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Case Real Estate Capital Finalizes Direct Property Acquisition of Multi-Family Asset in Brooklyn, N.Y. for $4.5 Million

| August 6, 2014 | 0 Comments
Brooklyn Multi-Family

Brooklyn Multi-Family

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Case Real Estate Capital, LLC
340 West Passaic Street, Third Floor
Rochelle Park, NJ 07662

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Release Date: Wednesday, August 06, 2014
Media Contact: Caryl Bixon-Gordon (201) 796-7788

Firm Also Closes on Note Acquisitions Secured by Multi-Family Properties in Jersey City, N.J.; Investments Mark Case’s First Multi-Family Transactions Within Its Expanded Service Line

ROCHELLE PARK, N.J., Aug. 6, 2014 – Case Real Estate Capital, LLC (Case), an active private direct lender and investor from Rochelle Park, N.J., has finalized a direct property acquisition of a 16-unit, fully-occupied rental building for $4.5 million on the Bushwick/Bedford-Stuyvesant border in Brooklyn, N.Y. In June, Case announced it will purchase performing, sub- and non-performing real-estate secured notes, judgments and liens as well as distressed, vacant and REO properties. The company also recently closed on note acquisitions secured by multi-family properties in Jersey City, N.J.

In Brooklyn, the Bushwick/Bedford-Stuyvesant neighborhoods and their rental submarkets are the fastest growing residential areas of New York City, experiencing rapid rent increases. The multi-family asset is centrally located and is 15 minutes from Manhattan by subway. In addition, New York City’s Woodhull Medical Center is within walking distance of the property.

“To complete the purchase of this value-add transaction, Case and its operating partner employed a hybrid structure for deal capitalization that demonstrates the strength and creativity of Case’s platform and our collective expertise in middle-market investing and lending,” said Jon Leifer, director-acquisitions for Case, who leads the firm’s efforts in this new service area. “The growth and ongoing revitalization of the Bushwick/Bed-Stuy area is nothing short of incredible. We are pleased to participate in the transformation of the neighborhood with this initial transaction and have plans to scale up to a moderately-sized portfolio there.”

At Case, each debt and property acquisition or loan is evaluated on its own merits, based on the seller’s or borrower’s unique situation, local market conditions and the broad experience of Case’s in-house investment and origination professionals. With the firm’s expanded services, Case is prepared to acquire individual or pooled note amounts with unpaid balances of up to $25 million and properties valued up to $25 million. Note transactions below $500,000 will be considered if there is appropriate note resolution potential. Case will consider residential and commercial real estate, including niche properties, primarily in the New York metropolitan area as well as the Northeast and Mid-Atlantic regions.

Debt Acquisitions in Hudson County
The two debt acquisitions in Jersey City are for small scale multi-family assets. One of the notes is secured by an investment property in the burgeoning Grove Street area. The other underlying asset is an abandoned property located in Jersey City Heights.

“We see tremendous potential in Hudson County right now, and it is an area which we know very well,” added Leifer. “In particular, Jersey City is booming with certain neighborhoods, such as Grove Street and Jersey City Heights, having a vibrant feel akin to that of Brooklyn. We have immediate plans to revamp the long-abandoned property in Jersey City Heights and work with the note seller on other acquisitions in the immediate future.”

Established in early 2013, Case offers dependable financing solutions for all asset types as well as other short-term financing needs borrowers require. The firm provides a variety of financing solutions for its clients including traditional and short-term bridge loans, discounted pay-off (DPO) financing, construction financing, and first- and second-mortgage financing. The company also offers opportunities for local entrepreneurs. Case’s investor base is extremely diverse, including individuals, family offices and institutional investors.

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