2D — November 9 - 22, 2018 — Lender’s Directory — Financial Digest — Mid Atlantic Real Estate Journal
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L ender ’ s D irectory Diligent finance providers with expertise and liquidity continue to deliver results Case’s successful exit from complex $16M 1 st mortgage loan illustrates firm’s customized solutions R OCHELLE PARK, NJ — Against the backdrop of rising
year. “An experienced New York City-based borrower that operated a chain of urology and general practice services faced liquidity challenges after embarking on an overly ambitious expansion pro- gram,” said Sanford Herrick, founder and managing prin- cipal of Case. “Following a series of complicated issues, the loan went into technical default almost immediately.” The Case team, howev- er, leveraged its combined decades of experience and worked closely with the bor-
rower for more than a year, restructuring the debt, en- abling a refinancing. “At the conclusion of our involve- ment, our principal was fully repaid,” noted Herrick. “The borrower was forthright and engaging, which was impor- tant as we collaborated to solve the challenges.” The loan was secured by a 20,803-square-foot rede- velopment site in downtown Flushing, New York, where the borrower plans to con- struct a 12-story medical of- fice building, an Ambulatory Surgery Center and street-
level commercial space. The Flushing location has been one of the New York City’s fastest-growing neigh- borhoods and continues to experience a development boom. The site sits adjacent to a high-profile redevelop- ment project that will trans- form a landmark theatre. In addition, it benefits from easy access to roadway and public transportation. The experienced borrower has de- veloped or redeveloped eight other medical office buildings in the metro New York area during the last 15 years.
“The successful exit trans- action is yet another example of Case’s expertise in fund- ing complex and uniquely situational transactions in all facets of commercial real estate,” said Herrick. “Some sources are avoiding com- plex transactions because of rising interest rates, but we continue to engage the market. Among other proj- ects, we’re examining new construction transactions in suburban Nashville, work- ing with a repeat borrower in New Jersey for a poten- tial multi-family construc- tion land loan, and we’re in preliminary discussions regarding a significant trans- action in Lawrence, Mass. Deal quality is sporadic; but liquidity continues to be available. Diligent finance providers with experience, depth and understanding can continue to find deals.” A northern NJ based com- mercial real estate invest- ment firm, Case concentrates on transactions in the $2.5 million to $40 million range for transitional properties in the New York metro area, Northeast and Mid-Atlantic regions, and south Florida. Case is active as a high-yield private lender; a financier of transitional properties; a pur- chaser of performing, sub- and non-performing debt; and a mezzanine and equity inves- tor. Funds can be deployed as note purchases, bridge and acquisition loans or rescue and restructure capital. a section of the Mid Atlantic Real Estate Journal 350 Lincoln Street Suite 1105, Hingham, MA 02043 781-740-2900 fx: 781-740-2929 MARE journal.com Section Publishers Linda Christman lchristman@marejournal.com Kimberly Brunet kbrunet@marejournal.com Marisol Chase marisol@marejournal.com Section Editor Karen Vachon editor@marejournal.com Financial Digest
i n t e r e s t rates that could throw a curveball to real estate lenders, in- vestors and developers, Case Real Estate Cap-
ital, LLC (Case) success- fully exited a complex $16 million first mortgage loan after working closely with the borrower for more than Sanford Herrick
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