Matters

MAG Partners – South Baltimore Port Covington

Herrick represented MAG Partners in connection with a multi-faceted transaction with MacFarlane Partners, Sagamore Ventures and investment partner Goldman Sachs for the development of a megaproject in South Baltimore’s Port Covington. The $5.5 billion development project spans 235 acres along Cromwell Street; includes up to 14 million square feet of shops, restaurants, office space and housing; and 40 acres of parks across 45 new city blocks. The transaction involved several joint venture agreements, development services agreements, employment agreements and other documentation. MAG and MacFarlane are taking the reins from Weller Development Co. for leasing, marketing and "placemaking" campaigns for the current $500 million, 1.1 million-square-foot phase, and will lead all future development outside that initial phase.

Manhattan Hotel – $11 Million Preferred Equity Investment

Represented the owner of a Manhattan hotel, currently not in operation due to Covid-19, in connection with negotiating an $11 million preferred equity investment by a joint venture. The transaction included the preferred equity investment, a loan modification, and an amendment to the existing hotel management agreement with hotel brand.

Institutional Equity Investor – Durham, NC Development

Represented the institutional equity investor in a joint venture to acquire, finance and develop a 257,000 square-foot 299-unit multifamily project in Durham, NC. Project debt and equity is approximately $66.5 million.

Institutional Equity Investor for Multifamily Development – Durham, NC

Represented the institutional equity investor in a joint venture to acquire, finance and develop a 146,000 square-foot 176-unit multifamily project, including related amenities, in Durham, North Carolina. The debt and equity on the project was approximately $36 million.

Community Preservation Corporation – Affordable Housing

Represented long-standing client, The Community Preservation Corporation, in a joint venture that preserves 1,036 high-quality affordable and supportive housing units in 13 buildings located throughout Brooklyn, the Bronx and Manhattan. The proceeds of the joint venture’s purchase will be used to capitalize a newly formed charitable organization, Blue Sky Social Justice Fund, which is focused on social justice and human rights, including LGBTQI+ rights, water and energy access, anti-slavery and the Black developers network.

Cammeby’s International – $1.8 Billion Apartment Community Portfolio Acquisition

Represented Cammeby’s International, in a joint venture with Harbor Group International, in the $1.8 billion acquisition of the five-state, 9,000+-unit Beacon portfolio of 25 apartment communities.

Extell – $360 Million Manhattan Portfolio Purchase

Represented Extell Development Company in the $360 million purchase, flip and financing of multiple properties from the Duell family's real estate portfolio.

DH Property – Brooklyn Warehouse Sale to Prologis

Represented DH Property Holdings in the acquisition, financing negotiations and ultimate $60 million sale of the purchase contract for a two-acre warehouse site at 150 East 52nd Street in Brooklyn, NY to the mammoth warehouse landlord, Prologis.

Common – Real Estate Transactions

Representing Common, a co-living developer and operator with properties in six U.S. cities, in a wide range of real estate transactions.

Real Estate Developer – Joint Venture

Represent major real estate owner and operator in the formation and organization of a title company.

HK Organization – Brooklyn Joint Venture Acquisition, Financing and Disposition

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.

HK Organization – Empire Stores Redevelopment

Represented the HK Organization in a joint venture with Midtown Equities and Rockwood Capital to redevelop Brooklyn’s Empire Stores, a complex of seven historic warehouses. The property was transformed into a mixed-use creative hub with 100,000-sq.-ft. of retail, restaurant and event space in addition to 300,000-sq.-ft. of office space.

Migdal Insurance Company Ltd. – Multi-State Joint Venture Acquisition

Represented affiliates of Migdal Insurance Company Ltd. in the negotiation of a joint venture arrangement with affiliates of Rialto Capital Management, Elite Street Capital and Menora Mivtachim Insurance in connection with the purchase of an indirect ownership interest in a portfolio of multi-family properties in Maryland, Texas and Missouri.

Migdal Insurance Company Ltd. – Manhattan Garment District Building Investment

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.

Migdal Insurance Company Ltd. – San Francisco Office Building Investment

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.

Emmes Asset Management – California Office Properties Acquisition

Represented Emmes Asset Management Company in the acquisition of a number of multi-million dollar class A office properties in San Diego, California, in a joint venture with the investment arm of a major university system.

