CONTACT

Senior Debt

An efficient debt execution is one where the financial strategy and structure are complementary to the business strategy of the borrower. The position of an asset in its life cycle will dictate the structure and nature of the corresponding financing.

We source, structure and close the following senior debt loans:

  • Land loans for Pre-development deals
  • Construction loans for development transactions
  • Permanent financing for stabilized assets
  • Bridge loans for transitional opportunities
  • Credit facilities for fund or loan leverage
  • Leased Fee and/or Leasehold financing
  • CTL structures for single-tenant credit deals
  • Bifurcated A/B notes
  • Tenant improvements financing

$94MM Condominium Development | St. Petersburg, FL

$40MM Single Family Rental Acquisition | Multiple States

We maintain ongoing relationships with a diverse constituency of senior debt providers including:

  • Commercial Banks / Credit Unions
  • Life / Casualty Insurance Companies
  • Pension Plans
  • Credit Companies
  • Mortgage REITs
  • Real Estate Private Debt / Hedge Funds
  • Union Funds
  • CMBS/CDO/CLO/CMO Conduits
  • SBA/SBIC
  • HUD/FNMA/Freddie Mac

Though most borrowers tend to focus on rate, there are many other nuanced key terms to be negotiated.

Construction loan key terms:

  • Magnitude, counterparty and timing of completion and/or principal/interest, and carve-out guarantees
  • Basel III structuring requirements
  • Presale/Preleasing minimums
  • Lockout/Prepayment clauses
  • Timing of equity contributions by the sponsor
  • Release provisions
  • Amount and allocation of budgeted contingencies
  • Additional credit support
  • Treatment of land equity vs. cash investment
  • Syndication requirements
  • Timing and percentage of retainage for contractor and subs
  • GMP versus other construction contracts

$65.9MM Land Parcel Recapitalization|Miami, FL

$46MM Single Family Rental Development|Panama City, FL

Bridge and permanent loan key terms:

  • Magnitude, counterparty and timing of carve out and/or principal/interest guarantees
  • Reserve requirements
  • Escrow calculations
  • Amortization terms
  • Interest-only periods
  • Discount points
  • Debt yield requirements
  • Loan maturity
  • Prepayment penalties
  • Lockbox provisions
  • Assumability and assignment options
  • Holdbacks vs. earn-out future funding
  • Title, estoppel, insurance requirements

Aruyel Nurbekova

JUNIOR ANALYST

Aruyel Nurbekova joined Eyzenberg & Company in 2022 as Junior Analyst. She assists with underwriting, analysis, and financing memoranda preparation for commercial real estate debt and equity capitalization assignments.

Prior to joining the firm, Ms. Nurbekova worked as a Business Valuation Analyst at Ernst & Young company, one of the Big Four accounting firms.

Ms. Nurbekova completed her Bachelor of Science degree in Corporate Finance and Investment Management at KIMEP University in Almaty, Kazakhstan.

Email

anurbekova@eyzenberg.com

D: (305) 995-0777

Alexei Muniak

ORIGINATOR

Mr. Muniak joined Eyzenberg & Company in 2022 to focus on debt and equity originations in his newly adopted home of South Florida.

Mr. Muniak is Co-Founder and Managing Partner at Makal Equities, a real estate investment firm specializing in multifamily, industrial and retail property in Southern California and New York. He invested, sourced, and underwrote all commercial development and investment opportunities during this time. Furthermore, Mr. Muniak’s previous position as Managing Director at a Family Office in New York allowed him to develop his skills as he increasingly became involved in all aspects of fundraising and deploying the fund’s investment mandate. In his career to date he has invested, sourced, and underwrote commercial development and investment contracts, exceeding 100 million dollars.

Furthermore, Mr. Muniak is a Board Member and shareholder of the Mangia Hospitality Group in New York, where he oversees all aspects of fundraising, including the Group’s investment mandates. As a strategic dealmaker, Mr. Muniak is responsible for retail acquisitions & new developments and acts as a liaison with City and State Government bureaus. Due to his established reputation as a key player in the real estate and hospitality industry, Mr. Muniak has managed to build a wide portfolio of bicoastal projects and has worked closely with top developers, entrepreneurs, and restaurateurs nationwide.

Originally from New York City, Mr. Muniak graduated from Johnson & Wales University in Rhode Island, and completed his graduate Business certificate in Sydney, Australia. He is a long-time martial artist and a philanthropist.

Email

amuniak@eyzenberg.com

D: (305) 995-0777 ext. 309
C: (917) 536-1057