Arranged financing for the acquisition of two 30-year leasehold interests in a multi-tenanted shopping center in Santa Ana, CA.
Challenges
The shopping center is situated on two parcels owned by different entities. The remaining duration of the co-terminus ground leases was problematic for many lenders who prefer longer duration collateral. Additionally, the dry cleaner tenant necessitated additional insurance in case of an environmental mishap.
Solutions
Proposed several loan structures suitable for the transactions and identified relevant lenders that were willing to structure around the remaining ground lease terms. To achieve max proceeds on a non-recourse basis, selected a CMBS quote with 20-year amortization. The perceived environmental issue was economically resolved with environmental insurance.
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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