Matters

Valley National Bank – $140 Million Syndicated Construction Loan for Manhattan Luxury Condo

Represented Valley National Bank on a $140,350,000 syndicated construction loan to a subsidiary of El Ad Group, a major international development company. The proposed 32 story project consists of 42 residential luxury condo units located in the Upper East Side. Herrick was also responsible for negotiating an intercreditor agreement with the B-piece lender as well as a recognition agreement with the preferred equity lender.

Valley National Bank – $252 Million Construction Loan

Represented Valley National Bank on a $252 million syndicated construction loan for a property located in Coney Island, Brooklyn. The planned development includes a three-tower complex with 499 luxury rental units, 38,276 square feet of street-level retail space and 21,500 square feet of community facility space. This complex deal also involved series mortgages, zoning challenges, an amended and restated condominium declaration and a 421-a tax component.

Centennial Bank – $30 Million Mortage 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. 

Joint Venture for Mixed Use Development – Manhattan

Represented a joint venture comprised of a prominent real estate development company and a global holding company in connection with the development of a 23-story mixed-use building in the Midtown East neighborhood of Manhattan. This representation has included, among other aspects, representing the joint venture as borrower in connection with a $95 million construction loan, as well as representing the joint venture in connection with the initial acquisition and financing of the development site and related unused development rights from a neighboring property through zoning lot merger.   

Joint Venture for Mixed-Use Development – Chelsea, Manhattan

Represented a joint venture comprised of a prominent real estate development company and a global holding company, as borrower, in connection with a construction loan to facilitate the development of a 7-story mixed-use building in the Chelsea neighborhood of Manhattan.