Israeli Insurance Company – Loan Participations

Represented an Israeli insurance company in the purchase of loan participations in several construction facilities and permanent mortgage loans  totaling in excess of  $150 million.

Israeli Pension Fund Manager – Acquisition Administration of $58.6 Million Inventory Loan

Represented an Israeli pension fund manager in the acquisition and administration of $58.6 million inventory loan for a mixed used condominium in Harlem, New York. In addition to the administration of the loan, Herrick facilitated the closings for each of the condominium units.

Israeli Pension Fund Manager – Syndicated Loan

Represented an Israeli pension fund manager in connection with its acquisition of a 50% interest as co-lender with a major international bank in a $81.9 million syndicated loan secured by a hotel located in downtown Washington DC.

Israeli Pension Fund Manager – Syndicated Construction Loan

Represented an Israeli pension fund manager in connection with its acquisition of a $60 million interest as co-lender in a $650 million syndicated senior construction loan for the development of a mixed use development on the Upper East Side of Manhattan. 

Bank Hapoalim – Brooklyn Mortgage Loan

Represented Bank Hapoalim in a mortgage loan to an affiliate of Hidrock Realty, made in connection with Hidrock’s acquisition of 32 Fifth Avenue in Brooklyn, NY.

Bank Leumi – Mortgage Financing

Represented Bank Leumi in its $210 million mortgage financing to a joint venture between Israel-based IDB Holding Corp. and Midtown Holdings, for the purchase of the HSBC Tower located at 452 Fifth Avenue.

The Lightstone Group – Long Island City Development Financing

Represented The Lightstone Group in the permanent financing of its residential development in Long Island City.

The Witkoff Group – Acquisition of 1745 Broadway

Represented The Witkoff Group in its purchase of the Random House headquarters at 1745 Broadway and in the closing of $340 million in loans.

Centennial Bank – Loan to Extell Development for Deer Valley Ski Resort

Represented Centennial Bank an upsize of an existing loan to Extell Development Company for a total aggregate loan amount of $43.6 million for certain pre-development costs incurred by Extell in developing its 2,500+ acre Deer Valley, Utah property as a hotel/condominium/ski resort.

Centennial Bank – $75 Million Multi-Property Mortgage Loan

Represented Centennial Bank in a $75 million financing secured by mortgages on eight properties in Brooklyn and Queens.

Centennial Bank – $54 Million Manhattan Construction Loan

Represented Centennial Bank in a $54 million construction loan to 31st Street ZEF LLC. The loan was secured by a 40-story, 42 unit condominium tower located at 30 East 31st Street.

G4 Capital Partners – Bridge Loan – Manhattan, NYC

Represented an affiliate of G4 Capital Partners LLC in connection with a bridge loan with an option for a future construction loan secured by property located at 120-124 Lexington Avenue in Manhattan.

G4 Capital Partners – Construction Loan – Williamsburg, Brooklyn

Represented an affiliate of G4 Capital Partners LLC in connection with a construction loan to be used for the development of two mixed use buildings in Williamsburg, Brooklyn.

Maxx Properties – Mixed-Use Project – Mamaroneck, NY

Represented a group led by MAXX Properties in the joint venture, acquisition and construction financing of the company’s first development project, a mixed-use residential and retail property located in Mamaroneck, NY known as Grand Street Lofts.

Maxx Properties – Omaha Portfolio Sale

Represented MAXX Properties in the sale of their portfolio of multifamily properties located in Omaha, Nebraska, which included a securitized loan defeasance. The transaction is the front-end of a 1031 tax-deferred exchange. MAXX Properties has retained Herrick in connection with the acquisition of the replacement property.

Youngwoo & Associates LLC – Art Gallery Condo Development

Represented Youngwoo & Associates LLC in developing a 16-story condominium in New York's West Chelsea neighborhood. The building is designed to be an art gallery, and our work included an air rights acquisition and construction loan financing.

Empire State Realty Trust – $40 Million Condominium Refinancing

Represented Empire State Realty Trust in a $40 million refinancing of two commercial condominiums located at 1010 Third Avenue and 77 West 55th Street in Manhattan.

Empire State Realty Trust – $30 Million Connecticut Refinancing

Represented Empire State Realty Trust in a $30 million refinancing of commercial property located in Norwalk, Connecticut.

Garrison Investment Group – Condominium Conversion Project

Represented Garrison Investment Group  in structuring a $50 million club deal for the re-financing of an Upper West Side condominium conversion project.

Garrison Special Opportunities Fund – Loan Acquisition

Represented Garrison Special Opportunities Fund LP in the acquisition from a large investment bank of senior mezzanine and first mortgage loans encumbering a property on Manhattan's Upper West Side. Our work included negotiating financing for the loans with a European bank, and handling the restructure of a junior mezzanine loan, a senior mezzanine loan and a mortgage loan with the owner.

Garrison Special Opportunities Fund – Loan Workout

Represented Garrison Special Opportunities Fund LP in a loan workout of a Manhattan development site.

BRT Realty Trust – Tennessee and Florida Residential Developments

Represented BRT Realty Trust, a publicly traded REIT, in the financing and refinancing of a chain of residential developments in Tennessee and Florida owned and operated by Steven Green. The series of transactions is worth several hundred million dollars. Herrick has represented the Gould family and its related entities for over 50 years.

