CONTACT

BRIDGE LOAN

Bridge loans for acquisitions and recapitalizations for various asset classes

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

Bridge and Construction loans for commercial and multifamily assets

CAPITAL STRUCTURE: BRIDGE LOAN/ CONSTRUCTION LOAN
Private debt fund offering high leverage senior debt nationwide
Check Size: $5-200MM
LTC/LTV: Up to 75%
Amortization: Interest only
Rate: High single digits
Fees: 1.00%
Term: Up to 60 months
Prepayment Penalty: None
Recourse: Recourse and non-recourse available
Property Types: Multifamily, Industrial, Office, Retail, Residential and Mixed-Use
Geography: Nationwide

Construction, acquisition, and bridge loans for all property types in Western states

CAPITAL STRUCTURE: CONSTRUCTION LOAN/ PERMANENT LOAN/ BRIDGE LOAN
Community bank offering flexible debt financing for all asset types.
Check Size: $5-100MM+
LTC: Up to 80% LTV Up to 80%
Amortization: Interest only (Up to 30 years)
Target: Minimum DSC 1.20x
Recourse: Flexible. Non-recourse available on select property types based on loan metrics
Property Types: All property types with a focus on multifamily, industrial, retail, office, and medical office
Use: Construction, acquisition and reposition
Geography: CA, OR, WA, AZ, NV, ID

Bridge loans for value-add and opportunistic acquisitions and recapitalizations nationwide

CAPITAL STRUCTURE: BRIDGE LOAN
Private lender offering fixed-rate bridge loans for special situations, quick-closings, or heavy-lift Capex projects.
Check Size: $2MM-15MM
LTV for multifamily: Up to 80%
LTV for other sectors: Up to 75%
Rate for multifamily: 5-7%
Rate for other sectors: 7-9%
Term: 6 to 24 months
Amortization: Interest only
Recourse: Transaction dependent
Lien position: 1st TDs and mortgages only
Property Types: All property types
Use: Value-add, acquisition and recapitalization
Geography: Nationwide

Non-recourse land, bridge, and construction loans for a variety of property types

CAPITAL STRUCTURE: LAND LOAN/BRIDGE LOAN/CONSTRUCTION LOAN
Balance sheet lender offering quick close, full discretion and non-recourse debt financing
Check Size: $8MM-40MM
LTV: Up to 75% stabilized value
LTC: No loan to cost restriction
Pricing: Minimum 5%
Coupon Fees: 1% to 2% origination fee
Term: 1 to 3 years with extension options
Recourse: Non-recourse
Property Types: Multifamily, retail, office, mixed-use, industrial, healthcare/life science, self-storage, for-sale condos, SFR communities, land and horizontal development.
Use: Acquisition, recapitalization, and construction
Geography: CA, OR, WA, AZ, NV, UT, CO, TX

Bridge loans for transitional hospitality assets nationwide

CAPITAL STRUCTURE: BRIDGE LOAN
Insurance company launches new debt initiative focusing on transitional hotels
Check Size: $10MM-80MM
LTV: Up to 75%
Rate: Starting at 5%
Fees: 1% origination fee
Term: 3+1+1
Recourse: No repayment guarantee. Standard bad act carvouts
Misc: U/W using stabilized cash flow pre-Covid with a focus on 2019 performance
Property Types: Hospitality
Use: Acquisition (preferred) and recapitalization
Geography: Nationwide

Bridge lending solutions for all commercial real estate property types

CAPITAL STRUCTURE: BRIDGE LOAN
Nationwide lender offering quick closing bridge loans for purchase, refinance, repositioning and value-add
Check Size: $5MM-30MM
Term: Up to 3 years
LTV/LTC: 70%+ LTV (Higher in certain cases)
Pricing (“Interest”): 7% Fixed Rate (Lower in certain cases)
Recourse: Recourse & non-recourse options available
Property Types: All Commercial Property Types
Use: purchase, refinance, repositioning and value-add
Geography: Nationwide

International life insurance company seeking to gain market share is actively lending

CAPITAL STRUCTURE: BRIDGE LOAN/ PERMANENT LOAN
Large international LifeCo providing low cost and flexible alternative to banks and domestic insurance company options.
Property Type: Office, Mixed-Use, Self Storage, Flex, Industrial, Hotel, and Multifamily.
Check size: $10 – $40MM
Leverage: Up to 70% LTV on post COVID pricing. Lower for Retail and Hospitality.
Rates: starting at 3.5% over LIBOR on floating and low 4s all in rate on fixed basis
Fees: 1% in
Term: Up to 7 years + extension
Amortization: IO options available
Future Funding: Holdbacks for renovations and “good news”
Uses: Acquisitions, Recapitalization and Repositioning
Geography: Top 25 U.S markets

Bridge lender not dependent on internal leverage actively lending

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

Flexible bridge loans for value add opportunities

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

Partial/non-recourse bridge and construction loans

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

Specialty asset bridge, construction and mezzanine debt

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

Fixed Rate, Non-recourse institutional bridge loan program

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

Non-recourse, institutional bridge loan program

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

Permanent, bridge and mezzanine loans and preferred equity targeting hotels

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

ALL SPOTLIGHTS

CAPITAL STRUCTURE

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