Sabet Group – Chelsea Apartment Building Acquisition
Represented the Sabet Group in the acquisition of 224 & 228 Eighth Avenue, a 44-unit apartment building spanning 30,075 square feet in Manhattan.
Matters
$130 Million Refinance – NYC Owner/Operator & JV with Investment Fund
Represented a New York City owner/operator as part of a joint venture with an investment fund entity in a $130 million refinance of a loan secured by a multi-state portfolio of over 20 commercial-use properties. Herrick advised our client in its negotiation and execution of the loan transaction and a preferred equity arrangement. Herrick also represented our client in the concurrent reorganization at closing of the existing property-owning entities into Delaware-domiciled entities by merger or conversion with simultaneous qualification to transact business in their states of original formation.
Centennial Bank – $30 Million Mortage Loan for Mixed-Use Development Site
Represented Centennial Bank on a $30 million mortgage loan financing the acquisition of a development site for a mixed use project outside of an urban center, which included mezzanine debt, preferred equity and a crowdsourced equity investment.
Real Estate Joint Venture – Medical Office Portfolio Acquisitions
Represented a real estate joint venture in the acquisition and financing of medical office properties throughout the United States.
$35.75 Million Financing Secured by Opportunity Zone Property
Represented a developer in connection with a $35.75 million financing secured by a recently completed multi-family project located in a New Jersey Qualified Opportunity Zone.
NorthEnd Equities – $221 Million Portfolio – Florida
Represented NorthEnd Equities in connection with the financing of $221 million for the acquisition of a 14-property portfolio, consisting of 2,383 units throughout the state of Florida. This sale marks the highest price paid for a deal spanning the state’s Central, Southwest and North areas.
$40 Million Refinancing – Red Hook, Brooklyn
Represented a private lender on a $40 million refinancing secured by industrial property in the Red Hook neighborhood of Brooklyn.
CIT Bank – $88 Million Construction Loan – Brooklyn, NY
Represented CIT Bank, a division of First-Citizens Bank & Trust Company, on an $88 million construction loan secured by property located at 380 4th Avenue in Gowanus, Brooklyn.
Office Building Acquisition – Queens, NY
Represented an investor in the acquisition of a 35,000-square-foot office building in Forest Hills. The transaction included a Purchase and Sale Agreement; an acquisition loan; an LLC agreement; multiple estoppels and SNDAs; the refinancing of another property owned by the investor to raise equity for the acquisition following two aborted sales of a Maine property that had previously been acquired in a 1031-exchange; and a 99-year license agreement from the LIRR to provide parking for the tenants at the office building.
Sumitomo Mitsui Trust Bank – Acquisition & Construction Loan – Houston, TX
Represented Sumitomo Mitsui Trust Bank as lender in connection with an acquisition and construction loan of approx. $76 million to a developer who plans to demolish an existing retail strip center and build an approximately 12 story, 209-unit market rate multifamily project with approximately 2,867 square feet of ground floor retail in Houston, TX.
Private Lender – $60.5 MIllion Condominium Inventory Loan – Queens, NY
Represented a private lender in a $60.5 million condominium inventory loan in Long Island City, Queens.