Matters

Bank Leumi – $79 Million Manhattan Construction Loan

Represented Bank Leumi USA in a $79 million construction loan for development of the properties located at 224 and 238 West 124th Street, New York, which will be developed as an 18-story, “70/30” rental apartment building containing 168 units (51 of which are affordable). This deal involved unusual zoning subdivision issues as well as coordination with HPD and HUD on various deal components.

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.

Cantor Fitzgerald Securities – Administrative and Collateral Agent in Exit Facility

Represented Cantor Fitzgerald Securities as the administrative agent and collateral agent under an $85 million exit facility following the successful Blackhawk Mining, LLC, et al. (Bankr. D. Del.), chapter 11 cases, which involved over 100 properties, encompassing active mining complexes in West Virginia and Kentucky and substantial metallurgical and thermal coal reserves in West Virginia, Kentucky, Indiana, Illinois and Ohio. The real estate component included terminating existing mortgages encumbering the properties, preparing new mortgages to secure Cantor’s interest, preparing as-extracted collateral filings, reviewing specific requirements related to leasehold properties and title review. Herrick previously represented Cantor Fitzgerald as the administrative agent and the collateral agent under Blackhawk’s (i) pre-petition $660 million first lien term loan facility and (ii) $150 million DIP term loan facility in connection with the pre-packaged restructuring of approximately $1.1 billion of debt, which involved assigning the previous administrative agent’s interest in all of Blackhawk’s properties in West Virginia, Kentucky, Indiana, Illinois and Ohio to Cantor Fitzgerald, as administrative agent.

Cammeby’s International Group – Park Avenue Refinancing

Represented Cammeby’s International Group in the more than $100 million refinancing of a mixed-use multifamily building on Park Avenue in Manhattan.

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.

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.

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.

Acquisition & Financing of Multifamily Property – Gainsville, FL

Represented a developer in connection with the acquisition of multifamily property located in Gainesville, Florida and with the related financing.

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. 

Clarion Partners Investment Trust – Sale of North Carolina Corporate Center

Represented an investment trust advised by Clarion Partners in the $55 million sale of Durham, North Carolina's Palladian Corporate Center, to a fund managed by Innovatus Capital Partners.

Rose Associates – Inclusionary Housing Application

Represented Rose Associates in connection with the completion of an Inclusionary Housing application for the property located at 210 Livingston Street in Brooklyn, New York. 210 Livingston is a 368-unit residential tower in Downtown Brooklyn developed with Benenson Capital Partners, containing 44,000 square feet of affordable housing financed by tax-exempt and taxable bonds through the New York State Housing Finance Agency.

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.

Private Lender – $32 Million Construction Loan

Represented a private lender on a $32 million construction loan to facilitate the development of a new, mixed-use building in the Lower East Side neighborhood of Manhattan.

Private Lender – $27 Million Mortage Loan

Represented a private lender in a $27.68 million mortgage loan secured by a prominent development site in the Financial District neighborhood of Manhattan, NYC. 

Private Lender – $11.8 Million Long Island City Loan

Represented a private lender on an $11.8MM loan secured by a commercial building consisting of warehouse and office space in the Long Island City neighborhood of Queens, NY. 

$18 Million Sale of Midwood Brooklyn Residential Building

Represented a property owner in connection with the $18 million sale of a residential building in the Midwood neighborhood of Brooklyn.

Commercial Bank – $17 Million Mortgage Loan

Represented a commercial bank as lender on a $17 million loan secured by a hotel in Brooklyn, NY.