2B — November 14 - 27, 2014 — New Jersey — M id A tlantic
Real Estate Journal
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N ew J ersey
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Company namesMavros asmanaging director, principal &CFO Case Real Estate Capital finalizes the purchase of $11.25million senior note
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EW YORK / NEW JERSEY — Case Real Estate Capital,
LLC (Case) , a Rochelle Park based private direct investor and lender, has finalized the purchase of an $11.25 million senior note on assets in the Hunts Point section of Bronx, NY. The transaction involved a five-building, 105,560 s/f in- dustrial portfolio on 3.5 acres. “We plan to secure a favor- able note resolution for Case and its partner,” said Sandy Herrick , managing principal, who founded Case in early 2013 as a middle-market situational lending platform. The Hunts Point submarket,
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Industrial asset in the New York/New Jersey submarket.
gion is home to the Hunts Point Market, the largest food distri- bution center in the world. Its primary tenants are the Hunts Point Terminal Market, which has fresh produce delivered daily from around the globe; the Hunts Point Cooperative Market, which consists of more than 50 companies that process and distribute meat and meat products; and the New Fulton Fish Market, which relocated in 2005 from Lower Manhattan to a new $85 million complex in Hunts Point. “Hunts Point will continue to see robust demand for ware- house/industrial space, particu- larly as other industrial sites around New York are demol- ished or repositioned into al- ternative land uses,” said Jon Leifer , director-acquisitions of Case. “This note purchase marks our second deal with this note seller, a hedge fund with a strong track record of achieving defaulted note resolutions, for a well-located industrial asset in the NY/NJ submarket. Looking ahead, we anticipate similar acquisition opportunities in the near future.” In addition to this latest note purchase, Case purchased a $5.4 million senior note on a 100,000 s/f industrial building in the strong Meadowlands and port submarkets in Kearny, NJ. Situated on more than five acres, the building includes a large truck court, loading entryways and excess truck parking. In other news, Case has named Chris Mavros as its managing director, principal and chief financial officer. An industry veteran, Mavros brings decades of experience in controllership, loan servicing, and asset and property man- agement to his new position. “Chris and I have worked together for the better part of the last 20 years, and I couldn’t be happier that he has joined us at Case,” said Sandy Herrick. n
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