ROCHELLE PARK, NJ—The stream of transitional assets in the Northeast is expected to be constant throughout the fourth quarter as owners and developers accelerate their efforts to secure situational financing in today's healthy real estate investment market, according to the investment and lending professionals of Case Real Estate Capital. In a recent three-month timeframe, the private direct lender and investor finalized debt and direct property acquisitions exceeding more than $20 million.
“In anticipation of the current real estate market cycle, Case's scope of services was enhanced to meet the extremely unique requirements of transitional properties that don't satisfy institutional lending criteria,” says Sanford Herrick, managing principal, who founded the company in early 2013 as a middle-market situational lending platform. “In the New York metro area, the industrial and multifamily sectors will remain strong through year-end and into early 2015. At Case, we expect a vibrant fourth quarter, with a particular focus on industrial.”
Case recently expanded its product line to include performing, sub- and non-performing real estate-secured note, judgment and lien, as well as distressed, vacant, and REO property purchases. In addition, the lender has been making loans in the $1 million to $5 million range for commercial assets in the New York metropolitan area.
Since expanding its service line, Case purchased a $5.4 million senior note and final judgment of foreclosure on a 100,000-square-foot industrial building in Kearny, NJ. Situated on more than five acres within northern New Jersey's strong Meadowlands and port submarkets, the building includes a large truck court, loading entryways and excess truck parking.
“Our goal as an investor and lender is to help others solve problems. We believe this is a situation we can resolve quite quickly, based on our experience in the New Jersey/New York marketplace,” says Herrick.
The multifamily sector is also experiencing robust demand, particularly within New Jersey's Hudson County and numerous neighborhoods in Brooklyn, NY. Case has been active in both of these areas with Jon Leifer, director-acquisitions, at the forefront of the company's debt purchases. These include finalizing a direct property acquisition of a 16-unit rental building on the Bushwick/Bedford-Stuyvesant border in Brooklyn.
Case also has closed on debt acquisitions secured by small-scale multifamily properties in Jersey City, NJ. One of the notes is secured by an investment property in the burgeoning Grove Street neighborhood. The other underlying asset is an abandoned property located in Jersey City Heights.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
