Crescent Sky Capital – $10 Million Apartment Complex Acquisition
Represented Crescent Sky Capital LLC in connection with the $10 million acquisition of the Castle Apartments complex in Tallahassee, Florida from Capital Quad, Inc. and on the related acquisition loan.
The Bethel Methodist Home – Bond Refinancing
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.
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.
Centennial Bank – $23 Million Construction Loan
Represented Centennial Bank in a $23 million construction loan to an affiliate of the Meridian Group secured by property located in Fairfax, Virginia.
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.
Northwind Group – $56 Million Manhattan Mortgage Loan
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.
Private Lender – Montauk, NY – Acquisition and Construction Loan
Represented a private lender on an $18.5 million loan in Montauk, New York (the easternmost end of Long Island). The property is an expansive waterfront property with sunset views over Lake Montauk, which the borrower plans to redevelop into a condominium complex with a marina, spa, fitness center, pool, restaurant and event space.
Metropolitan Commercial Bank – $17 Million Mortgage Loan – Long Island City, NY
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.
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.
Gothic 96th Street LLC – Refinancing and Defeasance
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.
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.
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.
Shefa School – Ground Lease and Bond Financing – Manhattan
Herrick represented the Shefa School in its 99-year ground lease of 17 West 60th Street in Manhattan’s Lincoln Square neighborhood. The Shefa School is a Jewish community day school serving students in grades 1 through 8 who benefit from a specialized educational environment to address language-based learning disabilities. Constructed in 1921, the 11-story building is adjacent to Columbus Circle. The school is undertaking a complete renovation of the building and will relocate its operations to the new facility upon completion. Herrick also represented the Shefa School in a tax-exempt and taxable bond financing through Build NYC Resource Corporation. The school is using proceeds from the financing to renovate, furnish and equip the property acquired through the ground lease.
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.
Centennial Bank – $101 Million Construction Loan – Astoria, Queens
Represented Centennial Bank in connection with a $101 million construction loan secured by a Flushing, Queens property for the ground-up development of two 20-story residential condominium towers, comprising 392 dwelling units, interior and exterior recreational amenity spaces and 388 parking spaces.
Bank Leumi – $130 Million Manhattan Mortgage Loan
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.
Bank Leumi USA – $80 Million Construction Loan – Long Island City
Herrick represented Bank Leumi USA on an $80 million construction loan secured by property located at 27-01 Jackson Avenue, Long Island City.
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.
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.
Private Lender – $23.5 MIllion Mortgage Loan for Hotel Development
Represented a private lender on the $23.5 million mortgage loan secured by property located in Manhattan's Financial District. The owner/operator intends to develop and operate a hotel.
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.
Private Real Estate Investor – National Preferred Equity Investments
Represented a private real estate investor in the preferred equity investments involving two multi-family developments in North Carolina and South Carolina, and an investment in a portfolio of fifteen properties across the U.S. which were net-leased to Dollar General.
Private Lender – $25 Million Loan for Long Island City Development
Represented a private lender in a $25 million loan for the development of a site in the Long Island City neighborhood of Queens, NY.
Bank Leumi USA – $30.55 Million Manhattan Acquisition Loan
Represented Bank Leumi USA on a $30.55 million acquisition loan for the planned development of a mixed-use property secured by multiple properties on 14th Street and 6th Avenue in Manhattan.
Harel Insurance Company – Construction Loan for Luxury Residential – Nashville, TN
Represented Harel Insurance Company in connection with a $40 million participation in a $191 million construction loan for the construction of two high-rise luxury multifamily towers in downtown Nashville, Tennessee.
Family Office – Refinancing
Represented a New York City based family office in multiple financings and a refinancings for their current portfolio.
Northwind Group – Financing – Chicago, IL
Represented Northwind Group in connection with a $60 million loan for a commercial office building in Chicago, Illinois.
