Practice Areas
Construction Finance
Corporate
Joint Ventures
Loan Sales
Management & Leasing
Mezzanine Finance
Mortgage Finance
Real Estate
Real Estate Acquisitions & Dispositions
Real Estate Workouts & Restructurings
Admissions
New York
Education
Brooklyn Law School - J.D., 1985
Hobart and William Smith Colleges - B.A., 1982
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Profile
Steven Herman concentrates his practice in the areas of real estate finance, development, joint ventures, acquisitions, dispositions, commercial leasing, restructurings, workouts, and commercial mortgage securitizations. His work ranges from single- and multiple-asset negotiated and auction transactions to highly structured transactions that span all segments of the marketplace, including office, hotel, retail, multifamily, mixed-use healthcare, and industrial facilities. Steve's clients include investment banks, commercial banks, developers, investors, partners, lenders, owners, fund managers, borrowers, tenants, landlords, issuers and underwriters. Steve is also actively engaged in assisting his clients with the transition from LIBOR, including conducting contract remediation, implementing enterprise-wide changes to form documents, and providing strategic guidance throughout the transition.
He is the author of "Is Your Default Foreclosable?" (New York Law Journal, November 19, 2012) and "Delaware Bankruptcy Court Decides Who Is Master of a Master Lease" (New York Law Journal, February 4, 2009), and co-authored "Draw on Letter of Credit Has Same Effect As Cash Forfeiture" (The Bankruptcy Strategist, June 1, 2004), "Landlords Beware: Limits on the Usefulness of Letters of Credit" (New York Law Journal, May 12, 2004) and "Right of First Refusal Provisions Require Prudence in Drafting" (New York Law Journal, March 25, 2002). Steven has been named to Lawdragon’s inaugural “Leading Global Real Estate Lawyers” guide, has been recognized as a leading lawyer in Euromoney’s Guide to the World’s Leading Banking & Finance Experts, IFLR1000, The Best Lawyers in America and Super Lawyers.
Steve received his J.D. from Brooklyn Law School and his B.A., with high honors, from Hobart College. He is admitted to practice in the State of New York.
Experience
Steven's experience includes the representation of:
- An investment bank as lender in a $940 million mortgage and mezzanine financing (with three layers of mezzanine debt) to refinance existing debt on a portfolio of 167 skilled nursing facilities operated by Sava SeniorCare in 19 states throughout the United States.
- A commercial bank as administrative agent and lead arranger in a $200 million syndicated construction loan for the development of a 278-unit luxury condominium tower located at 550 Vanderbilt Avenue in Brooklyn, New York as part of the Pacific Park Atlantic Yards project.
- An investment bank as lender in a $105 million mortgage and mezzanine financing secured by 16 skilled nursing and assisted living facilities operated by Sava SeniorCare in nine states throughout the United States.
- A commercial bank as administrative agent, lender and lead arranger in a $325 million mortgage loan secured by the Sotheby's headquarters building in New York City.
- A commercial bank as administrative agent and lender in a $146.7 million construction loan to fund the development of a mixed-use complex located at 700 Pennsylvania Avenue in Washington, D.C.
- A commercial bank as administrative agent and lender in a $143 million construction loan to finance a condominium conversion of the upper portion of the Woolworth Building.
- An investment bank as lender in a $310 million mortgage and mezzanine financing secured by the Crowne Plaza Times Square in New York City.
- A commercial REIT as lender in a $450 million mortgage loan secured by one of the largest privately-owned residential communities in the United States.
- A commercial bank as administrative agent and lender in a $195 million construction loan to finance the condominium and hotel conversion of the historic Temple Court Building in New York City, to be renamed Beekman Hotel and Beekman Residences. The transaction also included a historic tax credit component.
- A commercial bank as administrative agent and lender in a $280 million syndicated construction loan to finance a mixed-use condominium project at 50 United Nations Plaza in New York City.
- A commercial bank as administrative agent and lender in a $575 million mortgage loan secured by Two Penn Plaza in New York City.
- An investment bank in the origination of a $4.6 billion mortgage and mezzanine loan (with seven layers of mezzanine debt) secured by approximately 375 health-care facilities in connection with a public-to-private transaction.
- An investment bank in the origination of a $1.2 billion mortgage loan and mezzanine loans aggregating $200 million secured by approximately 260 healthcare facilities in connection with a public-to-private transaction.
- An investment bank in the origination of two partially crossed mortgage and multiple-layer mezzanine loans aggregating $1.05 billion secured by approximately 200 healthcare facilities.
- An investment bank in the origination of an $820 million mortgage loan and a $98.6 million mezzanine loan secured by approximately 200 healthcare properties, including a master lease structure and account receivable financing intercreditor arrangements in connection with a public-to-private transaction.
- Multiple investment banks in the origination of three simultaneous loans aggregating approximately $1 billion secured by approximately 50 cold storage facilities.
- A commercial bank in the origination of a $455 million syndicated fee and leasehold mortgage loan secured by The Empire State Building, including complex structures to accommodate the observation deck and diverse ownership structure.
