Manhattan Hotel – $11 Million Preferred Equity Investment
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.
Community Preservation Corporation – Affordable Housing – New York
Represented Community Preservation Corporation in connection with its master joint venture with Xenolith Partners LLC, a certified minority- and women-owned business enterprise (M/WBE) company, to develop affordable housing in New York.
$430 Million Joint Venture Acquisition – U.S. Bank Tower – Los Angeles, CA
Represented both Migdal Insurance Company Ltd. and Menora Mivtachim Insurance Ltd., two of the largest Israeli insurance companies, in the negotiation of a joint venture with Silverstein Properties to acquire the U.S. Bank Tower in downtown Los Angeles, California for a purchase price of $430 million. The deal involved tax structuring, negotiation of partnership agreements, as well as oversight of the acquisition and loan documents.
Community Preservation Corporation – YWCA Supportive Housing – Schenectady, NY
Represented Community Preservation Corporation in connection with a joint venture with Xenolith Partners LLC, a certified minority and women-owned business enterprise (MWBE) company, to develop the first phase of a supportive housing and social services community center with the YWCA located in Schenectady, New York.
Extell Development – Joint Venture – Yonkers, NY
Represented Extell Development Company in a joint venture agreement for the ownership and development of property in Yonkers, New York.
Institutional Equity Investor for Multifamily Development – Durham, NC
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.
Cammeby’s International Group – JV with Harbor Group – Miami Residential Towers
Represented Cammeby's International Group in its 50% joint venture investment with The Harbor Group to purchase a pair of downtown Miami residential towers for approximately $450 million. This transaction is the highest-priced single asset residential sale of record.
Churchwick Partners – Preferred Equity Raise
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.
Migdal Insurance Company Ltd. – Joint Ventures with White Oak Partners
Represented affiliates of Migdal Insurance Company Ltd. in the negotiation of two joint ventures with White Oak Partners to establish funds to purchase multifamily properties in the United States.
MAG Partners – South Baltimore Port Covington
Herrick represented MAG Partners in connection with a multi-faceted transaction with MacFarlane Partners, Sagamore Ventures and investment partner Goldman Sachs for the development of a megaproject in South Baltimore’s Port Covington. The $5.5 billion development project spans 235 acres along Cromwell Street; includes up to 14 million square feet of shops, restaurants, office space and housing; and 40 acres of parks across 45 new city blocks. The transaction involved several joint venture agreements, development services agreements, employment agreements and other documentation. MAG and MacFarlane are taking the reins from Weller Development Co. for leasing, marketing and "placemaking" campaigns for the current $500 million, 1.1 million-square-foot phase, and will lead all future development outside that initial phase.
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.
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.
Rabina Properties – 520 Fifth Avenue Development
Represented Rabina Properties in the acquisition, financing, joint venture, restructuring and recapitalization of the vacant development parcel located at 520 Fifth Avenue in Manhattan. The development is initially projected to include an 800-foot-tall tower on the corner of East 43rd Street and Fifth Avenue.
Risland U.S. Holdings – $502 Million Construction Loan
Represented a joint venture consisting of Risland U.S. Holdings, LLC (a U.S. subsidiary of a multi-billion dollar publicly traded international developer) and a group of local developers in a $502 million loan for the construction of a new 67-story condominium building in Long Island City. This transaction stands as the largest condo construction loan in Queens and the building, rising to 984 feet with 802 units, will be the tallest building in the borough.
Cammeby’s International – $1.8 Billion Apartment Community Portfolio Acquisition
Represented Cammeby’s International, in a joint venture with Harbor Group International, in the $1.8 billion acquisition of the five-state, 9,000+-unit Beacon portfolio of 25 apartment communities.
Common Living – KIN
Represented Common Living Inc. in a joint venture with Tishman Speyer in the launch of KIN, the first residential brand in the U.S. focused on developing metropolitan area properties geared toward young families.
Real Estate Investment Advisory – Joint Venture
Representing a prominent, privately owned real estate investment advisory in a major residential development.
Migdal Insurance Company Ltd. – Manhattan Office Building Investment
Represented affiliates of Migdal Insurance Company Ltd. in the negotiation of joint venture arrangements with affiliates of Vanbarton Group and Ohio Public Employee Retirement System in connection with a REIT investment resulting in the purchase of a 34% indirect ownership interest in a 780,000-sq.-ft. office building located at 425 Lexington Avenue in Manhattan.
Migdal Insurance Company Ltd. – Multi-State Joint Venture Acquisition
Represented affiliates of Migdal Insurance Company Ltd. in the negotiation of a joint venture arrangement with affiliates of Rialto Capital Management, Elite Street Capital and Menora Mivtachim Insurance in connection with the purchase of an indirect ownership interest in a portfolio of multi-family properties in Maryland, Texas and Missouri.
HK Organization – Brooklyn Joint Venture Acquisition, Financing and Disposition
Represented an affiliate of HK Organization in the joint venture with a real estate fund to acquire, finance, refinance and subsequently sell the property known as The Chocolate Factory, a large, historic mixed-use building in Brooklyn with over 100 newly renovated residential units.
