Eyzenberg & Company partners with Greenworks Lending to launch Eyzenberg Green Capital, a joint venture uniquely dedicated to arranging C-PACE financing for commercial real estate transactions.


Eyzenberg & Company affiliated entities, Eyzenberg Ground Lease Capital and Eyzenberg Green Capital, provide innovative proprietary solutions for CRE transactions.
Description Low-cost, 99-year unsubordinated ground lease options
Property & Transaction Types Acquisition, recapitalization, and development of all income-producing asset classes
Transaction Size $10MM - $150MM+
Pricing 3.75% - 5% acquisition cap rate (dependent on the asset class, location, percentage of the 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 look-back resets), percentage rent, or flat/ramp-up options
Buy-back Options Deals can be structured with options priced in
Leasehold Financing Ground leases are structured to accommodate current balance sheet and securitization requirements, enabling leaseholds to be easily financed
Description Low-cost, long-term, non-recourse capital for new construction, gut rehabs, and value-add acquisitions of commercial real estate
Transaction Scenarios New development, acquisition with a heavy renovation component, or recapitalization in tandem with a redevelopment of the property
Funding Size $10MM - $150MM+ (smaller requests reviewed on a case-by-case basis)
Recourse No repayment or carry guarantee, completion guarantee burns off at TCO
Pricing 5% - 6.5% dependent on term, location, use, and leverage
Self-amortizing (no balloon) with terms up to 30 years (based on estimated useful life of the improvements)
Max Lien-to-Value 90% (combined debt) for new developments; 95% for retrofits
Max LTV/LTC 25% of as-completed value / 30% of total capitalized budget for new developments (higher for retrofits)
Prepayment No lockout but subject to a pre-negotiated fee
Geography Currently active in 22 states plus D.C. with legislation approved in 38 states plus D.C.


Select completed transactions
$10MM Grocery Anchored Retail Portfolio | Acquisition | VA & NC
Structured and arranged a combination of long-term, fixed-rate senior debt and joint venture equity to capitalize the acquisition of two grocery-anchored retail shopping centers in Petersburg, VA & Norlina, NC.
$18MM Multifamily Property | Recapitalization | Memphis, TN
Placed a permanent loan to recapitalize a garden-style multifamily complex totaling 436 units in Memphis, TN
$15MM Marina, Hotel, & Retail Property | Predevelopment | Bridge Loan | Miami, FL
Arranged a short-term, fixed-rate bridge loan for the predevelopment efforts of a multi-phase mixed-use marina, hotel, and retail project located in Daytona Beach, FL.


Program summary of active capital providers
High-Leverage Structured Capital for Multifamily Transactions 
Capital Structure Preferred Equity, Mezzanine Debt
Description Closed-end fund offering a high-levered participating preferred equity program for owners and developers of income-producing commercial real estate
Property Type Multifamily, Student & Senior Housing
Investment Size $5MM - $75MM
Leverage Last dollar up to 95% LTV
Pricing Low to mid-teens; pricing dependent on risk
Pay Structure Ranges from 100% accrual preferred equity to 25% current-pay mezzanine debt
Term Up to 7 years; open to prepayment at any time, subject to minimum equity return multiple
Use Acquisition, Recapitalization, Development
Geography US
Joint Venture Equity for Heads-in-Beds Strategies in the Continental US 
Capital Structure JV Equity
Description Fully-integrated, internally-managed investment and asset management platform seeking to deploy capital into heads-in-beds strategies
Property Type Multifamily, Student & Senior Housing
Check Size $15MM - $75MM
Co-Invest 90% / 10%
Target Return
8% annual cash yield with targeted growth returns in upper mid-teens
Hold Period
1 - 7 years
Acquisition, Recapitalization, Development
Geography US


Eyzenberg & Company is a member of the Real Estate Capital Alliance (reca.us). Below are the aggregate fourth quarter production statistics for all RECA members.