Represented a trust formed under the laws of the Republic of Korea as lender in connection with a $75 million refinancing of a Manhattan office building with approximately 179,000 square feet of net rentable space.
Represented Harel Insurance Company in the purchase of a $62.5 million portion of a $600 million construction loan made to SL Green and secured by a first mortgage on 410 10th Avenue in Manhattan.
Represented Empire State Realty Trust in a $180 million CMBS mortgage loan secured by 250 West 57th Street, a 542,000 square-foot Manhattan office and retail property.
Represent Bank Hapoalim B.M. in the workout and foreclosure of loans secured by unsold condominiums.
Represent Bank Hapoalim B.M. in the workout of multiple loans secured by assisted living and licensed nursing home facilities.
Represented Centennial Bank in a $23 million construction loan to an affiliate of the Meridian Group secured by property located in Fairfax, Virginia.
Represented Centennial Bank in an $80 million construction loan for the ground-up development of the property located at 1100 Myrtle Avenue in Brooklyn, which will consist of an 11-story mixed use project with a ground floor supermarket and residential units.
Represented CIT Bank in a $35.7 million construction loan for the development of a property located at 230 Classon Avenue in Brooklyn, New York, which will consist of a 17-story building with residential units and an affordable component.
Represented Centennial Bank in connection with a $101 million construction loan secured by a Flushing, Queens property for the ground-up development of two 20-story residential condominium towers, comprising 392 dwelling units, interior and exterior recreational amenity spaces and 388 parking spaces.
Represented Centennial Bank in a $54.8 million loan for the construction and development of 186 multifamily units, retail and industrial components, as well as 131 parking spaces at the property in Astoria, NY.
Represented Harel Insurance Company in connection with a $40 million participation in a $191 million construction loan for the construction of two high-rise luxury multifamily towers in downtown Nashville, Tennessee.
Represented a New York City based family office in multiple financings and a refinancings for their current portfolio.
Represented Bank Hapoalim B.M. in connection with a $52 million sale of a $50 million mortgage loan secured by real property and development rights near the High Line in Manhattan.
Represented NorthEnd Equities in connection with the financing of $221 million for the acquisition of a 14-property portfolio, consisting of 2,383 units throughout the state of Florida. This sale marks the highest price paid for a deal spanning the state’s Central, Southwest and North areas.
Represented NY-based nursing home owner in section 363 acquisition of 699 92nd Street in Brooklyn, NY, from a purchaser who had filed for bankruptcy. The site is triple net leased to a non-profit integrated healthcare network that is New York State's largest healthcare provider and private employer. (E.D.N.Y. 2021).
Represented Bank Hapoalim as senior co-lender in a $165 million acquisition and construction loan to Moinian Group for the construction of mixed-use residential and hotel property at 7 Platt Street in Manhattan.
Herrick represented Centennial Bank in a $43 million Master Repurchase Agreement to an affiliate of Crestline Management, L.P. with respect to a $72 million mortgage loan secured by an apartment complex in San Antonio, Texas.
Represented a joint venture between LargaVista Companies and Baron Property Group in connection with the development, acquisition, joint venture and $388.3 million construction financing of a mixed-use project located at 30-25 Queens Boulevard in Long Island City, New York. The financing consisted of a construction loan, senior mezzanine loan and junior mezzanine loan.
Represented ACRES Capital in connection with the $72.5 million refinance of an existing construction loan for a mixed-used project with a 311-unit multifamily component and two retail suites located in Columbus, Ohio.
Represented Bank Hapoalim B.M. in connection with the negotiations of an intercreditor agreement among the senior lenders of a senior loan in the amount of $165 million and a new incoming mezzanine lender for the mezzanine loan in the amount of $39.77 million for the construction of an approx. 257,000 gross square foot mixed-use multifamily, hospitality and retail property located in downtown Manhattan.
Represented Bank Hapoalim B.M. in connection with the modification of a note-on-note financing in the amount of $57 million made by BHI to an affiliate of the Northwind Group, and the Chapter 11 plan of reorganization and modification of the underlying mortgage loan in the amount of $85.3 million secured by the hotel located at 225 Bowery, New York, New York. The modification of the note-on-note financing was a result of the Bankruptcy court’s approval of the Chapter 11 plan of reorganization of the underlying mortgage loan.
Represented ACRES Capital in connection with the assignment and assumption from an existing borrower/seller to a new borrower/purchaser and conversion of a construction loan into a mortgage loan in the amount of $57.7 million as a result of the sale of The Ray Hotel Delray Beach, Curio Collection by Hilton, a 141-room hotel, located in Delray Beach, FL.
Represented a major New York bank as lender on a $47.6 million loan to a New York based real estate investment firm, collateralized by underlying mortgage and mezzanine loans in the aggregate amount of $68.6 million secured by residential condominium units located in New York, NY.
Represented Centennial Bank in connection with an extension of a $52 million construction loan of a mixed used commercial building located at 345-367 Flushing Avenue, Brooklyn, and the negotiation of an intercreditor agreement with an affiliate of Be-Aviv related to a new mezzanine loan in the amount of $16 million.
Represented the Charles F. Parker Revocable Trust and its affiliate in connection with the acquisition of a building in Dumbo located at 216 Plymouth Street, Brooklyn, New York, which took approx. two years of negotiations with the relevant parties.
Represented BHI in the sale of its $80 million loan secured by a New York City hotel to an investor group headed by an Israel-based private equity firm. In connection with the sale, BHI provided the firm with $57 million in note on note financing.
Representing mezzanine lender in connection with defaults under the mezzanine financing for a luxury hotel in New York City, including advising the lender on a potential UCC foreclosure of the hotel or a potential sale of the lender’s mezzanine loan to a third party.
Represented Kriss Capital LLC on a $37 million construction loan secured by property located at 4560 Broadway. The Herrick team also represented Kriss Capital in connection with the syndication of the loan with Valley National Bank and LibreMax.
Represented Empire State Realty Trust in the $35 million refinancing of its property located at 10 Bank Street, White Plains, New York.
Represented Empire State Realty Trust in a $30 million refinancing of commercial property located in Norwalk, Connecticut.
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.
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.
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.
Represented the Hall of Fame Village in the acquisition of the McKinley Grand Hotel in Canton, Ohio. This is part of the efforts to modernize and update the entire Football Hall of Fame complex.
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.
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.
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.
Represented Centennial Bank an upsize of an existing loan to Extell Development Company for a total aggregate loan amount of $43.6 million for certain pre-development costs incurred by Extell in developing its 2,500+ acre Deer Valley, Utah property as a hotel/condominium/ski resort.
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.
Represented Kiska Construction in a $42 million financing of an assemblage in Manhattan.
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.
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.
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.
Represented Harel Insurance Company in the acquisition of a $100 million portion of a $200 million loan from major New York publicly-traded REIT.
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.
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.
Represented AEW Capital Management in a joint venture with Hope Street Capital to acquire and develop residential and commercial condominiums in Brooklyn.
Represented an affiliate of HK Organization in the joint venture with a real estate fund to acquire, finance, refinance and subsequently sell the property known as The Chocolate Factory, a large, historic mixed-use building in Brooklyn with over 100 newly renovated residential units.
Represented AEW Capital Management in the sale of its leasehold interest in 175 Varick Street to an affiliate of Tishman Speyer.
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.
