Rechler Equity – $33.5 Million Refinancing
Represented Rechler Equity in a $33.5 million refinance of construction loan secured by a hotel in Hampton Bays.
Represented Rechler Equity in a $33.5 million refinance of construction loan secured by a hotel in Hampton Bays.
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.
Represented G4 in connection with a $95 million construction and mezzanine loan for the development of a luxury condominium building on Madison Avenue in Manhattan for both residential and commercial use.
Represented the Harkham Family in the sale of their hotel property at 360 Rodeo Drive in Beverly Hills, California to LVMH. The 42,560-square-foot property also includes three high-end retail storefronts leased to Rolex, Patek Philppe and Ferrari. The sale, at around $2.3 million per room, is one of the largest ever in terms of a per key price in California.
Herrick acted as zoning and land use counsel to Blackstone for a $322 million loan to developers Zeckendorf Development, Atlas Capital Group and The Baupost Group to finance a portion of the land acquisition and pre-development work at 570 Washington Street. The planned development is a two-tower condominium development rising 450 feet and encompassing a full city block near Google’s St. John’s Terminal campus.
Represented a family office and its joint venture partner in a $36 million construction loan with Provident Bank as well as review of the construction documents for the development of a mixed use building in Roslyn, New York.
Represented a private lender on a $40 million refinancing secured by industrial property in the Red Hook neighborhood of Brooklyn.
Represented Extell Development Company in connection with a development ground lease from The Feil Organization as part of an assemblage of properties located on Fulton Street in Brooklyn, New York for a term of 199 years.
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.
Represented a large NY-based nursing home owner in the acquisition of 699 92nd Street in Brooklyn, NY, from a purchaser under contract who had filed for bankruptcy. The site is triple net leased to a non-profit integrated healthcare network that is New York State's largest healthcare provider and private employer.
Represented G4 in connection with a $29.5 million acquisition and pre-development loan for the development of property located in Brooklyn, New York for both residential and commercial use.
Herrick partnered with Two Trees to obtain approval from the City Planning Commission for a modification of the Large-Scale General Development Special Permits and Restrictive Declaration for the Domino Sugar Development on the Williamsburg waterfront in Brooklyn, NY. The modified approval will allow for the addition of approximately 1,000 square feet of open space to Domino Square and a modified and design for one of the five buildings within the larger development. The new building will now contain more than 640K square feet of floor area and approximately 560 residential units. When fully built, the entire Domino Sugar Development will include approximately 2.75 million square feet of floor area and 4.8 acres of public open space.
Represented D-Ahn Development LLC on the sale of 25-23 Newtown Avenue in Astoria, Queens. The property is a development site that can accommodate future construction of a new residential building, and this transaction included a vehicular access agreement.
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.
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.
Represented Shorenstein Properties in connection with its sale of a 28-story office building containing over 600,000 rentable square feet in Nashville, TN.
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.
Represented CIT Bank, a division of First-Citizens Bank & Trust Company, on an $88 million construction loan secured by property located at 380 4th Avenue in Gowanus, Brooklyn.
Represented Veris Residential, Inc. in the sale of the Hyatt Hotel located in Jersey City, NJ to a joint venture between affiliates of Taconic Capital Advisors LP and HEI Hotels & Resorts.
Represented an investor in the acquisition of a 35,000-square-foot office building in Forest Hills. The transaction included a Purchase and Sale Agreement; an acquisition loan; an LLC agreement; multiple estoppels and SNDAs; the refinancing of another property owned by the investor to raise equity for the acquisition following two aborted sales of a Maine property that had previously been acquired in a 1031-exchange; and a 99-year license agreement from the LIRR to provide parking for the tenants at the office building.
Represented Kriss Capital LLC on a $37 million construction loan secured by property located at 4560 Broadway. The Herrick team also represented Kriss Capital in connection with the syndication of the loan with Valley National Bank and LibreMax.
