16A — November 11 - 24, 2016 — Financial Digest — M id A tlantic
Real Estate Journal
www.marejournal.com
F inancial D igest
Under the direction of industry veteran Sanford “Sandy” Herrick Case Real Estate Capital scales up to a $100 million lending and purchasing platform
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million lending and purchasing platform, remaining focused on assets in the New York metro area and in south Florida. “We have the ability to com- mit funds across a range of asset types and situations, first mortgages, mezzanine, transi- tional, land and construction, among others,” said Herrick, founder and managing prin- cipal of Case. The company is active as a high-yield private lender; a purchaser of perform- ing, sub- and non-performing debt; and an equity and mez- zanine investor. Customized Solutions Case funds are typically de-
ployed as note purchases in ad- dition to bridge and acquisition loans or rescue and restructure capital, enabling investors and developers to overcome the difficulties that regularly com- plicate and impede the process of obtaining funding. Its capital is often used in a myriad of turnaround situations, includ- ing property repositioning, de- velopment and redevelopment, non-cash flowing property, bankruptcy and other litiga- tion as well as environmental or remediation needs. Notable transactions in- clude: Funding a $17.75 million
first mortgage loan secured by a Montauk, NY property. •Providing a $15.15 million first mortgage bridge loan to facilitate the acquisition of a Woodbridge, NJ site approved for construction of 355 residen- tial units. •Finalizing a $3.5 million transaction, purchasing three senior notes – two performing and one non-performing – se- cured by residential invest- ment assets in Manhattan and suburban NJ. •Finalizing a $20.5 million transaction, purchasing two non-performing senior notes secured by a FedEx industrial/
Cronheim secures $9.4 million permanent loan MANHATTAN,NY — Cron- heim Mortgage secured $9.4 million in financing for two, 12-story office buildings with first floor retail in the Chelsea neighborhood of Manhattan. The two properties, located at 147 West 25th St. (45,500 s/f) and 130 West 29th St. (48,000 s/f), were constructed shortly before World War I and have ceiling heights of 14 feet on the ground and second floors, and 12 feet on the upper levels. The buildings are currently under- going renovations and being repositioned to accommodate higher grade users. Both properties aremanaged by Meyer Equities , a newly formed and privately owned real estate investment firm. The loans were arranged by Dev Morris, Andrew Stew- art, and Allison Moravec . n Knowledge and Expertise Herrick has orchestrated investments in more than $5 billion worth of commercial real estate during the course of his career. At Case, he is joined by Chris Mavros , who serves as the company’s CFO, managing director and prin- cipal. The two have worked together for more than two decades, including their work at Hudson Realty Capital LLC and SWHCorp., where Herrick was a co-founder and founder respectively. Jon Leifer , the company’s director-acquisi- tions, also possesses extensive industry experience, including his work with acquisitions, development, and asset and portfolio management in both the commercial and residential sectors. In early 2016, Case entered into a joint venture agreement with a New York-based real estate credit fund, and the company has plans to further expand its platform. n warehouse asset and eight, tri- ple-net leased CVS properties. In early 2016, a regional bank provided $13 million in financ- ing for the CVS assets, which Case had originally purchased without financing. •Purchasing a non-perform- ing senior note, with claims totaling $14 million, secured by a 31,000 s/f urban retail property in Miami, FL. Case’s Principals Possess Deep Industry
ORTHERN NJ — Since its establish- ment in 2013, Case
Real Estate C a p i t a l , LLC (Case) , a nor thern New Jersey- based com- mercial real estate invest- ment compa- ny, has been
Sanford Herrick
answering the middle market’s need for smart situational capital. Under the direction of industry veteran Sanford “Sandy” Herrick , the com- pany has scaled up to a $100
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