$28MM Multifamily Recapitalization | Lauderhill, FL

Structured and arranged long-term, fixed-rate senior debt to retire an expiring bridge loan secured by a 352-unit multifamily property in Lauderhill, Florida.

Challenges

After ownership successfully executed its value-add repositioning strategy, the newly renovated complex achieved 90%+ occupancy in less than a year. Ownership required a complete cash out, which was challenging for traditional balance sheet lenders and capped potential proceeds attainable. Furthermore, a challenging neighborhood and limited operating history made it difficult for some lenders to underwrite to maximum proceeds.

Solutions

Identified a CMBS lender willing to provide maximum proceeds that exceeded traditional multifamily balance sheet lenders and fulfilled ownership’s cash out requirement. Working closely with the lender to get the B-Piece buyer comfortable with the asset, given the limited operating history and other challenges, helped ensure a successful closing.

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Seth Schumer

MANAGING DIRECTOR

Seth Schumer joined Eyzenberg & Company as a Managing Director. His primary focus is transaction management and structuring advisory for commercial real estate finance transactions.

Prior to joining the firm, Schumer served as Head of US Investments for Quadrum Global (formerly Cube Capital) where he grew platform from one US hotel investment to an 18-asset mixed use portfolio through new acquisitions, ground-up developments, team building and creation of three internal operating platforms (Tesseract Investment Advisors, Arlo Hotel Management and Quadrum Senior Living Management). While at Quadrum, Schumer acquired, capitalized and asset managed a hotel portfolio that includes Arlo SoHo, Arlo NoMad, Nautilus South Beach, The Godfrey Hotel Chicago, Essex Inn Chicago, and B Resort & Spa at Walt Disney World, and led the efforts to create an in-house hotel management platform and the new Arlo Hotel brand. He additionally led the efforts to develop a senior housing property and the Amavida brand.

His expertise in debt financing including loan underwriting, servicing and borrower relations was learned while working in London for ABN AMRO, and in New York for Chase Manhattan Bank and Chemical Bank. Whilst at AIG Global Real Estate and Real Estate Capital Partners (now CP Capital), he additionally gained asset management, development insight and JV equity structuring experience. Also, during his time at AIG, Seth was part of team that acquired four RTC loan portfolios.

Schumer holds a master’s degree in real estate investment and development from New York University and a bachelor’s degree in accounting from the University of Maryland.

Email

sschumer@Eyzenberg.com

D: (305) 995-0777 ext .306
C: (305) 360-9625