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CAPITAL SPOTLIGHT

CAPITAL STRUCTURE: BRIDGE LOAN Direct bridge lender offering loans secured by commercial real estate nationwide. Check Size: $2MM-75MM+ LTV: Up to 75% Pricing: Starting at 4.00% for Multifamily and 4.75% for other assets Fees: Origination fee starting at 1.00% Term: 12 to 36 months, with extensions Amortization: Interest only Recourse: Deal based Property Types: All property types Use: Acquisition and recapitalization Geography: Nationwide
CAPITAL STRUCTURE: PERMANENT LOAN Investment management firm offering non-recourse debt financing for a wide variety of asset types Check Size: $5-40MM LTV: Up to 70% Rate: US Treasury plus 250-300 bps Term: 3-25 years Recourse: Non-recourse with standard carve-outs Amortization: Up to 30 years Property Types: Office, industrial, retail, multifamily, student housing, self-storage Geography: Primary & secondary markets in the U.S. and Canada DSCR sizing: 1.20-1.30 (multifamily), 1.20 (industrial), 1.40-1.45 (office, retail, medical) Rate Lock: 90 days
CAPITAL STRUCTURE: PERMANENT LOAN/ BRIDGE LOAN/ MEZZANINE LOAN and PREFERRED EQUITY Hotel specialist providing various debt and equity products for select and limited service premium branded assets. Check size: $5-$100MM for bridge and permanent loans, $1-$10MM for mezzanine and preferred equity LTV: Up to 85% on bridge and mezzanine, up to 95% on preferred equity Rate: Starting at 4.5% for senior debt and starting at 12%/13% with potential equity kickers for structured capital Term: Bridge 2-5 years, mezzanine matched to senior and preferred equity up to 5 years Property type: Hospitality-only uses, Acquisitions, Recapitalization, Construction Takeout, PIP/Renovation Financing, and Gap Financing Geography: Nationwide
CAPITAL STRUCTURE: BRIDGE LOAN A West Coast fund manager has rolled out a cheaper version of its national bridge loan program targeting higher quality assets with some in-place cash flow. Check size: $10-$40MM LTV: The lesser of 80-85% as-is value or 70-75% of as-stabilized value Rate: 375-550 over 30-day LIBOR Term: 2-4 years, up to 5 with extension options Property type: Multifamily, Industrial, Office, Retail, Student Housing, Hospitality, Self Storage Uses: Acquisitions, recapitalization, value-add CAPEX repositioning, transitional assets Geography: Nationwide
CAPITAL STRUCTURE: BRIDGE LOAN A New York-based investment manager is funding hybrid bridge loans that start out fixed-rate for the first two years. DSCR can be lower than one with reserves and structure. Check size: $10-$35MM LTV: Up to 75% loan to cost Rate: 5.5% fixed for two years with two one-year extensions at 350 over 30-day LIBOR Term: 2-4 years with extension options Property type: Multifamily Uses: Acquisitions, recapitalization, value add CAPEX repositioning, transitional assets Geography: Nationwide
CAPITAL STRUCTURE: BRIDGE LOAN/ CONSTRUCTION LOAN, MEZZANINE DEBT  Newly formed finance arm of private equity vehicle seeking to deploy capital for senior housing, medical offices, student/multifamily housing, self-storage.  Check size: $10 – $500MM LTV: Up to 85% LTV/LTC Rates: Spreads to LIBOR of 2.5% – 5.5% (first mortgage) or 6.0% – 10.0% (mezzanine/preferred equity) Term: Up to 7 years Amortization: Typically interest only Property type: Senior Housing, Medical Office, Student/Multifamily Housing, Self-Storage Uses: Development, Acquisitions, Recapitalization Geography: NationwideHigh leverage flexible long-term balance sheet financing
CAPITAL STRUCTURE: BRIDGE LOAN/ CONSTRUCTION LOAN An aggressive East Coast Bank has dropped pricing for construction and bridge loans across various asset classes. 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 loans with burn offs 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: Multi-family, condo, office, retail, hotel, mixed use, industrial, self-storage, parking, some land Geography: East of the Mississippi, Boston to Key Largo
CAPITAL STRUCTURE: BRIDGE LOAN Midwest asset management firm seeking to fund acquisition and renovation plays nationwide Property type: Student/Multifamily Housing, Self-Storage, Retail, Office, MHP’s and Hospitality Check size: $10 – $75MM Leverage: Up to 85% LTC / 75% LTV Rates: Spreads to LIBOR of 2.5% – 4.5% Term: Up to 5 years Amortization: Interest only Future Funding: Holdbacks for renovations and “good news” Uses: Acquisitions, Recapitalization and Repositioning Geography: Nationwide
CAPITAL STRUCTURE: BRIDGE LOAN Closed end fund not dependent on the CLO market and utilizing lower leverage credit facilities has avoided mark-to-market & margin calls provision. Property type: Multifamily, multi-tenant Industrial in infill locations, CBD and/or transit-oriented Office, performing Hotels on a very select basis. Check size: $10 – $75MM Leverage: Up to 75% LTV on post-COVID pricing. Rates: 5.5% – 6.0% over LIBOR with a .50% floor Fees: 0% in w/ 1%-1.5% exit Term: Up to 3 years Amortization: Interest only Future Funding: Holdbacks for renovations and “good news” Uses: Acquisitions, Recapitalization, and Repositioning Geography: Nationwide
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ALL SPOTLIGHTS

CAPITAL STRUCTURE

Seth Shumer

MANAGING DIRECTOR

Email

sschumer@Eyzenberg.com

D: (305) 995-0777 ext .306
C: (305) 360-9625 

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