$140MM Multifamily Development|Las Vegas, NV

Eyzenberg & Company arranged a highly structured acquisition, recapitalization and construction financing package for a three-phase multifamily development project in Las Vegas, NV.


The Sponsor was seeking to terminate his original role as a participating junior lender on a three-phase multifamily development project in order to purchase and develop the second & third phases independently.

The existing construction lender had control over all three phases with no pre-set release prices. The first phase was mid-construction, but out of balance loan in danger of not proceeding without a rebalancing equity infusion.
Sponsor was anticipating substantial profits from their participating debt position on phase one and was seeking to efficiently use those profits to capitalize the second and third phases.

Furthermore, Sponsor was several months shy of obtaining a building permit on phase two or a guaranteed maximum price construction contract.


Eyzenberg & Company arranged a financing package to 1) take-out the existing construction lender on Phase I mid-stream with no additional equity contribution required by the existing partners, 2) purchase the second and third phases by independent entities owned by the Sponsor and 3) provide for construction financing for the second phase.

The take-out/refinance of the first phase recognized the equity value created to date and provided sufficient proceeds to fund the cost overruns and complete the construction. The purchase of the second and third phases independently allowed our client’s participating profits to be captured in the third phase entity and rolled as equity into the second phase in a 1031 transaction allowing all the profits to be used without tax leakage and even allowing a substantial distribution to our client in the process.

The acquisition and construction financing for the second phase provided for the Sponsor to purchase the site, fund predevelopment expenses and provide vertical construction funding once a building permit and GMP satisfactory to the lender was obtained.

Aruyel Nurbekova


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.



D: (305) 995-0777

Alexei Muniak


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.



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