$20MM Multifamily Acquisition | NC & GA

Arranged a bridge loan to acquire three garden rental properties totaling 380 units located in Greensboro, NC, Stone Mountain, GA, and Riverdale, GA.

Challenges

The seller lacked a cohesive asset renovation strategy that prevented the deployment of funds and ultimately led to significant vacancy. The sponsor’s strategy would entail creating additional vacancies to improve the credit quality of the tenancy base and solve operational inefficiencies. Additionally, a complicated closing process involved the defeasance of an agency loan on one of the assets and the need for multiple lender correspondents.

$20MM Multifamily Acquisition | NC & GA

Solutions 

Conducted a comprehensive marketing process to identify a lender able to understand the business plan and fund significant future improvements. The loan was structured as a cross-collateralized blanket, allowing for higher proceeds and better pricing. Immense effort was expanded corralling the different entities involved due to the lender being a non-exclusive correspondent.

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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