Steven M. Herman

Phone212 504 6054

Peer Rating
 2.9/5.0
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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 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). 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 State of New York.

News & Resources

NEWS

News Releases

More Than 40 Cadwalader Attorneys Recognized by Super Lawyers 2014 New York Metro Edition

Sep 15, 2014

Cadwalader Attorneys, Practices Recognized in 2015 Edition of The Best Lawyers in America

Aug 18, 2014

Cadwalader Recognized Among Leading Firms in The Legal 500 US 2014

Jun 27, 2014

2014 Edition of The Best Lawyers in America Recognizes 44 Cadwalader Attorneys Across a Range of Practices

Oct 22, 2013

Super Lawyers 2013 New York Metro Edition Recognizes More Than 30 Cadwalader Attorneys

Sep 18, 2013

IFLR 1000 Again Names Cadwalader a Leader in Core Transactional Areas of Practice

Nov 06, 2012

Super Lawyers Names Metropolitan New York Cadwalader Lawyers in More Than 20 Areas of Practice as Outstanding in Their Fields

Oct 15, 2012

2013 Edition of The Best Lawyers In America Recognizes 45 Cadwalader Attorneys in Multiple Areas of Practice

Oct 06, 2012

The Legal 500 Recognizes More than 15 Cadwalader Practices and 47 of the Firm's Lawyers Across U.S. Offices

Jun 06, 2012

Super Lawyers Taps More Than 40 Metropolitan New York Cadwalader Attorneys as Outstanding in Their Fields

Sep 26, 2011

Cadwalader Named to Winner's Circle at M&A Atlas Awards

Feb 24, 2010

Cadwalader Transaction Named IDD Deal of the Year

Feb 12, 2010

Recent Press

Cadwalader, Covington Handle Pfizer's King Pharmaceuticals Buy

Oct 12, 2010

New Deals - Lawyers on Major Transactions

Jan 29, 2009

A Long Weekend for Cadwalader, Simpson and Wachtell

Jan 26, 2009

Recognition

More Than 40 Cadwalader Attorneys Recognized by Super Lawyers 2014 New York Metro Edition

Sep 15, 2014

Cadwalader Attorneys, Practices Recognized in 2015 Edition of The Best Lawyers in America

Aug 18, 2014

Cadwalader Recognized Among Leading Firms in The Legal 500 US 2014

Jun 27, 2014

2014 Edition of The Best Lawyers in America Recognizes 44 Cadwalader Attorneys Across a Range of Practices

Oct 22, 2013

International Financial Law Review's 2013 IFLR 1000

Nov 06, 2012

Super Lawyers 2012

Oct 15, 2012

The Best Lawyers In America 2013

Oct 06, 2012

2012 Legal 500 US

Jun 06, 2012

RESOURCES

Clients & Friends Memos

New York State Supreme Court Upholds Springing Guaranty in Granting Summary Judgment

Mar 16, 2011

Treasury Department Guidance Issued on Modification of Securitized Commercial Mortgage Loans

Sep 16, 2009

GGP Bankruptcy Court Denies Motions to Dismiss Twenty Property Level Bankruptcy Cases as Bad Faith Filings

Aug 13, 2009

Lenders File Motions to Dismiss Twenty-One General Growth Properties Bankruptcy Cases as Bad Faith Filings

Jun 04, 2009

General Growth Properties Bankruptcy Court Enters Final Order on Cash Collateral, Cash Management, and DIP Financing Issues

May 18, 2009

General Growth Properties Bankruptcy Court Defers Final Ruling on Cash Collateral, Cash Management and DIP Financing Issues

May 11, 2009

Articles

Is Your Default Foreclosable?

Nov 19, 2012

Delaware Bankruptcy Court Decides Who is Master of a Master Lease

Feb 04, 2009

Events

47th Annual Conference on Capital Markets in Real Estate

Nov 19, 2014

The 24th NIC National Conference

Oct 01, 2014

MBA's Commercial Real Estate Finance(CREF)/Multifamily Housing Convention & Expo 2014

Feb 02, 2014

CRE Financial Council January 2014 Conference

Jan 13, 2014

46th Annual Conference on Capital Markets in Real Estate

Oct 30, 2013

CRE Finance Council's January 2013 Conference

Jan 14, 2013

June Convention 2012

Jun 11, 2012

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.
•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 securitized mortgage loan secured by 1290 Avenue of the Americas, New York, NY, a stand-alone securitized loan.
•A commercial bank in the origination of a $525 million syndicated mortgage loan secured by the Waldorf Astoria Hotel, New York, NY.
•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, NY.
•A commercial bank in the origination of a $425 million syndicated mortgage loan secured by 2 Penn Plaza, New York, NY.
•An investment bank in the origination of a $450 million securitized mortgage loan secured by 11 Penn Plaza, New York, NY, a stand-alone securitized loan.
•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 5 luxury hotels.
•An investment bank in the origination of a $250 million securitized loan secured by One Park Avenue, New York, NY.
•A commercial bank in the origination of a $280 million syndicated construction loan of a mixed use condominium project in New York, NY.
•A commercial bank in the origination of a $200 million syndicated mortgage loan secured by the Crown Building in New York, NY.
•A commercial bank in the origination of a $145 million syndicated mortgage loan secured by an office building in Washington, DC.
•An investment bank in the origination of a $54 million securitized mortgage loan secured by a mixed use building in Washington, DC.
•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, New York, NY.
•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, FL.
•A commercial bank in the origination of a $430 million securitized mortgage loan secured by 350 Park Avenue, New York, NY, 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, New York, NY, including earnout mechanisms.
•A commercial bank in the origination of a $70 million syndicated acquisition mortgage loan secured by a property in New York, NY.
•A commercial bank in the origination of a $214 million syndicated mortgage loan secured by a mixed use property in San Francisco, CA.
•An investment bank in the origination of a $55 million mortgage loan secured by a mixed use property in Washington, DC.
•A commercial bank in the origination of a $330 million syndicated mortgage loan secured by 11 Penn Plaza, New York, NY.
•A commercial bank in the origination of a $188 million syndicated mortgage loan secured by 18 multifamily properties, including a 2 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, NY.
•A commercial bank in the origination of a $183 million syndicated mortgage and mezzanine loan secured by The Plaza Hotel, New York, NY.
•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, NY 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, NY.
•A commercial bank in the origination of a $110 million syndicated mortgage loan secured by mixed use properties in New York, NY.
•A commercial bank in the origination of a $75 million syndicated mortgage loan secured by 4 Union Square South, New York, NY.
•An investment bank in origination of a $111 million securitized mortgage loan secured by two office properties in San Francisco, CA.
•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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