Sabet Management – Refinancing of 1234 Broadway

Represented Sabet Management in a $73 million mortgage refinancing of 1234 Broadway in Manhattan.

World-Wide Group – Condo Construction Financing

Represented World-Wide Group in a $180 million construction loan and mezzanine financing by Helaba and a major international bank for the construction of a high-rise condominium on East 74th Street and Second Avenue. We also represented World-Wide in its acquisition of six neighboring properties and adjoining development rights to create the assemblage, which also included inclusionary housing and 421-a credits.

Avant Capital Partners – Real Estate Financings

Represented Avant Capital Partners in connection with more than 15 loans made through its ongoing lending program. These loans varied in amounts between five and ten million dollars, and were secured by all types of real estate assets.

Essex Capital – Loan Secured by Ground Lease Interest

Represented Essex Capital in an $18.5 million loan made by The Union Labor Life Insurance Company. The loan is secured by a mortgage on borrower’s ground lease interest in a residential building located in Brooklyn.

Real Estate Developer – Sale of Otis Elevator Building

Represented a real estate developer in the $80 million sale of Manhattan's historic Otis Elevator Building to a major REIT, the negotiation of a long-term ground lease for the property, and related mortgage loan amendments.

U.S. Bank – $538 Million Asset-Based Lending Facility

Represented a major U.S. bank as lead agent and lender in a $538 million asset-based lending facility.

Real Estate Investment Company – Five-State Residential Portfolio Acquisition and Financing

Represented a major real estate investment and service company in its acquisition and financing of a five-state, 14-property portfolio of residential rental and condominium apartment complexes. The portfolio was financed through 14 first mortgage loans and 12 mezzanine loans, culminating in a four-day closing.

Family Office – Louisiana Mortgage Refinancing

Represented a family office in the refinancing of a mortgage secured by property in Baton Rouge, Louisiana.

Real Estate Management and Investment Firm – Loan Acquisition

Represented a boutique real estate management and investment company on the acquisition of certain loans secured by vacant land located in Upper Manhattan (on which construction is contemplated of an affordable housing apartment building). The loans had an aggregate original principal balance of nearly $5.5 million.

Real Estate Company – Private Equity Fund Formation

Represented a major real estate company in forming a $300 million equity fund to acquire controlling interests in real estate operating companies.

Private Equity Fund – Branded Hotel Acquisition

Represented a private equity fund in the acquisition of a hotel in Houston, Texas.

American Heritage Communities – Pennsylvania Assisted Living Facility Financing

Represented American Heritage Communities as borrower on a term and construction loan facility in connection with the development of an assisted living facility in Reading, PA.

Community Development Trust – Finance of Multifamily Housing Complex – Oklahoma

Represented Community Development Trust, LP in the acquisition and financing of a 400-unit affordable multifamily housing complex located in Oklahoma City, OK.

Real Estate Company – Tennessee and Louisiana Acquisitions

Representation of subsidiaries of a major real estate company in joint ventures formed with affiliates of an investment bank to acquire shopping malls and commercial real estate in Tennessee and Louisiana.

Commercial Bank – $65 Million Houston, TX Acquisition Financing

Represented a commercial bank in a $65 million acquisition and capital improvement loan to finance the acquisition and improvement of 14 multi-family properties in Houston, Texas.

Glacier Global Partners – Minneapolis Mortgage Loan

Represented Glacier Global Partners in a mortgage loan secured by a mall in Minneapolis, MN.

David Reis – Utah St. Regis Hotel Refinancing and Expansion

Represented the owner, an entity controlled by real estate developer David Reis, in connection with the refinancing and development of Phase II of the St. Regis Resort located in Deer Valley, Utah. The St. Regis Deer Valley is a AAA Five Diamond ski on/ski off resort that consists of condominium hotel rooms, suites and private residences.

Traders Co. Affiliate – Manhattan Courtyard Marriott Refinancing

Represented an affiliate of Traders Co. in the refinancing of a 273-room Courtyard Marriott from ING Life Insurance and Annuity Company.

Traders Co. Affiliate – Construction Financing and Joint Venture for Midtown Hotel

Represented an affiliate of Traders Co. in the construction financing and joint venture with equity partner for a hotel located in Midtown Manhattan with Bank of Nova Scotia.

Youngwoo & Associates – Manhattan “Sky Garage” Condo Development

Represented Youngwoo & Associates LLC in developing a unique residential condominium building in New York's West Chelsea neighborhood, which features full-floor units with a parking facility for a car at each level. We advised on the land acquisition, construction financing and zoning issues.

Real Estate Owner – Construction and Mezzanine Loan Workouts

Represented a major real estate owner-operator in construction loan workout negotiations with a first mortgage lender and several mezzanine lenders. The negotiation involved complicated inter-creditor issues, partnership funding issues, 421-a, tax concerns and matters before the New York State Attorney General's Office.

Distressed Debt Investor – Mezzanine Loan Foreclosure

Represented a distressed debt investor in foreclosing and conducting UCC secured party sale of portfolio of mezzanine loans securing repo line of credit obligations. One of the mezzanine loan borrowers sought to enjoin the sale; we defeated the TRO application and conducted the sale successfully over the borrower's objection.