$17MM Retail Acquisition | San Antonio, TX

Structured and arranged a combination of long-term, fixed-rate senior debt and joint venture equity to capitalize the acquisition and repositioning of a 102,000-square-foot retail shopping center in San Antonio, Texas.


The site had a significantly below-market ground lease for 65% of the total gross leasable area with an anchor tenant that had vacated the site. The sponsor was negotiating a buyout with the tenant that made underwriting difficult for creditors as the NOI would immediately decrease upon the termination of the ground lease. However, there was significant potential to increase the cash flow exponentially after lease-up. The use restrictions imposed by the dark anchor made identifying a replacement tenant difficult and, as a result, lenders were concerned about potential vacancy considering the large footprint of the anchor lease. The sponsor required a short timeframe to close in order to meet the purchase and sales agreement timing clause.


Identified a lender who was willing to structure an earn-out, TI/LC holdback, and capital reserves to carry the property through the transitional period post-closing and termination of the ground lease. Additionally, structured a JV equity partnership with a foreign fund manager looking for a higher current yield than what was available in core coastal markets.

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Seth Shumer




D: (305) 995-0777 ext .306
C: (305) 360-9625 

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