Case Real Estate Capital, LLC (Case), a commercial real estate investment firm, has funded a $4,175,000 first mortgage bridge loan with an extension option, secured by a 1,875 square-foot lot and in-progress townhome in the Park Slope neighborhood of Brooklyn, New York. Loan proceeds will be utilized to finish construction of the 5,782 square-foot, five-story, ground-up luxury project, which is slated to be completed and listed for sale in the mid-summer.
This is the first ground-up construction project for the borrower, who possesses extensive investment analysis expertise. During the last 20 years, she has completed numerous smaller scale renovations in the metro New York area.
The property is in the vicinity of the Barclays Center, which serves as the home of the Brooklyn Nets and New York Islanders (half of its home games) and hosts premier concerts, championship boxing and a variety of other events. The Park Slope neighborhood is commonly known as New York City’s “other Fifth Avenue,” thanks to a mix of popular restaurants, interesting shops, and a nightlife that caters to a variety of tastes. The site also benefits from its proximity to Prospect Park and its easy access to roadways like the Prospect Expressway, as well as public transportation.
“The sponsor was over budget on construction costs and will utilize Case’s funding to pay down the first and second mortgages and to complete the remaining 20 percent of construction,” said Sanford Herrick, founder and managing principal of Case. “This deal illustrates Case’s expertise in solving problems for developers, enabling them to achieve their business objectives.”
A northern N.J.-based commercial real estate investment firm, Case concentrates on transactions in the $2.5 million to $40 million range for transitional properties in the New York metro area and south Florida, as well as the Northeast and Mid-Atlantic regions. Case is active as a high-yield private lender; a financier of transitional properties; a purchaser of performing, sub- and non-performing debt; and a mezzanine and equity investor. Funds can be deployed as real estate debt purchases, bridge and acquisition loans or rescue and restructure capital. Case is one of the leading bridge lenders in New Jersey, New York and Florida.