ROCHELLE PARK, N.J. — Case Real Estate Capital, LLC of Rochelle Park has funded a $16 million first mortgage loan secured by a 20,803-square-foot redevelopment site in Flushing, New York to Regent Medical Properties, LLC.
Loan proceeds will be utilized to facilitate the acquisition of land and initiate pre-development work on the site, which is slated for a twelve-story medical office building, an ambulatory surgery center and street-level commercial space.
The property is located in downtown Flushing, which over the last two decades has been one of the New York City’s fastest-growing neighborhoods and continues to experience a development boom.
The site sits adjacent to a high-profile redevelopment project that will transform a landmark theatre. In addition, it benefits from easy access to roadway and public transportation. The experienced borrower has developed or redeveloped eight other medical office buildings in the metro New York area during the last 15 years.
“This transaction is yet another evidence of Case’s expertise in funding complex and uniquely situational transactions in all facets of commercial real estate,” said Sanford Herrick, founder and managing principal of Case.
Since its establishment in 2013, Case has surpassed the $100-million mark in investments.
Case provides financing solutions for transitional commercial assets, concentrating on deals in the $2,500,000 to $30,000,000 range for properties in the metro New York area and South Florida. Its funds can be deployed as note purchases, bridge and acquisition loans or rescue and restructure capital.
The company helps local entrepreneurs take advantage of near-term profit opportunities. The principals of Case evaluate each loan, property and real estate debt purchase based on its own merits, the borrower’s or seller’s situation and business plan, and whether local market conditions allow the firm to execute proven value creation strategies.
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