Structured and arranged a bridge loan for the acquisition of an owner-occupied, 29,000 square-foot suburban office building in Austin, Texas.
Challenges
The asset was under contract prior to market disruption caused by the global pandemic. The market conditions exhausted a series of purchase contract extensions, and the sponsor possessed a short timeframe to close the transaction once originated. The pre-disruption agreed-upon purchase price created a leverage risk concern for lenders.
Solutions
Eyzenberg & Company identified a bridge lender willing to advance proceeds based on the purchase price rather than the current appraised value with a structured amortized paydown of the overall loan amount to reduce basis within the first six months. The lender was very familiar with this market’s continued strength and felt there was strong support for suburban office product.
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.
gmelman@eyzenberg.com
D: (305) 995-0777 ext.729
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