CONTACT

CONSTRUCTION LOAN

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: 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
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
CAPITAL STRUCTURE: CONSTRUCTION LOAN / PERMANENT LOAN An insurance company is funding large senior construction loans at a fixed rate (locked at application) that convert into the fixed-rate permanent loan. Check size: $50MM+ LTV: Max 70%; typically 65% or less Rate: Market spreads over treasuries Term: 36 months of construction term followed by 7+ year permanent loan for total of 10-25 years Property type: Multifamily, (high & mid-rise, wrap and podium construction, no suburban garden-style product) Uses: Development Geography: Top 10 metro areas in the U.S. (urban, in-fill loc
CAPITAL STRUCTURE: CONSTRUCTION LOAN / PERMANENT LOAN / PARTICIPATING LOAN An international fund manager is deploying rare participating debt investments out of its multi-billion open-ended fund. Check size: $20-$200MM LTV: 90% Rate: Current pay rate of 5-6% with 50% operating cash flow participation post debt service Waterfall: Upon a capital event: Repayment of mortgage Preferred return of 7-9% to lender Return of borrower’s equity Preferred return of 7-9% to borrower 50/50 share thereafter Term: Closed to pay off after 5-7 years Property type: Multifamily, Industrial, Office, Retail, Student Housing, Hospitality, Self Storage Uses: Acquisitions
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
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