Matters

Rabina Properties – New River Yacht Club II Construction Loan

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.

Partnership Dispute

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.

Community Preservation Corporation – Affordable Housing

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.

Ascend Charter Schools – Leasehold Condo

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. 

MAXX Properties – 1031 Acquisition & Financing – Sandy, Utah

Represented an affiliate of long-time client MAXX Properties in the acquisition and 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.

SR Real Estate Partners – Construction Loan for Student Housing – North Carolina

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.

Maxx Properties – Sale of Florida Multifamily Portfolio

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.

Real Estate Partner Settlement and Subsequent Property Sale

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.

Vertex Partnership Academies – Leasehold Condo

Represented Vertex Partnership Academies in its lease from the Archdiocese of New York for its initial high school. 

Kirov Academy – Washington D.C. Mortgage Loan

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.

Employment – Chief Executive Officer

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.

Employment – Transition

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.

MAXX Properties – Long-Term Incentive Plan (LTIP)

Represented MAXX Properties in the structuring of their state of the art Long-Term Incentive Plan, including the preparation of the Plan documents.

MAXX Properties – $35 Million Acquisition & Financing – Scottsdale, AZ

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.

Zeta Charter Schools – 124,000 Square-Foot Leasehold Condominium

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.

Institutional Equity Investor – Durham, NC Development

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.

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.

Institutional Equity Investor for Multifamily Development – Durham, NC

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.

Community Preservation Corporation – $24 MIllion Loan for Astoria Mixed-Use Development

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.

Rabina Properties – $231 Million Sale of 230 Park Avenue South

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.

Rabina Properties – Acquisition of Distressed Debt

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.

Pinnacle Companies & Kohl Partners – Luxury Multifamily Condominium – Cliffside, NJ

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.

American Heritage Communities – Financing for Senior Housing in PA and NJ

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 ad the $49 million acquisition and financing of a senior housing age-restricted community in Teaneck, NJ.

Community Development Trust – Finance of Multifamily Housing Complex – Oklahoma

Represented Community Development Trust, LP in the acquisition and financing of a 400-unit affordable multifamily housing complex located in Oklahoma City, OK.

Houlihan-Parnes & CLK Management – Long Island Office Building

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.                

NJ Real Estate Developer – Deed-in-Lieu Transaction

Represented the developer in a deed-in-lieu relating to a failed high rise condominium construction project in Northern, NJ.

Community Preservation Corporation – YWCA Supportive Housing – Schenectady, NY

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.

Community Preservation Corporation & Xenolith Partners – Affordable Brooklyn Development

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, to develop a seven-story permanent supportive and affordable housing residence located at 1366 East New York Avenue, Brooklyn, New York. The building will contain forty-four units of permanent supportive housing for formerly incarcerated individuals and their families, twenty-nine units of affordable housing, as well as on-site social services provided by The Women’s Prison Association and other non-profit organizations.

Community Preservation Corporation – Mezz Loan for Affordable Housing with CPC ACCESS

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.

Zeta Charter Schools – 72,000-Square-Foot Bronx Charter School

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.

Zeta Charter Schools – 25,000-Square-Foot Condominium Unit

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.

Classical Charter Schools – 6-Story South Bronx Charter School

Represented Classical Charter Schools in connection with the negotiation and formation of a leasehold condominium for a 6-story 59,000-sq.-ft. charter school in the South Bronx.

Classical Charter Schools – Leasehold Condo – South Bronx, NY

Represented Classical Charter Schools in connection with the negotiation and formation of a leasehold condominium for a new 54,000-sq.-ft. school being constructed in the South Bronx.

Community Preservation Corporation – Affordable Housing – New York

Represented Community Preservation Corporation in connection with its master joint venture with Xenolith Partners LLC, a certified minority- and women-owned business enterprise (M/WBE) company, to develop affordable housing in New York.

Senior Care Development – 53-story Retirement Community Sale, Chicago

Represented David Reis and Senior Care Development in the structuring and sale of The Clare, a 53-story 338-unit Continuing Care Retirement Community (CCRC) located in Chicago.

Ascend Charter Schools – Mortgage Loans for Renovations

Represented Ascend Charter Schools in connection with two leasehold mortgage loans, totaling more than $10 million, to renovate two school facilities in Brooklyn, New York.

Ascend Charter Schools – Pitkin Ave, Brooklyn

Represented Ascend Charter Schools in a loan from Nonprofit Finance Fund to finance the construction of its charter school located at 1501 Pitkin Avenue Brooklyn, New York.

Maxx Properties – $65 Million Financing – Henderson, Nevada

Represented MAXX Properties in the acquisition and $65 million Fannie Mae financing of a multifamily property in Henderson, NV known as Villas at Green Valley.

Ascend Charter Schools – Brooklyn Lease

Represented Ascend Charter Schools in a 45,000-sq.-ft. lease from the Moinian Group and Bushburg Properties in their new luxury residential tower at 123 Linden Blvd. in Brooklyn, NY.

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.

Maxx Properties – $150 Million Credit Facility

Represented Maxx Properties in a $150 million corporate level credit facility.

Rabina Properties – Development of New River Yacht Club, Fort Lauderdale

Represented Rabina Properties in the third phase of a large scale development of the New River Yacht Club project in downtown Fort Lauderdale, Florida. Phase three is slated to be a 230-unit Class A high-rise multifamily rental building being developed by Rabina Properties and the Related Group.

NY Opportunity Zone – Structuring & Documentation

Represented the purchaser in the structuring and documentation of the acquisition of a New York development site in an Opportunity Zone transaction.

Rabina Properties – 520 Fifth Avenue Development

Represented Rabina Properties in the acquisition, financing, joint venture, restructuring and recapitalization of the vacant development parcel located at 520 Fifth Avenue in Manhattan. The development is initially projected to include an 800-foot-tall tower on the corner of East 43rd Street and Fifth Avenue.