Sandy Herrick, Case Real EstateUnder Herrick’s leadership, the northern New Jersey-based commercial real estate investment company is active as a high-yield private lender; purchaser of performing, sub- and non-performing debt; and a mezzanine and equity investor. Herrick’s company focuses on assets located in the metro New York area and South Florida – the “sixth” borough - as well as Northeast and Mid-Atlantic regions, concentrating on deals ranging from $2.5 million to $30 million. Since its establishment in 2013, the firm has scaled up to a $100 million lending and purchasing platform.
Not a One-Size-Fits-All Shop
One of the eight triple net-lease CVS stores funded by Case.With Herrick at the helm, Case has the ability to commit funds across a range of asset types and situations: first mortgages; mezzanine loans; property in transition; land; and construction, amongst others. Its capital is often used in a range of turnaround situations, including property repositioning, development and redevelopment, non-cash flowing property, bankruptcy and other litigation as well as environmental or remediation needs. This infusion of capital enables borrowers to achieve their business plan within a short timeframe and position a property for the possibility of conventional financing.
“We are in the service business,” said Herrick. “For us, that means customizing solutions for our clients and not being a one-size-fits-all type of shop.”
Case funds also are deployed for note purchases. One notable transaction is the $20.5 million purchase of two senior notes secured by a FedEx industrial/warehouse asset in Bergen County, N.J. and eight, triple-net leased CVS properties totaling 85,000 s/f in N.Y., Conn. and Mass. In early 2016, a regional bank provided $13 million in financing for the CVS assets, which Case had originally purchased without financing.
FedEx industrial/warehouse asset was part of a notable transaction for Case.Additional transactions include:
• Funding a $17.75 million first mortgage loan secured by a Montauk, N.Y. property.
• Providing a $15.15 million first mortgage bridge loan to facilitate the acquisition of a Woodbridge, N.J. site approved for construction of 355 residential units.
• Finalizing a $3.5 million transaction, purchasing three senior notes – two performing and one non-performing – secured by residential investment assets in Manhattan and suburban N.J.
• Purchasing a non-performing senior note, secured by a 31,000 s/f urban retail property in Miami, Fla.
• Purchasing a non-performing senior note with claims in excess of $11.9 million on a 105,560 s/f industrial portfolio in the Hunts Points section of the Bronx.
Purchasing a $5.4 million senior note secured by a 100,000 s/f industrial building located in the Meadowlands and port submarket of Kearny, N.J.
A Distinguished Career
Herrick has a long history of establishing successful start-ups, and during the course of his career, he has orchestrated investments in more than $5 billion worth of commercial real estate. Prior to founding Case, Herrick was a co-founder and managing director of Manhattan-based Hudson Realty Capital LLC (Hudson), where he was responsible for raising capital and maintaining investor and limited partner relationships, as well as overseeing asset and portfolio management activities. During his tenure at Hudson, the company launched five opportunistic debt and equity funds, closed more than $3.5 billion in transactions, and established a loan portfolio investment platform that included two FDIC loan pools.
Previously, Herrick was a founding principal of SWH Funding Corp. and co-founder and principal of Realty Holdings of America, a real estate advisory firm engaged in asset management and the purchase of corporate sale/leaseback transactions. He also served as senior vice president at Integrated Resources, Inc. and as vice president and regional manager at Citibank. Herrick earned his master of Architecture degree from Columbia University and his bachelor’s degree from Michigan State University.
At Case, Herrick is joined by Chris Mavros, who serves as the company’s CFO, managing director and principal. Mavros has decades of experience in controllership, loan servicing, and asset and property management, and the two have worked together for more than 20 years, including their work at SWH Corp. and Hudson. Jon Leifer, Case’s director-acquisitions, also possesses extensive industry experience in acquisitions, development, and asset and portfolio management in both the commercial and residential sectors.
Herrick has played leadership roles in numerous industry, educational and community organizations, including his work as a member of the 2015 advisory board of the Center for Real Estate at Rutgers Business School, founding board member of Pascack Community Bank, president of the board of trustees of Temple Emanuel of the Pascack Valley, member of the board of trustees of the Saddle River Day School, member of the board of directors of the Y-JCC of Washington Township and member of the executive committee of the UJA-Federation of Northern New Jersey. In 2007, the Northern New Jersey Anti-Defamation League honored Herrick and his wife, Jane, with the Torch of Liberty Award.
The Year Ahead
In 2016, Case entered into a joint venture agreement with a New York-based real estate credit fund, and the company has plans to further expand its platform in 2017. “We answer the phone and respond to the needs of our clients,” said Herrick. “I have no doubt that will serve us well in 2017.”
Sign up is quick, easy, & FREE.
