Case Real Estate Capital scales up to a $100 million lending and purchasing platform
NORTHERN NJ — Since its establishment in 2013, Case Real Estate Capital, LLC (Case), a northern New Jersey-based commercial real estate investment company, has been answering the middle market’s need for smart situational capital. Under the direction of industry veteran Sanford “Sandy” Herrick, the company has scaled up to a $100 million lending and purchasing platform, remaining focused on assets in the New York metro area and in south Florida.“We have the ability to commit funds across a range of asset types and situations, first mortgages, mezzanine, transitional, land and construction, among others,” said Herrick, founder and managing principal of Case. The company is active as a high-yield private lender; a purchaser of performing, sub- and non-performing debt; and an equity and mezzanine investor. Customized Solutions Case funds are typically deployed as note purchases in addition to bridge and acquisition loans or rescue and restructure capital, enabling investors and developers to overcome the difficulties that regularly complicate and impede the process of obtaining funding. Its capital is often used in a myriad of turnaround situations, including property repositioning, development and redevelopment, non-cash flowing property, bankruptcy and other litigation as well as environmental or remediation needs. Notable transactions include:Funding a $17.75 million first mortgage loan secured by a Montauk, NY property.
•Providing a $15.15 million first mortgage bridge loan to facilitate the acquisition of a Woodbridge, NJ site approved for construction of 355 residential units.
•Finalizing a $3.5 million transaction, purchasing three senior notes – two performing and one non-performing – secured by residential investment assets in Manhattan and suburban NJ.
•Finalizing a $20.5 million transaction, purchasing two non-performing senior notes secured by a FedEx industrial/warehouse asset and eight, triple-net leased CVS properties. In early 2016, a regional bank provided $13 million in financing for the CVS assets, which Case had originally purchased without financing.
•Purchasing a non-performing senior note, with claims totaling $14 million, secured by a 31,000 s/f urban retail property in Miami, FL. Case’s Principals Possess Deep Industry Knowledge and Expertise Herrick has orchestrated investments in more than $5 billion worth of commercial real estate during the course of his career. At Case, he is joined by Chris Mavros, who serves as the company’s CFO, managing director and principal. The two have worked together for more than two decades, including their work at Hudson Realty Capital LLC and SWH Corp., where Herrick was a co-founder and founder respectively. Jon Leifer, the company’s director-acquisitions, also possesses extensive industry experience, including his work with acquisitions, development, and asset and portfolio management in both the commercial and residential sectors. In early 2016, Case entered into a joint venture agreement with a New York-based real estate credit fund, and the company has plans to further expand its platform.