Matters

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.

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. 

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.

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.

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.

$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.

$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.

$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.

$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.

$90 Million Bank Leumi 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.

$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

Herrick 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 their 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.

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.

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.