Represented the former owners of the iconic Lester's apparel store located on the Upper East Side at 1534 Second Avenue in a long term lease of the entire building to the Goldfish Swim School.
Represented Bsafal Inc and Argo Real Estate in the condo offering plan for 64 University Place as well as in the contract negotiations for residential units at this luxury Manhattan mixed-use condo.
Represented a church on the Upper West Side of Manhattan in connection with the extension and amendment of a nearly 16,000-square-foot lease to a an early childhood school. The representation included receiving approval from the Charities Bureau of the State Attorney General.
Represented Bank Hapoalim as senior co-lender in a $165 million acquisition and construction loan to Moinian Group for the construction of mixed-use residential and hotel property at 7 Platt Street in Manhattan.
Represented Mutual Redevelopment Houses, also known as Penn South, the 99-year ground lease with MAG Partners. Penn South is a 10-building Mitchell-Lama housing cooperative in the Chelsea neighborhood of Manhattan that sprawls from West 23rd to West 29th streets, between Eighth and Ninth avenues. MAG Partner’s new project at 335 Eighth Avenue will rise seven stories and host 188 units in the mixed-income apartment building, along with ground-floor commercial space.
Represented River View Towers, a 385-unit, 24-story, affordable housing Mitchell-Lama cooperative built in 1964 located in Manhattan’s Hamilton Heights neighborhood for the $33.3 million total financing package comprised of a $12.3 million private loan from CBRE Multifamily Capital Markets, a $20.4 million subordinate Subsidy Loan from the New York State Housing Finance Agency (“HFA”), and a $577K grant from New York State Energy Research and Development Authority (“NYSERDA”). After prepaying existing debt, approximately $26.5 million will be used for property capital improvements including Local Law 11 façade work, new windows and roof, mechanical upgrades and replacements, and numerous other projects. This deal is important not only because it is preserving 300+ units of affordable housing for the long-term, but it is only the fourth refinancing under HFA’s Subsidy Loan Program.
Represented ACRES Capital, LLC in connection with a $16 million first mortgage loan to refinance debt on a newly constructed 77,060 square foot, 806-unit self-storage facility in Marietta, GA.
Represented G4 Capital Partners in connection with a $74.5 million construction and mezzanine loan for the development of property in Long Island City, New York for both residential and commercial use.
Represented GPB Capital in connection with the sale of property in Great Neck, NY. The property is the site of the Biener Ford dealership in Great Neck, and the buyer is an affiliate of the owners of the dealership.
Represented a private real estate investor in the purchase of a note secured by a mortgage on a multi-family project in Raleigh, North Carolina. Additionally, Herrick represented the investor in a loan secured by a pledge of membership interests in a multi-family project in Tempe, Arizona.
Represented SR Real Estate Partners in connection with a $75 million construction loan where the proceeds of the loan will be used to construct a 229-unit, 754 bed student housing project at UNC Charlotte in North Carolina.
Herrick partnered with the ASPCA on a pro bono basis to enable them, under zoning, to provide overnight animal boarding their veterinary clinics. The Department of Buildings generally does not allow overnight animal boarding in areas not zoned for manufacturing use, and the ASPCA’s property is zoned for residential and commercial use. We drafted a zoning memorandum and a Zoning Resolution Determination (ZRD1) which outlined a legal strategy to allow for overnight animal boarding at clinics they operate in the five boroughs.
Herrick is currently representing property owners under the threat of eminent domain takings in property sale negotiations with the developer of The Ronkonkoma Hub project located in the Town of Brookhaven, Long Island. We represent these owners and operators in all aspects of these negotiations with the Town of Brookhaven and the developer, whether it be a sale in lieu of condemnation or a claim for additional compensation in eminent domain litigation. This project has been in the works for many years and is currently in Phase 2 of the overall development.
Represented an affiliate of long-time client MAXX Properties in the acquisition and $55 million life insurance company financing of a 261-unit luxury apartment community in Sandy, Utah known as The Ridge. The acquisition was the replacement property for a 1031 Exchange.
