Real Estate Finance

Represented ProSURF New Urban Partners, L.P. in connection with the formation of its investment fund and its note purchase agreement with Renaissance Downtowns Urban Holdings, which was secured by various subsidiary equity interests and development contract rights for entire communities, including the Village of Hempstead, NY and New Rochelle, NY. Herrick continued to represent ProSURF in connection with its debt-to-equity conversion in Renaissance Downtowns, as well as additional equity investments.

Represented a national banking association as the lender in connection with (i) a standby letter of credit facility (the “LOC”) for an asset management firm, as the borrower, and (ii) an amendment to an existing credit facility, with our client as administrative agent and collateral agent, to permit issuance of the LOC.  The LOC serves as collateral for a surety bond. 

Represented a private lender in an acquisition loan secured by an industrial building located in Lanham, Maryland, west of Washington D.C. 

Represented ACRES Capital in connection with the refinance of a $55 million mortgage loan on a mixed-used project including a multifamily residential apartment complex comprised of 164 units and 2,606 square feet of unoccupied commercial retail space located in Columbus, Ohio. Additionally, we represented ACRES in connection with the subsequent participation of the loan and assignment of the loan into a securitization.

Represented CIT Bank, a division of First-Citizens Bank & Trust Company, on an $88 million construction loan secured by property located at 380 4th Avenue in Gowanus, Brooklyn.

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

Represented Bowery Residents' Committee in connection with its joint venture with Camber Property Group to develop an affordable housing project comprising supportive housing and transitional housing in Queens, NY. The transaction involved construction financing for each of the supportive housing development and transitional housing development.  

Represented Bank Hapoalim as senior co-lender in a $165 million acquisition and construction loan to Moinian Group for the construction of mixed-use residential and hotel property at 7 Platt Street in Manhattan.

Represented Rechler Equity in a $33.5 million refinance of construction loan secured by a hotel in Hampton Bays.

Represented The Community Preservation Corporation in a joint venture with Camber Property Group to acquire Morris Heights Mews, a 100 percent affordable property in The Bronx, for $29 million, which will preserve and extend affordability for 111 units. A new 20-year Section 8 contract was executed, and the joint venture will undertake approximately $3 million in improvements to the complex.

Represented a private lender in a $60.5 million condominium inventory loan in Long Island City, Queens.

Represented BHI in the sale of its $80 million loan secured by a New York City hotel to an investor group headed by an Israel-based private equity firm. In connection with the sale, BHI provided the firm with $57 million in note on note financing.

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.

Represented Centennial Bank on a $30 million mortgage loan financing the acquisition of a development site for a mixed use project outside of an urban center, which included mezzanine debt, preferred equity and a crowdsourced equity investment. 

Represented Centennial Bank in connection with an extension of a $52 million construction loan of a mixed used commercial building located at 345-367 Flushing Avenue, Brooklyn, and the negotiation of an intercreditor agreement with an affiliate of Be-Aviv related to a new mezzanine loan in the amount of $16 million.

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

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.   

Represented Michman Basad, an Israel-based financial services company, in a proposed loan to an international hospitality company and hotel developer.

Represented a BVI corporation listed on Tel Aviv Stock Exchange in the repayment of Series C debentures.

Represented a major New York bank as lender on a $47.6 million loan to a New York based real estate investment firm, collateralized by underlying mortgage and mezzanine loans in the aggregate amount of $68.6 million secured by residential condominium units located in New York, NY.

Represented Leumi Partners Ltd., as mezzanine lender, in an aggregate construction financing facility of $123 million for a mixed-use development construction project in Brooklyn, New York.

Represented a BVI corporation listed on Tel Aviv Stock Exchange, in the $27.5 million refinancing of multifamily project in Long Island, NY.

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.

Represented First-Citizens Bank & Trust Company in connection with a $52.3 million construction loan to a joint venture comprised of Wheelock Street Capital and Foundry Commercial for the construction of an industrial building located at 3800 S. Congress Avenue in Boynton Beach, FL.