Matters

Bank Hapoalim B.M. – Loan Workouts

Represent Bank Hapoalim B.M. in the workout of multiple loans secured by assisted living and licensed nursing home facilities.

Bank Hapoalim B.M. – Workout & Foreclosure of Loans

Represent Bank Hapoalim B.M. in the workout and foreclosure of loans secured by unsold condominiums.

Empire State Realty Trust – $180 Million CMBS Mortgage Loan

Represented Empire State Realty Trust in a $180 million CMBS mortgage loan secured by 250 West 57th Street, a 542,000 square-foot Manhattan office and retail property.

Harel Insurance – $62.5 Million Manhattan Loan

Represented Harel Insurance Company in the purchase of a $62.5 million portion of a $600 million construction loan made to SL Green and secured by a first mortgage on 410 10th Avenue in Manhattan.

Centennial Bank – $23 Million Construction Loan

Represented Centennial Bank in a $23 million construction loan to an affiliate of the Meridian Group secured by property located in Fairfax, Virginia.

Centennial Bank – $101 Million Construction Loan – Astoria, Queens

Represented Centennial Bank in connection with a $101 million construction loan secured by a Flushing, Queens property for the ground-up development of two 20-story residential condominium towers, comprising 392 dwelling units, interior and exterior recreational amenity spaces and 388 parking spaces.

Harel Insurance Company – Construction Loan for Luxury Residential – Nashville, TN

Represented Harel Insurance Company in connection with a $40 million participation in a $191 million construction loan for the construction of two high-rise luxury multifamily towers in downtown Nashville, Tennessee.

Bank Hapoalim B.M. – Mortgage Sale – Manhattan

Represented Bank Hapoalim B.M. in connection with a $52 million sale of a $50 million mortgage loan secured by real property and development rights near the High Line in Manhattan.

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.

NY-based Nursing Home Owner – Brooklyn Acquisition

Represented a large NY-based nursing home owner in the acquisition of 699 92nd Street in Brooklyn, NY, from a purchaser under contract who had filed for bankruptcy. The site is triple net leased to a non-profit integrated healthcare network that is New York State's largest healthcare provider and private employer.

Bank Hapoalim – $165 Million Manhattan Acquisition & Construction loan

Represented Bank Hapoalim as senior co-lender in a $165 million acquisition and construction loan to Moinian Group for the construction of mixed-use residential and hotel property at 7 Platt Street in Manhattan.

Lender – Luxury Hotel in New York City

Representing mezzanine lender in connection with defaults under the mezzanine financing for a luxury hotel in New York City, including advising the lender on a potential UCC foreclosure of the hotel or a potential sale of the lender’s mezzanine loan to a third party.

BHI Sale of $80 Million Loan Secured by NYC Hotel

Represented BHI in the sale of its $80 million loan secured by a New York City hotel to an investor group headed by an Israel-based private equity firm. In connection with the sale, BHI provided the firm with $57 million in note on note financing.

Centennial Bank – $52 Million Construction Loan – Queens, NY

Represented Centennial Bank in connection with an extension of a $52 million construction loan of a mixed used commercial building located at 345-367 Flushing Avenue, Brooklyn, and the negotiation of an intercreditor agreement with an affiliate of Be-Aviv related to a new mezzanine loan in the amount of $16 million.

Major New York Bank – $47.6 Million Loan

Represented a major New York bank as lender on a $47.6 million loan to a New York based real estate investment firm, collateralized by underlying mortgage and mezzanine loans in the aggregate amount of $68.6 million secured by residential condominium units located in New York, NY.

Empire State Realty Trust – $35 Million White Plains Refinancing

Represented Empire State Realty Trust in the $35 million refinancing of its property located at 10 Bank Street, White Plains, New York.

Empire State Realty Trust – $30 Million Connecticut Refinancing

Represented Empire State Realty Trust in a $30 million refinancing of commercial property located in Norwalk, Connecticut.

Amity Education Group – Acquisition of St. John’s University Campus

Represented India-based Amity Education Group, a nonprofit international education group, in the $22.4 million purchase of the St. John’s University 170-acre waterfront campus located in Oakdale, Long Island.

Continental Ventures – Upper East Side Joint Venture

Represented Continental Ventures in a joint venture transaction involving the acquisition, financing and development of a luxury mixed-use project on the Upper East Side of Manhattan.   

Real Estate Hotel Owner – $70 Million Sale of the Milburn Hotel

Represented the seller of the Milburn Hotel in a $70 million transaction lasting over a year with complicated issuers with multiple buyers. In addition to the real estate transaction, this sale involved complex tax structuring and defeasance issues.

Pro Football Hall of Fame Village – McKinley Grand Hotel

Represented the Hall of Fame Village in the acquisition of the McKinley Grand Hotel in Canton, Ohio. This is part of the efforts to modernize and update the entire Football Hall of Fame complex.

