Structured and arranged long-term, fixed-rate senior debt to recapitalize a seven-property SRO portfolio containing 242 residential units and one retail space.
Challenges
The sponsor, who was historically a bank borrower, desired a non-recourse financing option and requested maximum proceeds for a non-conforming asset class. Additionally, a fire in one of the buildings threatened to derail the closing process.
Solutions
Identified a conduit lender, who through its association with a B-piece buyer, was able to get comfortable with the underlying collateral and mitigate kick-out risk. The non-recourse loan achieved high leverage by cross-collateralizing the portfolio, thereby creating credit enhancement for the smaller assets.
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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