Real Estate Journal — February 8 - 21, 2019 — 17A


M id A tlantic

M id A tlantic R eal E state J ournal

Commercial real estate investment firm active in South Florida Case Real Estate Capital executes successful exit strategy on $12 million bridge loan transaction

OCHELLEPARK,NJ/ BONITA SPRINGS, FL — Today’s rapidly changingmarketplace requires a disciplined risk-management process when it comes to com- mercial real estate investing. Case Real Estate Capital, LLC (Case) executed a suc- cessful exit strategy, within 14 months, on a $12 million first mortgage bridge loan trans- action for a 25-acre parcel of land to be zoned and entitled for its projected uses - senior housing, retail, and public marina-focused development - in Bonita Springs, FL. At the time of closing, the site was approved for a fully- permitted 72-slip marina; 207,000 s/f of commercial space, specifically including a 10,000 s/f waterside restaurant retail building with a boating gas component, a 25,000 s/f upland retail building, and small (<2,500 s/f) clubhouse and storage outbuildings. It also included a 150-slot dry boat storage building and a three-story parking garage. For private lenders, even those with expertise of a local market and a grounded un- derstanding of fundamentals and trends, engaging in due diligence is of the utmost im- portance in order to develop solutions quickly and effi- ciently. Lenders must also be satisfied with the borrower’s experience, track record and creditworthiness. In the Bonita Springs deal, the borrower, an inexperi- enced real estate investor and owner of the property, needed to pay off his then-maturing first mortgage loan and take the property through the re- quired significant rezoning and variance approvals before it could be marketed to devel- opers. Case, which was first approached by the owner’s lawyer, a well-respected attor- ney with an exclusive clientele, provided first mortgage financ- ing for an 18-month term with certain rights to extend. “Our competitive terms ex- ceeded the borrower’s expec- tations, and we beat his time- frame for closing on the funds,” said Chris Mavros, managing director, principal and CFO of Case. “This ‘predevelopment loan’ gave him the time nec- essary to bring the property to market. Fourteen months later, the land was success- fully sold to a developer and the loan was paid off in full, R

months before the due date. The developer is now building the site as planned.” Given Case’s local market expertise and comprehensive analysis of the area, the Bonita Springs market proved attrac- tive, including its proximity to Fort Myers and Naples and access to road and airport transportation. Located in Lee County, Bonita Springs is part of the Cape Coral-Fort Myers metropolitan statistical area, which was ranked ninth on Forbes’ 2018 list of America’s fast-growing cities. According to Forbes, the projected popu-

lation growth in 2018 for the MSA is 3.37%. “We were presented with a zoning plan to be passed by the city and an environmen- tal guarantee, essentially a clean bill of health for the site in that the marina area was already fully-permitted by the Army Core of Engineers and the Florida Department of Environmental Protection; these two components enabled us to proceed in an expeditious manner,” said Aysha Cox , vice president who is based in the company’s south Florida office. 

Bonita Springs, FL


42 Military Ocean Terminal Bayonne, New Jersey

For more information, please contact:

Joel Bergstein President Lincoln Equities Group, LLC Phone: 201 531 2364 Jbergstein@lincolnequities.com www.lincolnequities.com


Jules J. Nissim Vice Chairman

Cushman & Wakefield Phone: 201 460 3384

jules.nissim@cushwake.com www.cushmanwakefield.com


Made with FlippingBook - Online Brochure Maker