New York Cooperative – $15 Million Refinance
Represented a 340-unit cooperative in New York City in a $15 million mortgage refinance with a $1 million line of credit.
Matters
Centennial Bank – $65 Million Brooklyn Construciton Loan
Represented Centennial Bank on a $65 million construction loan secured by property located at 200 Montague Street in Brooklyn. The borrower intends to construct a 121-unit residential apartment building with retail space of approximately 7,000 square feet above grade and 5,000 square feet below grade.
The Forest Road Company – $17 Million Loan Secured by Tax Credits
In the first transaction of its kind in New York, Herrick represented The Forest Road Company in connection with a $17 million mortgage loan secured primarily by up to $22 million in New York Brownfield Tax Credits relating to a property located in New York City. The Tax Credits and related proceeds will be earned after demolition of the existing structure, performance of environmental remediation pursuant to a Brownfield Cleanup Agreement overseen by the NYS Department of Environmental Conservation, and construction and placing into service of a new residential building at the site.
Kriss Capital – $37 Million Construction Loan
Represented Kriss Capital LLC on a $37 million construction loan secured by property located at 4560 Broadway. The Herrick team also represented Kriss Capital in connection with the syndication of the loan with Valley National Bank and LibreMax.
Beekman East Condominium Board – Hoarding Dispute
Represented the condominium board of the Beekman East, a 141-unit condominium in midtown Manhattan, in a hoarding case against a shareholder for breach of contract and various equitable relief. The board was granted a preliminary injunction directing the shareholder to allow the condo and its contractors access to the unit in order to cure the hoarding conditions, exterminate and make all necessary repairs.
Sale In Lieu of Condemnation – Ronkonkoma Hub & Station Yards
Herrick represented the Estate of Gregory J. Mensch in the sale of five properties in lieu of condemnation to the master developer for the Ronkonkoma Hub Transit Oriented Development Project (now renamed "Station Yards"). Station Yards is one of many Transit Oriented Development projects happening all across Long Island, NY. This project has been in the works for more than ten years and is currently in Phase 2A. After years of negotiation, Herrick successfully obtained a sales price for the Estate in an amount that exceeded the initial offer presented by the potential condemnor by almost 200%.