Matters

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.

$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.

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.

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. 

University Sublease of Dormitory Building – Manhattan

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

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.

$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.

RXR Realty – Joint Venture & Development – Atlantic Station, Stamford, CT

Represented RXR Realty in a complex joint venture with Louis R. Cappelli to purchase land and develop a mixed-use project in Stamford, CT known as Atlantic Station. Herrick also represented the joint venture in connection with an $80 million construction loan. The project will feature a 325-unit luxury rental residential tower and 17,000 sqare feet of retail space. A portion of the project includes a post office that is on the National Register of Historic Places, which will be restored and converted into a food hall.

$55.3 Million Refinance for Industrial Property – KABR Group

Represented KABR Group in connection with a $55.3 million refinance of a loan from Acore Capital Mortgage for an industrial property on Jamaica Avenue in Hollis, Queens.

DH Property Holdings – Commercial Acquisition – New Jersey

Represented DH Property Holdings in connection with a $48.55 million acquisition from The Bleznak Organization of two commercial properties for warehouse, manufacturing and office use in New Jersey.

Preferred Bank – $26 Million Construction Loan – Brooklyn, NY

Represented Preferred Bank in connection with a $26 million construction loan for a project located at 170 Freeman Street, Brooklyn consisting of an eight-story, mixed-use building containing 67 apartments, 21 of which are projected to be affordable, and a street-level retail space comprising around 59,000 square feet of gross building area.

Printemps Department Store – One Wall Street, NYC

Represented Printemps, a storied 150-year old Parisian luxury department store, in a 54,365 square foot lease at One Wall Street in Manhattan, NY marking the brand’s first United States initiative.

Cale Street Partners – Zoning Due Diligence for 80 Clark Street

Represented Cale Street Partners as lender in the zoning due diligence for the financing of Atlas Capital Group’s development at 80 Clarkson Street on Manhattan’s west side waterfront. The new financing, a total $1 billion loan from Cale Street and Farallon Capital Management, is believed to be the largest Manhattan residential-construction loan since before the pandemic.

Valley National Bank – $140 Million Syndicated Construction Loan for Manhattan Luxury Condo

Represented Valley National Bank on a $140,350,000 syndicated construction loan to a subsidiary of El Ad Group, a major international development company. The proposed 32 story project consists of 42 residential luxury condo units located in the Upper East Side. Herrick was also responsible for negotiating an intercreditor agreement with the B-piece lender as well as a recognition agreement with the preferred equity lender.

NorthEnd Equities – $221 Million Portfolio – Florida

Represented NorthEnd Equities in connection with the financing of $221 million for the acquisition of a 14-property portfolio, consisting of 2,383 units throughout the state of Florida. This sale marks the highest price paid for a deal spanning the state’s Central, Southwest and North areas.

Halletts Point Astoria Rezoning

On Thursday September 29th, the New York City Council – in a nearly unanimous vote – approved the Halletts Point rezoning and waterfront development plan. We are proud to have been land use counsel for this remarkable and transformative project, which will include nearly one-million square feet of mixed-use floor area, approximately 335 units of affordable housing, and over one acre of publicly accessible open space. The development required the approval of several complex zoning actions (including a rezoning and waterfront access approvals), pursuant to the Uniform Land Use Review Procedure (ULURP). As a result of our efforts in guiding the project through ULURP, the project received recommendations for approval from Queens Community Board 1, Queens Borough President Donovan Richards, as well as near unanimous votes for approval from the New York City Planning Commission and the New York City Council. The project will transform the Halletts Point Peninsula, while simultaneously addressing the City’s affordable housing problem.

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.