ROCHELLE PARK, NJ—Case Real Estate Capital LLC has finalized its first debt-investment secured by two redevelopment projects in New York City.

“This was an extremely complex loan structure that affords the borrower flexibility to unlock the true value of these two transitional assets,” said Sanford Herrick, managing principal and co-founder of Case. “While this $1.5 million loan is a bit less than our targeted range, we consider each borrower’s needs on an asset-by-asset basis. We saw this as an opportunity for Case to service this sponsor, who is a real estate veteran with 30+ years of experience, now and in the future.”

A newly formed private situational lender, Case is currently targeting loans between $2 to $25 million. Based in Rochelle Park, N.J., Case was established in January by Herrick along with Scott Hartstein and Steve Milona. The company is targeting all transitional asset types, including multifamily, land, retail, office and industrial throughout the Northeast and Mid-Atlantic region.