- An investment bank in the origination of a $950 million single-asset securitized mortgage loan secured by 1290 Avenue of the Americas in New York City.
- A commercial bank in the origination of a $525 million syndicated mortgage loan secured by the Waldorf Astoria Hotel in New York City.
- A commercial bank as administrative agent and lender in a $90 million mortgage loan secured by Fairfax Square, a mixed-use property in Vienna, Virginia.
- A commercial bank as administrative agent and lender in a $68 million mortgage loan secured by the CitizenM Times Square, a boutique hotel in the theatre district of New York City.
- A commercial bank as administrative agent and lead arranger in a $70 million construction loan to finance the development of a CitizenM Hotel in the Bowery neighborhood of New York City.
- A commercial bank as administrative agent and lender in a $116.5 million mortgage loan secured by Highland Park, a mixed-use complex in Washington, D.C.
- A commercial bank as administrative agent and lender in a $166.5 million construction loan secured by the Shepherd House in the West Village neighborhood of New York City.
- A commercial bank in the origination of a $41 million syndicated mortgage loan for the acquisition of the upper portion of the Woolworth Building in New York City.
- A commercial bank in the origination of a $425 million syndicated mortgage loan secured by 2 Penn Plaza in New York City.
- An investment bank in the origination of a $450 million single-asset securitized mortgage loan secured by 11 Penn Plaza in New York City.
- An investment bank in the origination of a $550 million mortgage loan secured by a super-regional mall.
- Various investment funds in connection with the purchase of numerous mezzanine loans, B notes, and participations across all asset classes aggregating multiple billions.
- An investment bank in the origination of a $100 million securitized mortgage loan secured by a regional mall.
- A commercial bank in the origination of a $150 million syndicated mortgage loan secured by five luxury hotels.
- An investment bank in the origination of a $250 million securitized loan secured by One Park Avenue in New York City.
- A commercial bank in the origination of a $200 million syndicated mortgage loan secured by the Crown Building in New York City.
- A commercial bank in the origination of a $145 million syndicated mortgage loan secured by an office building in Washington, D.C.
- An investment bank in the origination of a $54 million securitized mortgage loan secured by a mixed-use building in Washington, D.C.
- An investment bank in the origination of a $250 million securitized mortgage loan secured by 50 assisted living facilities in a public to private acquisition which implemented an opco/propco master lease structure.
- An investment bank in the origination of a $42 million securitized mortgage loan secured by a regional mall.
- An investment bank in the origination of a $110 million securitized mortgage loan secured by a regional mall.
- A commercial bank in the origination of a $120 million syndicated mortgage loan secured by 4 Union Square South in New York City.
- A commercial bank in the origination of a $66 million syndicated acquisition mortgage loan secured by a retail property on Lincoln Road in Miami Beach, Florida.
- A commercial bank in the origination of a $430 million securitized mortgage loan secured by 350 Park Avenue in New York City, including a 1031 exchange and master lease structure.
- A commercial bank in the origination of a $375 million syndicated mortgage loan secured by 1411 Avenue of the Americas in New York City, including earnout mechanisms.
- A commercial bank in the origination of a $70 million syndicated acquisition mortgage loan secured by a property in New York City.
- A commercial bank in the origination of a $214 million syndicated mortgage loan secured by a mixed-use property in San Francisco, California.
- An investment bank in the origination of a $55 million mortgage loan secured by a mixed-use property in Washington, D.C.
- A commercial bank in the origination of a $330 million syndicated mortgage loan secured by 11 Penn Plaza in New York City.
- A commercial bank in the origination of a $188 million syndicated mortgage loan secured by 18 multifamily properties, including a two-pool structure with differing financial covenants.
- A commercial bank in the origination of a $130 million syndicated mortgage loan secured by a property in the Chelsea section of New York City.
- A commercial bank in the origination of a $183 million syndicated mortgage and mezzanine loan secured by The Plaza Hotel in New York City.
- An investment bank in the origination of a $25 million securitized mortgage loan secured by a retail property.
- A commercial bank in the origination of a $150 million syndicated mortgage loan with future advance mechanisms and conversion features secured by a midtown Manhattan office building.
- An investment bank in the financing of the acquisition of a distressed loan secured by a mortgage on an office building in New York City and the subsequent conversion of such loan to a direct mortgage loan secured by such property upon the borrower's acquisition of the fee.
- An investment bank in the origination of a $250 million securitized mortgage loan secured by the Kings Plaza shopping center in Brooklyn, New York.
- A commercial bank in the origination of a $110 million syndicated mortgage loan secured by mixed-use properties in New York City.
- A commercial bank in the origination of a $75 million syndicated mortgage loan secured by 4 Union Square South in New York City.
- An investment bank in origination of a $111 million securitized mortgage loan secured by two office properties in San Francisco, California.
- An investment bank in the origination of a $320 million mortgage loan secured by a retail condominium unit.