FL Condominium Developer – $300 Million Construction Loan Facility

Represented one of Florida’s largest condominium developers in a $300 million construction loan facility for eight condominium projects together with a corporate restructuring and a simultaneous $90 million buyout of a major joint venture partner.

Emmes Asset Management – $100 Million California Office Building Acquisition

Represented Emmes Asset Management Company in connection with a joint venture with the investment arm of a major university system and the $100 million acquisition of a prominent Class A office building in Irvine, California. The transaction also included a multi-million dollar investment by a Japanese corporation investing in U.S. property for the first time.

Private Client – Long Island Vineyard Acquisition

Represented a client in the acquisition of a residence and 33-acre operating vineyard in Long Island's North Fork area.

Real Estate Advisory Firm – Equity Investment Advice

Represented a real estate advisory firm regarding company structures in several real estate investments.

Venture Capital Angel Investments

Represented a New York based venture capital firm in its angel investments, including Pricing Engine, a provider of business intelligence tools for digital marketers, the RealReal, an online membership-based marketplace for previously-owned jewelry, accessories and clothing, Tailored, Inc., an online bridal and wedding planning service, and Apptopia, which runs an online marketplace designed to help broker the sale of mobile apps.

Regulatory and Securities Law Advice

Advised the broker dealer and investment advisor units of a multi-service financial institution on corporate and regulatory matters.

Biopharma Company Securities Advice

Represented a publicly held biopharmaceutical company in its securities filings, reporting requirements and related corporate advice.

Regional Sports Network – $200 Million Credit Facility

Represented a major regional sports network in a $200 million syndicated term loan facility and related joint venture matters with its two major cable television joint venture partners.

Real Estate Company – Northeast Distributor Leveraged Buyout

Represented a privately held real estate company in a leveraged buyout of the exclusive Northeast U.S. distributor of one of the country’s largest window and door manufacturers, including negotiation of the acquisition financing and the acquisition of real property for its new corporate headquarters.

Emmes Capital LLC – LLC Agreement for Financial District Building Acquisition

Represented Emmes Capital LLC in negotiation of an LLC agreement for the purchase of real estate at 61 Broadway.

Empire Resorts Acquisition

Represented Concord Associates, L.P. in its announced merger agreement and subsequent termination with Empire Resorts, Inc. involving the issuance of approximately 40% of the outstanding common stock of NASDAQ-listed Empire Resorts, Inc., in exchange for real property on the site of the Grossinger's Hotel and the Concord Hotel in the Catskill mountain region of New York.

Traders Co. Affiliate – Manhattan Courtyard Marriott Refinancing

Represented an affiliate of Traders Co. in the refinancing of a 273-room Courtyard Marriott from ING Life Insurance and Annuity Company.

Yeshiva University – Multifamily Portfolio Sale

Represented Yeshiva University in the sale of a portfolio of ten multifamily properties in the vicinity of its undergraduate campus in Washington Heights. In addition to the sale of the buildings, the transaction included multiple leasing arrangements between Yeshiva University and the buyer, to provide Yeshiva University with the opportunity to continue renting apartments to students and faculty.

Royalton Capital – Bushwick Property Acquisition and Development

Represented Royalton Capital on the acquisition of a three-acre industrial site in Bushwick, Brooklyn. The deal included the structuring of two joint ventures and financing from AllianceBernstein. Plans are to develop the property into a mixed-use office, retail and restaurant space.

Friedland Properties – Madison Avenue Operating Lease Acquisition

Represented Friedland Properties in the joint venture acquisition of the operating lease for a large Madison Avenue office building.

California Office Building Acquisitions

Represented Emmes Capital LLC in the joint venture acquisition of Class A office buildings located at 701 B Street and 707 Broadway, San Diego, California.

Hong Kong Asset Mgmt Co. – Foreign Investment in U.S. Real Estate

Represented a Hong Kong-based asset management company in an investment in a joint venture to develop commercial real estate in the United States.

$50 Million New Jersey Joint Venture

Represented a major private equity fund in a $50 million joint venture with respect to the development and financing of real estate projects primarily in New Jersey.

Louis Goldberg, Partner