Risland U.S. Holdings – $502 Million Construction Loan
Represented a joint venture consisting of Risland U.S. Holdings, LLC (a U.S. subsidiary of a multi-billion dollar publicly traded international developer) and a group of local developers in a $502 million loan for the construction of a new 67-story condominium building in Long Island City. The transaction involved a $450 million syndicated mortgage loan and a $52 million mezzanine loan. This transaction stands as the largest condominium construction loan to have closed in Queens and the building, rising to 984 feet with 802 units, will be the tallest building in the borough.
L+M Development Partners – 25 Park Row Construction Financing
Represented L+M Development Partners in a $350+ million financing transaction for the construction and development of a 45-story mixed-use condominium building at 25 Park Row in lower Manhattan. The site is the former headquarters of J&R Music World.
Woolworth Building – Loan Modification & Extenstion
Represented the owners of the Woolworth Building, the Schron family and The Witkoff Group, in the modification and extension of a mortgage loan and a mezzanine loan for the property.
Mizuho Corporate Bank – $1 Billion Mortgage Refinance
Representation of Mizuho Corporate Bank Ltd., largest bank in Japan, in a complex refinancing of approximately $1 billion in mortgage debt encumbering 650 Madison Avenue and 150 East 42nd Street (the Mobil Building) in New York, and 20 North Clark Street in Chicago.
$380 Million National Apartment Complex Acquisition
Represented a joint venture between two major real estate companies in its $380 million acquisition and financing of 52 apartment complexes in 14 states.
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.
Rabina Properties – Amazon Fulfillment Center
Represented Rabina Properties in the financing and development of an 855,000 square-foot fulfillment center for Amazon in North Haven, CT.
Centennial Bank – Construction Loan – Denver, Colorado
Represented Centennial Bank in a $62 million construction loan to be used for the development of approximately 141,500 square feet in retail space, 59,700 square feet in commercial space and a 716-space above-ground parking structure located in Denver, Colorado.
National Bank – $335.7 Million Mortgage Loan to Connecticut Real Estate Firm
Represented a major national bank in a $335.7 million mortgage loan to a Connecticut based commercial real estate firm.
$320 Million Woolworth Building Refinancing
Represented the owner of the office condominium portion of the Woolworth Building, a joint venture between the Schron family and Steve Witkoff, in a $320 million refinancing from Blackstone.
$315 Million 43-Property Portfolio Acquisition
Represented a joint venture between two major real estate companies in its $315 million acquisition and financing of a 43-property portfolio of office and commercial buildings in Long Island, New York.
$300 Million Commercial Condominium Mortgage Loan
Represented a major bank in a $300 million mortgage loan, secured by a mortgage of commercial condominium units in Norwalk, Connecticut.
$300 Million Construction Loan Facility
Representation of one of Florida’s largest condominium developers in a $300 million construction loan facility for eight condominium projects together with a corporate restructuring and a simultaneous $90 million buyout of a major joint venture partner.
Investment Bank – $250 Million Construction Loan Syndication
Representation of an investment bank in syndicating a $250 million construction loan originally held as a portfolio loan, and in converting a portion of the loan to mezzanine financing.
Greystar Real Estate Partners – $211 Million Chelsea Multifamily Acquisition
Represented Greystar Real Estate Partners in the $211 million acquisition and mortgage financing of a 204-unit multifamily building in Manhattan's Chelsea neighborhood.
$200 Million Revolving Credit Facility
Represented a major U.S. private bank in the refinancing of a $200 million revolving credit facility secured by the equity interests of a prominent real estate family in nine New York City office buildings.
$175 Million North Carolina Office Building Purchase
Represented Rabina Properties in the $175 million purchase and financing of a 640,000 square-foot office building in Charlotte, North Carolina's downtown business district.
$156 Million Hotel Construction Financing
Represented a major U.S. investment bank in the $156 million senior construction financing of a hotel condominium resort in Telluride, Colorado.