Represented Rabina Properties in a $99 million construction loan to build New River Yacht Club II in Fort Lauderdale, FL, a 349-unit 36-story luxury high rise rental that is being developed in a joint venture with the Related Group.
Represented Bank Leumi USA on a $30.55 million acquisition loan for the planned development of a mixed-use property secured by multiple properties on 14th Street and 6th Avenue in Manhattan.
Represented Harel Insurance Company in connection with a $40 million participation in a $191 million construction loan for the construction of two high-rise luxury multifamily towers in downtown Nashville, Tennessee.
Herrick represented 150 D&A Co. of Nassau Inc. when their property was seized by the New York State Department of Transportation and the MTA by way of eminent domain in the LIRR Third Track Project. Formally known as the LIRR Expansion, the project’s goal was to construct a 10-mile long third track on the Long Island Railroad Mainline. The project included the elimination of eight street-level crossings along the LIRR Main Line, to be replaced by grade crossings with newly constructed bridges that hold three tracks, and a two-lane underpass for vehicular traffic that also included a pedestrian sidewalk. Herrick advocated for additional compensation for these property owners in the New York State Court of Claims and obtained a settlement of close to six times the amount of the initial payment made to its client for the loss of its property (a 600 percent increase in the eminent domain award).
Herrick currently represents property owners and business tenants in the Hudson Yards Redevelopment Plan project. The project affects the area of Manhattan located between 29th and 43rd streets, and 7th Avenue and Hudson River Park. The project goal is to create a mixed-use expansion of the Midtown Central Business District, expand the Number 7 MTA subway line, rezone to permit new residential and commercial space and expand the Jacob Javits Convention Center. Herrick’s clients are slated to have their properties taken by eminent domain in connection with the project. Herrick expects to file claims for additional compensation for the seizure of property, as well as for the seizure of trade fixtures owned/installed by commercial tenants.
Herrick is representing owners whose properties will be seized by eminent domain in connection with the downtown Brewster redevelopment plan. The Brewster redevelopment project consists of the revitalization of the blighted area situated in downtown Brewster, Putnam County, NY. Herrick’s clients are being asked to sell their properties to the developer for this project under threat of eminent domain. We represent both owners and commercial tenants (who have their own claims for compensation, separate from their landlords) in all aspects of negotiation with the Village of Brewster and the developer, whether it be a sale in lieu of condemnation or a claim for additional compensation in eminent domain litigation.
Represented long-standing client, The Community Preservation Corporation, in a joint venture that preserves 1,036 high-quality affordable and supportive housing units in 13 buildings located throughout Brooklyn, the Bronx and Manhattan. The proceeds of the joint venture’s purchase will be used to capitalize a newly formed charitable organization, Blue Sky Social Justice Fund, which is focused on social justice and human rights, including LGBTQI+ rights, water and energy access, anti-slavery and the Black developers network.
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.
Represented Ascend Charter Schools in the acquisition of a leasehold condo in Brooklyn, NY. The to-be-constructed building will house another first class Ascend middle school.
Represented Vertex Partnership Academies in its lease from the Archdiocese of New York for its initial high school.
Represented Tennor Holdings in a 25,488 square-foot lease at One Vanderbilt Avenue representing the last available full floor in SL Green’s major development near Grand Central Terminal in midtown Manhattan.
Represented a children’s retailer in a suit brought by the Metropolitan Transit Authority (MTA) for back rent and future rent (with personal liability) of almost half a million dollars on its lease at Grand Central Terminal. The Herrick team negotiated a favorable settlement on behalf of the client.
Represented a New York City based family office in multiple financings and a refinancings for their current portfolio.
Represented Northwind Group in connection with a $60 million loan for a commercial office building in Chicago, Illinois.
Represented DH Property Holdings in the sale to Brookfield Asset Management of a ground leasehold interest in 55 Bay Street, Brooklyn, NY, which is a distribution facility that our client developed and leased to Amazon.