Structured and negotiated an extension of an expired bridge loan secured by a mixed-use portfolio in anticipation of developing a 250-unit multifamily property on the site.
Challenges
The bridge loan matured during the COVID-induced capital markets turbulence. The eventual exit for the loan would be a challenging multifamily development in the heart of Greenwich, CT.
Solutions
Eyzenberg & Company was able to identify new underwritable income and opportunities for expense reduction / capital expenditure re-characterization, making the loan more appealing to a variety of potential lenders. Ultimately, the loan was restructured and extended with the existing lender while ownership pursued development entitlements for the property.
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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