Private Lender – $20 Million Refinancing
Represented a private lender on a $20 million refinancing secured by a newly-constructed self-storage facility located in Staten Island, New York.
Matters
Institutional Equity Investor – Durham, NC Development
Represented the institutional equity investor in a joint venture to acquire, finance and develop a 257,000 square-foot 299-unit multifamily project in Durham, NC. Project debt and equity is approximately $66.5 million.
Centennial Bank – $65 Million Brooklyn Construciton Loan
Represented Centennial Bank on a $65 million construction loan secured by property located at 200 Montague Street in Brooklyn. The borrower intends to construct a 121-unit residential apartment building with retail space of approximately 7,000 square feet above grade and 5,000 square feet below grade.
RAGHSA Real Estate LLC – One Union Square South
Represented RAGHSA Real Estate LLC, a U.S.-based company, in a complex $200+ million acquisition of 100% of the equity interests in the owner of the 240-unit residential component of One Union Square South from The Related Companies, L.P. Additionally, Herrick represented the purchaser in securing a $135 million FNMA loan and preferred equity financing through a joint venture with a Related affiliate entity. The transaction also involved HFA regulatory, 421-a tax abatement, ADA consent decree, fee-over-plane, reciprocal operating agreement and existing bond redemption components.
Private Lender – Montauk, NY – Acquisition and Construction Loan
Represented a private lender on an $18.5 million loan in Montauk, New York (the easternmost end of Long Island). The property is an expansive waterfront property with sunset views over Lake Montauk, which the borrower plans to redevelop into a condominium complex with a marina, spa, fitness center, pool, restaurant and event space.
Centennial Bank – $23 Million Construction Loan
Represented Centennial Bank in a $23 million construction loan to an affiliate of the Meridian Group secured by property located in Fairfax, Virginia.
Community Preservation Corporation & Xenolith Partners – Affordable Brooklyn Development
Represented Community Preservation Corporation in connection with a joint venture with Xenolith Partners LLC, a certified minority- and women-owned business enterprise (M/WBE) company, to develop a seven-story permanent supportive and affordable housing residence located at 1366 East New York Avenue, Brooklyn, New York. The building will contain forty-four units of permanent supportive housing for formerly incarcerated individuals and their families, twenty-nine units of affordable housing, as well as on-site social services provided by The Women’s Prison Association and other non-profit organizations.
Manhattan Hotel – $11 Million Preferred Equity Investment
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.
Community Preservation Corporation – YWCA Supportive Housing – Schenectady, NY
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.
N.E.W. Corp. – Development Rights and Fee Title – 10th Ave. Manhattan
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.
$430 Million Joint Venture Acquisition – U.S. Bank Tower – Los Angeles, CA
Represented both Migdal Insurance Company Ltd. and Menora Mivtachim Insurance Ltd., two of the largest Israeli insurance companies, in the negotiation of a joint venture with Silverstein Properties to acquire the U.S. Bank Tower in downtown Los Angeles, California for a purchase price of $430 million. The deal involved tax structuring, negotiation of partnership agreements, as well as oversight of the acquisition and loan documents.
Private Lender – $20 Million Condominium Inventory Loan
Represented a private lender on a $20 million condominium inventory loan in the Tribeca neighborhood of Manhattan.
Private Lender – $5 Million Harlem, NY Loan
Represented a private lender on a $5 million loan in the Harlem neighborhood of Manhattan. The property is a development site.
MRP Realty – 405 Park Avenue – Development Rights Transaction
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.
Muss Development – $165 Million Manhattan Property Sale & Development Rights Transfer
Represented Muss Development in its sale of two fee parcels and one development rights transfer as part of an assemblage on the Upper East Side that, along with the other five fee parcels and three development rights transfers involved, totaled over $165 million.
Kiska Developers – $104 Million Manhattan Sale with Development Rights
Represented Kiska Developers, Inc. in the $104 million sale of a development site on 56th street and Lexington Avenue to an entity controlled by Rotem Rosen. The development included ten lots, unused development rights purchased from a neighboring property and Inclusionary Housing Air Rights from an affordable development.
Joint Venture Acquisition of Development Rights
Represented a joint venture of prominent real estate companies in connection with the acquisition of unused development rights from a neighboring property through zoning lot merger, along with a related light and air easement and construction license. The development rights will facilitate the redevelopment of a significant Manhattan property.
Israeli Pension Fund Manager – Acquisition Administration of $58.6 Million Inventory Loan
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.
Centennial Bank – $51 Million Construction Loan for Bronx Mixed Use Condo
Represented Centennial Bank in a $51 million construction loan for the construction of a mixed use building intended to be converted into a condominium, providing for a charter school and community organization located in the Bronx, NY.
Muss Development – $29.5 Million Westchester County Acqusition
Represented Muss Development in its $29.5 million purchase of multi-family property in Westchester County, New York.
$17.65 Million Apartment Acquisition by Chinese Investor – St. Petersburg, FL
Represented the U.S. real estate arm of a large global conglomerate headquartered in China on the approximately $17.65MM acquisition of an apartment complex in St. Petersburg, Florida, as well as related agency financing.
Brack Capital Real Estate – Manhattan Condo Offering Plan
Represented Brack Capital Real Estate in the condo offering plan for 90 Morton Street as well as in the closing of multiple condo units for this West Village residential condo.