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.
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.
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.
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.
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.
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 finance component included establishing a collateral trust arrangement by transferring all of the collateral, loans and obligations to a collateral trust and amending and restating the existing loan documents. The real estate component included assigning existing mortgages encumbering the properties, amending and restating the existing mortgages and memoranda of intercreditor agreements to secure Cantor’s interest as collateral trustee, preparing as-extracted collateral filings, reviewing specific requirements related to leasehold properties, and title review.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.
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.
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.
Represented Marcus & Millichap, a publicly traded company, in their acquisition of New York-based real estate finance advisory firm Mission Capital Debt & Equity.
Represented DH Property Holdings LLC in the construction loan and mezzanine loan financing for a distribution center in Brooklyn, New York.
Representing the New York Islanders Hockey Club in the development of its new arena complex at Belmont Park.
Represented Cammeby’s International Group in the more than $100 million refinancing of a mixed-use multifamily building on Park Avenue in Manhattan.
Represented The Promotion In Motion Companies in a ten-year lease of approximately 98,000 square feet of office and warehouse space with a fitness center and a private lobby in Park Ridge, New Jersey. This work also included significant design and construction related lease negotiations for the initial improvement work, as well as the negotiation of design, consulting and construction agreements. Promotion In Motion is one of the nation’s leading makers of brand name snacks and confections and one of the 50 largest global candy companies.
Represented Zeta Charter Schools in connection with the negotiation of a lease for a to-be-built 72,000-sq.-ft. stand-alone building in the Bronx, which will be occupied by them as a pre-kindergarten through 2nd grade charter school.
Represented Classical Charter Schools in connection with the negotiation and formation of a leasehold condominium for a new 54,000-sq.-ft. school being constructed in the South Bronx.
Represent Fotografiska, a Swedish photography destination, in connection with establishing its NYC flagship location at 281 Park Avenue South, New York.
Represented an affiliate of a New York City-based family office on the approximately $28.6 million sale of a largely vacant commercial building in the Chinatown neighborhood of Manhattan. The sale was following a bankruptcy court order, in a Chapter 11, single-asset bankruptcy case.
Represented multiple clients in the structuring and formation of qualified opportunity funds in connection with Opportunity Zone transactions in the New York metro area and across the United States.
Represented Sky Harbour Group in connection with its ground lease of development parcels at Sugar Land Regional Airport in Sugar Land, Texas, for private aviation hangars as well as the construction financing for the hangars.
Represented Sky Harbour Group in connection with its ground lease of a development parcel at Miami-Opa Locka Executive Airport in Miami, Florida for private aviation hangars.
Represented Commercial Properties Realty Trust in connection with an Opportunity Zone transaction involving an approximately 90,000-sq.-ft. commercial office building located on The Water Campus in Baton Rouge, Louisiana.
Represented the William Macklowe Company in connection with the long-term lease to Memorial Sloan Kettering Cancer Center of an approximately 60,000-sq.-ft. medical facility on the Upper East Side of Manhattan.
Represented the William Macklowe Company in the acquisition by it and Senlac Ridge Partners of a development property at 120 Fifth Avenue in Park Slope, Brooklyn. This complex deal closed on its original timeline even with the COVID-19 New York State on Pause limitations in effect.
Represented Fleet Center, Inc. in obtaining approval of a zoning map amendment by the New York City Council to modify the decision by the City Planning Commission restoring our client’s proposed building to 14-stories with over 200,000-sq.-ft. for planned community facility and office uses.
Represented the purchaser in the structuring and documentation of the acquisition of a New York development site in an Opportunity Zone transaction.
Represented Wells Fargo Bank in a high profile bank branch lease at 545 Madison Avenue, a prime location in the Plaza District, and in the termination of their existing bank branch lease at 540 Madison Avenue.
Represented a New York State pension fund in a $100 million additional mortgage loan on the Bergdorf-Goodman Building, located at 754 Fifth Avenue in Manhattan.
Represented the Olnick Organization in connection with a $106 million acquisition of 201 West 77th Street, a mixed-use property located on the Upper West Side of Manhattan.
Represented Roseland Residential, a subsidiary of Mack-Cali Realty Corp., in connection with a $300 million construction loan for its 750-unit, 57-story residential development project in Jersey City, New Jersey.
Represented Roseland Residential, a subsidiary of Mack-Cali Realty Corp., in connection with a $92 million construction loan for its Port Imperial Building 8/9, an approximately 313-unit residential development project in Weehawken, New Jersey.
