$40MM Leased Fee Recapitalization | VA

Structured and arranged a revolving credit facility secured by a 773,000-square-foot portfolio of ground leased retail sites located in Falls Church and Fredericksburg, Virginia. 


The owner required a non-recourse, medium-term floating rate facility secured by a non-traditional asset class. Although abundantly available for large scale institutional borrowers, floating revolvers are less readily accessible in the middle-market space. Further complicating matters was the difference in value of the unencumbered land vs. the in-place leases against which underwriting would occur.


Identified a lender seeking to expand aggressively in the region and looking to establish new relationships with desirable clients. Negotiated a higher loan amount by framing the underwriting to be more in line with a long-term collateral asset, thereby lowering the underwritten DSCR relative to what the lender had used in the past.

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Seth Shumer




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

Alexei Muniak


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.



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