Structured and arranged long-term, fixed-rate senior debt to recapitalize a 140,000-square-foot, multi-tenant office building in Houston, TX.
Challenges
Contending with a looming loan maturity and several leases coming due, the borrower was seeking to lock in a long-term, fixed-rate loan on a non-recourse basis. Furthermore, volatility in the bond markets was causing swaps and spreads to fluctuate during the closing process, impacting underwriting thresholds.
Solutions
Identified a lender familiar with the property (via an affiliated B piece buyer) and comfortable with the ownership structure of the underlying asset. Levering a long-standing relationship, the lender paired back some of the lost spread prior to closing to “right size” the underwriting metrics and consummate a successful closing at full proceeds.
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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