Matters

Northwind Group – $120 Million Financing for Manhattan Condo

Represented Northwind Group as the lender in connection with a $120 million mortgage and mezzanine refinancing for the 685 Fifth Avenue Condominium in the Midtown Manhattan. 

Major University – Manhattan Dormitory Acquisition

Represented a major university in connection with a nearly $70 million acquisition of a dormitory building in Manhattan.

Soloviev Group – Land Use & Entitlements for Freedom Plaza

Representing The Soloviev Group in the State Gaming Commission’s land use entitlement process for Freedom Plaza, a potential gaming facility, hotel and residential development on the East Side of Manhattan. Conceived by The Soloviev Group in a joint collaboration with Mohegan Gaming & Entertainment, plans call for two new residential skyscrapers rising 50 to 60 stories tall with 1,325 apartments, including 513 affordable housing units, as well as two 51-story hotel towers with 1,200 guest rooms. A new 4.7-acre landscaped waterfront public open space, a below-grade casino and a museum would sit beneath the towers. The 6.5-acre property is one of the largest undeveloped plots in Manhattan, and is located along First Avenue between East 38th and East 41st Streets. Applications to the State Gaming Commission will be made in the Spring of 2025 and will include a series of public hearings by a to-be-formed Community Advisory Committee. Read more.

$52 Million Construction Loan for Manhattan Condo Tower

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

$30 Million Construction Financing for Brooklyn Multifamily

Represented a private lender in a $30 million construction takeout financing for a Brooklyn multifamily development in the Midwood neighborhood of Brooklyn, NY.

Private Lender – Sale of Commercial Property – Long Island, NY

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.     

ACRES Capital – $57.7 Million Loan – Delray Beach, FL

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.

150 Unit Condo Offering Plan – Queens, NY

Represented developer in launch and condominium offering plan for a mixed-use condominium project in Flushing, Queens with total offering price of $135.5 million. 

HOA Documents for Calyer Place – Greenpoint Waterfront – Brooklyn, NY

Represented the developer of a multi-site development in the amendment and restatement of Homeowners Association (HOA) documents and filings with the New York State Attorney General’s office.

Sell-Out of Condo Units – The Grand at Sky View Parc – Queens, NY

Represented Onex Real Estate in the sell-out of all remaining residential condo units at the Sky View Parc mega-development in Flushing, Queens.

Valley National Bank – $252 Million Construction Loan

Represented Valley National Bank on a $252 million syndicated construction loan for a property located in Coney Island, Brooklyn. The planned development includes a three-tower complex with 499 luxury rental units, 38,276 square feet of street-level retail space and 21,500 square feet of community facility space. This complex deal also involved series mortgages, zoning challenges, an amended and restated condominium declaration and a 421-a tax component.

$130 Million Refinance – NYC Owner/Operator & JV with Investment Fund

Represented a New York City owner/operator as part of a joint venture with an investment fund entity in a $130 million refinance of a loan secured by a multi-state portfolio of over 20 commercial-use properties. Herrick advised our client in its negotiation and execution of the loan transaction and a preferred equity arrangement. Herrick also represented our client in the concurrent reorganization at closing of the existing property-owning entities into Delaware-domiciled entities by merger or conversion with simultaneous qualification to transact business in their states of original formation.

Leumi Partners – $123 Million Mezzanine Loan for Brooklyn Development

Represented Leumi Partners Ltd., as mezzanine lender, in an aggregate construction financing facility of $123 million for a mixed-use development construction project in Brooklyn, New York.

University Sublease of Dormitory Building – Manhattan

Represented a major university as landlord in connection with a sublease of a dormitory building in Manhattan. 

$51 Million Manhattan Condominium Inventory Loan

Represented a private lender in a $51 million condominium inventory loan in New York City’s Financial District.

Sabet Group – Chelsea Apartment Building Acquisition

Represented the Sabet Group in the acquisition of 224 & 228 Eighth Avenue, a 44-unit apartment building spanning 30,075 square feet in Manhattan.

Acquisition of 216 Plymouth Street, Brooklyn

Represented the Charles F. Parker Revocable Trust and its affiliate in connection with the acquisition of a building in Dumbo located at 216 Plymouth Street, Brooklyn, New York, which took approx. two years of negotiations with the relevant parties.

