Eyzenberg & Company structured and arranged ten-year fixed rate debt to retire a bridge loan secured by a 402-unit apartment complex in Memphis, Tennessee.
Challenges
A quickly escalating interest rate environment was greatly increasing borrowing costs on the floating rate acquisition loan. Though the borrower had cut operating costs they were still early in the value-add program with a lot of additional rental increases not yet realized.
Solutions
Eyzenberg & Company awarded the deal to a repeat relationship of the borrower that provided aggressive agency terms with several waivers. A high valuation, obtained by providing relevant market data, allowed the borrower to qualify for tier 4 pricing.
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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