Rechler Equity – $33.5 Million Refinancing
Represented Rechler Equity in a $33.5 million refinance of construction loan secured by a hotel in Hampton Bays.
Represented Rechler Equity in a $33.5 million refinance of construction loan secured by a hotel in Hampton Bays.
Represented the owner of a Manhattan hotel, currently not in operation due to Covid-19, in connection with negotiating an $11 million preferred equity investment by a joint venture. The transaction included the preferred equity investment, a loan modification, and an amendment to the existing hotel management agreement with hotel brand.
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.
Represented a family office and its joint venture partner in a $36 million construction loan with Provident Bank as well as review of the construction documents for the development of a mixed use building in Roslyn, New York.
Represented our client The Bethel Methodist Home in the defeasance of taxable and tax-exempt bonds and the issuance of new taxable and non-taxable bonds issued by the Westchester County Local Development Corporation in the aggregate amount of approximately $30 million. The representation involved review and negotiation of bond and financing documents, diligence and discussions surrounding the tax regulatory agreement, coordination of due diligence review of the underlying real estate securing the bonds, and obtaining various regulatory approvals due to the nature of the Borrower as a Continuing Care Retirement Community licensed pursuant to Article 46 of the New York State Public Health Law. The refinancing and issuance of new bonds will result in a substantial net benefit to our client over the term of the bonds.
Represented affiliates of Northwind Group in connection with a $56 million mortgage loan secured by a newly-constructed, thirteen-story, 86,000+ square-foot residential apartment building located on Central Park North.
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.
Represented a high net worth client in a very contentious dispute over a property they owned as tenants in common. We were able to settle the dispute with a buyout that was beneficial for both parties and allowed each party to go its separate way.
Represented a New York City based family office in multiple financings and a refinancings for their current portfolio.
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.
Herrick represented MAG Partners in connection with a multi-faceted transaction with MacFarlane Partners, Sagamore Ventures and investment partner Goldman Sachs for the development of a megaproject in South Baltimore’s Port Covington. The $5.5 billion development project spans 235 acres along Cromwell Street; includes up to 14 million square feet of shops, restaurants, office space and housing; and 40 acres of parks across 45 new city blocks. The transaction involved several joint venture agreements, development services agreements, employment agreements and other documentation. MAG and MacFarlane are taking the reins from Weller Development Co. for leasing, marketing and "placemaking" campaigns for the current $500 million, 1.1 million-square-foot phase, and will lead all future development outside that initial phase.
Represented Veris Residential, Inc. in the sale of the Hyatt Hotel located in Jersey City, NJ to a joint venture between affiliates of Taconic Capital Advisors LP and HEI Hotels & Resorts.
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. Cumulatively 96 percent leased at the time of the acquisition, the portfolio is a combination of grocery-anchored and power centers.
Represented Northwind Group as the lender in connection with a $120 million mortgage and mezzanine refinancing for the 685 Fifth Avenue Condominium in the Midtown Manhattan.
Representing Hudson 888 Owner LLC and Hudson 888 Holdco LLC as the debtors in a jointly-administered single asset real estate (SARE) Chapter 11 case involving a mixed-use property in Hell’s Kitchen in New York City. Hudson 888 is a subsidiary of the Chinese developer Xinyuan Real Estate Co. Ltd. This matter is ongoing.
Represented Rabina Properties in the acquisition, financing, joint venture, restructuring and recapitalization of the vacant development parcel located at 520 Fifth Avenue in Manhattan. The development is initially projected to include an 800-foot-tall tower on the corner of East 43rd Street and Fifth Avenue.
Represented a joint venture consisting of Risland U.S. Holdings, LLC (a U.S. subsidiary of a multi-billion dollar publicly traded international developer) and a group of local developers in a $502 million loan for the construction of a new 67-story condominium building in Long Island City. This transaction stands as the largest condo construction loan in Queens and the building, rising to 984 feet with 802 units, will be the tallest building in the borough.
Represented Harel Insurance Company in the acquisition of a $100 million portion of a $200 million loan from major New York publicly-traded REIT.
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.
Represented L+M Development Partners in a $350+ million financing transaction for the construction and development of a 45-story mixed-use condominium building at 25 Park Row in lower Manhattan. The site is the former headquarters of J&R Music World.
