Real Estate

Represented a joint venture among Community Preservation Corporation, Related Fund Management and the FDIC in the workout and restructuring of a $5.8 billion loan portfolio acquired from Signature Bank. The loans are secured by rent regulated projects located in New York City.

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 an Israeli debt fund in a multi-jurisdictional loan restructuring a collateralization in the United States. 

Represented Thorofare Capital, Inc., a real estate investment firm with a focus on distressed assets, on a New Jersey foreclosure resulting in the recovery of over $20 million on one loan, and another in which Herrick successfully completed a UCC sale to recover a New Jersey property for the client valued at approximately $20 million.

Represented a major university in connection with the sale of two adjacent townhouses in the West Village neighborhood of Manhattan for over $33 million.     

Represented the New York City Housing Authority in connection with the sale of approximately 38,000 square feet of unused development rights to facilitate an affordable housing development on a neighboring property through zoning lot merger, along with a related light and air easement and a related neighboring property construction access license agreement.

Obtained City Council approvals for Rabina on complex land use and zoning work for their project at 395 Flatbush Avenue Extension in Downtown Brooklyn, NY. Their proposed skyscraper – a one-million square foot, 72-story, mixed-use development with over 1,200 dwelling units and over 800-feet tall – will be the second tallest building in Brooklyn upon completion. Herrick worked to (i) rezone the City-owned property to the highest residential and commercial zoning districts permitted by zoning – this is the first property in Brooklyn to receive these zoning classifications; (ii) modify design and bulk restrictions in the Zoning Resolution that affected the property; and (iii) extend Rabina’s ground lease with the City by 99 years. 

Represented a leading global investment firm on the $36.3 million sale of an office building complex located in Costa Mesa, California.

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 Gehr Group in the $49.5 million refinancing of the fee interest in the 244-key Four Points Sheraton located at 326 West 40th Street in Manhattan. 

Represented Yellowstone Real Estate Investments in issuing unsecured bonds on the Tel Aviv Stock Exchange, raising approximately $200 million.

Represented Global Holdings in a $250 million mortgage loan from Freddie Mac for a multifamily residential project in Manhattan.

Represented a full-service bank (as lender) in a note on note loan to a family office. The collateral asset was a mortgage loan on an apartment complex in Alabama. 

Represented Community Preservation Corporation as the lead lender in the negotiation of a Construction Loan Participation Agreement in connection with a more than $40 million construction loan.

Represented Go Properties in a potential $150 million bond offering on the Tel Aviv Stock Exchange. 

Represented Valley National Bank in connection with the $28.6 million refinancing of a land loan secured by property located in Davie, Florida. Concurrently with the closing of the refinance, the sponsor, El-Ad Group, subdivided the property, and Valley extended a $85 million construction loan to finance the development of the first phase of the project. 

Represented an affiliate of LargaVista Companies in connection with a preferred equity investment in an entity affiliated with Baron Property Group that owns a property located in Hialeah, Florida.

Represented European-based developer in a new construction offering plan for a condominium development in New York City. 

Represented a joint venture with partners based in Israel and India in connection with $450 million offering plan on "Billionaires' Row" in Manhattan. 

Represented a private lender in an acquisition loan for more than $19 million secured by a site located in Orlando, Florida. 

Represented a hotel owner in the $60 million refinance of their hotel in the Chelsea neighborhood of Manhattan.

Herrick represented ACRES Capital in connection with the refinance of existing construction loans for a mixed-used project including three multifamily residential apartment complexes comprised of 347 units and 51,138 square feet of commercial retail space located in Columbus, Ohio, in the amount of $72 million. 

Represented a joint venture between LargaVista Companies and Baron Property Group in connection with the development, acquisition, joint venture and $388.3 million construction financing of a mixed-use project located at 30-25 Queens Boulevard in Long Island City, New York. The financing consisted of a construction loan, senior mezzanine loan and junior mezzanine loan.

Represented Maxx Properties in connection with the Fannie Mae refinancing of a loan secured by a multifamily property located in the Woodlawn section of the Bronx, NY.