Structured and arranged joint venture equity to capitalize the acquisition and repositioning of a 243-unit multifamily property in Miami, Florida.
Challenges
The value-add proposition was undermined by the seller’s limited success in increasing rental rates after upgrading half of the property’s units. Additionally, the sponsor’s track record consisted of one multifamily acquisition of a comparable size, and no previous history with institutional equity partners.
Solutions
Demonstrated that the seller’s renovations were too expensive and failed to target amenities tenants value the most, such as a swimming pool, covered parking, a gym and landscaping. Identified a capital source willing to underwrite the sponsor’s business plan in exchange for a senior-subordinate structure in the equity. Provided future liquidity options for the client by negotiating sell down rights for half its equity position.
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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