Structured and arranged a combination of long-term, fixed-rate senior debt and joint venture equity to capitalize the acquisition of two grocery-anchored retail shopping centers in Petersburg, VA & Norlina, NC.
Challenges
The properties are located in tertiary markets and the Anchor tenant was set to roll during the contemplated term of the loan. The borrower lacked the necessary balance sheet to back stop “bad boy” carve-outs on the contemplated loan.
Solutions
EyzenCo identified a CMBS lender willing to aggressively underwrite a portfolio of credit tenant grocery-anchored retail assets in tertiary markets. The senior lender was able to mitigate risk by cross-collateralizing the portfolio and structuring future cash sweeps prior to loan maturity. Furthermore, a private family was brought in to fund most of the equity as well as provide the necessary balance sheet to qualify for financing.
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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