Eyzenberg LFC creates and acquires 99-year, unsubordinated ground lease options in tandem with its institutional partners
GROUND GAME
| Property & Transaction Types | Acquisition, recapitalization & development of all income producing asset classes |
| Transaction Size | $10MM - $150MM+ |
| Pricing | 3.75% - 5% acquisition cap rate dependent on asset class, location, percentage of total value, coverage, development, etc… |
| Purchase Price | Approximately 20% - 35%+ of the total property (fee simple) value |
| Ground Rent Coverage | 3x - 5x of stabilized NOI (depending on asset class and deal specifics) |
| Rent Escalation | Flexible options include fixed steps, CPI adjusters (with or without caps and lookback resets), percentage rent or flat/ramp up options |
| Buy-back Options | Deals can be structured with imbedded options priced in |
| Leasehold Financing | Ground leases are structured to accommodate current balance sheet and securitization requirements enabling leaseholds to be easily financed |
CURRENT OFFERINGS
Select current deals in the market seeking capital
| Permanent Loan | $270MM | Multifamily Recapitalization | New York, Bronx, NY |
| JV Equity | $8MM | Retail Acquisition | Mid-Atlantic |
| Permanent Loan | $23MM | Multifamily Recapitalization | Fairfield, CT |
| Bridge Loan | $8MM | Single Family Recapitalization | Fulshear, TX |
| JV Equity | $40MM | Land Acquisition | Tyson Corner, VA |
| Bridge Loan | $20MM | Leased Fee Development | Blacksburg, VA |
| Bridge Loan | $20MM | Multifamily Development | Miami, FL |
SELECT RECENT CLOSINGS
Select completed transactions
$29.3MM Multifamily Property Development | Construction Loan | Huntsville, AL
Placed a revolving first mortgage construction loan to complete development of the remaining 95 units in a 178-unit multi-family community located in Huntsville, AL.
$34MM Multifamily Portfolio Recapitalization | Permanent Loan | New York, NY
Structured and arranged a permanent loan to refinance a stabilized portfolio of three multifamily properties in Manhattan, NY.
CAPITAL SPOTLIGHT
Program summary of active capital providers
| Capital Structure | Bridge Loan, Construction Loan |
| Check Size | $20-150MM |
| LTV | Up to 70% for Multifamily and 65% for all others |
| Rate | Spreads ranging from high 1s to low 2s on transitional assets and high 2s to mid 2s for construction transactions |
| Recourse | Non-recourse for bridge loans and 20-25% recourse for construction transactions |
| Term | 3 to 7 years |
| Amortization | 30 years for multifamily and 25 years for all other asset classes |
| Interest Only | Up to four years |
| DSCR Sizing | 1.15x |
| Structured Capital Friendly | Allow mezzanine debt up to 80% and preferred equity up to 90% |
| Asset Types | Multifamily, condo, office, retail, hotel, mixed use, industrial, self storage, parking, some land |
| Geography | East of the Mississippi, Boston to Key Largo |
| Capital Structure | Permanent Loan |
| Check Size | $1.5-$5MM |
| LTV | Up to 75% as-is value |
| Rate | Market spreads (180-220 bps for full leverage) over SWAPS |
| Term | 10 years |
| Amortization |
30 years |
| Non-Recourse |
Limited to standard carve outs |
| Property Type |
Industrial, Retail, Office, Hotel, Multifamily, Self-Storage, Net lease, MHP |
| Uses | Acquisitions, recapitalization |
| Geography | Nationwide Fixed Closing |
| Costs | $25,000 for lender legal and all third parties |
| Loan Documents | Abbreviated securitization agreements |
