Migdal Insurance Company Ltd. – Joint Ventures with White Oak Partners
Represented affiliates of Migdal Insurance Company Ltd. in the negotiation of two joint ventures with White Oak Partners to establish funds to purchase multifamily properties in the United States.
Leumi Partners – $20 Million Mezzanine Loan – Brooklyn, NY
Herrick represented Leumi Partners in connection with a $20 million mezzanine loan for the development and construction of a property located in the Broadway Triangle of Williamsburg, Brooklyn. The development will consist of five buildings containing approximately 382 residential apartments of which approximately 120 will be affordable residential apartments, ground flood commercial/retail space of approximately 73,000 square feet, second floor community facility space and a 340-space parking garage.
Concession Service Provider – UK Acquisition
Represented international concession service provider in its acquisition of UK hospitality provider specializing in providing premium customer event experiences.
$430 Million Joint Venture Acquisition – U.S. Bank Tower – Los Angeles, CA
Represented both Migdal Insurance Company Ltd. and Menora Mivtachim Insurance Ltd., two of the largest Israeli insurance companies, in the negotiation of a joint venture with Silverstein Properties to acquire the U.S. Bank Tower in downtown Los Angeles, California for a purchase price of $430 million. The deal involved tax structuring, negotiation of partnership agreements, as well as oversight of the acquisition and loan documents.
Bank Hapoalim – Mezzanine Loan
Represented Bank Hapoalim in a mezzanine loan to two real estate companies, and an amendment and extension to an existing acquisition, construction and project loan.
Turkish Art, Culture and Education Nonprofit Formation
Represented a client in forming a U.S. nonprofit to promote and support Turkish and other forms of dance and artistic endeavors.
Republic of Turkey – New York Consulate
Representing the Republic of Turkey in the development and construction of a new and expanded consulate at 46th Street and 1st Avenue across from the UN's General Assembly. Our work includes advice on government relations, real estate development and construction, leasing, land use and zoning.
Risland U.S. Holdings – $502 Million Construction Loan
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.
Gulaylar Group – Acquisition of Three-Story Retail Condo at Extell’s International Gem Tower
Represented Gulaylar Group, in connection with its purchase of a jewelry exchange in the heart of New York City's Diamond District. Istanbul-based Gulaylar Group, is one of Turkey's leading jewelry companies with headquarters located in Turkey's commercial gold center. The Gulaylar Group plans to leverage its retail development expertise to create a world-class jewelry exchange in New York City.
Turkish Exporter – Favorable Jury Verdict and Judgment in Breach of Contract Litigation
Obtained favorable jury verdict and judgment on behalf of a Turkish furniture exporter asserting breach of contract claims in New Jersey federal court against a former business partner and the former head of the client’s U.S. affiliate.
Turkish Apparel Company- Trademark Infringement and Counterfeiting
Defended successful Turkish-American apparel company against federal court claims of trademark infringement and counterfeiting brought by a US hanger company involving garment hangers that the client’s factory had switched and imprinted with the plaintiff’s trademarks without the client’s knowledge. We were able to settle the claims confidentially at the pleading stage of the case, with a significant and creative part of the settlement tied to creating new business between our client and the plaintiff.
Turkish Clothing Manufacturer – Corporate Advice
Represented a clothing manufacturing company headquartered in Istanbul, Turkey with significant business operations in the U.S., regarding general corporate issues and real estate matters in the U.S.
U.S. Company – Cross-Border – Partnership Dispute
Represent a leading U.S. company in relation to a commercial dispute between members of a global clothing wholesaler involving cross-border allegations of breach of contract, fraud, breach of fiduciary duty and trademark infringement.
Financial Services Company – Corporate Advice Doing Business in Turkey
Represent a financial services company establishing operations in Istanbul, Turkey.
Migdal Insurance Company Ltd. – San Francisco Office Building Investment
Represented affiliates of Migdal Insurance Company Ltd. in the negotiation of a joint venture arrangement with a domestically controlled REIT that is an affiliate of KBS Realty Advisors and the associated purchase of a 45% indirect ownership interest in an office building located at 353 Sacramento Street, San Francisco, California.
