Case Finalizes Purchase Secured by MF Portfolio in Hudson County, NJ

BAYONNE, NJ—Case Real Estate Capital, a Rochelle Park, NJ-based commercial real estate investment company, has finalized the purchase of a $2.99 million note and final judgment of foreclosure secured by five multi-family/mixed-use assets in Hudson County, NJ. The portfolio includes 30 apartments in four residential-over-retail assets in Bayonne and one multi-family property in Jersey City.

“Hudson County multi-family assets are some of the most sought-after properties in New Jersey's investment sales market,” says Sandy Herrick, managing principal, who founded Case in 2013. Case is active as a purchaser of sub- and non-performing debt and as a high-yield private lender.

In most areas of Hudson County, the overall apartment vacancy rate is approximately three percent, and rents have risen on the order of 10 percent during the last two years as demand outpaced supply. Within the Bayonne submarket, both the vacancy rate and rental tenant turnover remain extremely low.

“Purchasing this note and final judgment of foreclosure should allow us to quickly achieve control over this portfolio of well-built and well-located residential-over-retail buildings, which are proximate to transit options, expanding employment centers, and municipally-declared redevelopment areas,” says Jon Leifer, director-acquisitions of Case. “We look forward to growing alongside the City of Bayonne as it proceeds with implementing its downtown and waterfront revitalization efforts."

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 dependable financing 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.