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Case Real Estate Capital, LLC

| February 8, 2017 | 0 Comments

Case Real Estate Capital, LLC (Case) is a commercial real estate investment company, active as a high-yield private lender; a purchaser of performing, sub- and non-performing debt; and a mezzanine and equity investor. Founded in 2013 by industry veteran Sanford Herrick, Case provides flexible, dependable financing solutions for transitional properties located in the New York metropolitan area, as well as throughout the Northeast and Mid-Atlantic regions and in south Florida. The company continues to ramp up investment activities, responding to the middle market’s need for smart situational capital. In 2016, Case entered into a joint venture agreement with a New York-based real estate credit fund.

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Fact Sheet

FACTS 2017: Case Real Estate Capital, LLC

 

336 West Passaic Street, Third Floor, Rochelle Park, NJ 07662
www.caserealestatecapital.com

Media Contact: Ellen Seaver and Elizabeth Masters / (201) 796-7788 / ellen@caryl.com and elizabeth@caryl.com

Company Overview

Case Real Estate Capital, LLC (Case) is a commercial real estate investment company, active as a high-yield private lender; a financier of transitional properties; a purchaser of performing, sub- and non-performing debt; and a mezzanine and equity investor. Founded in 2013 by industry veteran Sanford Herrick, Case provides flexible, dependable financing solutions for transitional properties located in the New York metropolitan area, as well as throughout the Northeast and Mid-Atlantic regions and in south Florida. Responding to the middle market’s need for smart situational capital, the company has already surpassed the $125,000,000 mark in investments and continues to ramp up activities. In 2016, Case entered into a joint venture agreement with a New York-based real estate credit fund.

Case concentrates on deals in the $2,500,000 to $40,000,000 range, and its funds can be deployed as note purchases, bridge and acquisition loans or rescue and restructure capital. The company originates and underwrites each transaction and is responsible for loan servicing. The investment and origination expertise of Herrick and Case’s principals adds further value to the company’s investments and loans for all asset types, including industrial, multi-family, residential for-sale, land, retail and office. Case helps local entrepreneurs take advantage of near-term profit opportunities, and the company’s investor base is extremely diverse, including individuals, family offices and institutional investors.

Debt and Property Acquisitions

Case purchases performing, sub- and non-performing real estate-secured notes, bonds, judgments and liens (whole loans or pools); REO and tax certificate properties; and value-add assets in anticipation of borrower recapitalizations, property control transfers and other liquidity events. The company will consider note transactions below $2,500,000 with appropriate note resolution potential.

Originations

As an active lender in the middle market segment, Case participates as both a first mortgage lender and as a buyer of first mortgage debt. Its financing solutions include traditional and short-term bridge loans, note acquisitions, discounted pay-off (DPO) financing, construction financing, and first- and second-mortgage financing to facilitate a wide variety of situations. These range from short timeframes, where time is of the essence, to complex story transactions and restructurings.

New Small Loan Program for Properties Nearing Stabilization

To further create opportunities for property owners and developers, Case launched a new small loan program focusing on properties nearing stabilization. The company will originate loans in the $2,000,000 to $8,000,000 range for all asset types, including office, retail, industrial, manufacturing, hospitality, self-storage and selected entitled land. Typically, these loans will have an initial term of one to two years with extension options of up to two years.

New Senior Financing Program

Case’s new note on note program finances other lenders’ first mortgages and notes with interest rates at around 6 percent for up to 80 percent of the face value; the existing lender retains servicing.

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 collective expertise of Case’s in-house investment and origination professionals. The firm is headquartered in Rochelle Park, N.J.

Recent Case Transactions

  • Funded a first mortgage loan secured by a commercial redevelopment site in Flushing, N.Y.
  • Provided a bridge loan secured by a mixed-use land site in Bonita Springs, Fla.
  • Funded a first mortgage loan secured by a Montauk, N.Y. property.
  • Provided a first mortgage bridge loan to facilitate the acquisition of a Woodbridge, N.J. site approved for construction of 355 residential units.
  • Purchased three senior notes – two performing and one non-performing – secured by residential investment assets in Manhattan and suburban N.J.
  • Purchased two non-performing senior notes secured by retail and commercial assets. In early 2016, a regional bank provided $13,000,000 in financing for the retail assets, which Case had originally purchased without financing.  The assets are expected to be sold in 2017.
  • Purchased a non-performing senior note secured by a 31,000-square-foot urban retail property in Miami, Fla.
  • Purchased a note and final judgment of foreclosure secured by five multi-family/mixed-use assets in Bayonne and Jersey City, N.J.
  • Purchased a non-performing senior note secured by a 105,560-square-foot industrial portfolio in the Hunts Points section of the Bronx, N.Y.
  • Purchased a senior note secured by an industrial building located in the Meadowlands and port submarket of Kearny, N.J.
  • Finalized a direct property acquisition of a 16-unit rental building on the Bushwick/Bed-Stuyvesant border in Brooklyn, N.Y.
  • Funded a construction loan to an experienced Fairfield County, Connecticut-based residential construction team for three high-end, single family residences in Westport, Conn.

