Rochelle Park, N.J.-Based Company Founded by Industry Veteran Sandy Herrick in 2013
ROCHELLE PARK, N.J., – Case Real Estate Capital, LLC (Case) has finalized a $20.5 million transaction, purchasing two non-performing senior notes secured by a group of nine net-leased properties and simultaneously assuming ownership through a deed-in-lieu of foreclosure agreement. The transaction includes strategically-located retail and industrial/warehouseassets in New Jersey, New York, Connecticut and Massachusetts. Case is a commercial real estate investment firm, active as a purchaser of sub- and non-performing debt, equity investor and high-yield private lender.
The collateral for the notes consists of a 127,000-square-foot warehouse/industrial facility in Bergen County, N.J. and eight, high credit triple-net leased retail properties totaling approximately 85,000 square feet in Long Island and upstate in New York as well as in Conn., and Mass. Five have prime locations on “hard corners” and the others are in highly-visible spots on busy thoroughfares.
“Simultaneously purchasing the notes and DIL enables us to begin putting our business plan in place immediately,” said Sanford Herrick, founder and managing principal of Rochelle Park, N.J.-based Case. Established in early 2013, Case provides flexible, dependable financing solutions for transitional properties located in the New York metropolitan area, as well as throughout the Northeast and Mid-Atlantic regions and in South Florida, responding to the middle market’s need for situational capital.
The principals of Case have a 30-year track record of handling complex transactions, and the company’s investor base is extremely diverse, including individuals, family offices and institutional investors. Other recent transactions for Case include purchasing a non-performing senior note, with claims totaling $14 million, secured by a 31,000-square-foot urban retail property in Miami, Fla. and purchasing a non-performing senior note, with claims in excess of $11.5 million, on a 105,560-square-foot industrial portfolio in the Hunts Points section of the Bronx, N.Y.
“We have strong business relationships and know how to get deals – particularly the thornier ones – done,” added Herrick. “The note seller on this transaction is one we have worked with before and anticipate similar transactions in the future.”
At Case, each debt and property acquisition or loan is evaluated on its own merits, based on the seller’s or borrower’s unique situation, local market conditions and the broad experience of Case’s in-house investment and origination professionals. Case also offers highly-profitable opportunities for local entrepreneurs.