Structured and arranged a bridge loan to acquire a value-add 384-unit multifamily property.
Challenges
The property sustained significant damage from a tornado in October 2019 and was operating at 15% occupancy. After many months of negotiation, the seller requested a quick close to deal with 1031 requirements.
Solutions
The placement team canvassed a handful of bridge lenders, ultimately settling on one that had recent experience closing deals in the local market. The lender was willing to structure a tiered priced holdback allowing Sponsor to minimize initial equity contributions and reduce negative carry cost.
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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