Commercial Bank – All Claims Dismissed in Litigation over Failed Loan

Negotiated a settlement on behalf of a commercial bank resulting in the voluntary dismissal of all claims filed in a New Jersey state court by an asset manager seeking to hold the bank responsible for losses on a failed loan made to a furniture business prior to the business’ bankruptcy filing.  Claiming that it had been induced into extending the loan based, in part, on a multi- million revolving credit line extended to the business by our client, the plaintiff argued that the credit line and our client’s alleged failure to adequately monitor the business gave the plaintiff the impression that the business was is better financial shape than it was.  Following Herrick’s filing of a third-party complaint, repeated motions to dismiss and an aggressive discovery, the plaintiff dismissed its claims against our client without any payment or admission of wrongdoing while negotiating settlements from the remaining defendants. 

Empire State Realty Trust – $40 Million Condominium Refinancing

Represented Empire State Realty Trust in a $40 million refinancing of two commercial condominiums located at 1010 Third Avenue and 77 West 55th Street in Manhattan.

Empire State Realty Trust – $30 Million Retail Condominium Refinancing

Represented Empire State Realty Trust in the $30 million refinancing of a retail condominium located at 1542 Third Avenue on Manhattan's Upper East Side.

Centennial Bank – Loan to Extell Development for Deer Valley Ski Resort

Represented Centennial Bank an upsize of an existing loan to Extell Development Company for a total aggregate loan amount of $43.6 million for certain pre-development costs incurred by Extell in developing its 2,500+ acre Deer Valley, Utah property as a hotel/condominium/ski resort.

Harel Insurance – Acquisition in Nashville, Tennessee

Represented Harel Insurance Company in the acquisition of a fifty-percent interest in an $82 million construction facility for the ground up construction of  a 420-unit rental property in Nashville, Tennessee.

Kiska Construction – Manhattan Assemblage

Represented Kiska Construction in a $42 million financing of an assemblage in Manhattan.

FBE Limited and Treetop Development Affiliate – Bronx Refinancing and JV Restructuring

Herrick represented an affiliate of FBE Limited and Treetop Development in the restructuring of the ownership and refinancing of a building located at 1600 Sedgwick Avenue in the Bronx.

Israeli Insurance Company – Loan Participations

Represented an Israeli insurance company in the purchase of loan participations in several construction facilities and permanent mortgage loans  totaling in excess of  $150 million.

Kiska Developers – $104 Million Manhattan Sale with Development Rights

Represented Kiska Developers, Inc. in the $104 million sale of a development site on 56th street and Lexington Avenue to an entity controlled by Rotem Rosen. The development included ten lots, unused development rights purchased from a neighboring property and Inclusionary Housing Air Rights from an affordable development.

G4 Capital Bridge Affiliate – $26 Million Brooklyn Acquisition Loan

Represented an affiliate of G4 Capital Bridge, LLC in a $26 million leasehold acquisition loan financing to 285 Schermerhorn LLC in Brooklyn.

Bank Hapoalim – Brooklyn Mortgage Loan

Represented Bank Hapoalim in a mortgage loan to an affiliate of Hidrock Realty, made in connection with Hidrock’s acquisition of 32 Fifth Avenue in Brooklyn, NY.

Court Appointed Receiver – Dissolution of Hedge Fund

Represented the court-appointed receiver over the dissolution of a hedge fund, which at its peak had assets under management of over $500 million. Herrick successfully guided the administration of the fund's investments, assessed litigation strategies and negotiated resolutions of claims against the hedge fund that resulted in a court-approved plan of distribution to creditors and investors.

AEW Capital Management – Brooklyn Residential and Commercial Condominium Joint Venture

Represented AEW Capital Management in a joint venture with Hope Street Capital to acquire and develop residential and commercial condominiums in Brooklyn.

HK Organization – Brooklyn Joint Venture Acquisition, Financing and Disposition

Represented an affiliate of HK Organization in the joint venture with a real estate fund to acquire, finance, refinance and subsequently sell the property known as The Chocolate Factory, a large, historic mixed-use building in Brooklyn with over 100 newly renovated residential units.

AEW Capital Management – 175 Varick Street Leasehold Interest Sale

Represented AEW Capital Management in the sale of its leasehold interest in 175 Varick Street to an affiliate of Tishman Speyer.

Bridge Lender – Real Estate Debtor Bankruptcy

Represented the bridge lender in a single asset real estate debtor case in which Herrick successfully won default rate interest of 24% during the pendency of the debtor's chapter 11 case, where the non-default interest was 12% and the only default asserted was the filing of the debtor's bankruptcy case. Herrick also successfully defeated the debtor's reorganization plan that contemplated a cramdown of the client's mortgage debt, ultimately leading to a consensual chapter 11 plan in which the luxury high-rise condominium in Williamsburg securing the mortgage was transferred to our client.

Commercial Bank – Sale of Loan Facility

Representation of a U.S. commercial bank in a workout of a multi-million dollar first lien revolving loan facility made to a leading maker of Lucite commemoratives. The workout culminated in a successful sale of the loan to the second lien lender.

Foreign Lender – Loan Restructuring

Represented a foreign lender in the restructuring of a $150 million mezzanine loan to an investment fund, including the re-capitalization of certain fund platforms and the sale of certain fund assets.

Peckham Industries – $12.5 Million Asphalt Plant Purchase

Represented Peckham Industries in the purchase of a Canal Asphalt Inc. plant located in Mt. Vernon, New York. The $12.5 million sale was the result of a bankruptcy auction in early 2016.