ROCHELLE PARK, NJ–Case Real Estate Capital has added new dimension to its financial services to include purchase of real estate notes that are sub- or non-performing, with judgments and liens, as well as distressed, vacant and bank-owned properties.
Jon Leifer, director of acquisitions at Case, will lead the firm's efforts in this area.
“Conventional lending sources continue to be risk averse, and alternative sponsors, like Case, are prepared to fill this niche based on requirements and circumstances of specific clients and the realities of the marketplace,” said Sandy Herrick, who is managing principal and co-founder of the direct private lender based in Rochelle Park.
“The expansion of our service line is a natural progression in our activities as we continue to grow our firm,” he said.
With the 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, Herrick said, if there is good note resolution potential.
The firm will consider notes, note pools and distressed residential and commercial real estate, including niche properties, anywhere in the country. However, the company executives said they will focus primarily on the New York metropolitan area, the Northeast and Mid-Atlantic regions.
“We recently closed on two note acquisitions secured by properties in Jersey City, which we are excited to resolve in the coming months,” said Leifer. “One of the notes is secured by a property in the city's burgeoning Grove Street area and the other carries with it a judgment of foreclosure that will allow us to revamp a long-abandoned property in Jersey City Heights. This was a quick-close deal with the note seller, with whom we're looking forward to closing additional non-performing note purchase deals.”
Case provides a variety of financing options, including traditional and short-term bridge loans, discounted pay-off financing, construction financing, and first- and second-mortgage financing. The firm provides quick turnaround timeframes as well as extended, complex transactions and restructurings.
Case's investor base includes individuals, family offices and institutions.
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