Israel Discount Bank – New York Giants Financing
Representation of Israel Discount Bank as administrative agent and as a lender in amending an existing secured revolving credit facility to New York Football Giants, Inc. to increase the facility's size to $45 million. The loan's proceeds will be used for working capital purposes.
Bank Leumi – Mortgage Financing
Represented Bank Leumi in its $210 million mortgage financing to a joint venture between Israel-based IDB Holding Corp. and Midtown Holdings, for the purchase of the HSBC Tower located at 452 Fifth Avenue.
Israel Discount Bank–Syndicated Credit Facility
Representation of Israel Discount Bank of New York as administrative agent and lender, in connection with a senior secured syndicated credit facility to a triple A minor league baseball team.
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.
Bank Leumi – $90 Million Construction Loan
Represented Bank Leumi USA in a $90M construction loan to a subsidiary of ASRR Capital Ltd., a publicly-traded Israeli company, for the development of a 12-story luxury condominium tower in Surfside, Florida.
Asset Management Co. – Acquisition of Israeli Basketball Team
Represented an asset management company in the proposed acquisition of an interest in a premier professional basketball team located in Jerusalem. The team has won several titles recently, including the EuroCup and the Israeli League championship.
Migdal Insurance Company Ltd. – Manhattan Garment District Building Investment
Represented affiliates of Migdal Insurance Company Ltd. in the negotiation of a joint venture arrangement with an affiliate of ATCO Properties and Management Inc. and the associated purchase of a 49% indirect ownership interest in an office building located at 240 W. 35th Street in Manhattan's Garment District. Herrick assisted Migdal with structural and tax related planning including the formation of a REIT to serve as the investment entity in the joint venture and the negotiation of a nominee ownership structure for NYC transfer tax purposes.
Beijing-Based Developer – $108 Million Construction Loan for Manhattan Gas Station Conversion
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.
Migdal Insurance Company Ltd. – Multi-State Joint Venture Acquisition
Represented affiliates of Migdal Insurance Company Ltd. in the negotiation of a joint venture arrangement with affiliates of Rialto Capital Management, Elite Street Capital and Menora Mivtachim Insurance in connection with the purchase of an indirect ownership interest in a portfolio of multi-family properties in Maryland, Texas and Missouri.
Migdal Insurance Company Ltd. – Philadelphia Office Building Investment
Represented affiliates of Migdal Insurance Company Ltd. in the negotiation of joint venture arrangements with affiliates of Silverstein Properties and the Arden Group in connection with a REIT investment resulting in the purchase of a 49% indirect ownership interest in a 1.3-million-sq.-ft. office building in Philadelphia, Pennsylvania.
Israeli Defense, Aerospace and Aviation Company – Action Dismissed for Lack of Jurisdiction
Obtained dismissal of all claims asserted by a former employee against the largest Israeli defense, aerospace and aviation company. The plaintiff attempted to establish personal jurisdiction over the Israeli company in New York based on a theory that its wholly owned subsidiary operates as its domestic branch or “mere department” in the United States. While the trial court allowed the plaintiff to begin jurisdictional discovery, the Appellate Court reversed the trial court and dismissed our client from the litigation for lack of jurisdiction.
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.
Bank Leumi – Manhattan Acquisition and Construction Loan
Represented Bank Leumi USA in connection with a $48 million acquisition loan and subsequent construction loan for a residential property at 306 East 86th Street in Manhattan.
Migdal Insurance Company Ltd. – Manhattan Office Building Investment
Represented affiliates of Migdal Insurance Company Ltd. in the negotiation of joint venture arrangements with affiliates of Vanbarton Group and Ohio Public Employee Retirement System in connection with a REIT investment resulting in the purchase of a 34% indirect ownership interest in a 780,000-sq.-ft. office building located at 425 Lexington Avenue in Manhattan.
Harel Insurance Co. – $100 Million Loan Acquisition
Represented Harel Insurance Company in the acquisition of a $100 million portion of a $200 million loan from major New York publicly-traded REIT.
Chinese Real Estate Developer – $66 Million Flushing, Queens Parcel Acquisition
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.
Beijing Developer – Manhattan Development Site Acquisition
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.