Matters

The Forest Road Company – $17 Million Loan Secured by Tax Credits

In the first transaction of its kind in New York, Herrick represented The Forest Road Company in connection with a $17 million mortgage loan secured primarily by up to $22 million in New York Brownfield Tax Credits relating to a property located in New York City. The Tax Credits and related proceeds will be earned after demolition of the existing structure, performance of environmental remediation pursuant to a Brownfield Cleanup Agreement overseen by the NYS Department of Environmental Conservation, and construction and placing into service of a new residential building at the site.

Private Lender – $20 Million Refinancing

Represented a private lender on a $20 million refinancing secured by a newly-constructed self-storage facility located in Staten Island, New York.

Private Lender – $20 Million Condominium Inventory Loan

Represented a private lender on a $20 million condominium inventory loan in the Tribeca neighborhood of Manhattan.

New Market Tax Credits – Redevelopment of Indiana Industrial Facility

Represented a regional bank and their investment partner in financing the modernization and expansion of an industrial facility in Indiana. The facility will add approximately 20,000-sq.-ft. of additional manufacturing space which will be used for additional manufacturing lines. Once final, the renovated and updated facility will create an additional 20 to 30 jobs in the community.

New Market Tax Credits – Construction of Mixed-Use Building – West Virginia

Represented a regional bank and their investment partner in financing the construction of a mixed-use building in West Virginia with commercial space and 16 rental apartments. The apartments are targeted to provide affordable housing to teachers in the community.

Centennial Bank – $54.8 Million Loan for Astoria Development

Represented Centennial Bank in a $54.8 million loan for the construction and development of 186 multifamily units, retail and industrial components, as well as 131 parking spaces at the property in Astoria, NY.

New Market Tax Credits – Financing for Los Angeles Hospital

Represented a regional bank and their investment partner in financing the ongoing operational costs of a community hospital in Los Angeles, California. Herrick rapidly closed the transaction, contending with a requirement to close by year end to meet regulatory and tax compliance requirements.

Centennial Bank – $80 Million Construction Loan – Brooklyn, NY

Represented Centennial Bank in an $80 million construction loan for the ground-up development of the property located at 1100 Myrtle Avenue in Brooklyn, which will consist of an 11-story mixed use project with a ground floor supermarket and residential units.

CIT Bank – $35.7 Million Construction Loan – Brooklyn, NY

Represented CIT Bank in a $35.7 million construction loan for the development of a property located at 230 Classon Avenue in Brooklyn, New York, which will consist of a 17-story building with residential units and an affordable component.

Centennial Bank – $65 Million Brooklyn Construciton Loan

Represented Centennial Bank on a $65 million construction loan secured by property located at 200 Montague Street in Brooklyn. The borrower intends to construct a 121-unit residential apartment building with retail space of approximately 7,000 square feet above grade and 5,000 square feet below grade.

G4 Capital Partners – Construction and Mezz Loan – Brooklyn

Represented G4 Capital Partners in connection with the $130 million construction and mezzanine loans to affiliates of The Jay Group for the development of a residential building located at 101 Fleet Place in Brooklyn.

Northwind Group – $162 Million Construction Loan – Manhattan

Represented Northwind Group for the $162 million construction loan for a 69-unit rental condominium on Fifth Avenue in East Midtown Manhattan owned by SHVO.

G4 Capital Partners – $55 Million Construction Loan – Brooklyn, NY

Represented G4 Capital Partners in a $55 million construction loan secured by property located at 1 Wythe Avenue in Greenpoint, Brooklyn.

G4 Capital Partners – $74.5 Million Construction and Mezz Loan – Long Island City

Represented G4 Capital Partners in connection with a $74.5 million construction and mezzanine loan for the development of property in Long Island City, New York for both residential and commercial use.

G4 Capital Partners – $95 Million Construction and Mezzanine Loan – Madison Ave NYC

Represented G4 in connection with a $95 million construction and mezzanine loan for the development of a luxury condominium building on Madison Avenue in Manhattan for both residential and commercial use.

G4 Capital Partners – $29.5 Million Loan – Brooklyn, NY

Represented G4 in connection with a $29.5 million acquisition and pre-development loan for the development of property located in Brooklyn, New York for both residential and commercial use.

CIT Bank – $88 Million Construction Loan – Brooklyn, NY

Represented CIT Bank, a division of First-Citizens Bank & Trust Company, on an $88 million construction loan secured by property located at 380 4th Avenue in Gowanus, Brooklyn.

Kriss Capital – $37 Million Construction Loan

Represented Kriss Capital LLC on a $37 million construction loan secured by property located at 4560 Broadway. The Herrick team also represented Kriss Capital in connection with the syndication of the loan with Valley National Bank and LibreMax.

