$100MM+ Student Housing Leasehold Development | Blacksburg, VA

Structured a ground lease and appointed a developer for a 11.5-acre, 517,000-square-foot, 424-unit, purpose-built student housing complex located near the Virginia Tech campus. 

Challenges

Client was working quickly to coincide the closing with obtaining final permit and approvals from the local municipality. The incumbent leasehold developer was required to ground lease the property subject to in-place approved plans and specs. The mechanics and leasehold nature of the project added complexity to the capitalization of the development.

Solutions

Conducted a select marketing process focused on experienced student housing operator/developer capable of executing on a project of this scope and nature. Educated potential bidders and their capital partners on the ground lease structure and its inherent benefits. With vast experience as a principal buyer and advisor on ground lease transactions, we were able to bridge the gap on all business points between the client (leased fee owner) and the new tenant (leasehold owner).

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Seth Schumer

MANAGING DIRECTOR

Seth Schumer joined Eyzenberg & Company as a Managing Director. His primary focus is transaction management and structuring advisory for commercial real estate finance transactions.

Prior to joining the firm, Schumer served as Head of US Investments for Quadrum Global (formerly Cube Capital) where he grew platform from one US hotel investment to an 18-asset mixed use portfolio through new acquisitions, ground-up developments, team building and creation of three internal operating platforms (Tesseract Investment Advisors, Arlo Hotel Management and Quadrum Senior Living Management). While at Quadrum, Schumer acquired, capitalized and asset managed a hotel portfolio that includes Arlo SoHo, Arlo NoMad, Nautilus South Beach, The Godfrey Hotel Chicago, Essex Inn Chicago, and B Resort & Spa at Walt Disney World, and led the efforts to create an in-house hotel management platform and the new Arlo Hotel brand. He additionally led the efforts to develop a senior housing property and the Amavida brand.

His expertise in debt financing including loan underwriting, servicing and borrower relations was learned while working in London for ABN AMRO, and in New York for Chase Manhattan Bank and Chemical Bank. Whilst at AIG Global Real Estate and Real Estate Capital Partners (now CP Capital), he additionally gained asset management, development insight and JV equity structuring experience. Also, during his time at AIG, Seth was part of team that acquired four RTC loan portfolios.

Schumer holds a master’s degree in real estate investment and development from New York University and a bachelor’s degree in accounting from the University of Maryland.

Email

sschumer@Eyzenberg.com

D: (305) 995-0777 ext .306
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