Manhattan Landlord – National Grocery Store Lease

Represented a university as landlord in connection with the extension and amendment of a lease to a national chain of neighborhood grocery stores, with respect to property located in Manhattan. 

Centennial Bank – $30 Million Mortgage Loan for Mixed-Use Development Site

Represented Centennial Bank on a $30 million mortgage loan financing the acquisition of a development site for a mixed use project outside of an urban center, which included mezzanine debt, preferred equity and a crowdsourced equity investment. 

Private Real Estate Investor – Preferred Equity Investments Texas & California

Represented a private real estate investor actively involved in the multifamily space in the closing of three preferred equity investments in multifamily properties located Texas and California.

Beekman East Condominium Board – Hoarding Dispute

Represented the condominium board of the Beekman East, a 141-unit condominium in midtown Manhattan, in a hoarding case against a shareholder for breach of contract and various equitable relief. The board was granted a preliminary injunction directing the shareholder to allow the condo and its contractors access to the unit in order to cure the hoarding conditions, exterminate and make all necessary repairs.

Real Estate Joint Venture – Medical Office Portfolio Acquisitions

Represented a real estate joint venture in the acquisition and financing of medical office properties throughout the United States.

Medical Institution – Life Sciences Lab Space Leases

Represented a major medical institution in connection with the leasing of life sciences lab space in New York City.

Extell Development Company – Manhattan Ground Lease

Represented Extell Development Company in connection with a development ground lease for a property in Midtown Manhattan.

Centennial Bank – $52 Million Construction Loan – Queens, NY

Represented Centennial Bank in connection with an extension of a $52 million construction loan of a mixed used commercial building located at 345-367 Flushing Avenue, Brooklyn, and the negotiation of an intercreditor agreement with an affiliate of Be-Aviv related to a new mezzanine loan in the amount of $16 million.

Rechler Equity Partners – Amazon Fulfillment Center

Represented Rechler Equity Partners in the leasing, financing and development of a distribution facility for Amazon in Suffolk County, New York.

Major University – Manhattan Leasing

Represented a major university as the tenant in connection with a lease of approximately 50,000 rentable square-feet of space within an office building in Manhattan. The lease also provides the university with a right of first offer with respect to another 50,000 rentable square-feet of space.     

$21 Million Sale of Development Site – Astoria, Queens

Represented a developer, owner and operator of residential and commercial real estate in New York and Texas, in connection with the $21 million sale of a development site in the Astoria, Queens.

Private Lender – Acquisition Loan – New Jersey

Represented a private lender in an acquisition loan with respect to an industrial outdoor storage facility in Cinnaminson, New Jersey. 

Private Lender – Condo Inventory Loan – Manhattan

Represented a private lender in a condominium inventory loan in the Gramercy neighborhood of Manhattan.

Sale In Lieu of Condemnation – Ronkonkoma Hub & Station Yards

Herrick represented the Estate of Gregory J. Mensch in the sale of five properties in lieu of condemnation to the master developer for the Ronkonkoma Hub Transit Oriented Development Project (now renamed "Station Yards").  Station Yards is one of many Transit Oriented Development projects happening all across Long Island, NY. This project has been in the works for more than ten years and is currently in Phase 2A. After years of negotiation, Herrick successfully obtained a sales price for the Estate in an amount that exceeded the initial offer presented by the potential condemnor by almost 200%.

Y&T Development – PSA for Brooklyn Residential Development

Represented Y&T Development LLC in connection with the assignment of a purchase and sale agreement, and the closing under the PSA, with respect to a residential development site at 870-888 Atlantic Avenue, Brooklyn.

Extell Development Company – Ground Lease & PSA for Wellington Hotel – NYC

Represented Extell Development Company as the tenant under an amended and restated ground lease and purchaser under a purchase and sale agreement for the renovation and redevelopment of the Wellington Hotel located at 871 Seventh Avenue, New York, NY.

Joint Venture for Mixed Use Development – Manhattan

Represented a joint venture comprised of a prominent real estate development company and a global holding company in connection with the development of a 23-story mixed-use building in the Midtown East neighborhood of Manhattan. This representation has included, among other aspects, representing the joint venture as borrower in connection with a $95 million construction loan, as well as representing the joint venture in connection with the initial acquisition and financing of the development site and related unused development rights from a neighboring property through zoning lot merger.   

