Case Study: $12MM Multifamily | Recapitalization | Memphis, TN

Eyzenberg & Company structured and arranged bridge financing to recapitalize a 384-unit multi-family garden style apartment in Memphis, TN. 

Challenges

The borrower utilized expensive capital to acquire the mostly vacant property during the COVID-19 pandemic. Though the business plan was not fully executed, the borrower was seeking to capitalize on an increased occupancy and a recovering. The property’s location in a tertiary market and the lending markets bias against bridge-to-bridge financing were a few of the hurdles to overcome.

Solutions

Eyzenberg & Company tapped a repeat capital provider who was familiar with the market and was willing to advance higher proceeds based on the underlying value and upside of this transitional asset.