Harel Insurance – $62.5 Million Manhattan Loan
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.
Matters
First-Citizens Bank & Trust Company – $57 Million Construction Loan
Represented First-Citizens Bank & Trust Company in connection with a $57 million construction loan for a to-be constructed 237,880 sq. ft. industrial warehouse and distribution facility located at 800 Salem Street, Wilmington, Massachusetts.
Centennial Bank – $52 Million Construction Loan – Queens, 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.
Acquisition of 216 Plymouth Street, Brooklyn
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.
BHI Sale of $80 Million Loan Secured by NYC Hotel
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.
Kriss Capital – $37 Million Construction Loan
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.
Bank Hapoalim B.M. – Mortgage Sale – Manhattan
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.
Leumi Partners – $20 Million Mezzanine Loan – Brooklyn, NY
Herrick represented Leumi Partners in connection with a $20 million mezzanine loan for the development and construction of a property located in the Broadway Triangle of Williamsburg, Brooklyn. The development will consist of five buildings containing approximately 382 residential apartments of which approximately 120 will be affordable residential apartments, ground flood commercial/retail space of approximately 73,000 square feet, second floor community facility space and a 340-space parking garage.
Harel Insurance Company – Construction Loan for Luxury Residential – Nashville, TN
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.
Bank Leumi USA – $30.55 Million Manhattan Acquisition Loan
Represented Bank Leumi USA on a $30.55 million acquisition loan for the planned development of a mixed-use property secured by multiple properties on 14th Street and 6th Avenue in Manhattan.
DH Property Holdings – Massachusetts Warehouse Acquisition
Represented DH Property Holdings in connection with a $37 million purchase of an industrial property located at 94-104 Glenn Street, Lawrence, MA, which houses a warehouse facility. The acquisition involved a joint venture with AIG Global Real Estate Investment Corp., and was financed by Ready Capital Commercial.
Bank Leumi USA – $80 Million Construction Loan – Long Island City
Herrick represented Bank Leumi USA on an $80 million construction loan secured by property located at 27-01 Jackson Avenue, Long Island City.
DH Property Holdings – Philadelphia Industrial Property Acquisition
Represented DH Property Holdings in connection with a $7.1 million purchase of an industrial property located at 8401 Escort Street, Philadelphia, PA, which is adjacent to Philadelphia International Airport. The acquisition involved a joint venture with AIG Global Real Estate Investment Corp. and was financed by Ready Capital Commercial.
Bank Leumi – $130 Million Manhattan Mortgage Loan
Represented Bank Leumi USA on a $130 million construction loan secured by a property located at 306-314 East 86th Street in Manhattan. The borrower intends to construct a 20-story luxury condominium apartment building containing approximately 146,640 gross square feet of space consisting of 68 residential units with a ground floor retail.
Cantor Fitzgerald Securities – Administrative and Collateral Agent in Exit Facility
Represented Cantor Fitzgerald Securities as the administrative agent and collateral agent under an $85 million exit facility following the successful Blackhawk Mining, LLC, et al. (Bankr. D. Del.), chapter 11 cases, which involved over 100 properties, encompassing active mining complexes in West Virginia and Kentucky and substantial metallurgical and thermal coal reserves in West Virginia, Kentucky, Indiana, Illinois and Ohio. The finance component included establishing a collateral trust arrangement by transferring all of the collateral, loans and obligations to a collateral trust and amending and restating the existing loan documents. The real estate component included assigning existing mortgages encumbering the properties, amending and restating the existing mortgages and memoranda of intercreditor agreements to secure Cantor’s interest as collateral trustee, preparing as-extracted collateral filings, reviewing specific requirements related to leasehold properties, and title review.The real estate component included terminating existing mortgages encumbering the properties, preparing new mortgages to secure Cantor’s interest, preparing as-extracted collateral filings, reviewing specific requirements related to leasehold properties and title review. Herrick previously represented Cantor Fitzgerald as the administrative agent and the collateral agent under Blackhawk’s (i) pre-petition $660 million first lien term loan facility and (ii) $150 million DIP term loan facility in connection with the pre-packaged restructuring of approximately $1.1 billion of debt, which involved assigning the previous administrative agent’s interest in all of Blackhawk’s properties in West Virginia, Kentucky, Indiana, Illinois and Ohio to Cantor Fitzgerald, as administrative agent.
Mattone Group – Williamsburg, Brooklyn Sale
Represented the Mattone Group and HWM Met/Marcy in connection with the sale of 402-420 Metropolitan Avenue. This deal also involved representing the sellers in the bankruptcy proceeding of the original purchaser who filed for bankruptcy the day prior to the closing date in early April.
Harbor Group International – $117 Million Brooklyn Acquisition
Represented an affiliate of Harbor Group International, LLC in the acquisition of a $117 million newly constructed 193-unit multifamily property known as The Frederick, located at 564 St. John’s Place in Crown Heights, Brooklyn.
Harel Insurance Co. – $100 Million Loan Acquisition
Represented Harel Insurance Company in the acquisition of a $100 million portion of a $200 million loan from major New York publicly-traded REIT.
New York State Pension Fund – $100 Million Mortgage Loan – Bergdorf-Goodman Building
Represented a New York State pension fund in a $100 million additional mortgage loan on the Bergdorf-Goodman Building, located at 754 Fifth Avenue in Manhattan.
River Rock Associates – Mezz Construction Loan and Mortgage for Mixed Use Hotel, Restaurant, Residential – Queens, NY
Represented an affiliate of River Rock Associates LLC in connection with a mezzanine construction loan and second mortgage loan for the development of a mixed use hotel, restaurant, apartment and retail condominium located in Queens, New York.
RXR – Atlantic Station Financing
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.
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.
Real Estate Investment Advisory – Joint Venture
Representing a prominent, privately owned real estate investment advisory in a major residential development.
Centennial Bank – Loan to Extell Development for Deer Valley Ski Resort
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.
Brack Capital Real Estate – Manhattan Condo Offering Plan
Represented Brack Capital Real Estate in the condo offering plan for 90 Morton Street as well as in the closing of multiple condo units for this West Village residential condo.
Otera Capital Investments – Special Zoning Counsel
Special counsel to Otera Capital Investments IX Inc. in zoning and title matters related to $147.7 million in loans to HFZ Capital Group, for an assemblage of several parcels in the NoMad neighborhood of Manhattan where HFZ is planning a 60-story office tower.
NYC Cooperative Housing Corp. – Sale of Development Rights by Zoning Lot Merger
Represent a New York cooperative housing corporation on the sale of development rights by zoning lot merger. The development rights will be used to facilitate the construction of a new condominium building.