Represented a high net worth client in a very contentious dispute over a property they owned as tenants in common. We were able to settle the dispute with a buyout that was beneficial for both parties and allowed each party to go its separate way.
Represented long-standing client, The Community Preservation Corporation, in a joint venture that preserves 1,036 high-quality affordable and supportive housing units in 13 buildings located throughout Brooklyn, the Bronx and Manhattan. The proceeds of the joint venture’s purchase will be used to capitalize a newly formed charitable organization, Blue Sky Social Justice Fund, which is focused on social justice and human rights, including LGBTQI+ rights, water and energy access, anti-slavery and the Black developers network.
Represented Ascend Charter Schools in the acquisition of a leasehold condo in Brooklyn, NY. The to-be-constructed building will house another first class Ascend middle school.
Represented Vertex Partnership Academies in its lease from the Archdiocese of New York for its initial high school.
Represented a long-standing developer client in the resolution of his twenty plus year acrimonious relationship with his business partner by negotiation of a settlement that settled their litigation and resulted in the sale of their sole asset, a development site in Montgomery County, NY, to a local developer.
Represented an affiliate of MAXX Properties in the sale of a three-property 371-unit value add multifamily portfolio located in Miami-Dade and Broward counties, Florida, for $82 million. The sale is the front-end of a 1031 Exchange.
Represented SR Real Estate Partners in connection with a $75 million construction loan where the proceeds of the loan will be used to construct a 229-unit, 754 bed student housing project at UNC Charlotte in North Carolina.
Represented an affiliate of long-time client MAXX Properties in the acquisition and $55 million life insurance company financing of a 261-unit luxury apartment community in Sandy, Utah known as The Ridge. The acquisition was the replacement property for a 1031 Exchange.
Represented Rabina Properties in a $99 million construction loan to build New River Yacht Club II in Fort Lauderdale, FL, a 349-unit 36-story luxury high rise rental that is being developed in a joint venture with the Related Group.
Represented The Community Preservation Corporation in a joint venture with Camber Property Group to acquire Morris Heights Mews, a 100 percent affordable property in The Bronx, for $29 million, which will preserve and extend affordability for 111 units. A new 20-year Section 8 contract was executed, and the joint venture will undertake approximately $3 million in improvements to the complex.
Herrick successfully represented a commercial business in a dispute with their landlord where their landlord sought to evict them by issuing a notice to terminate their “tenancy” by issuing a 90-day termination notice. After the parties were unable to reach a settlement, Herrick filed a motion for summary judgment seeking dismissal of the proceeding. The Court ultimately granted our client's motion in its entirety and dismissed the proceeding due to the landlord’s failure to accurately describe their legal relationship.
Represented an affiliate of MAXX Properties in the $62 million sale of a multifamily property located in Denver, Colorado known as Cedar Run Apartments.
Represented RXR Realty in a complex joint venture with Louis R. Cappelli to purchase land and develop a mixed-use project in Stamford, CT known as Atlantic Station. Herrick also represented the joint venture in connection with an $80 million construction loan. The project will feature a 325-unit luxury rental residential tower and 17,000 square feet of retail space. A portion of the project includes a post office that is on the National Register of Historic Places, which will be restored and converted into a food hall.
Represented an affiliate of Community Preservation Corporation in a partnership to acquire and preserve 106 units of affordable housing in a project known as Oakland Heights Apartments located in Manchester, CT.
Represented the tenant in the structuring and retail concession agreement in connection with the National Geographic Times Square "Ocean Giants" exhibit in New York City.
Represented The Community Preservation Corporation in the preparation and negotiation of their Master Participation Agreement and various Construction Loan Participation Agreements.
Represented Hunter College of the City University of New York (CUNY) in the $18 million acquisition of a building located near their campus on 67th Street in New York City from the Catholic Charities of the Archdiocese of New York. The building is known as the Baker Theatre Building
Represented a group of investors in the development of an indoor sports facility in Westchester County, New York, which will be financed by municipal bonds.
Represented The Community Preservation Corporation in the sale of membership interests in an affordable multifamily project in Brooklyn, NY and in a LIHTC multifamily and senior housing project in the Bronx, NY.
Represented an investor in the acquisition and financing of 129 unsold condo units located on the Upper West Side of New York City.
Represented MAXX Properties in the $22 million Fannie Mae mortgage financing of a multifamily property located in Tampa, FL.
Represented Community Preservation Corporation in connection with a joint venture with Xenolith Partners LLC, a certified minority- and women-owned business enterprise (M/WBE) company, in collaboration with Family Services Network of New York, Inc. to develop 95 units of supportive and affordable housing and ground-floor community facility space located at 1546 East New York Avenue, Brooklyn, New York.
Represented a joint venture between LargaVista Companies and Baron Property Group in connection with the development, acquisition, joint venture and $388.3 million construction financing of a mixed-use project located at 30-25 Queens Boulevard in Long Island City, New York. The financing consisted of a construction loan, senior mezzanine loan and junior mezzanine loan.
Represented a joint venture between LargaVista Companies and Baron Property Group in connection with a $43.5 million bridge refinancing of its recently developed multifamily property located at 4568 Broadway, NYC known as The Park Overture.
Represented Maxx Properties in connection with the Fannie Mae refinancing of a loan secured by a multifamily property located in the Woodlawn section of the Bronx, NY.
Represented Maxx Properties in an investment into a portfolio of properties with low income housing tax credits (LIHTC).