MAXX Properties – $116 Million Colorado Multifamily Portfolio Refinancing
Represented affiliates of MAXX Properties in their $116 million refinancing of a portfolio of six multifamily properties located in Colorado. The refinancing was insured by the U.S. Department of Housing and Urban Development.
HSA-UWC/New York Hotel Mgmt Co. – $110 Million New Yorker Hotel Financing
Represented HSA-UWC and New Yorker Hotel Management Co. Inc. in a $110 million financing for 481 8th Avenue, a mixed-use project consisting of the iconic New Yorker Hotel, office and retail.
Beijing-Based Developer – $108 Million Construction Loan for Manhattan Gas Station Conversion
Represented the developer in a $108 million construction loan from Bank of the Ozarks for 615 10th Avenue — a former gas station to be converted to a seven-story, mixed-use property.
Rabina Properties – $105 Million Fort Lauderdale Construction Loan
Represented Rabina Properties in a joint venture with Related Group, on a $105 million construction loan from SunTrust Bank. A Perella Weinberg Partners fund, which is also part of the joint venture, also provided equity to be used in connection with a residential development in the Las Olas section of Fort Lauderdale, Florida.
Bank Leumi – $90 Million Construction Loan
Represented Bank Leumi USA in a $90M construction loan to a subsidiary of ASRR Capital Ltd., a publicly-traded Israeli company, for the development of a 12-story luxury condominium tower in Surfside, Florida.
$90 Million Miami Construction Loan
Represented a major bank in a $90 million construction loan for a luxury residential development on Biscayne Boulevard in Miami.
FBE Limited LLC – $84 Million Bronx Apartment Building Acquisition and Financing
Represented FBE Limited LLC in the $84 million acquisition and financing of 1600 Sedgwick Avenue in the Bronx, a HUD-subsidized low income housing property.
Essex Capital – Refinancing
Represented Essex Capital in a take-out refinancing from Investors Bank secured by a newly constructed multifamily apartment building in Ridgewood, New York.
$60 Million Manhattan Retail Acquisition and Leasehold Financing
Represented a developer in forming and capitalizing a purchaser, and in the $60 million acquisition and leasehold financing of a master lease of the retail space at 1657 Broadway, Manhattan.
Marathon/Reckson Executive Joint Venture – SL Green/Reckson Merger
Representation of a joint venture between Marathon Real Estate Opportunity Fund and senior Reckson executives in six separate transactions in the multi-billion dollar merger between SL Green and Reckson Associates Realty Corp., including an asset acquisition, the formation of a joint venture, two acquisition financings, an asset sale, and a mezzanine financing.
Deutsche Bank – West End Avenue
Assisted Deutsche Bank in the closing of a $150+ million loan for 1-15 West End Avenue, a residential tower in the Riverside South complex on Manhattan's Upper West Side.
R Squared – Island Hills Golf Club, Long Island
Represented affiliates of R Squared LLC in the acquisition and financing of the final piece of the former Island Hills Golf Club located in Sayville, New York. R Squared plans to develop luxury rental apartments at the property under its Greybarn brand.
Utah St. Regis Hotel Refinancing
Represented an affiliate controlled by real estate developer David Reis in the refinancing of the St. Regis resort in Deer Valley, Utah.
Bank Hapoalim – Brooklyn Mortgage Loan
Represented Bank Hapoalim in a mortgage loan to an affiliate of Hidrock Realty, made in connection with Hidrock’s acquisition of 32 Fifth Avenue in Brooklyn.
Bank Leumi – Mortgage Financing
Represented Bank Leumi in its $210 million mortgage financing to a joint venture between Israel-based IDB Holding Corp. and Midtown Holdings, for the purchase of the HSBC Tower located at 452 Fifth Avenue. Completed in April 2010, the financing was part of a $350 million sale-leaseback transaction with HSBC Bank USA. This transaction was notable, in that it was the first major non-distressed office building sale in Manhattan in more than two years.
The Lightstone Group – Long Island City Development Financing
Represented The Lightstone Group in the permanent financing of its residential development in Long Island City.
