Community Preservation Corporation – $24 MIllion Loan for Astoria Mixed-Use Development
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.
Shefa School – Ground Lease and Bond Financing – Manhattan
Herrick represented the Shefa School in its 99-year ground lease of 17 West 60th Street in Manhattan’s Lincoln Square neighborhood. The Shefa School is a Jewish community day school serving students in grades 1 through 8 who benefit from a specialized educational environment to address language-based learning disabilities. Constructed in 1921, the 11-story building is adjacent to Columbus Circle. The School is undertaking a complete renovation of the building, and will relocate its operations to the new facility upon completion. Herrick also represented the Shefa School in a tax-exempt and taxable bond financing through Build NYC Resource Corporation. The School is using proceeds from the financing to renovate, furnish and equip the property acquired through the ground lease.
Institutional Equity Investor – Durham, NC Development
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.
Centennial Bank – $101 Million Construction Loan – Astoria, Queens
Represented Centennial Bank in connection with a $101 million construction loan secured by a Flushing, Queens property for the ground-up development of two 20-story residential condominium towers, comprising 392 dwelling units, interior and exterior recreational amenity spaces and 388 parking spaces.
Bronx Property Sale with Development Rights
Represented a privately owned investment company on the sale of property located in Bronx, New York comprising a development site, as well as unused development rights pursuant to a zoning lot development agreement recorded against neighboring property.
Bank Leumi – $130 Million Manhattan Mortgage Loan
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.
DH Property Holdings – Philadelphia Industrial Property Acquisition
Represented DH Property Holdings in connection with a $7.1 million purchase of an industrial property located at 8401 Escort Street, Philadelphia, PA, which is adjacent to Philadelphia International Airport. The acquisition involved a joint venture with AIG Global Real Estate Investment Corp. and was financed by Ready Capital Commercial.
Harbor Group International – Purchase of Black Rock Tower – Manhattan
Represented Harbor Group International in the zoning and land use for their $760 million purchase of the granite tower, known as Black Rock, at 51 West 52nd Street in Manhattan from ViacomCBS Inc.
RAGHSA Real Estate LLC – One Union Square South
Represented RAGHSA Real Estate LLC, a U.S.-based company, in a complex $200+ million acquisition of 100% of the equity interests in the owner of the 240-unit residential component of One Union Square South from The Related Companies, L.P. Additionally, Herrick represented the purchaser in securing a $135 million FNMA loan and preferred equity financing through a joint venture with a Related affiliate entity. The transaction also involved HFA regulatory, 421-a tax abatement, ADA consent decree, fee-over-plane, reciprocal operating agreement and existing bond redemption components.
$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.
Blackstone – Land Use & Zoning for Terminal Warehouse – Manhattan
Herrick acted as zoning and land use counsel to Blackstone for a $1.2 billion construction loan to L&L Holding Company and Columbia Property Trust for redevelopment of the Terminal Warehouse in West Chelsea, Manhattan. The 1.3 million-square-foot asset occupies the entire block bounded by 11th and 12th avenues (the West Side Highway), and West 27th and West 28th streets.
Mitsui Fudosan and SJP Properties – 200 Amsterdam
Herrick represented Mitsui Fudosan and SJP Properties as co-counsel in the zoning litigation involving their development of the luxury high rise 200 Amsterdam when a neighborhood coalition of Upper West Side residents and politicians challenged the Department of Building's approval of the project and two approvals by the NYC Board of Standards and Appeals. The community groups argued that the developers created an illegal zoning lot - which was an unusual shape and utilized partial tax lots. In 2020, a New York Supreme Court trial judge ordered that our clients deconstruct several floors of the 55-story building. In March 2021, New York State's Appellate Division ruled in favor of the developers, finding the building permit issued was lawful and that the trial court should have deferred to the NYC Board of Appeals. This matter attracted significant media attention (Crain’s, Bisnow, NY Times, NY Post, CNN, Real Deal, among others).
Rabina Properties – Refinancing of Icon Las Olas, Fort Lauderdale, FL
Represented Rabina Properties in the $139 million permanent refinancing by Sun Trust Bank of the Icon Las Olas, and a sale of a preferred equity interest in the project. The property has been a long term hold by Rabina and its joint venture partner, Related. The 272 unit luxury high-rise apartment tower is currently the tallest building in Fort Lauderdale and includes the highest end amenities in the area..
Slate Property Group – Zoning Analysis for Forest Hills Development
Represented Slate Property Group by providing a zoning analysis and zoning opinion letter for construction loan financing in connection with the development of a 166-unit, residential development located at In Forest Hills, New York.
CIT Bank – $35.7 Million Construction Loan – Brooklyn, NY
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.
