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.
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.
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.
RXR – Atlantic Station Financing
Represented RXR in the $103 million permanent financing of Phase I of Atlantic Station, a mixed-use project in Stamford, Connecticut with 325 residential units and 20,000-sq.-ft. of retail space.
New York State Pension Fund – $100 Million Mortgage Loan – Bergdorf-Goodman Building
Represented a New York State pension fund in a $100 million additional mortgage loan on the Bergdorf-Goodman Building, located at 754 Fifth Avenue in Manhattan.
Rabina Properties – Amazon Fulfillment Center
Represented Rabina Properties in the financing and development of an 855,000-sq.-ft. fulfillment center for Amazon in North Haven, CT.
Centennial Bank – $120 Million Miami Construction Loan
Represented Centennial Bank in the $120 million construction loan for property located at 400 Biscayne Boulevard in Miami. The planned development includes a 49-story tower with 646 luxury rental apartments, 51,000-sq.-ft. of commercial space and a 22,000-sq.-ft. church for the First United Methodist Church of Miami.
DH Property Holdings – Financing for Brooklyn Distribution Center
Represented DH Property Holdings LLC in the construction loan and mezzanine loan financing for a distribution center in Brooklyn, New York.
Arch Real Estate Companies – Development & Financing of SoHo Property
Represented a venture that included Arch Real Estate Companies in connection with the development and financing of a planned six-story, mixed-use residential building at 11 Greene Street in Soho.
Private Lender – $20 Million Condominium Inventory Loan
Represented a private lender on a $20 million condominium inventory loan in the Tribeca neighborhood of Manhattan.
Private Lender – $20 Million Refinancing
Represented a private lender on a $20 million refinancing secured by a newly-constructed self-storage facility located in Staten Island, New York.
New Yorker Hotel – Mortgage Loan
Represented the not-for-profit owner of the New Yorker Hotel in connection with a mortgage loan, including seeking Court and New York State Attorney General approval of same.
NYLO Boutique Hotels – Financings & Operations
Represented the owners of NYLO boutique hotels in connection with financing, operations and addition to the Tapestry Collection by Hilton.
Hyatt Place Flushing – $32 Million Mortgage Loan
Represented a major New York City developer in connection with a $32 million mortgage loan for the Hyatt Place Flushing/LaGuardia Airport hotel.
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.
F&T Land Group – Tangram Development, Flushing, Queens
Represented F&T Group in the financing, development, construction of the Tangram development, an approximately 1.2-million-sq.-ft. mixed use project Flushing, Queens. Herrick assisted in the $230 million inventory loan filing as well as in the filing of a condominium offering plan for a 48-unit office building at 37-12 Prince Street and a 192-unit residential building at 133-27 39th Avenue in Flushing, Queens.
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.
Harel Insurance Co. – $100 Million Loan Acquisition
Represented Harel Insurance Company in the acquisition of a $100 million portion of a $200 million loan from major New York publicly-traded REIT.
Kiska Construction – Manhattan Assemblage
Represented Kiska Construction in a $42 million financing of an assemblage in Manhattan.
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.
FBE Limited and Treetop Development Affiliate – Bronx Refinancing and JV Restructuring
Herrick represented an affiliate of FBE Limited and Treetop Development in the restructuring of the ownership and refinancing of a building located at 1600 Sedgwick Avenue in the Bronx.
Migdal Insurance Company Ltd. – Philadelphia Office Building Investment
Represented affiliates of Migdal Insurance Company Ltd. in the negotiation of joint venture arrangements with affiliates of Silverstein Properties and the Arden Group in connection with a REIT investment resulting in the purchase of a 49% indirect ownership interest in a 1.3-million-sq.-ft. office building in Philadelphia, Pennsylvania.
R Squared – Refinancing of Two Industrial Portfolios on Long Island
Represented R Squared in connection with refinancing of two industrial property portfolios consisting of 13 warehouse and industrial buildings in Suffolk County, New York.
R Squared – Refinancing on Industrial Properties, Long Island, NY
Represented R Squared LLC in a mortgage loan from Dime Community Bank. The proceeds of the loan were used to refinance leasehold mortgage loans on two industrial properties located at 200 and 220 Roger’s Way in Westhampton Beach, NY.
R Squared – Construction Loan for Historic Canoe Place Inn – Westhampton, NY
Represented an affiliate of R Squared LLC in a construction loan for the renovation of the historic Canoe Place Inn on the Shinnecock Canal in Westhampton, NY. The Inn, originally built in the early 1700s, was used as a stagecoach inn and also served as headquarters for British soldiers during the Revolutionary War. The renovated structure will include a new 25-room inn, a 1,900-sq.-ft. clubhouse and a 300-seat catering hall.
L+M Development Partners – 25 Park Row Construction Financing
Represented L+M Development Partners in a $350+ million financing transaction for the construction and development of a 45-story mixed-use condominium building at 25 Park Row in lower Manhattan. The site is the former headquarters of J&R Music World.
Community Preservation Corporation – $500+ million renovation of 16 Manhattan NYCHA Buildings
Represented the Community Preservation Corporation as the equity provider in the $500+ million renovation of 16 New York City Housing Authority buildings in Manhattan. NYCHA is partnering with the Community Preservation Corporation, Community Development Trust, Monadnock Development LLC, Lemor Development Group, Kalel Holdings LLC and the Community League of the Heights on the acquisition of a ground lease and massive renovation of 1,700 apartments. The upgrades come as part of the “NYCHA 2.0” initiative. This investment is in keeping with the Community Preservation Corporation’s mission of maintaining and providing affordable housing.
Woolworth Building Owners – Loan Modification & Extension
Represented the owners of the Woolworth Building, the Schron family and The Witkoff Group, in the modification and extension of a mortgage loan and a mezzanine loan for the property.
Mizuho Corporate Bank – $1 Billion Mortgage Refinance
Represented Mizuho Corporate Bank in a complex refinancing of approximately $1 billion in mortgage debt encumbering 650 Madison Avenue and 150 East 42nd Street in New York, and 20 North Clark Street in Chicago.
Real Estate Companies – $380 Million National Apartment Complex Acquisition
Represented a joint venture between two major real estate companies in its $380 million acquisition and financing of 52 apartment complexes in 14 states.
U-Haul International – Real Estate Financings
Representing U-Haul International in a wide range of real estate financings, secured by properties in New York and New Jersey.