Structured and arranged a non-recourse fixed rate loan for the acquisition of an 80-unit multifamily property in Charleston, South Carolina.
Challenges
Sponsor was seeking a non-recourse acquisition loan to hedge against rapidly escalating interest rates. Though the property was 97% leased at contract signing its occupancy dropped during due diligence due to a lackluster leasing initiative.
Solutions
Eyzenberg & Company approached a targeted group of lenders ultimately awarding the opportunity to a fund manager willing to provide fixed rate financing and recent market experience.
Though the drop in vacancy threw off multiple financing metrics, Eyzenberg & Company worked with the lender to structure contingent reserve accounts to maintain a similar level of proceeds on a renegotiated sales price.
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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