First-Citizens Bank & Trust Company – $57 Million Construction Loan

Represented First-Citizens Bank & Trust Company in connection with a $57 million construction loan for a to-be constructed 237,880 sq. ft. industrial warehouse and distribution facility located at 800 Salem Street, Wilmington, Massachusetts.

Michman Basad – Hotel Financing

Represented Michman Basad, an Israel-based financial services company, in a proposed loan to an international hospitality company and hotel developer.

$27.5 Million Refinancing of Multifamily – Long Island

Represented a BVI corporation listed on Tel Aviv Stock Exchange in the $27.5 million refinancing of multifamily project in Long Island, NY.

Repayment of Series C Debentures

Represented a BVI corporation listed on Tel Aviv Stock Exchange in the repayment of Series C debentures.

KABR Group – $120 Joint Venture for 600 Columbus Avenue

Represented KABR Group in the $120 million joint venture to acquire 600 Columbus Avenue, a 14-story multifamily building plus additional air rights on Manhattan’s Upper West Side. The property, spanning the block between 89th and 90th Streets, features 166 apartments, 27,500 square feet of retail space, and 100 parking spots. The acquisition is the largest single multifamily purchase in New York City in 2023. 

Major New York Bank – $47.6 Million Loan

Represented a major New York bank as lender on a $47.6 million loan to a New York based real estate investment firm, collateralized by underlying mortgage and mezzanine loans in the aggregate amount of $68.6 million secured by residential condominium units located in New York, NY.

Joint Venture for Mixed-Use Development – Chelsea, Manhattan

Represented a joint venture comprised of a prominent real estate development company and a global holding company, as borrower, in connection with a construction loan to facilitate the development of a 7-story mixed-use building in the Chelsea neighborhood of Manhattan.     

Phoenix Insurance – $78 Million Construction Loan – Brooklyn, NY

Represented Phoenix Insurance Company in acquiring a $55.5 million senior participation interest in a $78 million construction loan to finance the development of a Class A, 27-story multifamily rental building in Brooklyn, New York.

$27.5 Million Refinancing of Multifamily – Long Island, NY

Represented a BVI corporation listed on Tel Aviv Stock Exchange, in the $27.5 million refinancing of multifamily project in Long Island, NY.

BVI Corporation – Repayment of Series C Debentures

Represented a BVI corporation listed on Tel Aviv Stock Exchange, in the repayment of Series C debentures.

KPR Centers – $180 Million Multi-State Retail Portfolio

Represented KPR Centers in connection with acquiring a $180 million multi-state portfolio of eight shopping centers through a joint venture structure. The portfolio includes retail centers in Florida, Wisconsin and Missouri, comprising more than 1.5 million square feet of space. Cumulatively 96 percent leased at the time of the acquisition, the portfolio is a combination of grocery-anchored and power centers.

Debt Fund -$185 Million Construction & Condo Inventory Loan

Represented a debt fund in connection with a $185 million construction and condo inventory loan for the completion of construction of a luxury residential condominium building in midtown Manhattan.

Commercial Occupant – Summary Judgment Granted in Dispute with Landlord

Herrick successfully represented a commercial business in a dispute with their landlord where their landlord sought to evict them by issuing a notice to terminate their “tenancy” by issuing a 90-day termination notice. After the parties were unable to reach a settlement, Herrick filed a motion for summary judgment seeking dismissal of the proceeding. The Court ultimately granted our client's motion in its entirety and dismissed the proceeding due to the landlord’s failure to accurately describe their legal relationship.

First-Citizens Bank & Trust Company – $52.3 Million Construction Loan – Florida

Represented First-Citizens Bank & Trust Company in connection with a $52.3 million construction loan to a joint venture comprised of Wheelock Street Capital and Foundry Commercial for the construction of an industrial building located at 3800 S. Congress Avenue in Boynton Beach, FL.

Maxx Properties – $62 Million Sale – Denver, Colorado

Represented an affiliate of MAXX Properties in the $62 million sale of a multifamily property located in Denver, Colorado known as Cedar Run Apartments.

Community Preservation Corporation – Affordable Housing – Manchester, Connecticut

Represented an affiliate of Community Preservation Corporation in a partnership to acquire and preserve 106 units of affordable housing in a project known as Oakland Heights Apartments located in Manchester, CT.