Case Real Estate Capital, LLC, has finalized the purchase of a non-performing senior note, with claims totaling $14 million, secured by a 31,000 s/f urban retail property in the Coconut Grove neighborhood of Miami, Fla.
Based in Rochelle Park, N.J., Case is a commercial real estate investment company active as both a situational lender and purchaser of non-performing debt and transitional properties.
The three-story retail asset is located on the main retail thoroughfare of The Grove. It is in close proximity to two destination centers, Coco-Walk and Mayfair in The Grove, and has adequate parking.
In addition, substantial for-sale residential and multi-family construction is both planned and underway along nearby Bayshore Drive. At present, the majority of the property is occupied, and is in good condition with necessary utilities available.
“Coconut Grove is on a tremendous upward trajectory, quickly regaining the vitality it had in years past,” said Sandy Herrick, founder and managing principal of Case.
“This retail market maturation is a direct result of the new residential and multi-family developments in the neighborhood and the work of the Coconut Grove Business Improvement District. We are pleased to play a role in the continuing transformation of the area.”
Case purchases performing, sub- and non-performing real estate-secured notes, judgments and liens as well as vacant and REO properties in anticipation of borrower recapitalization, property control transfer and other liquidity events.
It offers solutions for all commercial asset types, including traditional and short-term bridge loans, discounted pay-off (DPO) financing, construction financing and first- and second-mortgage financing.
“This transaction marks Case’s third purchase with this note seller, and we are excited to continue doing business with one of our best trading partners in the near term,” added Jon Leifer, director-acquisitions of Case.
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.
The company offers opportunities for local entrepreneurs, and its investor base is extremely diverse.