M&T Bank has provided $13 million in financing for a Case Real Estate Capital (Case) sponsored venture purchase of eight CVS properties. The assets are located in Long Island and upstate New York as well as in Connecticut and Massachusetts. A commercial real estate investment firm, Case originally bought the properties without financing in September of 2015.
The high-credit, triple-net leased retail assets, totaling approximately 85,000 square feet, are strategically located. Five of the CVS properties have prime sites on “hard corners” and the others are in highly-visible spots on busy thoroughfares. When purchasing the note last fall, Case simultaneously assumed ownership through a deed-in-lieu of foreclosure agreement.
“We are pleased to offer financing to Case Real Estate Capital and applaud their efforts to stabilize these real estate assets throughout Long Island, upstate New York, Connecticut and Massachusetts,” said Mark Zurlini, vice president and sr. commercial real estate relationship manager for M&T Bank. “We look forward to seeing Case achieve their investment goals for these CVS stores.”
“M&T Bank was a pleasure to work with on this transaction, and their pricing and proceeds were very competitive,” said Sandy Herrick, founder and managing principal of Case. “The lending officers understood what we wanted to accomplish and helped us do so quickly and efficiently.”
Established in 2013, Case is active as purchaser of sub- and non-performing debt, equity investor and high-yield private lender, responding to the middle market’s need for smart situational capital. Case’s funds are often deployed to purchase notes and other financial assets, which assist banks and financial institutions in clearing their balance sheets. 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.
M&T is a financial holding company headquartered in Buffalo, New York. M&T’s principal banking subsidiary, M&T Bank, operates banking offices in New York, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Virginia, West Virginia and the District of Columbia. Trust-related services are provided by M&T’s Wilmington Trust-affiliated companies and by M&T Bank.