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.
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.
anurbekova@eyzenberg.com
D: (305) 995-0777
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.
amuniak@eyzenberg.com
D: (305) 995-0777 ext. 309
C: (917) 536-1057
