Structured and arranged a permanent and bridge loan to recapitalize two garden-style multifamily complexes totaling 774 units.
Challenges
Two communities were in varied phases of repositioning, necessitating different debt structure from separate lenders. With its on-site staff and management team making the upgrades and repairs, the borrower had lower-than-market costs for capital improvements, making it difficult to comp out.
Solutions
Identified a fund manager and a Fannie Mae DUS lender familiar with the market and willing to underwrite borrower’s execution strategy. Negotiated shifting requirements to overcome outstanding issues, while preserving original terms. Structured a fixed and floating rate solution from two separate lenders without having to resort to cross-collateralization in a less than optimal structure.
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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