Real Estate Finance

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.

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.

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.

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. 

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.

Represented a New York City based family office in multiple financings and a refinancings for their current portfolio.

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.

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.

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.

Represented a private real estate investor in the purchase of a note secured by a mortgage on a multi-family project in Raleigh, North Carolina. Additionally, Herrick represented the investor in a loan secured by a pledge of membership interests in a multi-family project in Tempe, Arizona.

Represented G4 Capital Partners in connection with a $74.5 million construction and mezzanine loan for the development of property in Long Island City, New York for both residential and commercial use.

Represented Rabina Properties in a $99 million construction loan to build New River Yacht Club II in Fort Lauderdale, FL, a 349-unit 36-story luxury high rise rental that is being developed in a joint venture with the Related Group.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.