SAMTD will Acquire Property Approved for Construction of 355 Units in Woodbridge, N.J.
Case Real Estate Capital, LLC (Case) through Case Investors III, LLC has provided a $15,150,000 first mortgage bridge loan to SAMTD Acquisitions Woodbridge LLC, a New Jersey-based residential developer, to facilitate the acquisition of 7.1 acres of fully entitled land in Woodbridge, N.J. The property is approved for construction of 355 residential units. Case expects to be taken out by a construction lender within a year.
“We are very excited to be doing business with SAMTD,” said Sandy Herrick, founder and managing principal of Case, a commercial real estate investment firm headquartered in northern New Jersey. “They are a trusted participant in New Jersey with more than 40 years of residential development experience.”
Case entered into a joint venture agreement with a N.Y.-based real estate credit fund in early 2016 and is expanding its platform. Responding to the middle market’s need for smart situational capital, Case provides financing solutions for a range of transitional properties, including multi-family, industrial, retail, land and office assets. Its funds are typically deployed as note purchases in addition to bridge and acquisition loans or rescue and restructure capital.
Case helps local entrepreneurs take advantage of near-term profit opportunities. The principals of Case evaluate each loan, property and real estate debt purchase based on its own merits, the borrower’s or seller’s situation and business plan, and whether local market conditions allow the firm to execute proven value creation strategies.