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.
