Real Estate Finance

Represented a private lender in a $52 million construction loan for the building of a condominium tower in the Midtown East neighborhood of Manhattan.

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.     

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 a Tel Aviv debt fund in connection with a $180 million construction loan to for the acquisition and redevelopment of a luxury condominium in midtown Manhattan.

Represented Bank Hapoalim B.M. in connection with the modification of a note-on-note financing in the amount of $57 million made by BHI to an affiliate of the Northwind Group, and the Chapter 11 plan of reorganization and modification of the underlying mortgage loan in the amount of $85.3 million secured by the hotel located at 225 Bowery, New York, New York. The modification of the note-on-note financing was a result of the Bankruptcy court’s approval of the Chapter 11 plan of reorganization of the underlying mortgage loan.

Represented ACRES Capital in connection with the $72.5 million refinance of an existing construction loan for a mixed-used project with a 311-unit multifamily component and two retail suites located in Columbus, Ohio.

Represented private investment fund in a $33.4 million construction loan for a property in Portland, CT. The structure of local zoning approvals required the formation of a commercial condominium in order to separate the existing financed project and the additional collateral.

Represented the 92^nd Street Y (92NY) in a tax-exempt bond financing through Build NYC Resource Corporation with respect to its campus on the Upper East Side.

Represented an investor in the acquisition and financing of 129 unsold condo units located on the Upper West Side of New York City.

Represented a hotel owner in the $60 million refinance of their hotel in the Chelsea neighborhood of Manhattan.

Herrick represented ACRES Capital in connection with the refinance of existing construction loans for a mixed-used project including three multifamily residential apartment complexes comprised of 347 units and 51,138 square feet of commercial retail space located in Columbus, Ohio, in the amount of $72 million. 

Represented a joint venture between LargaVista Companies and Baron Property Group in connection with the development, acquisition, joint venture and $388.3 million construction financing of a mixed-use project located at 30-25 Queens Boulevard in Long Island City, New York. The financing consisted of a construction loan, senior mezzanine loan and junior mezzanine loan.

Represented Maxx Properties in connection with the Fannie Mae refinancing of a loan secured by a multifamily property located in the Woodlawn section of the Bronx, NY.

Represented Rechler Equity Partners in a $120 million refinance of a 50-acre business park in the Westhampton, NY that includes a last-mile distribution warehouse leased by Amazon.

Represented Global Holdings in a $250 million mortgage loan from Freddie Mac for a multifamily residential project in Manhattan.

Represented a full-service bank (as lender) in a note on note loan to a family office. The collateral asset was a mortgage loan on an apartment complex in Alabama. 

Represent an Israeli investment company as lender in connection with reviewing a $30 million term loan facility.

Represented Valley National Bank in connection with the $28.6 million refinancing of a land loan secured by property located in Davie, Florida. Concurrently with the closing of the refinance, the sponsor, El-Ad Group, subdivided the property, and Valley extended a $85 million construction loan to finance the development of the first phase of the project. 

Herrick represented Centennial Bank in a $43 million Master Repurchase Agreement to an affiliate of Crestline Management, L.P. with respect to a $72 million mortgage loan secured by an apartment complex in San Antonio, Texas. 

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.

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.

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.

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.

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.