Leumi Partners – $20 Million Mezzanine Loan – Brooklyn, NY
Herrick represented Leumi Partners in connection with a $20 million mezzanine loan for the development and construction of a property located in the Broadway Triangle of Williamsburg, Brooklyn. The development will consist of five buildings containing approximately 382 residential apartments of which approximately 120 will be affordable residential apartments, ground flood commercial/retail space of approximately 73,000 square feet, second floor community facility space and a 340-space parking garage.
Preferred Bank – $15 Million Refinance – Bronx, NY
Represented Preferred Bank in a $15 million refinance of a loan to an entity controlled by Namdar Realty Group, H Holding Group and Klosed Properties in the Mott Haven area of the Bronx, NY.
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 and Bilgili Group.
Bank Hapoalim B.M. – Mortgage Sale – Manhattan
Represented Bank Hapoalim B.M. in connection with a $52 million sale of a $50 million mortgage loan secured by real property and development rights near the High Line in Manhattan.
Churchwick Partners – Preferred Equity Raise
Represented Churchwick Partners in a multi-million dollar preferred equity raise from a specialty finance group to fund the acquisition of a portfolio of extended stay hotels.
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.
Roseland Residential – $300 Million Construction Loan
Represented Roseland Residential, a subsidiary of Mack-Cali Realty Corp., in connection with a $300 million construction loan for its 750-unit, 57-story residential development project in Jersey City, New Jersey.
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.
Empire State Realty Trust – $180 Million CMBS Mortgage Loan
Represented Empire State Realty Trust in a $180 million CMBS mortgage loan secured by 250 West 57th Street, a 542,000 square-foot Manhattan office and retail property.
Harel Insurance – $62.5 Million Manhattan Loan
Represented Harel Insurance Company in the purchase of a $62.5 million portion of a $600 million construction loan made to SL Green and secured by a first mortgage on 410 10th Avenue in Manhattan.
DH Property Holdings – $154.7 Million Financing – Brooklyn, NY
Represented DH Property Holdings LLC in connection with a $154.7 million construction and mezzanine financing for a last-mile distribution facility in Red Hook, Brooklyn.
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.
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.
Manhattan Hotel – $11 Million Preferred Equity Investment
Represented the owner of a Manhattan hotel, currently not in operation due to Covid-19, in connection with negotiating an $11 million preferred equity investment by a joint venture. The transaction included the preferred equity investment, a loan modification, and an amendment to the existing hotel management agreement with hotel brand.
Sky Harbour Group – Financing & Ground Leasing for Aviation Hangers – Texas
Represented Sky Harbour Group in connection with its ground lease of development parcels at Sugar Land Regional Airport in Sugar Land, Texas, for private aviation hangars as well as the construction financing for the hangars.
Roseland Residential – Construction Loan for Port Imperial Building – New Jersey
Represented Roseland Residential, a subsidiary of Mack-Cali Realty Corp., in connection with a $92 million construction loan for its Port Imperial Building 8/9, an approximately 313-unit residential development project in Weehawken, New Jersey.
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.
FBE Limited – Brooklyn Acquisition, Including Marina
Represented FBE Limited in connection with the acquisition of waterfront property including a marina located in Brooklyn, New York for $57.5 million and with the related financing.
Risland U.S. Holdings – $502 Million Construction Loan
Represented a joint venture consisting of Risland U.S. Holdings, LLC (a U.S. subsidiary of a multi-billion dollar publicly traded international developer) and a group of local developers in a $502 million loan for the construction of a new 67-story condominium building in Long Island City. This transaction stands as the largest condo construction loan in Queens and the building, rising to 984 feet with 802 units, will be the tallest building in the borough.
DH Property – Brooklyn Warehouse Sale to Prologis
Represented DH Property Holdings in the acquisition, financing negotiations and ultimate $60 million sale of the purchase contract for a two-acre warehouse site at 150 East 52nd Street in Brooklyn, NY to the mammoth warehouse landlord, Prologis.
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.