$28MM Retail Acquisition | Philadelphia, PA

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.

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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