Real Estate Finance

Represented a private lender on a $40 million refinancing secured by industrial property in the Red Hook neighborhood of Brooklyn. 

Represented Bowery Residents' Committee in connection with its joint venture with Camber Property Group to develop an affordable housing project comprising supportive housing and transitional housing in Queens, NY. The transaction involved construction financing for each of the supportive housing development and transitional housing development.  

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.

Represented River View Towers, a 385-unit, 24-story, affordable housing Mitchell-Lama cooperative built in 1964 located in Manhattan’s Hamilton Heights neighborhood for the $33.3 million total financing package comprised of a $12.3 million private loan from CBRE Multifamily Capital Markets, a $20.4 million subordinate Subsidy Loan from the New York State Housing Finance Agency (“HFA”), and a $577K grant from New York State Energy Research and Development Authority (“NYSERDA”). After prepaying existing debt, approximately $26.5 million will be used for property capital improvements including Local Law 11 façade work, new windows and roof, mechanical upgrades and replacements, and numerous other projects. This deal is important not only because it is preserving 300+ units of affordable housing for the long-term, but it is only the fourth refinancing under HFA’s Subsidy Loan Program.

Represented Sumitomo Mitsui Trust Bank as lender in connection with an acquisition and construction loan of approx. $76 million to a developer who plans to demolish an existing retail strip center and build an approximately 12 story, 209-unit market rate multifamily project with approximately 2,867 square feet of ground floor retail in Houston, TX.

Represented a private lender in a $60.5 million condominium inventory loan in Long Island City, Queens.

Represented BHI in the sale of its $80 million loan secured by a New York City hotel to an investor group headed by an Israel-based private equity firm. In connection with the sale, BHI provided the firm with $57 million in note on note financing.

Represented a private lender in a $51 million condominium inventory loan in New York City’s Financial District.

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.

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. 

Represented Centennial Bank in connection with an extension of a $52 million construction loan of a mixed used commercial building located at 345-367 Flushing Avenue, Brooklyn, and the negotiation of an intercreditor agreement with an affiliate of Be-Aviv related to a new mezzanine loan in the amount of $16 million.

Represented a private lender in an acquisition loan with respect to an industrial outdoor storage facility in Cinnaminson, New Jersey. 

Represented a joint venture comprised of a prominent real estate development company and a global holding company in connection with the development of a 23-story mixed-use building in the Midtown East neighborhood of Manhattan. This representation has included, among other aspects, representing the joint venture as borrower in connection with a $95 million construction loan, as well as representing the joint venture in connection with the initial acquisition and financing of the development site and related unused development rights from a neighboring property through zoning lot merger.   

Represented Michman Basad, an Israel-based financial services company, in a proposed loan to an international hospitality company and hotel developer.

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.

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.

Represented our client The Bethel Methodist Home in the defeasance of taxable and tax-exempt bonds and the issuance of new taxable and non-taxable bonds issued by the Westchester County Local Development Corporation in the aggregate amount of approximately $30 million.  The representation involved review and negotiation of bond and financing documents, diligence and discussions surrounding the tax regulatory agreement, coordination of due diligence review of the underlying real estate securing the bonds, and obtaining various regulatory approvals due to the nature of the Borrower as a Continuing Care Retirement Community licensed pursuant to Article 46 of the New York State Public Health Law. The refinancing and issuance of new bonds will result in a substantial net benefit to our client over the term of the bonds. 

Represented Centennial Bank in a $23 million construction loan to an affiliate of the Meridian Group secured by property located in Fairfax, Virginia.

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.

Represented Metropolitan Commercial Bank in a $17 million dollar loan for a property located at 9-03 44th Road, Long Island City, New York. Among other things, the deal involved working with the ground lessor, the NYC Industrial Development Agency and the preferred equity investor.

Represented Gothic 96th Street LLC in connection with the refinancing of a property located at 747 Amsterdam Avenue in Manhattan and the defeasance of the existing loan from the lender.

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 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.

Represented Bank Leumi USA on a $130 million construction loan secured by a property located at 306-314 East 86th Street in Manhattan. The borrower intends to construct a 20-story luxury condominium apartment building containing approximately 146,640 gross square feet of space consisting of 68 residential units with a ground floor retail.