16A — November 11 - 24, 2016 — Financial Digest — M id A tlantic

Real Estate Journal


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


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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