Eyzenberg & Company placed a non-recourse senior bridge loan to recapitalize a development site with existing parking and entertainment operations.
Challenges
The Sponsor was seeking to repay legacy debt securing an asset that has gone through several volatility cycles due to the Covid pandemic and recent economic pressures on recreational consumers. Though the parking operations were now stabilized and highly profitable, the market tended to favor structured over surface parking. Additionally, the ground lease tenant was a non-credit entertainment operator.
