Steven M. Herman

Phone212 504 6054

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Practice Areas

  • Construction Finance
  • Corporate
  • Distressed Finance
  • Health Care
  • Joint Ventures
  • Loan Sales
  • Management & Leasing
  • Mezzanine Finance
  • Mortgage Finance
  • Real Estate
  • Real Estate Acquisitions & Dispositions
  • Real Estate Workouts & Restructurings
 
Contact InfoTelephone: 212 504 6054
Fax: 212 504 6666
http://www.cadwalader.com/professionals/steven-herman
 
University Hobart College, B.A., 1982
 
Law SchoolBrooklyn Law School, J.D., 1985
 
Admitted1986, New York and New Jersey
 
Biography

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.

He is the author of "Delaware Bankruptcy Court Decides Who Is Master of a Master Lease," New York Law Journal (February 4, 2009), and the co-author of "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). Steve has been recognized as a leading lawyer in IFLR1000, and The Best Lawyers in America.

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 States of New York and New Jersey.

Experience

• 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.

• 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 $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.

• A commercial bank in the origination of a $270 million construction loan with respect to the redevelopment of a retail project in San Francisco.

• A commercial bank in the origination of a $173 million construction loan with respect to a condominium, hotel, retail, and marina project in Boston, 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 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 condominiumization 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, 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, including its acquisition of the agency of the overall loan and its syndication.

 
ISLN906529209
 


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Office Information

Steven M. Herman


New YorkNY 10281-0006




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