Matters

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 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. 

Chinatown Commercial Building Sale Post-Bankruptcy

Represented an affiliate of a New York City-based family office on the approximately $28.6MM 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.

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.

$17.65 Million Apartment Acquisition by Chinese Investor – St. Petersburg, FL

Represented the U.S. real estate arm of a large global conglomerate headquartered in China on the approximately $17.65MM acquisition of an apartment complex in St. Petersburg, Florida, as well as related agency financing. 

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.

Real Estate Owner – $27 Million Ground Lease Sale

Represented a privately-held real estate holding and property management company on the $27 million sale of the ground lease of a high-rise Manhattan residential building.

Veteran NYC Developer – Partnership Dispute

Successfully represented veteran New York City developer as plaintiff in litigation filed in New York state court arising out of a dispute with former business partners over interests in a certain major New York City real estate development project. Herrick was able to resolve the dispute quickly, negotiating a settlement agreement on favorable terms for our client, which avoided protracted litigation.