Representing Common, a co-living developer and operator with properties in six U.S. cities, in a wide range of real estate transactions.
Represented a major national bank in a $335.7 million mortgage loan to a Connecticut based commercial real estate company.
Represented the developer in a $108 million construction loan from Bank of the Ozarks for 615 10th Avenue — a former gas station to be converted to a seven-story, mixed-use property.
Represented a major Chinese real estate developer in its acquisition of a parcel of land in Flushing, Queens for $66 million. The developer plans to build a mixed-use condominium with ground and second-floor retail.
Represented a Beijing-based developer in the acquisition and financing of a gas station on Manhattan's west side. The developer intends to create a mixed-use building that will include residential condominiums and ground floor retail space.
Represented G4 Capital Partners in a $41 million financing for JDS Development Group’s condominium development at 613 Baltic Street in Park Slope, Brooklyn.
Represented Centennial Bank in a $75 million financing secured by mortgages on eight properties in Brooklyn and Queens.
Represented Centennial Bank in a $62 million construction loan to be used for the development of approximately 141,500-sq.-ft. in retail space, 59,700-sq.-ft. in commercial space and a 716-space above-ground parking structure located in Denver, Colorado.
Represented an affiliate of Traders Co. in the refinancing of a 273-room Courtyard Marriott from ING Life Insurance and Annuity Company.
Represented Doral Bank in the sale of the Doral Property Finance Group, including a portfolio of real estate focused loans, to a multi-billion dollar REIT.
Represented Doral Bank in numerous loan participation agreements.
Represented Royalton Capital on the acquisition of a three-acre industrial site in Bushwick, Brooklyn. The deal included the structuring of two joint ventures and financing from AllianceBernstein. Plans are to develop the property into a mixed-use office, retail and restaurant space.
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.
Representing a major Queens developer in the acquisition, construction financing, joint venture and development of numerous development sites intended for multifamily use.
Represented Nord/LB in the restructuring of a land loan secured by a development site in Long Island, New York.
Represented a major bank in the $300 million refinancing of a portfolio of properties.
Represented an affiliate of Traders Co. in the construction financing and joint venture with equity partner for a hotel located in Midtown Manhattan with Bank of Nova Scotia.
Represented a private equity fund in the acquisition of a hotel in Houston, Texas.
Represented Garrison Special Opportunities Fund LP in a loan workout of a Manhattan development site.
Represented Garrison Special Opportunities Fund LP in the acquisition from a large investment bank of senior mezzanine and first mortgage loans encumbering a property on Manhattan's Upper West Side. Our work included negotiating financing for the loans with a European bank, and handling the restructure of a junior mezzanine loan, a senior mezzanine loan and a mortgage loan with the owner.
Represented a privately held real estate company in a leveraged buyout of the exclusive Northeast U.S. distributor of one of the country’s largest window and door manufacturers, including negotiation of the acquisition financing and the acquisition of real property for its new corporate headquarters.
Represented a real estate developer in negotiating hotel management agreements with respect to two properties on Fifth Avenue in Manhattan.
Represented FIT Investment Corporation in connection with the zoning analysis and acquisition of 45 East 33rd Street in New York City, and its redevelopment of the building into a 93,000-sq.-ft. hotel.
Represented a major U.S. investment bank in a $156 million senior construction financing of a hotel condominium resort in Telluride, Colorado.
Represented real estate investors in the $153 million sale of a beneficial interest in an office building on Fifth Avenue in Manhattan.
Represented Hersha Hospitality Trust in connection with its $104 million purchase of the Hyatt Union Square Hotel.
Representation of the private wealth management group of one of the nation's largest financial institutions as one of the lenders in a $600 million syndicated revolving loan facility to a high net worth individual. The loan was secured by the borrower’s extensive art collection and real estate holdings.
Represented of a major asset management company in its joint venture purchase, with a real estate investment firm, of 370 Columbus Avenue.
Represented a New York-based real estate investor in a joint venture with a Florida developer to develop a limestone and lime rock mine.
Represented HQ Global Resources in a nationwide restructuring of hundreds of its office suite leases.