Asset-Based FinanceDodd-Frank Resource Center
Art Law
Corporate
Corporate Restructuring and Disposition
New Markets Tax Credits
Economic Incentive Programs
Real Estate Finance
New York University School of Law, J.D., 1975
Yale University, B.A., 1972
New York
Stephen Brodie has over 35 years of experience as both a corporate and a real estate lawyer. For most of that time, Steve represented financial institutions in commercial and private bank lending transactions, and in workout and restructuring matters. Steve is the Chair of Herrick's Financial Institutions Practice Group. His fine sense of leverage in business situations helps him anticipate the twists and turns of the most complex deals, and his strong negotiating skills enable him to bring those deals to fruition.
For many years, Steve has represented commercial banks in secured and unsecured financings, including syndicated and single bank high-end middle market transactions; construction lending; IDA financings; mezzanine real estate financings; leasehold mortgage lending; asset-based lending; and in workouts and restructuring arising from such corporate and commercial loans, often involving complex intercreditor relationships. His practice is bolstered by his knowledge of New York's Lien Law and Real Property Law, and Article 9 of the Uniform Commercial Code, as well as his experience helping bank clients navigate through the complex business and documentation structures involved in New Markets Tax Credits transactions.
Steve's practice has sharply expanded in recent years, to include, banks and niche lenders in lending against different kinds of collateral, such as fine art owned by both collectors and dealers, restricted stock and equity interests in closely held companies, and interests in professional sports teams. He also advises banks on creating and revising written credit policies for both art and real estate lending, represents borrowers on some very large art loans and works closely with Herrick's Art Law Group in consignment and buy/sell transactions unrelated to bank financings.
Additionally, Steve has represented owners, developers, and co-op and condominium sponsors in construction, building conversions, commercial leasing and buy/sell transactions, as well as foreign lenders in financings for U.S. borrowers secured by real estate, oil tankers, oil refineries, ski resorts and other collateral.
Steve frequently contributes to Herrick's Lending and Restructuring Alert and to Herrick's Art and Advocacy newsletter. Steve also moderates and speaks at seminars on such topics as problem real estate and commercial loans, lending against art collateral, and the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.
Private Bank - Credit Facility For Real Estate Family
Representation of a major private bank in connection with a $200 million revolving credit loan and letter of credit facility for an entity owned by members of a prominent New York real estate family. The facility is secured by pledges of equity and economic interests with respect to nine major Manhattan office buildings, as well as a collectively assigned note and mortgage with respect to one of the properties.
Major U.S. Bank - Art Loan
Representation of a major U.S. private bank in a $110 million loan secured to by art works and Manhattan real estate.
Major U.S. Private Bank - Art Loan
Representation of a major U.S. private bank in connection with a $16 million revolving credit facility secured by thirteen works of art.
Art Collector - Syndicated Term Loan
Representation of a group of affiliated entities in a $150 million syndicated term loan credit facility from three private bank lenders collateralized by an extensive art collection located in museums, galleries and other third-party warehouse facilities throughout the world.
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