Centennial Bank – $65 Million Brooklyn Construciton Loan
Represented Centennial Bank on a $65 million construction loan secured by property located at 200 Montague Street in Brooklyn. The borrower intends to construct a 121-unit residential apartment building with retail space of approximately 7,000 square feet above grade and 5,000 square feet below grade.
Goldman Sachs – Zoning for $240 Million Development – 80 Flatbush
Represented Goldman Sachs as zoning counsel for a $240 million construction loan for Phase One of the final major downtown Brooklyn development project at 80 Flatbush Avenue. The overall project includes five buildings and over 800 apartments, 200,000 square-feet of office space, 40,000 square-feet of retail and two schools. Phase One is a nearly 500-foot-tall tower with about half the overall units. The block-sized project included multiple entitlements from the City and a complex development rights arrangement.
Gothic 96th Street LLC – Refinancing and Defeasance
Represented Gothic 96th Street LLC in connection with the refinancing of a property located at 747 Amsterdam Avenue in Manhattan and the defeasance of the existing loan from the lender.
MAXX Properties – $35 Million Acquisition & Financing – Scottsdale, AZ
Represented an affiliate of MAXX Properties in the $35 million acquisition and bank financing of a Scottsdale, AZ multifamily property known as 92Forty. The acquisition was the replacement property for a 1031 Exchange.
Zeta Charter Schools – 124,000 Square-Foot Leasehold Condominium
Represented Zeta Charter Schools in connection with the negotiation of a lease and formation of a leasehold condominium for a to-be-built 124,000 square-foot eight-story stand alone-building in the Inwood section of Manhattan. The building will serve students from pre-K through eighth grade.
Northwind Group – $56 Million Manhattan Mortgage Loan
Represented affiliates of Northwind Group in connection with a $56 million mortgage loan secured by a newly-constructed, thirteen-story, 86,000+ square-foot residential apartment building located on Central Park North.
Metropolitan Commercial Bank – $17 Million Mortgage Loan – Long Island City, NY
Represented Metropolitan Commercial Bank in a $17 million dollar loan for a property located at 9-03 44th Road, Long Island City, New York. Among other things, the deal involved working with the ground lessor, the NYC Industrial Development Agency and the preferred equity investor.
$36.5 Million Sale of TIC Interest – Manhattan, NY
Represented a New York real estate family in the $36.5 million sale of a 50% tenancy in common interest in two buildings at 155 and 165 West 29th Street.
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.
Centennial Bank – $80 Million Construction Loan – Brooklyn, NY
Represented Centennial Bank in an $80 million construction loan for the ground-up development of the property located at 1100 Myrtle Avenue in Brooklyn, which will consist of an 11-story mixed use project with a ground floor supermarket and residential units.
New York Cooperative – $15 Million Refinance
Represented a 340-unit cooperative in New York City in a $15 million mortgage refinance with a $1 million line of credit.
Rabsky Group – Commercial Floor Area Disposition Approved
Represented the Rabsky Group in obtaining authorization for New York City to sell approximately 100,000 square feet of commercial floor area to our client. The commercial space will be added to the 150,000 square feet of residential space already existing on our client’s property to facilitate the construction of our client’s proposed 25-story, approximately 250,000 square foot mixed-use development at 69 Adams Street in the DUMBO neighborhood of Brooklyn.
FBE Limited – $115 Million Sale of Affordable Housing Complex
Represented FBE Limited LLC in selling an affordable housing complex in the Bronx, New York for $115 million. This transaction involved an assumption by the buyer of the existing mortgage loan, along with obtaining regulatory approvals, as the property is an affordable housing building.
Bank Leumi – $79 Million Manhattan Construction Loan
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.
Private Lender – Montauk, NY – Acquisition and Construction Loan
Represented a private lender on an $18.5 million loan in Montauk, New York (the easternmost end of Long Island). The property is an expansive waterfront property with sunset views over Lake Montauk, which the borrower plans to redevelop into a condominium complex with a marina, spa, fitness center, pool, restaurant and event space.
Empire State Realty Trust – $180 Million CMBS Mortgage Loan
Represented Empire State Realty Trust in a $180 million CMBS mortgage loan secured by 250 West 57th Street, a 542,000 square-foot Manhattan office and retail property.
New Market Tax Credits – Financing for Los Angeles Hospital
Represented a regional bank and their investment partner in financing the ongoing operational costs of a community hospital in Los Angeles, California. Herrick rapidly closed the transaction, contending with a requirement to close by year end to meet regulatory and tax compliance requirements.
