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$13.2MM Hotel Conversion Acquisition|Miami, FL

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Structured and arranged a non-recourse bridge loan for the acquisition of a historic 43,000-square-foot office building in Downtown Miami, Florida.

The borrower planned to take the property through the permitting process to add 10 stories and convert into a hotel.

Challenges

The borrower’s potential lender dropped the deal in the middle of due diligence, forcing a scramble to find a replacement in time to satisfy a TOE closing, that was spurred by the seller’s 1031 timetable. Additionally, the property had not obtained 40-year recertification precluding obtaining clean title and leaving ambiguity on the scope of required renovations that might be required by the local municipality. Furthermore, the property was predominately vacant with remaining tenants on month-to-month leases.

Solutions

Identified a lender who had recently funded a bridge loan against a similar property in the local market. Working quickly to take an assignment of most of the third-party reports, the lender was able to get through due diligence quickly. Crafted a creative recourse burn of structure, coupled with flexible reserves to box in the potential recertification risk. Despite a difficult and complicated closing schedule and structure, the transaction closed on time and on original terms (better than those of the original lender.)

CASE STUDIES

DEAL TYPE

CAPITAL STRUCTURE

COLLATERAL TYPE

CAPITAL SOURCE

Aruyel Nurbekova

JUNIOR ANALYST

Aruyel Nurbekova joined Eyzenberg & Company in 2022 as Junior Analyst. She assists with underwriting, analysis, and financing memoranda preparation for commercial real estate debt and equity capitalization assignments.

Prior to joining the firm, Ms. Nurbekova worked as a Business Valuation Analyst at Ernst & Young company, one of the Big Four accounting firms.

Ms. Nurbekova completed her Bachelor of Science degree in Corporate Finance and Investment Management at KIMEP University in Almaty, Kazakhstan.

Email

anurbekova@eyzenberg.com

D: (305) 995-0777

Alexei Muniak

ORIGINATOR

Mr. Muniak joined Eyzenberg & Company in 2022 to focus on debt and equity originations in his newly adopted home of South Florida.

Mr. Muniak is Co-Founder and Managing Partner at Makal Equities, a real estate investment firm specializing in multifamily, industrial and retail property in Southern California and New York. He invested, sourced, and underwrote all commercial development and investment opportunities during this time. Furthermore, Mr. Muniak’s previous position as Managing Director at a Family Office in New York allowed him to develop his skills as he increasingly became involved in all aspects of fundraising and deploying the fund’s investment mandate. In his career to date he has invested, sourced, and underwrote commercial development and investment contracts, exceeding 100 million dollars.

Furthermore, Mr. Muniak is a Board Member and shareholder of the Mangia Hospitality Group in New York, where he oversees all aspects of fundraising, including the Group’s investment mandates. As a strategic dealmaker, Mr. Muniak is responsible for retail acquisitions & new developments and acts as a liaison with City and State Government bureaus. Due to his established reputation as a key player in the real estate and hospitality industry, Mr. Muniak has managed to build a wide portfolio of bicoastal projects and has worked closely with top developers, entrepreneurs, and restaurateurs nationwide.

Originally from New York City, Mr. Muniak graduated from Johnson & Wales University in Rhode Island, and completed his graduate Business certificate in Sydney, Australia. He is a long-time martial artist and a philanthropist.

Email

amuniak@eyzenberg.com

D: (305) 995-0777 ext. 309
C: (917) 536-1057