Matters

Rechler Equity – $33.5 Million Refinancing

Represented Rechler Equity in a $33.5 million refinance of construction loan secured by a hotel in Hampton Bays.

$36 Million Construction Loan for Roslyn, NY Development

Represented a family office and its joint venture partner in a $36 million construction loan with Provident Bank as well as review of the construction documents for the development of a mixed use building in Roslyn, New York.

$40 Million Refinancing – Red Hook, Brooklyn

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

G4 Capital Partners – $29.5 Million Loan – Brooklyn, NY

Represented G4 in connection with a $29.5 million acquisition and pre-development loan for the development of property located in Brooklyn, New York for both residential and commercial use.

Bowery Residents’ Committee – Joint Venture for NYC Affordable Housing

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.  

CIT Bank – $88 Million Construction Loan – Brooklyn, NY

Represented CIT Bank, a division of First-Citizens Bank & Trust Company, on an $88 million construction loan secured by property located at 380 4th Avenue in Gowanus, Brooklyn.

Kriss Capital – $37 Million Construction Loan

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.

Bank Hapoalim – $165 Million Manhattan Acquisition & Construction loan

Represented Bank Hapoalim as senior co-lender in a $165 million acquisition and construction loan to Moinian Group for the construction of mixed-use residential and hotel property at 7 Platt Street in Manhattan.

River View Towers – Mitchell-Lama Affordable Housing Refinancing

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.

ACRES Capital – Loan for Self-Storage Facility – Marietta, GA

Represented ACRES Capital, LLC in connection with a $16 million first mortgage loan to refinance debt on a newly constructed 77,060 square foot, 806-unit self-storage facility in Marietta, GA.

Sumitomo Mitsui Trust Bank – Acquisition & Construction Loan – Houston, TX

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.

Community Preservation Corporation – $29 Million Morris Heights Mews Affordable Housing Joint Venture in The Bronx

Represented The Community Preservation Corporation in a joint venture with Camber Property Group to acquire Morris Heights Mews, a 100 percent affordable property in The Bronx, for $29 million, which will preserve and extend affordability for 111 units. A new 20-year Section 8 contract was executed, and the joint venture will undertake approximately $3 million in improvements to the complex.

Private Lender – $60.5 MIllion Condominium Inventory Loan – Queens, NY

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

$35.75 Million Financing Secured by Opportunity Zone Property

Represented a developer in connection with a $35.75 million financing secured by a recently completed multi-family project located in a New Jersey Qualified Opportunity Zone.

BHI Sale of $80 Million Loan Secured by NYC Hotel

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.

Valley National Bank – $140 Million Syndicated Construction Loan for Manhattan Luxury Condo

Represented Valley National Bank on a $140,350,000 syndicated construction loan to a subsidiary of El Ad Group, a major international development company. The proposed 32 story project consists of 42 residential luxury condo units located in the Upper East Side. Herrick was also responsible for negotiating an intercreditor agreement with the B-piece lender as well as a recognition agreement with the preferred equity lender.

$51 Million Manhattan Condominium Inventory Loan

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

KABR Group – Manhattan JV for Multifamily & Air Rights

Represented KABR Group in connection with its investment in a joint venture acquiring a 166-unit residential building plus additional air rights on Manhattan's Upper West Side.

Valley National Bank – $252 Million Construction Loan

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.

$130 Million Refinance – NYC Owner/Operator & JV with Investment Fund

Represented a New York City owner/operator as part of a joint venture with an investment fund entity in a $130 million refinance of a loan secured by a multi-state portfolio of over 20 commercial-use properties. Herrick advised our client in its negotiation and execution of the loan transaction and a preferred equity arrangement. Herrick also represented our client in the concurrent reorganization at closing of the existing property-owning entities into Delaware-domiciled entities by merger or conversion with simultaneous qualification to transact business in their states of original formation.

Centennial Bank – $30 Million Mortage Loan for Mixed-Use Development Site

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. 

Private Real Estate Investor – Preferred Equity Investments Texas & California

Represented a private real estate investor actively involved in the multifamily space in the closing of three preferred equity investments in multifamily properties located Texas and California.

Centennial Bank – $52 Million Construction Loan – Queens, NY

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.

Rechler Equity Partners – Amazon Fulfillment Center

Represented Rechler Equity Partners in the leasing, financing and development of a distribution facility for Amazon in Suffolk County, New York.

Private Lender – Acquisition Loan – New Jersey

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

Private Lender – Condo Inventory Loan – Manhattan

Represented a private lender in a condominium inventory loan in the Gramercy neighborhood of Manhattan.

Joint Venture for Mixed Use Development – Manhattan

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.   

First-Citizens Bank & Trust Company – $57 Million Construction Loan

Represented First-Citizens Bank & Trust Company in connection with a $57 million construction loan for a to-be constructed 237,880 sq. ft. industrial warehouse and distribution facility located at 800 Salem Street, Wilmington, Massachusetts.

NorthEnd Equities – $221 Million Portfolio – Florida

Represented NorthEnd Equities in connection with the financing of $221 million for the acquisition of a 14-property portfolio, consisting of 2,383 units throughout the state of Florida. This sale marks the highest price paid for a deal spanning the state’s Central, Southwest and North areas.

G4 Capital Partners – $95 Million Construction and Mezzanine Loan – Madison Ave NYC

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.

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 – $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.

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 – $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.