From the Desk of Professor Eyzenberg
The Capital Markets are back! (but fundamentals are another story.)

For the first time ever, the US has surpassed $450B in sales during the first three quarters of the year*. Leading the way are individual sales (75% of total) of industrial and multifamily assets (combined for 59% of totals.) Prior to this year, record sales had not been seen since 2007. In that year, volume reached $448B, with office and retail via entity-level transactions as the primary driver. In spite of slowly creeping interest rates, risk premiums continued to shrink as investors drove up pricing. Some speculate that as fundamentals eventually catch up, that NOI growth will bail out returns.

All of this deal making has had some interesting effects on the debt markets. Insurance companies, agencies and balance sheet lenders blew through their investment allocations earlier than ever. Pricing began to widen as capital providers, tried to accommodate even more volume. Buyers hoping to meet sellers’ year end closing requirements are facing an uphill battle with traditional lenders during the 4th quarter. Many loans that should have gone into the permanent market have instead been taken down with bridge loans due to speed and seasoning requirements.

What does all this mean for the 4th quarter? Expect a mad rush, as sellers try to avoid the 2022 capital gains increase, to be met with higher spreads on loans. More assets will go into the bridge market with investors taking making bets that cash flow will escalate faster than rates will as they race for a fixed rate solution or an exit.

*according to Real Capital Analytics 3rd quarter report.

- David Eyzenberg (Adjunct Professor at NYU Schack Institute of Real Estate & University of Miami Herbert Business School)


Select completed transactions
$40MM Single Family Rental | Acquisitions | Alabama, Mississippi, North Carolina 
Placed a revolving line of credit to acquire single-family rental residences in various states.
$7MM Recapitalization | Retail | Hollywood, Florida
Originated a permanent loan for the recapitalization of an existing single tenant restaurant located in a prime location in Hollywood, Florida.
$10.7MM Recapitalization | SFR | Memphis, Tennessee 
Structured and arranged the refinancing of over 65 single-family rental residences in Tennessee.


Joint Senior-Construction and C-PACE Loan Program 
ReedsBay Investment Group and Eyzenberg GreenCap (an Eyzenberg & Company affiliate) have rolled out the industry’s first joint senior-construction and C-PACE loan program. Combined, the two firms will offer a true one-stop-shop for developers and owners seeking the most efficient capital stack structure in the market place.
Funding Parameters: 
  • Blended at 6.5%+
Transaction Scenarios
  • New development, acquisition with a heavy renovation component or recapitalization in tandem with a redevelopment of the property
Property Types
  • Multifamily or Multifamily-majority Mixed Use
Combined Funding Size
  • $1-20MM
  • Up to 90% LTC
Term & Amortization
  • Senior: 6 months – 3 years (with options for extension)
  • C-PACE: Self-amortizing up to 30 years
  • No lockout but subject to pre-negotiated fees
  • Currently active in 24 states and the District of Columbia – CA, CO, CT, DE, FL, IL, KY, MA, MD, MI, MN, MO, NE, NV, NY, OH, OK, OR, PA, RI, TX, UT, VA, and WI
  • No repayment guarantee


Pre-Development Loan
$28MM | Multifamily | Construction | New York, NY
Construction Loan
$42MM | Movie Studio | Development | Savannah, GA
Bridge Loan
$11MM | Land | Acquisition | Philadelphia, PA
JV Equity
$15MM | Movie Studio | Development | Savannah, GA
Construction Loan
$61MM | SFR | Development | Palmetto, FL


JV Equity for development, conversion and existing assets

Property Types
  • Multifamily, single family, student housing, self-storage, flex storage, light industrial, parking
Check Size
  • $5-50MM
Target Returns
  • Opportunistic IRR +15% over 3-year to 5-year hold period
  • Development, conversion and existing assets
  • National footprint with a focus on the Southeast, Texas and Florida

JV Equity for value-add transactions

Property Types
  • Multifamily, industrial, retail, office
Deal Size
  • $10-100MM
Check Size
  • $2-25MM (with the ability to write larger checks)
Hold Period
  • 2 to 10 years
Target Returns
  • 15%+ (on a 5-year hold)
  • Value-add opportunities, undervalued deals or opportunistic investments
  • Midwest and Sunbelt states

JV Equity seeking to partner with women/minority owned operators

Property Types
  • All asset classes
Check Size
  • $5-40MM
Hold Period
  • 2 to 7 years
Target Returns
  • 15%+ (on a 5-year hold)
  • Acquisitions of existing properties and NPLs, and development of multifamily and industrial properties (and all related niche sectors)
  • Nationwide

JV Equity for SFR and BTR communities 

Property Types
  • Scattered sites single family rental and built to rent communities
Check Size
  • Up to $30MM (Smaller Check sizes considered case by case)
  • Acquisition or Development
Risk Criteria
  • Can take lease-up risk and development risk (cannot take entitlement risk)
  • Top 100 MSA's and small markets considered


Eyzenberg & Company is actively seeking to add team members to join our growing firm. In this video, our President gives the intro.


Real Estate Capital Alliance (RECA) Q3 2021 Production Statistics

Eyzenberg & Company is a proud member of the Real Estate Capital Alliance ( RECA members arranged over $4 billion in capital in 2020. Below are the complete RECA production statistics for Q3 2021.

Capital Structure

Property Type

Capital Source