Represented an Israeli pension fund manager in the acquisition and administration of $58.6 million inventory loan for a mixed used condominium in Harlem, New York. In addition to the administration of the loan, Herrick facilitated the closings for each of the condominium units.
Represented MLA Properties in a retail lease to Spectrum Communications at The Shops at Cameron Place in Sanford, NC.
Represented Classical Charter Schools in connection with the negotiation and formation of a leasehold condominium for a 6-story 59,000-sq.-ft. charter school in the South Bronx.
Represented Zeta Charter Schools in connection with the negotiation of a lease for a to-be-built 25,000-sq.-ft. condominium unit in the Bronx, which will be occupied by them as a 3rd-8th grade charter school.
Represented David Reis and Senior Care Development in the structuring and sale of The Clare, a 53-story 338-unit Continuing Care Retirement Community (CCRC) located in Chicago.
Represented Rabina Properties in the third phase of a large scale development of the New River Yacht Club project in downtown Fort Lauderdale, Florida. Phase three is slated to be a 230-unit Class A high-rise multifamily rental building being developed by Rabina Properties and the Related Group.
Represented a joint venture between Brian Stolar’s Pinnacle Companies and Kohl Partners in the development of a 131-unit luxury multifamily condominium complex in Cliffside Park, NJ known as Aurora Over the Hudson.
Represented MAXX Properties in the acquisition and $65 million Fannie Mae financing of a multifamily property in Henderson, NV known as Villas at Green Valley.
Represented an affiliate of River Rock Associates LLC in connection with a mezzanine construction loan and second mortgage loan for the development of a mixed use hotel, restaurant, apartment and retail condominium located in Queens, New York.
Represented Goldman Sachs in the zoning due diligence for the $225.6 million financing of a major redevelopment at the Brooklyn campus of Long Island University. LIU plans to construct a residential high-rise containing roughly 30% affordable units, as well as a garage structure and a rooftop athletic field.
Represented the HK Organization in a joint venture with Midtown Equities and Rockwood Capital to redevelop Brooklyn’s Empire Stores, a complex of seven historic warehouses. The property was transformed into a mixed-use creative hub with 100,000-sq.-ft. of retail, restaurant and event space in addition to 300,000-sq.-ft. of office space.
Represented MRP Realty in connection with the acquisition of over 27K-sq.-ft. of unused development rights from a neighboring property through zoning lot merger, along with a related light and air easement. The development rights will facilitate the expansion and renovation of 405 Park Avenue, a major office building in Manhattan.
Represented Rabina Properties in the acquisition, financing, joint venture, restructuring and recapitalization of the vacant development parcel located at 520 Fifth Avenue in Manhattan. The development is initially projected to include an 800-foot-tall tower on the corner of East 43rd Street and Fifth Avenue.
Represented Community Preservation Corporation in connection with its master joint venture with Xenolith Partners LLC, a certified minority- and women-owned business enterprise (M/WBE) company, to develop affordable housing in New York.
Represented a regional bank and their investment partner in financing the acquisition and redevelopment of an approximately 800,000-sq.-ft. facility in Ohio to serve as a new distribution and products assembly center for a farm supply store which will breed new jobs and opportunity for the community and for which the bank will receive New Markets Tax Credits.
Represented a regional bank and their investment partner in financing the acquisition and redevelopment of a historic building in Philadelphia into a 254,000-sq.-ft. public health campus which will serve the local community and for which the bank will receive New Markets Tax Credits. The project was also financed with Historic Tax Credits due to the nature of the building’s historical importance.
Represented a regional bank and their investment partner in financing the construction of a mixed-use building in West Virginia with commercial space and 16 rental apartments. The apartments are targeted to provide affordable housing to teachers in the community.
Represented a regional bank and their investment partner in financing the modernization and expansion of an industrial facility in Indiana. The facility will add approximately 20,000-sq.-ft. of additional manufacturing space which will be used for additional manufacturing lines. Once final, the renovated and updated facility will create an additional 20 to 30 jobs in the community.
Represented a not-for-profit religious entity in the acquisition of a commercial condominium unit on West 83rd Street.
Represented Centennial Bank in the $120 million construction loan for property located at 400 Biscayne Boulevard in Miami. The planned development includes a 49-story tower with 646 luxury rental apartments, 51,000-sq.-ft. of commercial space and a 22,000-sq.-ft. church for the First United Methodist Church of Miami.
