Matters

Upper West Side House of Worship – Lease Extension & Amendment

Represented a church on the Upper West Side of Manhattan in connection with the extension and amendment of a nearly 16,000-square-foot lease to an early childhood school. The representation included receiving approval from the Charities Bureau of the State Attorney General.

Joint Venture for Mixed-Use Development – Chelsea, Manhattan

Represented a joint venture comprised of a prominent real estate development company and a global holding company, as borrower, in connection with a construction loan to facilitate the development of a 7-story mixed-use building in the Chelsea neighborhood of Manhattan.     

Joint Venture for Mixed Use Development – Manhattan

Represented a joint venture comprised of a prominent real estate development company and a global holding company in connection with the development of a 23-story mixed-use building in the Midtown East neighborhood of Manhattan. This representation has included, among other aspects, representing the joint venture as borrower in connection with a $95 million construction loan, as well as representing the joint venture in connection with the initial acquisition and financing of the development site and related unused development rights from a neighboring property through zoning lot merger.   

Private Lender – Acquisition Loan – New Jersey

Represented a private lender in an acquisition loan with respect to an industrial outdoor storage facility in Cinnaminson, New Jersey. 

$21 Million Sale of Development Site – Astoria, Queens

Represented a developer, owner and operator of residential and commercial real estate in New York and Texas, in connection with the $21 million sale of a development site in the Astoria, Queens.

Major University – Manhattan Leasing

Represented a major university as the tenant in connection with a lease of approximately 50,000 rentable square-feet of space within an office building in Manhattan. The lease also provides the university with a right of first offer with respect to another 50,000 rentable square-feet of space.     

University Sublease of Dormitory Building – Manhattan

Represented a major university as landlord in connection with a sublease of a dormitory building in Manhattan. 

Manhattan Landlord – National Grocery Store Lease

Represented a university as landlord in connection with the extension and amendment of a lease to a national chain of neighborhood grocery stores, with respect to property located in Manhattan. 

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.

Bronx Property Sale with Development Rights

Represented a privately owned investment company on the sale of property located in Bronx, New York comprising a development site, as well as unused development rights pursuant to a zoning lot development agreement recorded against neighboring property. 

MAXX Properties – $35 Million Acquisition & Financing – Scottsdale, AZ

Represented an affiliate of MAXX Properties in the $35 million acquisition and bank financing of a Scottsdale, AZ multifamily property known as 92Forty. The acquisition was the replacement property for a 1031 Exchange.

Private Lender – Montauk, NY – Acquisition and Construction Loan

Represented a private lender on an $18.5 million loan in Montauk, New York (the easternmost end of Long Island). The property is an expansive waterfront property with sunset views over Lake Montauk, which the borrower plans to redevelop into a condominium complex with a marina, spa, fitness center, pool, restaurant and event space.

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.

N.E.W. Corp. – Development Rights and Fee Title – 10th Ave. Manhattan

Represented N.E.W. Corp. in the sale of the fee title for 116 10th Avenue, as well as the unused development rights for 453 W 17th Street in Manhattan to GDS Development and Swedish real estate firm Klövern AB. The deal for the development rights for 453 W 17th Street had been in progress for several years and following the onset of the COVID-19 pandemic in the spring of 2020, and the consequent shutdown of the seller’s nightclub tenant (Avenue Nightclub) at 116 10th Avenue, the parties were able to restructure and expand the deal to include also the fee title to 116 10th Avenue. 

Private Lender – $5 Million Harlem, NY Loan

Represented a private lender on a $5 million loan in the Harlem neighborhood of Manhattan. The property is a development site.   

Chinatown Commercial Building Sale Post-Bankruptcy

Represented an affiliate of a New York City-based family office on the approximately $28.6 million sale of a largely vacant commercial building in the Chinatown neighborhood of Manhattan. The sale was following a bankruptcy court order, in a Chapter 11, single-asset bankruptcy case.

Maxx Properties – Sale of Florida Multifamily Portfolio

Represented an affiliate of MAXX Properties in the sale of a three-property 371-unit value add multifamily portfolio located in Miami-Dade and Broward counties, Florida, for $82 million. The sale is the front-end of a 1031 Exchange.

Sale of Astoria Property – Newtown Avenue

Represented D-Ahn Development LLC on the sale of 25-23 Newtown Avenue in Astoria, Queens. The property is a development site that can accommodate future construction of a new residential building, and this transaction included a vehicular access agreement.

$40 Million Refinancing – Red Hook, Brooklyn

Represented a private lender on a $40 million refinancing secured by industrial property in the Red Hook neighborhood of Brooklyn. 