Community Preservation Corporation & Xenolith Partners – Affordable Brooklyn Development
Represented Community Preservation Corporation in connection with a joint venture with Xenolith Partners LLC, a certified minority- and women-owned business enterprise (M/WBE) company, to develop a seven-story permanent supportive and affordable housing residence located at 1366 East New York Avenue, Brooklyn, New York. The building will contain forty-four units of permanent supportive housing for formerly incarcerated individuals and their families, twenty-nine units of affordable housing, as well as on-site social services provided by The Women’s Prison Association and other non-profit organizations.
Community Preservation Corporation – Mezz Loan for Affordable Housing with CPC ACCESS
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.
DH Property Holdings – $154.7 Million Financing – Brooklyn, NY
Represented DH Property Holdings LLC in connection with a $154.7 million construction and mezzanine financing for a last-mile distribution facility in Red Hook, Brooklyn.
Harel Insurance – $62.5 Million Manhattan Loan
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.
Piedmont Realty Trust – 500,000 Square-Foot Lease to New York State
Represented Piedmont Realty Trust in the lease to the New York Office of General Services for approx. 15 state agencies to use 500,000 square feet of space at 60 Broad Street in Manhattan.
DH Property – Brooklyn Warehouse Sale to Prologis
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.
Centennial Bank – $54.8 Million Loan for Astoria Development
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.
N.E.W. Corp. – Development Rights and Fee Title – 10th Ave. Manhattan
Represented N.E.W. Corp. in the sale of the fee title for 116 10th Avenue, as well as the unused development rights for 453 W 17th Street in Manhattan to GDS Development and Swedish real estate firm Klövern AB. The deal for the development rights for 453 W 17th Street had been in progress for several years and following the onset of the COVID-19 pandemic in the spring of 2020, and the consequent shutdown of the seller’s nightclub tenant (Avenue Nightclub) at 116 10th Avenue, the parties were able to restructure and expand the deal to include also the fee title to 116 10th Avenue.
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.
Greystar – Acquisition of 800 Sixth Avenue
Represented Greystar in connection with the $237.5 million acquisition of a multi-family residential apartment building, 800 Sixth Avenue in Manhattan. This complex deal also entailed assignments of existing mortgages, a 421-a component, New York State Housing Finance Agency assignment approval and bond redemption.
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.
Cantor Fitzgerald Securities – Administrative and Collateral Agent in Exit Facility
Represented Cantor Fitzgerald Securities as the administrative agent and collateral agent under an $85 million exit facility following the successful Blackhawk Mining, LLC, et al. (Bankr. D. Del.), chapter 11 cases, which involved over 100 properties, encompassing active mining complexes in West Virginia and Kentucky and substantial metallurgical and thermal coal reserves in West Virginia, Kentucky, Indiana, Illinois and Ohio. The real estate component included terminating existing mortgages encumbering the properties, preparing new mortgages to secure Cantor’s interest, preparing as-extracted collateral filings, reviewing specific requirements related to leasehold properties and title review. Herrick previously represented Cantor Fitzgerald as the administrative agent and the collateral agent under Blackhawk’s (i) pre-petition $660 million first lien term loan facility and (ii) $150 million DIP term loan facility in connection with the pre-packaged restructuring of approximately $1.1 billion of debt, which involved assigning the previous administrative agent’s interest in all of Blackhawk’s properties in West Virginia, Kentucky, Indiana, Illinois and Ohio to Cantor Fitzgerald, as administrative agent.
Domino Refinery Building – Special Permit Modification
Obtained approval from the City Planning Commission of a minor modification of a special permit in connection with the Domino Sugar Development on the Williamsburg waterfront. The City Planning approval, along with a previously granted Landmarks Preservation Commission approval, will allow for the historic facades of the Domino Refinery building to be preserved within a 14-story 195-foot tall dramatic glass barrel-vault.
Mattone Group – Williamsburg, Brooklyn Sale
Represented the Mattone Group and HWM Met/Marcy in connection with the sale of 402-420 Metropolitan Avenue. This deal also involved representing the sellers in the bankruptcy proceeding of the original purchaser who filed for bankruptcy the day prior to the closing date in early April.
Marcus & Millichap – Mission Capital Acquisition
Represented Marcus & Millichap, a publicly traded company, in their acquisition of New York-based real estate finance advisory firm Mission Capital Debt & Equity.
DH Property Holdings – Financing for Brooklyn Distribution Center
Represented DH Property Holdings LLC in the construction loan and mezzanine loan financing for a distribution center in Brooklyn, New York.
The New York Islanders – Belmont Park
Representing the New York Islanders Hockey Club in the development of its new arena complex at Belmont Park.
Cammeby’s International Group – Park Avenue Refinancing
Represented Cammeby’s International Group in the more than $100 million refinancing of a mixed-use multifamily building on Park Avenue in Manhattan.