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Permanent Loan

Portfolio Lender with post-closing flexibility; closing as fast as 30 days from rate lock: September, 2025

CAPITAL STRUCTURE: PERMANENT LOAN

Property Types are all major classes, including: Healthcare, Manufactured Housing, Medical, Retail, Self Storage, Student Housing

Use: Acquisition, Refinance

Check Size: $5M–$150M

LTV: Up to 65% (core) / up to 75% (core-plus)

Rate: UST + 150bps+

Amortization: Up to 40 years + 10 for lower LTV

Recourse: Non-recourse (standard carve-outs)

Geography: TOP MSAs

Insurance Company Subsidiary Providing Flexible Long Term Financing

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

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

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

Construction-To-Permanent Loan Program

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

Non-Recourse, Participating Construction Or Permanent Loan Structure

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

Unique To CMBS, A Longer Amortization Program For Senior Loans

CAPITAL STRUCTURE: PERMANENT LOAN

An aggressive CMBS lender has rolled out a new program offering a 40-year amortization period for 90s+ vintage multifamily, industrial, and select office properties.
Check size: $5-$60MM
LTV: Up to 75% as-is value
Rate: Market spreads (180-200bps for full leverage) over SWAPS
Term: 10 years
Amortization: 40 years
Interest Only: Available for 1-3 years, or more on lower leverage
Property type: Multifamily, Industrial and select Office
Uses: Acquisitions, recapitalization
Geography: Nationwide
No Closing Costs: On loans over $30MM where leverage is 60% or less

High Leverage Flexible Long-Term Balance Sheet Financing

CAPITAL STRUCTURE: PERMANENT LOAN

An aggressive Bank lending in the top 200 MSAs offering flexible long-term balance sheet financing for Multifamily, Industrial, Retail, Office, Medical Office, Self-Storage & Student Housing
Check Size: $3MM – $50MM
LTV: Up to 80% for Multifamily and 75% for all others
Rate: Spreads ranging from 1.25% to 2% dependent on asset class, leverage and term
Recourse: Non-recourse, partial, and full options available
Term: 5 to 15 years
Amortization: 15 to 30 years
Interest Only: Available for 3 to 10 years based on leverage variation below 65%
Forward Rate Locks: Up to 12 months as early as commitment
Prepayment Flexibility: Step downs with option to buy down
Reserves: No Tenant Improvement reserves, only for Taxes & Insurance
Geography: Must have population greater than 75,000 within a 5 mile radius of the asset
Closing Costs: $9,500 to $25,000 depending on size

Non-Recourse Fixed Rate Small Balance Loans

CAPITAL STRUCTURE: PERMANENT LOAN

CMBS lender rolls out a new program offering streamlined documentation and fixed low closing costs for fixed-rate loans.
Check size: $1.5-$5MM
LTV: Up to 75% as-is value
Rate: Market spreads (180-220bps for full leverage) over SWAPS
Term: 10 years
Amortization: 30 years
Non-Recourse: Limited to standard carve outs
Property type: Industrial, Retail, Office, Hotel, Multifamily, Self-Storage, Net lease, & MHP
Uses: Acquisitions, recapitalization
Geography: Nationwide Fixed Closing
Costs: $25,000 for lender legal and all third parties
Loan Documentation: Abbreviated securitization agreements

ALL SPOTLIGHTS

CAPITAL STRUCTURE

Gary Melman

MANAGING DIRECTOR

Gary Melman joined Eyzenberg & Company in 2024 and is responsible for
originating, structuring, and placing debt and equity capital for commercial real estate
transactions throughout the U.S.

Gary is a seasoned commercial real estate finance and investment manager with
substantial institutional experience in capital markets, financing, acquisitions, and
asset management across various asset classes during his prior roles at J.P.
Morgan, TIAA-CREF, American Realty Advisors, and PCCP.

Prior to joining Eyzenberg & Company, Gary was responsible for capital markets at
Intracorp Homes, originating and placing capital for Intracorp’s multi-family,
townhome, and condominium ground up development projects on the West Coast.

Gary received an MBA in Finance from NYU Stern School of Business, a BBA in
Finance from Pace University, and is a licensed real estate broker in California.

Email

gmelman@eyzenberg.com

D: (305) 995-0777 ext.729

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