Structured and arranged medium-term fixed-rate senior debt for the acquisition of a 224,000-square-foot shopping center located in the Philadelphia Mills retail node of Pennsylvania.
Challenges
The near-term expiration of several anchors, leases proved challenging to achieving full proceeds. Additionally, the for-profit educational nature of the main anchor made financing difficult due to present political biases towards said tenant class.
Solutions
Worked with the borrower and lender to extend the closing date to enable several anchors to negotiate early renewals. As rates were moving up during closing, negotiated a reduction in required TI/LC reserves (justified by the early renewal of anchor tenants), thereby keeping proceeds flat. Helped research and draft a report for the B piece buyer showing that the current graduating and financial metrics of the school did not endanger it of running afoul of the Department of Education.
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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