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$35MM Build for Rent Development | Myrtle Beach, SC

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Structured and placed a first mortgage construction loan to build an initial 100 houses in a 130-unit Build for Rent community.     

Challenges

The sponsor intended to build a single-family rental housing community at a famous Legends golf course in Myrtle Beach. While most of the surrounding properties are short-term rentals, the sponsor felt comfortable introducing the new product given recent trends of consumers relocating to suburban areas. The COVID-19 pandemic proved to be the greatest challenge for the transaction, with many capital providers pausing or increasing pricing while reducing leverage.

Solutions

Eyzenberg & Company identified a specialized lender experienced with the development strategy and product. Structured a non-recourse senior-secured revolving facility that provided maximum leverage for the first two phases of the project, enabling the developer to seamlessly order and deliver houses to the site. Facilitated and managed a complicated closing process to avoid construction and delivery delays.

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Seth Shumer

MANAGING DIRECTOR

Email

sschumer@Eyzenberg.com

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

Alexei Muniak

ORIGINATOR

Mr. Muniak joined Eyzenberg & Company in 2022 to focus on debt and equity originations in his newly adopted home of South Florida.

Mr. Muniak is Co-Founder and Managing Partner at Makal Equities, a real estate investment firm specializing in multifamily, industrial and retail property in Southern California and New York. He invested, sourced, and underwrote all commercial development and investment opportunities during this time. Furthermore, Mr. Muniak’s previous position as Managing Director at a Family Office in New York allowed him to develop his skills as he increasingly became involved in all aspects of fundraising and deploying the fund’s investment mandate. In his career to date he has invested, sourced, and underwrote commercial development and investment contracts, exceeding 100 million dollars.

Furthermore, Mr. Muniak is a Board Member and shareholder of the Mangia Hospitality Group in New York, where he oversees all aspects of fundraising, including the Group’s investment mandates. As a strategic dealmaker, Mr. Muniak is responsible for retail acquisitions & new developments and acts as a liaison with City and State Government bureaus. Due to his established reputation as a key player in the real estate and hospitality industry, Mr. Muniak has managed to build a wide portfolio of bicoastal projects and has worked closely with top developers, entrepreneurs, and restaurateurs nationwide.

Originally from New York City, Mr. Muniak graduated from Johnson & Wales University in Rhode Island, and completed his graduate Business certificate in Sydney, Australia. He is a long-time martial artist and a philanthropist.

Email

amuniak@eyzenberg.com

D: (305) 995-0777 ext. 309
C: (917) 536-1057