$18MM Multifamily Recapitalization | Memphis, TN

Structured and arranged a permanent loan to recapitalize a garden-style multifamily complex totaling 436 units.

Challenges

Though newly renovated, the property’s tertiary location was outside the lending footprint of many lenders. Additionally, the sponsor created substantial value by fully renovating and repositioning the property and a standard-sized recapitalization would provide a substantial cash out to the Sponsor.

$18MM Multifamily Recapitalization | Memphis, TN

Solutions

EyzenCo negotiated with a Fannie Mae DUS lender familiar with the market and a repeat lender to the borrower. Calculating prior and ongoing capital investments EyzenCo was able to get the lender comfortable with the cash out component.

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Seth Schumer

MANAGING DIRECTOR

Seth Schumer joined Eyzenberg & Company as a Managing Director. His primary focus is transaction management and structuring advisory for commercial real estate finance transactions.

Prior to joining the firm, Schumer served as Head of US Investments for Quadrum Global (formerly Cube Capital) where he grew platform from one US hotel investment to an 18-asset mixed use portfolio through new acquisitions, ground-up developments, team building and creation of three internal operating platforms (Tesseract Investment Advisors, Arlo Hotel Management and Quadrum Senior Living Management). While at Quadrum, Schumer acquired, capitalized and asset managed a hotel portfolio that includes Arlo SoHo, Arlo NoMad, Nautilus South Beach, The Godfrey Hotel Chicago, Essex Inn Chicago, and B Resort & Spa at Walt Disney World, and led the efforts to create an in-house hotel management platform and the new Arlo Hotel brand. He additionally led the efforts to develop a senior housing property and the Amavida brand.

His expertise in debt financing including loan underwriting, servicing and borrower relations was learned while working in London for ABN AMRO, and in New York for Chase Manhattan Bank and Chemical Bank. Whilst at AIG Global Real Estate and Real Estate Capital Partners (now CP Capital), he additionally gained asset management, development insight and JV equity structuring experience. Also, during his time at AIG, Seth was part of team that acquired four RTC loan portfolios.

Schumer holds a master’s degree in real estate investment and development from New York University and a bachelor’s degree in accounting from the University of Maryland.

Email

sschumer@eyzenberg.com

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