MAXX Properties – 1031 Acquisition & Financing – Sandy, Utah

Represented an affiliate of long-time client MAXX Properties in the acquisition and $55 million life insurance company financing of a 261-unit luxury apartment community in Sandy, Utah known as The Ridge. The acquisition was the replacement property for a 1031 Exchange.

Private Lender – $23.5 MIllion Mortgage Loan for Hotel Development

Represented a private lender on the $23.5 million mortgage loan secured by property located in Manhattan's Financial District. The owner/operator intends to develop and operate a hotel.

MRP Realty – 405 Park Avenue – Development Rights Transaction

Represented MRP Realty in connection with the acquisition of over 27K-sq.-ft. of unused development rights from a neighboring property through zoning lot merger, along with a related light and air easement. The development rights will facilitate the expansion and renovation of 405 Park Avenue, a major office building in Manhattan.

Privately Held Real Estate Company – Acquisition of Inclusionary Air Rights

Represented a privately held real estate company as purchaser on an approximately $17.7 million acquisition of inclusionary air rights. The contract period was over three years, during which time the seller constructed the applicable affordable housing on the generating site.

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. 

Schron Family – $252 Million Manhattan Multifamily Acquisition

Represented the Schron family in connection with the $252 million acquisition of the Monterey, a 521-unit multifamily property located at 175 East 96th Street.

Joint Venture Acquisition of Development Rights

Represented a joint venture of prominent real estate companies in connection with the acquisition of unused development rights from a neighboring property through zoning lot merger, along with a related light and air easement and construction license. The development rights will facilitate the redevelopment of a significant Manhattan property. 

U.S. Banking Institution – Sale of 77-Property, 15-State Real Estate Portfolio

Represented one of the largest U.S. banking institutions in the sale of a 77-property, 15-state real estate portfolio to a global investment management firm. The transaction also involved the leaseback of 22 properties.

U-Haul International – $200 Million West Chelsea Sale

Represented U-Haul International affiliate AMERCO Real Estate Company, in the $200 million sale of four contiguous industrial properties in Manhattan's West Chelsea neighborhood to Related Companies, along with unused development rights from a fifth parcel that U-Haul retained.   

U-Haul International – Real Estate Financings

Representing U-Haul International in a wide range of real estate financings, secured by properties in New York and New Jersey.

Ascend Charter Schools – Brooklyn Construction Loan

Represented Ascend Charter Schools on a construction loan for the renovation of its facilities at 1501 Pitkin Avenue in Brooklyn.

Private Lender – $32 Million Construction Loan

Represented a private lender on a $32 million construction loan to facilitate the development of a new, mixed-use building in the Lower East Side neighborhood of Manhattan.

Commercial Bank – $65 Million Houston, TX Acquisition Financing

Represented a commercial bank in a $65 million acquisition and capital improvement loan to finance the acquisition and improvement of 14 multi-family properties in Houston, Texas.

Private Lender – $27 Million Mortage Loan

Represented a private lender in a $27.68 million mortgage loan secured by a prominent development site in the Financial District neighborhood of Manhattan, NYC. 

Private Lender – $11.8 Million Long Island City Loan

Represented a private lender on an $11.8MM loan secured by a commercial building consisting of warehouse and office space in the Long Island City neighborhood of Queens, NY. 

Commercial Bank – $17 Million Mortgage Loan

Represented a commercial bank as lender on a $17 million loan secured by a hotel in Brooklyn, NY.

Commercial Bank – Financing

Represented a commercial bank in a $24.5 million acquisition and capital improvement loan to finance the acquisition and improvement of an office building in Nashville, Tennessee.

Real Estate Management and Investment Firm – Loan Acquisition

Represented a boutique real estate management and investment company on the acquisition of certain loans secured by vacant land located in Upper Manhattan (on which construction is contemplated of an affordable housing apartment building). The loans had an aggregate original principal balance of nearly $5.5 million.

Real Estate Investment Manager – $57.5 Million New Jersey Hotel Financings

Represented a prominent real estate investment management firm on two senior mortgage loan financings aggregating $57.5 million, and secured by full service hotels in East Rutherford and Edison, New Jersey, including issues attendant to the implementation of a multi-million dollar property improvement plan.

Real Estate Developer – $53 Million Refinance

Represented a real estate developer in connection with the refinancing of two existing residential apartment buildings in Englewood, New Jersey. The loan was provided by State Farm Life Insurance Company. The transaction involved addressing the complex zoning approval history for the project.