4-14-17

www.marejournal.com F inancial D igest F eaturing A ppraisal S potlight 10-year term and 30-year amortization M id A tlantic Real Estate Journal — April 14 - 27, 2017 — 9A

Secured by mixed-use land site in FL Case Real Estate Capital Funds $12mBridge Loan

CHC secures $12.075 million for PA Holiday Inn Express

will experience robust growth over the next year. Steady in-migration, the aging-in- place of existing cohorts and the presence of important service industries will make this MSA an above-average performer versus other U.S. MSA markets over the long term. Case continues to ramp up investment activities Responding to the middle market’s need for smart situ- ational capital, Case provides financing solutions for a range of transitional assets, includ- ing land, multi-family, indus- trial, retail and office assets. The company concentrates on deals in the $2.5 million to $30 million range for proper- ties located in the metro New York area and South Florida. Its funds can be deployed as note purchases, bridge and acquisition loans or rescue and restructure capital. Case continues to steadily ramp up investment activi- ties, and in 2016, it entered into a joint venture agreement with a New York-based real estate credit fund. “This is our fourth transaction with our JV partner,” added Herrick. n

ROCHELLE PARK, NJ/ BONITA SPRINGS, FL — Case Real Estate Capital,

K

ing of Prussia, PA — CronheimHo- tel Capital (CHC)

LLC (Case) has funded a $12 million- bridge loan secured by a mixed-use land site lo- cated in Bo- nita Springs, Florida. The

has arranged a c q u i s i - tion financ- ing totaling $12.075 mil- lion for the Holiday Inn Expr e s s & S u i t e s i n King of Prus-

Sanford Herrick

commercial real estate invest- ment firm has a $100+ million lending and purchasing plat- form and is active in South Florida. “This loan provides the borrower with the flexibility and time needed to success- fully execute his business strategy,” said Sanford Her- rick , founder and managing principal of Case, which is headquartered in northern NJ. “At Case, we bring de- cades of experience to complex transactions like this and have particular expertise han- dling assets located in South Florida.” Economic and business forecasts predict that the Fort Myers-Marco Island metro- politan statistical area (MSA)

David Turley

sia. The loan was placed with a national lender for a secu- ritized execution and offered a 10-year term and 30-year amortization. The 155-roomHotel benefits from its strategic positioning near the convergence of four major thoroughfares, I-76, I-276 (Philadelphia Turnpike), US 422, and US 202, which provides convenient access to Philadelphia’s central business district, the capital region’s ex- tensive highway network, and a variety of regional demand generators. It has a desirable select service brand (part of In- tercontinental Hotels Group) with strong in-place cash flows and superior RevPAR penetra-

Holiday Inn

tion levels. David Turley , principal of CHC said that this is CHC’s sixth transaction with this cli- ent and went on to say, “The institutional quality, premium branded, select-service hotel in such an excellent location, in an established market were great marketing points when we were speaking with lend- ers. The property was also recently renovated and had a proven track record. These were all extremely appealing when securing financing for the acquisition.” n

Appraisal Spotlight:

DitioAppraisals....................................................................................................................................................................................................16A ARDAppraisal Company. ................................................................................................................................................................................17A RittenhouseAppraisals.....................................................................................................................................................................................18A SNJAppraisal Institute.................................................................................................................................................................................20-21A MetroNJAppraisal Institute........................................................................................................................................................................... 22A

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