$185 Million Construction & Condo Inventory Loan
Represented a debt fund in connection with a $185 million construction and condo inventory loan for the completion of construction of a luxury residential condominium building in midtown Manhattan.
Matters
Private Lender – Condo Inventory Loan – Manhattan
Represented a private lender in a condominium inventory loan in the Gramercy neighborhood of Manhattan.
Valley National Bank – $252 Million Construction Loan
Represented Valley National Bank on a $252 million syndicated construction loan for a property located in Coney Island, Brooklyn. The planned development includes a three-tower complex with 499 luxury rental units, 38,276 square feet of street-level retail space and 21,500 square feet of community facility space. This complex deal also involved series mortgages, zoning challenges, an amended and restated condominium declaration and a 421-a tax component.
$51 Million Manhattan Condominium Inventory Loan
Represented a private lender in a $51 million condominium inventory loan in New York City’s Financial District.
Valley National Bank – $140 Million Syndicated Construction Loan for Manhattan Luxury Condo
Represented Valley National Bank on a $140,350,000 syndicated construction loan to a subsidiary of El Ad Group, a major international development company. The proposed 32 story project consists of 42 residential luxury condo units located in the Upper East Side. Herrick was also responsible for negotiating an intercreditor agreement with the B-piece lender as well as a recognition agreement with the preferred equity lender.
Private Lender – $60.5 MIllion Condominium Inventory Loan – Queens, NY
Represented a private lender in a $60.5 million condominium inventory loan in Long Island City, Queens.
64 University Place – Condo Offering Plan
Represented Bsafal Inc and Argo Real Estate in the condo offering plan for 64 University Place as well as in the contract negotiations for residential units at this luxury Manhattan mixed-use condo.
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.
Private Lender – $20 Million Condominium Inventory Loan
Represented a private lender on a $20 million condominium inventory loan in the Tribeca neighborhood of Manhattan.
Zeta Charter Schools – 25,000-Square-Foot Condominium Unit
Represented Zeta Charter Schools in connection with the negotiation of a lease for a to-be-built 25,000-sq.-ft. condominium unit in the Bronx, which will be occupied by them as a 3rd-8th grade charter school.
Centennial Bank – $80 Million Construction Loan – Brooklyn, NY
Represented Centennial Bank in an $80 million construction loan for the ground-up development of the property located at 1100 Myrtle Avenue in Brooklyn, which will consist of an 11-story mixed use project with a ground floor supermarket and residential units.
CIT Bank – $35.7 Million Construction Loan – Brooklyn, NY
Represented CIT Bank in a $35.7 million construction loan for the development of a property located at 230 Classon Avenue in Brooklyn, New York, which will consist of a 17-story building with residential units and an affordable component.
Not-for-Profit Corporation – Manhattan Leasehold Condo
Represented a major not-for-profit and an affiliate of Anbang Insurance Company for a full floor lease of 717 Fifth Avenue for 31 years. The lease will be converted to a leasehold condominium.
Northwind Group – $162 Million Construction Loan – Manhattan
Represented Northwind Group for the $162 million construction loan for a 69-unit rental condominium on Fifth Avenue in East Midtown Manhattan owned by SHVO.
G4 Capital Partners – $95 Million Construction and Mezzanine Loan – Madison Ave NYC
Represented G4 in connection with a $95 million construction and mezzanine loan for the development of a luxury condominium building on Madison Avenue in Manhattan for both residential and commercial use.
F&T Land Group – Tangram Development, Flushing, Queens
Represented F&T Group in the financing, development and construction of the Tangram development, an approximately 1.2-million-sq.-ft. mixed use project located in Flushing, Queens. Herrick assisted in the $230 million construction loan as well as in the filing of a condominium offering plan for a 48-unit office building and two residential buildings totaling 324 units.
Centennial Bank – $51 Million Construction Loan for Bronx Mixed Use Condo
Represented Centennial Bank in a $51 million construction loan for the construction of a mixed use building intended to be converted into a condominium, providing for a charter school and community organization located in the Bronx, NY.
G4 Capital Partners – Construction Loan – Williamsburg, Brooklyn
Represented an affiliate of G4 Capital Partners LLC in connection with a construction loan to be used for the development of two mixed use buildings in Williamsburg, Brooklyn.
Not-for-Profit Leasehold Condominium
Represented a national not-for-profit in the acquisition of a New York City full floor office leasehold condominium.