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 Mortgage 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.
KPR Centers – $180 Million Multi-State Retail Portfolio
Represented KPR Centers in connection with acquiring a $180 million multi-state portfolio of eight shopping centers through a joint venture structure. The portfolio includes retail centers in Florida, Wisconsin and Missouri comprising more than 1.5 million square feet of space. Notably, 96 percent of the properties were leased at the time of the acquisition, and the portfolio is a combination of grocery-anchored and power centers.
$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.