Eyzenberg & Company structured and arranged preferred equity for 328-unit multifamily property in Rochester, NY.
Challenges
The acquisition included a challenging loan assumption with limited cash flow above the current debt service. The properties’ location in upstate New York made it less appealing to primary market-focused institutional capital providers.
Solutions
Eyzenberg & Company was able to identify a private equity firm willing to provide a highly levered preferred equity solution. The capital provider was able to get comfortable with its basis exposure by cross-collateralizing other fractional ownership positions that the Sponsor had.
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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