Represented Gazit Horizons in its $134.4 million permanent credit term lease (CTL) bond from Mesirow Financial to refinance its retail property at 410 East 61st Street. The CTL bond retires Gazit’s $80 million investment in the property and generates additional proceeds of $30 million.
Represented Centennial Bank in connection with a $101 million construction loan secured by a Flushing, Queens property for the ground-up development of two 20-story residential condominium towers, comprising 392 dwelling units, interior and exterior recreational amenity spaces and 388 parking spaces.
In the first transaction of its kind in New York, Herrick represented The Forest Road Company in connection with a $17 million mortgage loan secured primarily by up to $22 million in New York Brownfield Tax Credits relating to a property located in New York City. The Tax Credits and related proceeds will be earned after demolition of the existing structure, performance of environmental remediation pursuant to a Brownfield Cleanup Agreement overseen by the NYS Department of Environmental Conservation, and construction and placing into service of a new residential building at the site.
Represented a private lender in a $25 million loan for the development of a site in the Long Island City neighborhood of Queens, NY.
Represented a New York City based family office in multiple financings and a refinancings for their current portfolio.
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.
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.
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.
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%.