DDG – Acquisition and Joint Venture to Redevelop Chelsea Property
Represented DDG in the acquisition of a property on the westside of Manhattan along with a related financing from M&T Bank and formation of a joint venture to redevelop the property into an 11-story residential condominium.
Joint Venture – $68 Million Woolworth Building Condo Conversion and Sale
Represented a joint venture between Cammeby's International and The Witkoff Group in the conversion of the iconic Woolworth Building's top 30 floors to a condominium unit, and the $68 million sale of the unit to Alchemy Properties.
RXR Realty Private Equity Joint Venture
Represented RXR Realty in a joint venture with a prominent private equity firm.
Friedland Properties – Madison Avenue Operating Lease Acquisition
Represented Friedland Properties in the joint venture acquisition of the operating lease for a large Madison Avenue office building.
Continental Ventures – Upper East Side Joint Venture
Represented Continental Ventures in a joint venture transaction involving the acquisition, financing and development of a luxury mixed-use project on the Upper East Side of Manhattan.
Schron and Fruchthandler Families – Acquisition of Interest in 1285 Avenue of the Americas
Represented the Schron and Fruchthandler families in the acquisition of a joint venture interest in 1285 Avenue of the Americas, which was purchased by RXR Realty in May 2016 for $1.65 billion.
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.
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.
Migdal Insurance Company Ltd. – San Francisco Office Building Investment
Represented affiliates of Migdal Insurance Company Ltd. in the negotiation of a joint venture arrangement with a domestically controlled REIT that is an affiliate of KBS Realty Advisors and the associated purchase of a 45% indirect ownership interest in an office building located at 353 Sacramento Street, San Francisco, California.
Migdal Insurance Company Ltd. – Manhattan Garment District Building Investment
Represented affiliates of Migdal Insurance Company Ltd. in the negotiation of a joint venture arrangement with an affiliate of ATCO Properties and Management Inc. and the associated purchase of a 49% indirect ownership interest in an office building located at 240 W. 35th Street in Manhattan's Garment District. Herrick assisted Migdal with structural and tax related planning including the formation of a REIT to serve as the investment entity in the joint venture and the negotiation of a nominee ownership structure for NYC transfer tax purposes.
Rabina Properties – Fort Lauderdale Condominium Development
Represented a partnership between affiliates of Rabina Properties and the Related Group in a joint venture with a fund managed by Perella Weinberg Partners to develop a high rise luxury condominium in downtown Fort Lauderdale, Florida.
AEW Capital Management – Brooklyn Residential and Commercial Condominium Joint Venture
Represented AEW Capital Management in a joint venture with Hope Street Capital to acquire and develop residential and commercial condominiums in Brooklyn.
Royalton Capital – Bushwick Property Acquisition and Development
Represented Royalton Capital on the acquisition of a three-acre industrial site in Bushwick, Brooklyn. The deal included the structuring of two joint ventures and financing from AllianceBernstein. Plans are to develop the property into a mixed-use office, retail and restaurant space.
Joint Venture – $220 Million Chicago Office Tower Acquisition
Represented The World-Wide Group and Cammeby's International in the $220 million joint venture acquisition of a Class A tower in Chicago, Illinois.
California Office Building Acquisitions
Represented Emmes Capital LLC in the joint venture acquisition of Class A office buildings located at 701 B Street and 707 Broadway, San Diego, California.
Real Estate Companies – $380 Million National Apartment Complex Acquisition
Represented a joint venture between two major real estate companies in its $380 million acquisition and financing of 52 apartment complexes in 14 states.
Real Estate Companies – $315 Million Office Portfolio Acquisition
Represented a joint venture between two major real estate companies in its $315 million acquisition and financing of a 43-property portfolio of office and commercial buildings in Long Island, New York.
Real Estate Companies – $161 Million Long Island Office Acquisition
Represented a joint venture between two major real estate companies in its $161.5 million acquisition and financing of two Long Island, New York office buildings.
Joint Venture Acquisition of Development Rights
Represented a joint venture of prominent real estate companies in connection with the acquisition of unused development rights from a neighboring property through zoning lot merger, along with a related light and air easement and construction license. The development rights will facilitate the redevelopment of a significant Manhattan property.
Real Estate Investor – Utah Resort Acquisition
Represented a principal of a joint venture in the venture’s acquisition, from another of its principals, of a resort condominium in Deer Valley, Utah. In connection with the acquisition and future development of the resort, the joint venture also obtained up to $212 million in construction financing.
Asset Management Company – Acquisition of 370 Columbus Avenue
Represented of a major asset management company in its joint venture purchase, with a real estate investment firm, of 370 Columbus Avenue.
RXR Realty – $800 Million Acquisition of 237 Park Avenue
Represented RXR Realty in its joint venture acquisition of 237 Park Avenue, a 1.2-million-sq.-ft. office building located in the heart of the Grand Central District, between 45th and 46th Streets.
Toll Brothers – Joint Venture Development of Brooklyn Bridge Park
Advised Toll Brothers City Living, the urban development division of Toll Brothers, Inc. (NYSE: TOL), in its joint venture with Starwood Capital Group to develop a 550,000-sq.-ft. luxury hotel and residential complex at Brooklyn Bridge Park.
Real Estate Developer – Joint Venture
Represent major real estate owner and operator in the formation and organization of a title company.