Bank Hapoalim B.M. – Intercreditor Agreements
Represented Bank Hapoalim B.M. in connection with the negotiations of an intercreditor agreement among the senior lenders of a senior loan in the amount of $165 million and a new incoming mezzanine lender for the mezzanine loan in the amount of $39.77 million for the construction of an approx. 257,000 gross square foot mixed-use multifamily, hospitality and retail property located in downtown Manhattan.
Bank Hapoalim B.M. – Modification of Note-on-Note Financing
Represented Bank Hapoalim B.M. in connection with the modification of a note-on-note financing in the amount of $57 million made by BHI to an affiliate of the Northwind Group, and the Chapter 11 plan of reorganization and modification of the underlying mortgage loan in the amount of $85.3 million secured by the hotel located at 225 Bowery, New York, New York. The modification of the note-on-note financing was a result of the Bankruptcy court’s approval of the Chapter 11 plan of reorganization of the underlying mortgage loan.
Greystone – Series A Bond Offering – Tel Aviv Stock Exchange
Represented Greystone Senior Debt BI, LTD, a subsidiary of Greystone, in their Series A bond offering of approximately $160 million on Tel Aviv Stock Exchange. The offering was the highest rated offering historically for this product and 3x oversubscribed. The Herrick team partnered with Goldfarb Gross Seligman in Israel.
Tel Aviv Debt Fund – $180 Construction Loan – Manhattan Condo
Represented a Tel Aviv debt fund in connection with a $180 million construction loan to for the acquisition and redevelopment of a luxury condominium in midtown Manhattan.
Israeli Manufacturer – Motion to Dismiss Granted in Breach of Contract and Tortious Interference Lawsuits
Achieved a complete victory on behalf of its clients Inokim, an Israeli company that manufactures electric scooters, and Best Buy against certain Inokim shareholders who sued both companies for breaches of a licensing agreement and tortious interference arising from the distribution of Inokim electric scooters. The New York Supreme Court granted motions to dismiss all of the plaintiffs' claims on each of the alternative grounds offered—including improper service, lack of personal jurisdiction over our Israeli clients and lack of standing.
Wythe Berry Fee Owner LLC – Debtor in Chapter 11
Represented debtor in chapter 11 proceeding involving the William Vale Hotel, a luxury hotel in Brooklyn. Hotel sold for $177 million pursuant to plan of reorganization. 654 B.R. 524 (Bankr. S.D.N.Y. 2024) and 660 B.R. 534 (Bankr. S.D.N.Y. 2024).
$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.
Valley National Bank – $252 Million Construction Loan – Brooklyn, NY
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.
Bank Hapoalim – $165 Million Manhattan Acquisition & Construction Loan – Manhattan, NY
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.
Leumi Partners – $123 Million Mezzanine Loan for Brooklyn Development
Represented Leumi Partners Ltd., as mezzanine lender, in an aggregate construction financing facility of $123 million for a mixed-use development construction project in Brooklyn, New York.
Phoenix Insurance – $78 Million Construction Loan – Brooklyn, NY
Represented Phoenix Insurance Company in acquiring a $55.5 million senior participation interest in a $78 million construction loan to finance the development of a Class A, 27-story multifamily rental building in Brooklyn, New York.
Michman Basad – Hotel Financing
Represented Michman Basad, an Israel-based financial services company, in a proposed loan to an international hospitality company and hotel developer.
Employment Agreement – U.S. Subsidiary of High Tech & Software
Represented a U.S. subsidiary of an Israeli high-technology, security and software developer, in an employment agreement for a member of their C-suite.
Northwind Group – $56 Million Manhattan Mortgage Loan
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.
Global Provider of Cloud Based Software – Acquisition of Cyber Threat Detection Company
Advised Datto Holding Corp. (NYSE:MSP), the leading global provider of cloud-based software and technology solutions purpose-built for managed service providers (MSPs), as lead counsel in connection with its acquisition of BitDam Ltd. (“BitDam”), an Israel-based cyber threat detection company. BitDam’s cyber-defense platform secures collaboration tools, such as M365 and Google Workspace, from ransomware, malware, and phishing.
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.
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.
$27.5 Million Refinancing of Multifamily – Long Island
Represented a BVI corporation listed on Tel Aviv Stock Exchange in the $27.5 million refinancing of multifamily project in Long Island, NY.
Repayment of Series C Debentures
Represented a BVI corporation listed on Tel Aviv Stock Exchange in the repayment of Series C debentures.
$27.5 Million Refinancing of Multifamily – Long Island, NY
Represented a BVI corporation listed on Tel Aviv Stock Exchange, in the $27.5 million refinancing of multifamily project in Long Island, NY.
BVI Corporation – Repayment of Series C Debentures
Represented a BVI corporation listed on Tel Aviv Stock Exchange, in the repayment of Series C debentures.
Debt Fund -$185 Million Construction & Condo Inventory Loan
Represented a debt fund in connection with a $185 million construction and condo inventory loan for the completion of construction of a luxury residential condominium building in midtown Manhattan.
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.
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.
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.
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.
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 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.
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.
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.
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 – 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.
Bank Leumi – $90 Million Construction Loan – Surfside, FL
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.
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.
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.
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.
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.