Matters

$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.

Private Equity Fund – Temporary Forbearance Agreements

Represented a private equity fund in several temporary forbearance agreements with respect to loans secured by real property in Las Vegas, Nevada.

$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.

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.

Private Equity Fund – Restructuring JV Agreements

Representation of a private equity fund in the negotiation of multiple joint venture agreements in connection with the financing of two redevelopment projects in Texas.

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.

$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.

Sale of Interest in Syndicated Mortgage Loan

Represented a major U.S. commercial bank in its acquisition and subsequent sale of a $200 million interest in a syndicated mortgage loan secured by a major New York City office building and its substitution as agent for the lenders.

Non-U.S. Bank – Acquisition and Construction

Represented a major non-U.S. commercial bank in a $65 million acquisition and construction financing for a retail/residential condominium development in lower Manhattan.

Syndicated Mortgage Loan

Represented a U.S. commercial bank, as agent and lender, in a syndicated mortgage loan and amendment to an asset-based credit facility to increase the commitment to $100 million, admit new lenders and reallocate outstanding loans among lenders.

$33 Million Restructuring of Credit and Loan Facilities

Represented a major U.S. commercial bank, as lender and agent, in a $33 million restructuring of several revolving credit and term loan facilities secured by 11 real properties located in New York.

Term Loan Facility

Represented a U.S. private bank in a $17 million term loan facility secured by a Delaware trust’s equity interests in residential properties and economic interests in several investment funds.

Sales of U.S. Hotel Loans

Represented a bank from an EU member state in the disposal of several large loans tied to U.S. hotels.

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.

Restructuring of Defaulted Loans on Midtown Condo Project

Representation of a private equity firm in the acquisition and restructuring of a mezzanine loan and a mortgage loan on a partially completed condominium project in Midtown Manhattan.

Aristone Realty Capital – Syndication Investment

Representation of Aristone Realty Capital in connection with a syndicated investment in debt secured by a distressed condominium development in New York City, and further financing to complete the project.

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.

Distressed Debt Investor – Mezzanine Loan Foreclosure

Representation of a distressed debt investor in foreclosing and conducting UCC secured party sale of portfolio of mezzanine loans securing repo line of credit obligations. One of the mezzanine loan borrowers sought to enjoin the sale; we defeated the TRO application and conducted the sale successfully over the borrower's objection.

Quik Park – Garage Acquisition and Financing

Representation of Rafael Llopiz of Quik Park, one of New York's leading parking garage operators, in acquiring and financing the garage condominium unit in the 40 Mercer Street Condominium--a luxury condominium designed by Jean Nouvel, a winner of the Pritzker Architecture Prize.

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.

Commercial Bank – $61 Million Financing

Representation of a commercial bank in connection with a $60.7 million ground lease financing and an $11 million letter of credit The borrower plans to use the funds to rehabilitate a Madison Avenue commercial property.

Mezzanine Loan Acquisitions

Represented a major New York developer in its acquisition of a senior mezzanine loan and a junior mezzanine loan secured by pledges of the direct and indirect equity interests in the owner of a Manhattan commercial building.

Five-State Residential Portfolio Acquisition and Financing

Represented a major real estate investment and service company in its acquisition and financing of a five-state, 14-property portfolio of residential rental and condominium apartment complexes. The portfolio was financed through 14 first mortgage loans and 12 mezzanine loans, culminating in a four-day closing.

$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.

$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.

$161 Million Long Island Office Acquisition

Represented a joint venture between two major real estate companies in its $161.5 million acquisition and financing of two Long Island, New York office buildings.

Hotel Construction Financing

Represented a major New York hotel group in a construction loan on 6 Columbus, an 88-room boutique Manhattan hotel. We assisted our client in all aspects of the project's development, including construction, interim and permanent financing, litigation with various contractors, and the implementation of a hotel management agreement.

Asset Manager – Apartment Complex Reorganization

Representation of the asset manager for an investment bank in obtaining confirmation of a plan of reorganization jointly filed by our client, as secured creditor, and the debtor, resolving a case involving competing plans of reorganization. The confirmed plan provides for the debtor to repay 25% more than it had sought to pay, and at a higher interest rate over a shorter period.

Domino Sugar Factory Redevelopment

Represented The Community Preservation Corporation in the acquisition, financing and development of the 11.5-acre waterfront complex in Williamsburg, Brooklyn, that was formerly home to Domino Sugar.

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.

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.

Manhattan “Sky Garage” Condo Development

Represented Youngwoo & Associates LLC in developing a unique residential condominium building in New York's West Chelsea neighborhood, which features full-floor units with a parking facility for a car at each level. We advised on the land acquisition, construction financing and zoning issues.

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.

Tribeca Construction and Mezzanine Financing

Represented a joint venture in obtaining complex construction and mezzanine loans for the development of several high-end residential luxury apartments in New York's Tribeca neighborhood.

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.

Resort Financings

Represented an institutional lender in a $65 million acquisition and pre-development loan for the construction of a residential golf community and luxury hotel development in Mexico and in a development loan in Bermuda.

Specialty Finance Company – Florida Condo

Representation of a specialty finance company in the mezzanine construction financing of a condominium in South Beach, Florida.

International Lender – Arizona Resort

Representation of an international lender in the senior construction financing of a resort hotel in Tucson, Arizona, that also features a luxury residential community and PGA golf course.

$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.

Institutional Lender – Not-For-Profit School Financing

Represented an institutional lender in term, construction and revolving credit facilities to a not-for-profit school for the arts. The facilities are secured by prime and collateral mortgages on properties in California and New York.

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.

$105 Million Office Building Conversion

Represented a developer in the acquisition and financing of a commercial building in Chelsea, Manhattan, and its conversion to a mixed-use retail/residential building, the sale of the commercial unit, and the condominium offering of the residential units.

$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.

Mezzanine Lenders – $25 Million Facility

Represented mezzanine lenders in a $25 million secured agented mezzanine facility to a Texas developer. Proceeds of the loans were applied to acquire and develop land in Horseshoe Bay, Lano, and Burnet, Texas.

Investment Bank Resort Financings

Represented an investment bank in the pre-development financing of resort hotel projects in Rancho Mirage California, Bermuda and Rose Island, Bahamas.

Ritz Carlton Resort Condominium Financings

Represented an investment bank in senior construction financings of resort condominium projects branded by Ritz Carlton in Maui, Hawaii, Rancho Mirage, Philadelphia, and the Turks & Caicos Islands.

Investment Bank – Resort Financing

Representation of an investment bank in providing senior acquisition financing for a beachfront resort in Bermuda and resort hotel in Santa Fe, New Mexico.

Japanese Mortgage Restructuring and Asian Property Acquisitions

Represented a Japanese company in negotiations held in Tokyo with UFJ Bank to restructure $30 million in mortgage debt encumbering property in Tokyo. We then represented a Japanese joint venture involving the company in its purchase and mixed-use development of a property in the Kakinokizaka district of Tokyo and in the purchase of property on Yao Yai Island near Phuket, Thailand.