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.
Represented an affiliate of MAXX Properties in the $62 million sale of a multifamily property located in Denver, Colorado known as Cedar Run Apartments.
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.
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 square 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.
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.
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.
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.
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.
Represented a group of private investors on the acquisition of the an inn in Lenox, MA and related operational agreements, including hotel management agreements.
Represented a foreign investor in the acquisition and financing and operational and managerial aspects of a brand name located in Niagara Falls, NY.
Represented Summit Real Estate Ltd. in the acquisition of the Gallivant Times Square New York and the Shoreham Hotel, two boutique hotels located in Manhattan, in partnership with a New York real estate operator, on operational agreements including hotel management agreements.
Represented Preferred Bank in a $22 million mortgage loan for a commercial condo retail unit in an affordable housing complex with a community center and parking facility in Jamaica, Queens.
Represented 500 Kent LLC and United Jewish Organizations of Williamsburg, Inc. in their application for a zoning map amendment and two special permits to facilitate the development of a 23-story, 352-foot tall mixed-use office and retail building in South Williamsburg, Brooklyn adjacent to the Brooklyn Navy Yard. The Project would contain 598,000+ square feet of office space and 21,000+ square feet of retail space. It would also create approximately 49,453 square feet (1.14 acres) of publicly accessible waterfront open space, including a shore public walkway along the entire length of the site.
Represented a prominent New York City developer in connection with a $37 million purchase of an industrial property located at 94-104 Glenn Street, Lawrence, MA, which houses a warehouse facility.
Represented a prominent New York developer 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.
Represented Valley National Bank on a $140.4 million 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.
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.
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 William Macklowe Properties in connection with a large supermarket lease to German retailer LIDL for their new ground-up development in Park Slope, Brooklyn.
Represented Cristo Rey Brooklyn High School in the acquisition of its Brooklyn campus from the Sisters of Mercy. The campus consists of a 54,000 square foot school and a 22,000 dormitory.
Represented a university in connection with a nearly $100 million acquisition of a commercial building in Manhattan.
Represented a developer in connection with a $35.75 million financing secured by a recently completed multi-family project located in a New Jersey Qualified Opportunity Zone.
Represented BHI in the sale of its $80 million loan secured by a New York City hotel to an investor group headed by an Israel-based private equity firm. In connection with the sale, BHI provided the firm with $57 million in note on note financing.
Represented William Macklowe Properties in connection with a significant retail lease to CVS Pharmacy in a new ground-up development in Park Slope, Brooklyn.
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.
Represented Rechler Equity in a $33.5 million refinance of construction loan secured by a hotel in Hampton Bays.
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 Mutual Redevelopment Houses, also known as Penn South, in 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 Partners' 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 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.
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 NY-based nursing home owner in section 363 acquisition of 699 92nd Street in Brooklyn, NY, from a purchaser 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. (E.D.N.Y. 2021).
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.
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 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 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 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 Brasseria Family Hospitality in the lease for more than 8,000 square feet at 85 10th Avenue in Manhattan for their first restaurant in the United States.
