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 – Manhattan, NY
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 – Manhattan, NY
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.
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 $140.4 million 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.
Valley National Bank – $252 Million Construction Loan – Brooklyn, NY
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 Mortgage 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.
Leumi Partners – $123 Million Mezzanine Loan for Brooklyn Development
Represented Leumi Partners Ltd., as mezzanine lender, in an aggregate construction financing facility of $123 million for a mixed-use development construction project in Brooklyn, 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 – Wilmington, MA
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.
Michman Basad – Hotel Financing
Represented Michman Basad, an Israel-based financial services company, in a proposed loan to an international hospitality company and hotel developer.
$27.5 Million Refinancing of Multifamily – Long Island
Represented a BVI corporation listed on Tel Aviv Stock Exchange in the $27.5 million refinancing of multifamily project in Long Island, NY.
Repayment of Series C Debentures
Represented a BVI corporation listed on Tel Aviv Stock Exchange in the repayment of Series C debentures.
KABR Group – $120 Joint Venture for 600 Columbus Avenue
Represented KABR Group in the $120 million joint venture to acquire 600 Columbus Avenue, a 14-story multifamily building plus additional air rights on Manhattan’s Upper West Side. The property, spanning the block between 89th and 90th Streets, features 166 apartments, 27,500 square feet of retail space, and 100 parking spots. The acquisition is the largest single multifamily purchase in New York City in 2023.
Major New York Bank – $47.6 Million Loan
Represented a major New York bank as lender on a $47.6 million loan to a New York based real estate investment firm, collateralized by underlying mortgage and mezzanine loans in the aggregate amount of $68.6 million secured by residential condominium units located in New York, NY.
Joint Venture for Mixed-Use Development – Chelsea, Manhattan
Represented a joint venture comprised of a prominent real estate development company and a global holding company, as borrower, in connection with a construction loan to facilitate the development of a 7-story mixed-use building in the Chelsea neighborhood of Manhattan.
Phoenix Insurance – $78 Million Construction Loan – Brooklyn, NY
Represented Phoenix Insurance Company in acquiring a $55.5 million senior participation interest in a $78 million construction loan to finance the development of a Class A, 27-story multifamily rental building in Brooklyn, New York.
$27.5 Million Refinancing of Multifamily – Long Island, NY
Represented a BVI corporation listed on Tel Aviv Stock Exchange, in the $27.5 million refinancing of multifamily project in Long Island, NY.
BVI Corporation – Repayment of Series C Debentures
Represented a BVI corporation listed on Tel Aviv Stock Exchange, in the repayment of Series C debentures.
Debt Fund -$185 Million Construction & Condo Inventory Loan
Represented a debt fund in connection with a $185 million construction and condo inventory loan for the completion of construction of a luxury residential condominium building in midtown Manhattan.
First-Citizens Bank & Trust Company – $52.3 Million Construction Loan – Florida
Represented First-Citizens Bank & Trust Company in connection with a $52.3 million construction loan to a joint venture comprised of Wheelock Street Capital and Foundry Commercial for the construction of an industrial building located at 3800 S. Congress Avenue in Boynton Beach, FL.
$55.3 Million Refinance for Industrial Property – KABR Group
Represented KABR Group in connection with a $55.3 million refinance of a loan from Acore Capital Mortgage for an industrial property on Jamaica Avenue in Hollis, Queens.
Preferred Bank – $26 Million Construction Loan – Brooklyn, NY
Represented Preferred Bank in connection with a $26 million construction loan for a project located at 170 Freeman Street, Brooklyn consisting of an eight-story, mixed-use building containing 67 apartments, 21 of which are projected to be affordable, and a street-level retail space comprising around 59,000 square feet of gross building area.
Niagara Falls Hotel – Acquisition & Operation Agreements
Represented a foreign investor in the acquisition and financing and operational and managerial aspects of a brand name located in Niagara Falls, NY.
Preferred Bank – $22 Million Loan for Affordable Housing – Jamaica, Queens
Represented Preferred Bank in a $22 million mortgage loan for a commercial condo retail unit in an affordable housing complex with a community center and parking facility in Jamaica, Queens.
$52 Million Construction Loan for Manhattan Condo Tower
Represented a private lender in a $52 million construction loan for the building of a condominium tower in the Midtown East neighborhood of Manhattan.
$30 Million Construction Financing for Brooklyn Multifamily
Represented a private lender in a $30 million construction takeout financing for a Brooklyn multifamily development in the Midwood neighborhood of Brooklyn, NY.
Private Lender – Sale of Commercial Property – Long Island, NY
Represented a private lender in connection with a sale of commercial property in Great Neck, New York, as well as the provision of mortgage financing to the new purchaser.
Northwind Group – $120 Million Financing for Manhattan Condo
Represented Northwind Group as the lender in connection with a $120 million mortgage and mezzanine refinancing for the 685 Fifth Avenue Condominium in the Midtown Manhattan.
ACRES Capital – $57.7 Million Loan – Delray Beach, FL
Represented ACRES Capital in connection with the assignment and assumption from an existing borrower/seller to a new borrower/purchaser and conversion of a construction loan into a mortgage loan in the amount of $57.7 million as a result of the sale of The Ray Hotel Delray Beach, Curio Collection by Hilton, a 141-room hotel, located in Delray Beach, FL.
Represented Major Financial Institution in a Master Repurchase Agreement with an Incremental Facility
Represented a major financial institution, as buyer, in a Master Repurchase Agreement with a real estate fund, as seller, in an amount of $100.0 million with an incremental facility up to an additional $100.0 million. The asset classes subject to the repurchase transactions are performing or non-performing commercial loans secured by real estate consisting of residential multi-family or apartment rental properties, assisted and independent living facilities, memory care facilities, and skilled nursing facilities.
Tel Aviv Debt Fund – $180 Construction Loan – Manhattan Condo
Represented a Tel Aviv debt fund in connection with a $180 million dollar construction loan to for the acquisition and redevelopment of a luxury condominium in midtown Manhattan.
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.
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