The Witkoff Group – Acquisition of 1745 Broadway
Represented The Witkoff Group in its purchase of the Random House headquarters at 1745 Broadway and in the closing of $340 million in loans.
Centennial Bank – Loan to Extell Development for Deer Valley Ski Resort
Represented Centennial Bank in two complex acquisition loans to affiliates of Extell Development Company. Extell, which owned a 40-acre site in Deer Valley, Utah, acquired two parcels of land totaling 2,500+ acres for future development as a hotel/condominium/ski resort.
Centennial Bank – $75 Million Multi-Property Mortgage Loan
Represented Centennial Bank in a $75 million financing secured by mortgages on eight properties in Brooklyn and Queens.
Centennial Bank – $54 Million Manhattan Construction Loan
Represented Centennial Bank in a $54 million construction loan to 31st Street ZEF LLC. The loan was secured by a 40-story, 42 unit condominium tower located at 30 East 31st Street.
G4 Capital – $26 Million Brooklyn Acquisition Loan
Represented an affiliate of G4 Capital Bridge, LLC in a $26 million leasehold acquisition loan financing to 285 Schermerhorn LLC in Brooklyn.
G4 Capital Partners – $21.5 Million Brooklyn Office Building Refinancing
Represented G4 Capital Partners in a $21.5 million refinancing for an office building at 540 Atlantic Avenue in Brooklyn.
Maxx Properties – Mamaroneck, NY Mixed-Use Project
Represented a group led by MAXX Properties in the joint venture, acquisition and construction financing of the company’s first development project, a mixed-use residential and retail property located in Mamaroneck, NY.
Domino Sugar Refinery Refinancing
Represented The Community Preservation Corporation in the third tranche closing of a $120.2 million loan issued by Domino Mezz Holdings LLC and secured by a third mortgage on the 11.5-acre Domino sugar refinery site in Williamsburg, Brooklyn.
Maxx Properties – Omaha Portfolio Sale
Represented MAXX Properties in the sale of their portfolio of multifamily properties located in Omaha, Nebraska, which included a securitized loan defeasance. The transaction is the front-end of a 1031 tax-deferred exchange. MAXX Properties has retained Herrick in connection with the acquisition of the replacement property.
Youngwoo & Associates LLC – Art Gallery Condo Development
Represented Youngwoo & Associates LLC in developing a 16-story condominium in New York's West Chelsea neighborhood. The building is designed to be an art gallery, and our work included an air rights acquisition and construction loan financing.
Empire State Realty Trust – $40 Million Condominium Refinancing
Represented Empire State Realty Trust in a $40 million refinancing of two commercial condominiums located at 1010 Third Avenue and 77 West 55th Street in Manhattan.
Empire State Realty Trust – $30 Million Connecticut Refinancing
Represented Empire State Realty Trust in a $30 million refinancing of commercial property located in Norwalk, Connecticut.
Garrison Investment Group – Condominium Conversion Project
Representation of Garrison in structuring a $50 million club deal for the re-financing of an Upper West Side condominium conversion project.
Garrison Special Opportunities Fund – Loan Acquisition
Represented Garrison Special Opportunities Fund LP in the acquisition from a large investment bank of senior mezzanine and first mortgage loans encumbering a property on Manhattan's Upper West Side. Our work included negotiating financing for the loans with a European bank, and handling the restructure of a junior mezzanine loan, a senior mezzanine loan and a mortgage loan with the owner.
Garrison Special Opportunities Fund Loan Workout
Representation of Garrison Special Opportunities Fund LP in a loan workout of a Manhattan development site.
BRT Realty Trust – Tennessee and Florida Residential Developments
Representation of BRT Realty Trust, a publicly traded REIT, in the financing and refinancing of a chain of residential developments in Tennessee and Florida owned and operated by Steven Green. The series of transactions is worth several hundred million dollars. Herrick has represented the Gould family and its related entities for over 50 years.