Structured and arranged a cross-collateralized, non-recourse construction loan for the development of a 42,000-square-foot oceanfront parking, retail and entertainment venue connected to the boardwalk in Myrtle Beach, S.C.
Challenges
Sponsor was seeking non-recourse construction debt on an out-of-favor asset class without a credit anchor tenant. The size of the loan was larger than the legal lending limit of many of the regional banks.
Solutions
Sourced financing from a New York-based alternative fund manager that had prior market experience and local presence. Mitigated default risk by cross-collateralizing an adjacent operating parking lot to reduce exit LTV.
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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