Low Cost, 99-Year Unsubordinated Ground Lease Options


Eyzenberg LFC creates and acquires 99-year, unsubordinated ground lease options in tandem with its institutional partners.
Property & Transaction Types: Acquisition, recapitalization & development of all income-producing asset classes
Transaction Size: $10MM – $150MM+
Pricing: 3.75% – 5% acquisition cap rate dependent on the asset class, location, percentage of the total value, coverage, development, etc…
Purchase Price: Approximately 20% – 35%+ of the total property (fee simple) value
Ground Rent Coverage: 3x – 5x of stabilized NOI (depending on asset class and deal specifics)
Rent Escalation: Flexible options include fixed steps, CPI adjusters (with or without caps and lookback resets), percentage rent or flat/ramp up options
Buy-back Options: Deals can be structured with options priced in
Leasehold Financing: Ground leases are structured to accommodate current balance sheet and securitization requirements enabling leaseholds to be easily financed

Seth Shumer




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

Alexei Muniak


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.



D: (305) 995-0777 ext. 309
C: (917) 536-1057