Commercial real estate investment firm Case Real Estate Capital in Rochelle Park, N.J., has purchase two nonperforming senior notes for $20.5 million.
The nonperforming loans are secured by nine net-leased properties across New Jersey, New York, Connecticut and Massachusetts. Case also secured ownership through a deed-in-lieu of foreclosure agreement as part of the deal.
"Simultaneously purchasing the notes and DIL enables us to begin putting our business plan in place immediately," said Sanford Herrick, founder and managing principal at Case.
One of the properties is a 127,000-square-foot warehouse/industrial facility in Bergen County, N.J. The eight other properties are high-credit, triple-net leased retail properties in the other three states.
