Case Real Estate Capital, LLC Funds Loan for a Luxury Condominium in Sought-After Millennium Tower in Manhattan

Top Quote Private Lender Recently Expanded Product Line to Service Loans in $1 Million to $5 Million Range for Properties in New York City and Northern N.J. End Quote
  • New York, NY (1888PressRelease) January 01, 2014 - Case Real Estate Capital, LLC (Case), a private direct lender, has funded a $1.2 million loan secured by a wrap-around mortgage for a luxury condominium in the sought-after Millennium Tower in Manhattan's Lincoln Square neighborhood. Loan proceeds were used by the borrower, who has extensive experience in commercial finance, to retire a second mortgage on the property.

    Located at 101 West 67th Street, the Millennium Tower is home to a host of entertainment personalities. The upper-floor apartment, which was created by joining three units, features five bedrooms and four and one-half bathrooms. It boasts spectacular panoramic views of the neighborhood. The borrower plans to sell the property.

    "We have a long-standing relationship with the borrower, and we were able to provide him with reliable financing," said Scott Hartstein, principal, who co-founded Case with Sandy Herrick. "The Millennium Tower is a desirable building in Manhattan, and as such, there will be a premium paid for this condo. We are confident that this loan provides the borrower with the flexibility he requires to execute his strategy and provides Case with substantiated coverage."

    Case Expands Product Line
    Headquartered in Rochelle Park, N.J., Case recently expanded its product line to include loans in the $1 million to $5 million range for real estate assets located in New York City and Northern New Jersey. This includes multi-family, land, retail, office and industrial properties. Established in January of 2013, Case will handle these smaller transactions as quickly and effectively as it does those in the $2.5 million to $25 million range for properties throughout the Northeast and Mid-Atlantic Regions. "Each transaction is unique; each borrower is different," added Hartstein. "Sandy and I have in excess of five decades of experience handling the complexities of transitional assets and are excited to expand our services for properties right in our backyard."

    Case provides short-term, fixed-rate loans to reposition or redevelop transitional assets. Financing solutions include traditional and short-term bridge loans, discounted pay-off (DPO) financing, construction financing, and first- and second-mortgage financing. These range from short timeframes to complex transactions and restructurings.

    Each loan is evaluated on its own merits, based on the borrower's unique situation, local market conditions and the collective expertise of Case's in-house investment and origination professionals. Case also offers opportunities for local entrepreneurs. The company's investor base is extremely diverse, including individuals, family offices and institutional investors.

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