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.

Greystar – Acquisition of 800 Sixth Avenue

Represented Greystar in connection with the $237.5 million acquisition of a multi-family residential apartment building, 800 Sixth Avenue in Manhattan. This complex deal also entailed assignments of existing mortgages, a 421-a component, New York State Housing Finance Agency assignment approval and bond redemption.

Greystar Real Estate Partners – $211 Million Chelsea Multifamily Acquisition

Represented Greystar Real Estate Partners in the $211 million acquisition and mortgage financing of a 204-unit multifamily building in Manhattan's Chelsea neighborhood.

New Market Tax Credits – Large Ohio Redevelopment

Represented a regional bank and their investment partner in financing the acquisition and redevelopment of an approximately 800,000-sq.-ft. facility in Ohio to serve as a new distribution and products assembly center for a farm supply store which will breed new jobs and opportunity for the community and for which the bank will receive New Markets Tax Credits.

Historic & New Market Tax Credits – Redevelopment of Historic Building Philadelphia, PA

Represented a regional bank and their investment partner in financing the acquisition and redevelopment of a historic building in Philadelphia into a 254,000-sq.-ft. public health campus which will serve the local community and for which the bank will receive New Markets Tax Credits. The project was also financed with Historic Tax Credits due to the nature of the building’s historical importance.

River Rock Associates – Mezz Construction Loan and Mortgage for Mixed Use Hotel, Restaurant, Residential – Queens, NY

Represented an affiliate of River Rock Associates LLC in connection with a mezzanine construction loan and second mortgage loan for the development of a mixed use hotel, restaurant, apartment and retail condominium located in Queens, New York.

U.S. Bank – $538 Million Asset-Based Lending Facility

Represented a major U.S. bank as lead agent and lender in a $538 million asset-based lending facility.

Centennial Bank – Loan to Extell Development for Deer Valley Ski Resort

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.

Centennial Bank – Construction Loan – Denver, Colorado

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.

Centennial Bank – $75 Million Multi-Property Mortgage Loan

Represented Centennial Bank in a $75 million financing secured by mortgages on eight properties in Brooklyn and Queens.

Centennial Bank – $57 Million Mortgage Loan

Represented Centennial Bank in a $57 million mortgage loan for the Weyerhaeuser headquarters in Federal Way, Washington.

Centennial Bank – $54 Million Manhattan Construction Loan

Represented Centennial Bank in a $54 million construction loan to 31st Street ZEF LLC. The loan was secured by a 40-story, 42 unit condominium tower located at 30 East 31st Street.

Centennial Bank – $51 Million Construction Loan for Bronx Mixed Use Condo

Represented Centennial Bank in a $51 million construction loan for the construction of a mixed use building intended to be converted into a condominium, providing for a charter school and community organization located in the Bronx, 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.

Israeli Pension Fund Manager – Acquisition Administration of $58.6 Million Inventory Loan

Represented an Israeli pension fund manager in the acquisition and administration of $58.6 million inventory loan for a mixed used condominium in Harlem, New York. In addition to the administration of the loan, Herrick facilitated the closings for each of the condominium units.

G4 Capital Partners – $71 Million Construction Loan in Brooklyn, NY

Represented an affiliate of G4 Capital Partners LLC in connection with a $71-million construction loan to be used for the construction of a mixed use building with more than 165,000-sq.-ft. of residential space, a community facility and parking spaces for a development at 2300 Cropsey Avenue, Brooklyn, NY.

G4 Capital Partners – Bridge Loan – Manhattan, NYC

Represented an affiliate of G4 Capital Partners LLC in connection with a bridge loan with an option for a future construction loan secured by property located at 120-124 Lexington Avenue in Manhattan.

G4 Capital Partners – Construction Loan – Williamsburg, Brooklyn

Represented an affiliate of G4 Capital Partners LLC in connection with a construction loan to be used for the development of two mixed use buildings in Williamsburg, Brooklyn.

G4 Capital Partners – $45 Million Brooklyn Construction Loan

Represented G4 Capital Partners LLC in connection with a $45 million construction loan for the development of a mixed use building and a townhouse located at 182-190 North 6th Street in Brooklyn, New York.

G4 Capital Partners – $41 Million Brooklyn Condo Development Financing

Represented G4 Capital Partners in a $41 million financing for JDS Development Group’s condominium development at 613 Baltic Street in Park Slope, Brooklyn.

G4 Capital Finance – $17.7 Million Manhattan Construction Loan

Represented an affiliate of G4 Capital Partners LLC in connection with a $17.7 million construction loan to be used for the development of a residential building at 327 East 22nd Street, in Manhattan.

Jonathan M. Makarowitz, Partner