HSA-UWC/New York Hotel Mgmt Co. – $110 Million New Yorker Hotel Financing
Represented HSA-UWC and New Yorker Hotel Management Co. Inc. in a $110 million financing for 481 8th Avenue, a mixed-use project consisting of the iconic New Yorker Hotel, office and retail.
Beijing-Based Developer – $108 Million Construction Loan for Manhattan Gas Station Conversion
Represented the developer in a $108 million construction loan from Bank of the Ozarks for 615 10th Avenue — a former gas station to be converted to a seven-story, mixed-use property.
Rabina Properties – $105 Million Fort Lauderdale Construction Loan
Represented Rabina Properties in a joint venture with Related Group, on a $105 million construction loan from SunTrust Bank. A Perella Weinberg Partners fund, which is also part of the joint venture, also provided equity to be used in connection with a residential development in the Las Olas section of Fort Lauderdale, Florida.
Bank Leumi – $90 Million Construction Loan – Surfside, FL
Represented Bank Leumi USA in a $90M construction loan to a subsidiary of ASRR Capital Ltd., a publicly-traded Israeli company, for the development of a 12-story luxury condominium tower in Surfside, Florida.
Commercial Bank – $90 Million Miami Construction Loan
Represented Centennial Bank in a $90 million construction loan for a luxury residential development on Biscayne Boulevard in Miami.
FBE Limited LLC – $84 Million Bronx Apartment Building Acquisition and Financing
Represented FBE Limited LLC in the $84 million acquisition and financing of 1600 Sedgwick Avenue in the Bronx, a HUD-subsidized low income housing property.
Essex Capital – Refinancing
Represented Essex Capital in a take-out refinancing from Investors Bank secured by a newly constructed multifamily apartment building in Ridgewood, New York.
LargaVista Companies – Long Island City Acquisition
Represented an affiliate of LargaVista Companies in the $18 million acquisition from Zand Development, LLC of 29-00 Queens Plaza East (at the corner of Northern Blvd. & Queens Blvd.), Long Island City, NYC. Our work included a 1031 Exchange, financing, and is part of LargaVista's assemblage for future residential development.
$60 Million Manhattan Retail Acquisition and Leasehold Financing
Represented a developer in forming and capitalizing a purchaser, and in the $60 million acquisition and leasehold financing of a master lease of the retail space at 1657 Broadway, Manhattan.
Marathon/Reckson Executive Joint Venture – SL Green/Reckson Merger
Represent a joint venture between Marathon Real Estate Opportunity Fund and senior Reckson executives in six separate transactions in the multi-billion dollar merger between SL Green and Reckson Associates Realty Corp., including an asset acquisition, the formation of a joint venture, two acquisition financings, an asset sale, and a mezzanine financing.
Deutsche Bank – West End Avenue
Assisted Deutsche Bank in the closing of a $150+ million loan for 1-15 West End Avenue, a residential tower in the Riverside South complex on Manhattan's Upper West Side.
R Squared Affiliates – Island Hills Golf Club, Long Island
Represented affiliates of R Squared LLC in the acquisition and financing of the final piece of the former Island Hills Golf Club located in Sayville, New York. R Squared plans to develop luxury rental apartments at the property under its Greybarn brand.
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 – Multistate
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 – Brooklyn, NY
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.