Represented Global Holdings in a $250 million mortgage loan from Freddie Mac for a multifamily residential project in Manhattan.
Represented The Holy Spirit Association for the Unification of World Christianity in connection with a mortgage loan secured by a property located in Washington, DC. The borrower operates the Kirov Academy, a renowned non-profit ballet school.
Assist a long-standing real estate client in their termination of their Chief Executive Officer and in their search for a new Chief Executive Officer, including interviewing potential candidates and the preparation and negotiation of the new Chief Executive Officer’s Employment Agreement and the Separation Agreement with their prior Chief Executive Officer.
Represent a multifamily focused real estate company in the retirement and transition of their Chief Operating Officer, including the preparation and negotiation of the Transition Agreement.
Represented MAXX Properties in the structuring of their state of the art Long-Term Incentive Plan, including the preparation of the Plan documents.
Represented an affiliate of MAXX Properties in the $35 million acquisition and bank financing of a Scottsdale, AZ multifamily property known as 92Forty. The acquisition was the replacement property for a 1031 Exchange.
Represented Zeta Charter Schools in connection with the negotiation of a lease and formation of a leasehold condominium for a to-be-built 124,000 square-foot eight-story stand alone-building in the Inwood section of Manhattan. The building will serve students from pre-K through eighth grade.
Represented the institutional equity investor in a joint venture to acquire, finance and develop a 257,000 square-foot 299-unit multifamily project in Durham, NC. Project debt and equity is approximately $66.5 million.
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.
Represented the institutional equity investor in a joint venture to acquire, finance and develop a 146,000 square-foot 176-unit multifamily project, including related amenities, in Durham, North Carolina. The debt and equity on the project was approximately $36 million.
Represented Community Preservation Corporation in its $24 million construction loan for a mixed-use multifamily residential and commercial rental project located in Astoria, New York. The project included an EB-5 mezzanine loan.
Represented affiliates of Rabina Properties and other tenants in common in the $231 million sale of 230 Park Avenue South, New York, NY, and the acquisition of replacement like-kind properties in a 1031 like kind exchange transaction. Also represented certain of the sellers in the original acquisition of their interests in 230 Park Avenue South, which was accomplished through a sophisticated restructure of distressed debt secured by partnership interests.
Represented a joint venture between affiliates of Rabina Properties and a real estate private equity fund in the acquisition of a distressed senior mezzanine loan and a junior mezzanine loan secured by pledges of equity interests in the owner of a commercial building in Manhattan, and the related intercreditor agreement.
Represented Marcus & Millichap, a publicly traded company, in their acquisition of New York-based real estate finance advisory firm Mission Capital Debt & Equity.
Represented a joint venture between Brian Stolar’s Pinnacle Companies and Kohl Partners in the development of a 131-unit luxury multifamily condominium complex in Cliffside Park, NJ known as Aurora Over the Hudson.
Represented American Heritage Communities in the $78 million construction loan and mezzanine loan for the development of a continuing care retirement community (CCRC) in Reading, PA and the $49 million acquisition and financing of a senior housing age-restricted community in Teaneck, NJ.
Represented Community Development Trust, LP in the acquisition and financing of a 400-unit affordable multifamily housing complex located in Oklahoma City, OK.
Represented affiliates of Houlihan-Parnes and CLK Management in the $65 million acquisition and financing of a suburban office building located at One Old Country Road, Carle Place, NY, together with the assumption of the existing mortgage loan, in a 1031 like kind exchange transaction.
Represented the developer in a deed-in-lieu relating to a failed high rise condominium construction project in Northern, NJ.
Represented Community Preservation Corporation in connection with a joint venture with Xenolith Partners LLC, a certified minority and women-owned business enterprise (MWBE) company, to develop the first phase of a supportive housing and social services community center with the YWCA located in Schenectady, New York.
Represented Community Preservation Corporation in connection with a joint venture with Xenolith Partners LLC, a certified minority- and women-owned business enterprise (M/WBE) company, and the construction financing to develop “The Rise” located at 1366 East New York Avenue, Brooklyn, New York. Under the Vital Brooklyn Initiative, “The Rise” will consist of 72 supportive and affordable housing units; approximately 7,000 square feet of community facility space; 3,000 square feet of administrative space for One Brooklyn Health System (OBHS); 5 parking spaces; and a 10,000+ square foot rooftop green space. Supportive services for building residents will be provided by Women's Prison Association and Home (WPA) and the Osborne Association, who will also offer services to eligible members of the community, including case management, job-readiness training and job placement, legal assistance and support groups for re-entry transition and the development of social and wellness skills.
Represented The Community Preservation Corporation in connection with a mezzanine loan for the development and rehabilitation of numerous housing projects located in New York City. The loan was made pursuant to CPC’s new initiative called CPC ACCESS, which focuses on getting more and more flexible capital into the hands of emerging, minority real estate developers in the affordable housing space so they can do more and benefit more from their efforts, thereby building their balance sheets and businesses.
Represented Zeta Charter Schools in connection with the negotiation of a lease for a to-be-built 72,000-sq.-ft. stand-alone building in the Bronx, which will be occupied by them as a pre-kindergarten through 2nd grade charter school.
Represented Zeta Charter Schools in connection with the negotiation of a lease for a to-be-built 25,000-sq.-ft. condominium unit in the Bronx, which will be occupied by them as a 3rd-8th grade charter school.
