdoing while negotiating settlements from the remaining defendants. 

Harel Insurance – Acquisition in Nashville, Tennessee

Represented Harel Insurance Company in the acquisition of a fifty-percent interest in an $82 million construction facility for the ground up construction of  a 420-unit rental property in Nashville, Tennessee.

Continental Ventures – Upper East Side Joint Venture

Represented Continental Ventures in a joint venture transaction involving the acquisition, financing and development of a luxury mixed-use project on the Upper East Side of Manhattan.   

Empire State Realty Trust – $40 Million Condominium Refinancing

Represented Empire State Realty Trust in a $40 million refinancing of two commercial condominiums located at 1010 Third Avenue and 77 West 55th Street in Manhattan.

PH Holdings – $6.4 Million Pharma Research Facility Sale

Represented PH Holdings, a pharmaceutical manufacturer, in the $6.4MM sale of its research facility in East Windsor, N.J. to Aurobino Pharma.

Peckham Industries – $12.5 Million Asphalt Plant Purchase

Represented Peckham Industries in the purchase of a Canal Asphalt Inc. plant located in Mt. Vernon, New York. The $12.5 million sale was the result of a bankruptcy auction in early 2016.

Amity Education Group – Acquisition of St. John’s University Campus

Represented India-based Amity Education Group, a nonprofit international education group, in the $22.4 million purchase of the St. John’s University 170-acre waterfront campus located in Oakdale, Long Island.

Real Estate Hotel Owner – $70 Million Sale of the Milburn Hotel

Represented the seller of the Milburn Hotel in a $70 million transaction lasting over a year with complicated issuers with multiple buyers. In addition to the real estate transaction, this sale involved complex tax structuring and defeasance issues.

Empire State Realty Trust – $30 Million Connecticut Refinancing

Represented Empire State Realty Trust in a $30 million refinancing of commercial property located in Norwalk, Connecticut.

Empire State Realty Trust – $30 Million Retail Condominium Refinancing

Represented Empire State Realty Trust in the $30 million refinancing of a retail condominium located at 1542 Third Avenue on Manhattan's Upper East Side.

Empire State Realty Trust – $35 Million White Plains Refinancing

Represented Empire State Realty Trust in the $35 million refinancing of its property located at 10 Bank Street, White Plains, New York.

Centennial Bank – Loan to Extell Development for Deer Valley Ski Resort

Represented Centennial Bank in two complex acquisition loans to affiliates of Extell Development Company. Extell, which owned a 40-acre site in Deer Valley, Utah, acquired two parcels of land totaling 2,500+ acres for future development as a hotel/condominium/ski resort.

FBE Limited and Treetop Development Affiliate – Bronx Refinancing and JV Restructuring

Herrick represented an affiliate of FBE Limited and Treetop Development in the restructuring of the ownership and refinancing of a building located at 1600 Sedgwick Avenue in the Bronx.

Israeli Insurance Company – Loan Participations

Represented an Israeli insurance company in the purchase of loan participations in several construction facilities and permanent mortgage loans  totaling in excess of  $150 million.

Kiska Developers – $104 Million Manhattan Sale with Development Rights

Represented Kiska Developers, Inc. in the $104 million sale of a development site on 56th street and Lexington Avenue to an entity controlled by Rotem Rosen. The development included ten lots, unused development rights purchased from a neighboring property and Inclusionary Housing Air Rights from an affordable development.

G4 Capital Bridge Affiliate – $26 Million Brooklyn Acquisition Loan

Represented an affiliate of G4 Capital Bridge, LLC in a $26 million leasehold acquisition loan financing to 285 Schermerhorn LLC in Brooklyn.

Bank Hapoalim – Brooklyn Mortgage Loan

Represented Bank Hapoalim in a mortgage loan to an affiliate of Hidrock Realty, made in connection with Hidrock’s acquisition of 32 Fifth Avenue in Brooklyn, NY.

Court Appointed Receiver – Dissolution of Hedge Fund

Represented the court-appointed receiver over the dissolution of a hedge fund, which at its peak had assets under management of over $500 million. Herrick successfully guided the administration of the fund's investments, assessed litigation strategies and negotiated resolutions of claims against the hedge fund that resulted in a court-approved plan of distribution to creditors and investors.

AEW Capital Management – 175 Varick Street Leasehold Interest Sale

Represented AEW Capital Management in the sale of its leasehold interest in 175 Varick Street to an affiliate of Tishman Speyer.

Bridge Lender – Real Estate Debtor Bankruptcy

Represented the bridge lender in a single asset real estate debtor case in which Herrick successfully won default rate interest of 24% during the pendency of the debtor's chapter 11 case, where the non-default interest was 12% and the only default asserted was the filing of the debtor's bankruptcy case. Herrick also successfully defeated the debtor's reorganization plan that contemplated a cramdown of the client's mortgage debt, ultimately leading to a consensual chapter 11 plan in which the luxury high-rise condominium in Williamsburg securing the mortgage was transferred to our client.

Commercial Bank – Sale of Loan Facility

Representation of a U.S. commercial bank in a workout of a multi-million dollar first lien revolving loan facility made to a leading maker of Lucite commemoratives. The workout culminated in a successful sale of the loan to the second lien lender.

Foreign Lender – Loan Restructuring

Represented a foreign lender in the restructuring of a $150 million mezzanine loan to an investment fund, including the re-capitalization of certain fund platforms and the sale of certain fund assets.