Eyzenberg & Company is the preeminent firm advising owners and tenants on structuring viable and financeable ground leases. A ground lease is a special financial product requiring a confluence of skill sets and knowledge base that is not currently present among the disparate business verticals of most real estate firms.
Due to our experience as both a leased fee principal investor and investment banker that is focused on capitalizing leased fee and leasehold positions, we have the requisite capabilities to structure ground leases for any scenario.
An Owner May Seek to Execute a Ground Lease For a Number of Reasons, Including:
Does not wish to execute an outright sale of a development site to avoid a lump sum tax payment
Desires to capture upside but does not wish to enter into a joint venture via land contribution
Cannot identify or lacks expertise to invest into an alternative real estate asset
Wishes to create passive income vehicles in preparation for retirement or estate planning
Major Financial Issues to Consider When Structuring a Ground Lease:
Subordinate vs. non-subordinate
Valuation of land vs. ground lease
Capitalized basis of starting ground rent
Various ground rent overage ratios (will vary dependent on asset class)
Completion guarantor requirements and obligations for development scenarios
Control and allocation of condemnation and casualty proceeds
How to structure rent escalations to protect owner from inflation
How to structure rent resets that lack economic ambiguity and do not create asymmetric risk for either party
Valuation options for future changes in the development site
Timing of future economic changes to the ground rent payment stream and their effect on the net present value
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.
D: (305) 995-0777
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.