- An investment bank in the origination of a $185 million mortgage loan and a $50 million mezzanine/preferred equity investment with respect to a design center.
- A commercial bank in the origination of a $182 million construction loan with respect to a condominium and retail project in Denver, Colorado.
- A commercial bank in the origination of a $270 million construction loan with respect to the redevelopment of a retail project in San Francisco, California.
- A commercial bank in the origination of a $173 million construction loan with respect to a condominium, hotel, retail, and marina project in Boston, Massachusetts, including A/B intercreditor and subordinate mortgage intercreditor arrangements.
- An investment bank in its acquisition, financing, subsequent sale, and refinancing of 18 healthcare facilities in various jurisdictions.
- An investment bank in the origination of a $130 million acquisition loan secured by six assisted living facilities.
- An investment bank in the origination of an approximately $250 million loan secured by cold storage facilities in various jurisdictions, including complex operating lease arrangements.
- A commercial bank as administrative agent and lead arranger in the workout and restructuring of a $172 million construction loan secured by a shopping center in Kansas City, Missouri.
- A commercial bank as administrative agent and lead arranger in the workout and restructuring of a $168.5 million construction loan secured by the Peninsula Town Center, a mixed-use redevelopment of the Hampton Coliseum Mall in Hampton, Virginia.
- A Japanese bank in the workout and foreclosure of $250 million of letter-of-credit backed notes secured by The Chrysler Building and related properties and the sale of an underlying $250 million note to Tishman Speyer.
- TrizecHahn in connection with its $2.5 billion disposition of 19 regional shopping centers. The transaction included the redemption of a partner's interest in a tax efficient manner through the purchase of rated notes and their subsequent distribution, as well as various direct and indirect 1031 transfers.
- A developer in its acquisition, leasing, debt financing, and equity financing of a 210,000-square-foot office building. The transaction also included IDA tax benefits.
- A German lender in a $110 million mezzanine loan to an affiliate of Equity Office Properties Trust in connection with their acquisition of 1301 Avenue of the Americas, including negotiation of organizational documentation structured for transfer tax purposes.
- A commercial bank in a $130 million loan secured by 11 office properties in two states, including the splitting of the loan into a senior and mezzanine loan structure, negotiation of intercreditor arrangements, syndication of both tranches, and subsequent condominium conversion of part of the portfolio.
- A German lender in a $456 million loan to a joint venture between a real estate fund and a local developer in connection with the acquisition of three mixed-use assets in California. The transaction included structured arrangements to accommodate certain tax requirements of the borrower.
- A commercial bank in a $84.8 million loan secured by 19 assisted living facilities in 10 states, including investment fund guaranty provisions, debt restrictions, and intercreditor arrangements.
- A landlord in the negotiation of an office lease in excess of 350,000 square feet and a lease amendment regarding a complex surrender (approximately 700,000 square feet). The lease transaction included BIR benefits and IDA tenant improvement allowance provisions.
- A separate account of an insurance company in the $266 million sale of its interests in the New York Hilton, the Rye Town Hilton, the Capital Hilton, and the Washington Hilton & Towers.
- A Japanese investor in the restructuring and refinancing of a £44.1 million loan secured by the London Marriott Hotel, including an open-ended revolving facility for certain capital improvement costs, interest and other funding requirements, and a DM 76 million loan secured by the Munich Marriott Hotel, including complex extension, cash flow reserve, and escrow components. Both restructurings included renegotiated partnership and management arrangements with the manager.
- An investment bank in a $185 million loan facility secured by 1385 Avenue of the Americas in New York City, including subordination arrangements regarding a $50 million mezzanine facility.
- An investment bank in a $165 million loan facility secured by 140 Broadway, including subordination arrangements regarding a $50 million mezzanine facility.
- An investment bank, as underwriter of two single asset Rule 144A/Regulation S securitizations aggregating $153.5 million of two regional malls.
- Various affiliates of a commercial bank in the portfolio auction sale of seven pools of reperforming and nonperforming single- and multiple-family mortgage loans and REO properties constituting more than 5,000 assets for in excess of $370 million.
- A domestic bank in the disposition of a residential mortgage loan and REO property portfolio aggregating in excess of 4,000 assets for a sales price in excess of $300 million and negotiation and implementation of bridge financing on behalf of the seller.
- An investment bank as tenant of a 106,750-square-foot office lease with options for additional space aggregating 61,000 square feet.
- A domestic investment arm of a foreign government in its sale of $271 million of timber properties in Alabama, Georgia, North Carolina, and South Carolina.
- A German lender, as agent, in a $100 million mezzanine loan to an affiliate of The Mills Corporation with respect to two super-regional malls in Florida.
- New York, Chicago, and Los Angeles branches of a Japanese bank in the disposition by auction of approximately 10 large commercial loans, participation interests, and REO properties aggregating in excess of $150 million.
- A German lender in its acquisition of a $75 million co-lender interest in the $315 million term loan and building loan secured by the Chrysler Center in New York City, including its acquisition of the agency of the overall loan and its syndication.
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