Leadership

Sanford Herrick, Founder and Managing Principal

Herrick has orchestrated investments in more than $5,000,000,000 worth of commercial properties during the course of his 30+-year career. Prior to forming Case, he served as a Managing Director and Co-Founder of Hudson Realty Capital LLC, where he was responsible for raising capital and maintaining investor and limited partner relationships, as well as overseeing asset and portfolio management activities. Previously, he was a Founding Principal of SWH Funding Corp and Co-Founder and Principal of Realty Holdings of America, a real estate advisory firm engaged in asset management and the purchase of corporate sale/leaseback transactions. He also served as Senior Vice President at Integrated Resources, Inc. and as Vice President and Regional Manager at Citibank. Herrick earned his master’s degree in architecture from Columbia University and his bachelor’s degree from Michigan State University.

Herrick has played leadership roles in numerous industry, educational and community organizations, including his work as a Member of the 2015 Advisory Board of the Center for Real Estate at Rutgers Business School, Founding Board Member of Pascack Community Bank, President of the Board of Trustees of Temple Emanuel of the Pascack Valley, Member of the Board of Trustees of the Saddle River Day School, Member of the Board of Directors of the Y-JCC of Washington Township and Member of the Executive Committee of the UJA-Federation of Northern New Jersey. In 2007, the Northern New Jersey Anti-Defamation League honored Herrick and his wife, Jane, with the Torch of Liberty Award.

Herrick is often called upon to speak at industry conferences, including those hosted by Crittenden, the Mortgage Brokers Association of New Jersey, and the Mid Atlantic Real Estate Journal.

Chris Mavros, Managing Director, Principal and Chief Financial Officer
Mavros has worked with Herrick for more than two decades and possesses more than 20 years of experience in financial control, oversight of loan portfolios and their servicing, asset and property management, as well as providing oversight management information systems (MIS) activities. Prior to joining Case, he served as the Controller, Head of Loan Servicing and MIS Director for Hudson Realty Capital LLC. Previously, Mavros was the Controller and MIS Director, concurrently, at SWH Funding Corp, Platinum Funding Corp, and Solomon and Weinberg LLP, a law firm specializing in commercial real estate transactional services. Mavros earned his bachelor’s degree in business administration and economics from Saint Peters College and his M.B.A. in corporate finance from Fairleigh Dickinson University. NJBIZ named Mavros as one of its “ “CFO of the Year” finalists in 2016 and 2017 in the “Best Growth Manager” and “Public Companies up to $50MM” categories, respectively.

Jon Leifer, Director-Acquisitions

Leifer possesses broad experience in acquisitions, development, and asset and portfolio management in both the commercial and residential sectors. At Case, his responsibilities include sourcing and closing all debt acquisitions as well as originating loans. During Leifer’s career, he has completed in excess of $1,000,000,000 worth of property and debt transactions spanning acquisitions, developments, and financings for private and institutional real estate owners and developers, and valuations for more than $4,000,000,000 worth of real estate. Leifer holds a bachelor’s degree in urban planning and real estate from the Massachusetts Institute of Technology and a master’s degree in real estate from the Johns Hopkins Carey Business School. In 2014, he was recognized as one of Real Estate Forum’s “Tomorrow’s Leaders: New Jersey” and in 2015, as one of its “Emerging Leaders: Capital Markets.” Most recently, NJBIZ honored Leifer as one of its “2016 Forty Under 40” award recipients.

Aysha Cox, Financial and Investment Analyst
Cox brings a wealth of experience and industry knowledge to her role as a financial and investment analyst. At Case, she works with the firm’s finance and asset management teams in underwriting, valuing, closing and managing and servicing its diverse investment portfolio. Prior to joining Case, Cox was a Supervisor in asset management at Hudson Realty Capital LLC, where she managed portfolio assets consisting of REO and NPL loans throughout the country, evaluated assets, and compiled investor reporting. She also serviced complex performing and non-performing loans as a Loan Servicer at Hudson. Previously, she worked as a Florida Licensed Realtor® with Gulf Gateway Realty, Inc. Cox earned her bachelor’s degree in finance from Florida Gulf Coast University.

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Category: Case Real Estate Capital, LLC

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