Matters

Centennial Bank – $120 Million Miami Construction Loan

Represented Centennial Bank in the $120 million construction loan for property located at 400 Biscayne Boulevard in Miami. The planned development includes a 49-story tower with 646 luxury rental apartments, 51,000-sq.-ft. of commercial space and a 22,000-sq.-ft. church for the First United Methodist Church of Miami.

William Macklowe Company – Park Slope, Brooklyn Acquisition

Represented the William Macklowe Company in the acquisition by it and Senlac Ridge Partners of a development property at 120 Fifth Avenue in Park Slope, Brooklyn. This complex deal closed on its original timeline even with the COVID-19 New York State on Pause limitations in effect.

Roseland Residential – $300 Million Construction Loan

Represented Roseland Residential, a subsidiary of Mack-Cali Realty Corp., in connection with a $300 million construction loan for its 750-unit, 57-story residential development project in Jersey City, New Jersey.

FBE Limited – $115 Million Sale of Affordable Housing Complex

Represented FBE Limited LLC in selling an affordable housing complex in the Bronx, New York for $115 million. This transaction involved an assumption by the buyer of the existing mortgage loan, along with obtaining regulatory approvals, as the property is an affordable housing building.

Shefa School – Ground Lease and Bond Financing – Manhattan

Herrick represented the Shefa School in its 99-year ground lease of 17 West 60th Street in Manhattan’s Lincoln Square neighborhood. The Shefa School is a Jewish community day school serving students in grades 1 through 8 who benefit from a specialized educational environment to address language-based learning disabilities. Constructed in 1921, the 11-story building is adjacent to Columbus Circle. The School is undertaking a complete renovation of the building, and will relocate its operations to the new facility upon completion. Herrick also represented the Shefa School in a tax-exempt and taxable bond financing through Build NYC Resource Corporation. The School is using proceeds from the financing to renovate, furnish and equip the property acquired through the ground lease.