Matters

Developer – $53 Million Refinance

Represented a 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.

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.

$57.5 Million New Jersey Hotel Financings

Represented a prominent real estate and 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 implementation of a multi-million dollar property improvement plan.

$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.

Loan Acquisition – Boutique Real Estate Management and Investment Company

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.

Commercial Bank – Financing

Representation of 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.

$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.

Commercial Bank – Financing

Representation of 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.