Represented Rabina Properties in the acquisition, financing, joint venture, restructuring and recapitalization of the vacant development parcel located at 520 Fifth Avenue in Manhattan. The development is initially projected to include an 800-foot-tall tower on the corner of East 43rd Street and Fifth Avenue.
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 Gazit Horizons in its $134.4 million permanent credit term lease (CTL) bond from Mesirow Financial to refinance its retail property at 410 East 61st Street. The CTL bond retires Gazit’s $80 million investment in the property and generates additional proceeds of $30 million.
Represented RAGHSA Real Estate LLC, a U.S.-based company, in a complex $200+ million acquisition of 100% of the equity interests in the owner of the 240-unit residential component of One Union Square South from The Related Companies, L.P. Additionally, Herrick represented the purchaser in securing a $135 million FNMA loan and preferred equity financing through a joint venture with a Related affiliate entity. The transaction also involved HFA regulatory, 421-a tax abatement, ADA consent decree, fee-over-plane, reciprocal operating agreement and existing bond redemption components.
Represented affiliates of Northwind Group in connection with a $56 million mortgage loan secured by a newly-constructed, thirteen-story, 86,000+ square-foot residential apartment building located on Central Park North.
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.
Represented an Israeli pension fund manager in connection with its acquisition of a $60 million interest as co-lender in a $650 million syndicated senior construction loan for the development of a mixed use development on the Upper East Side of Manhattan.
Represented an Israeli pension fund manager in connection with its acquisition of a 50% interest as co-lender with a major international bank in a $81.9 million syndicated loan secured by a hotel located in downtown Washington DC.
Represented Arch Real Estate Companies in connection with the $63 million acquisition and financing of the Cambridge Corporate Center in Charlotte, North Carolina.
Represented Leumi Partners Ltd., as mezzanine lender, in an aggregate construction financing facility of $123 million for a mixed-use development construction project in Brooklyn, New York.
Represented a regional bank and their investment partner in financing the acquisition and redevelopment of an approximately 800,000-sq.-ft. facility in Ohio to serve as a new distribution and products assembly center for a farm supply store which will breed new jobs and opportunity for the community and for which the bank will receive New Markets Tax Credits.
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.
Represented Greystar in connection with the $237.5 million acquisition of a multi-family residential apartment building, 800 Sixth Avenue in Manhattan. This complex deal also entailed assignments of existing mortgages, a 421-a component, New York State Housing Finance Agency assignment approval and bond redemption.
Represented Centennial Bank in the $120 million construction loan for property located at 400 Biscayne Boulevard in Miami. The planned development includes a 49-story tower with 646 luxury rental apartments, 51,000-sq.-ft. of commercial space and a 22,000-sq.-ft. church for the First United Methodist Church of Miami.
Represented RXR in the $103 million permanent financing of Phase I of Atlantic Station, a mixed-use project in Stamford, Connecticut with 325 residential units and 20,000-sq.-ft. of retail space.
Represented a joint venture consisting of Risland U.S. Holdings, LLC (a U.S. subsidiary of a multi-billion dollar publicly traded international developer) and a group of local developers in a $502 million loan for the construction of a new 67-story condominium building in Long Island City. This transaction stands as the largest condo construction loan in Queens and the building, rising to 984 feet with 802 units, will be the tallest building in the borough.
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 affiliates of Migdal Insurance Company Ltd. in the negotiation of a joint venture arrangement with an affiliate of ATCO Properties and Management Inc. and the associated purchase of a 49% indirect ownership interest in an office building located at 240 W. 35th Street in Manhattan's Garment District. Herrick assisted Migdal with structural and tax related planning including the formation of a REIT to serve as the investment entity in the joint venture and the negotiation of a nominee ownership structure for NYC transfer tax purposes.
Represented affiliates of Migdal Insurance Company Ltd. in the negotiation of a joint venture arrangement with a domestically controlled REIT that is an affiliate of KBS Realty Advisors and the associated purchase of a 45% indirect ownership interest in an office building located at 353 Sacramento Street, San Francisco, California.
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 the $30 million refinancing of a retail condominium located at 1542 Third Avenue on Manhattan's Upper East Side.
Represented a major national bank in a $335.7 million mortgage loan to a Connecticut based commercial real estate company.
Represented FBE Limited LLC in the $195 million sale of 24-02 49th Avenue, Long Island City, along with the defeasance of a REMIC mortgage that was encumbering the property, and the completion of a reverse 1031 exchange transaction.
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 a $30 million refinancing of commercial property located in Norwalk, Connecticut.
Represented MAXX Properties in the sale of their portfolio of multifamily properties located in Omaha, Nebraska, which included a securitized loan defeasance. The transaction is the front-end of a 1031 tax-deferred exchange. MAXX Properties has retained Herrick in connection with the acquisition of the replacement property.
