Placed a fixed-rate permanent loan to recapitalize three garden apartment rental communities – totaling 604 units – located in Covington, GA, Dothan, AL and Robinsonville, MS.
Challenges
Client desired to repatriate capital while retiring a bridge loan prior to completing the full value-add turnaround strategy. Furthermore, the well-performing properties were located in tertiary submarkets.
Solutions
Conducted a comprehensive marketing process to identify a lender willing to provide an immediate cash-out option and fund the balance of capex improvements. Switched loan structure from bridge to 10-year fixed rate and identified a Fannie Mae DUS lender familiar with the sponsor and the markets. The loan featured more upfront proceeds than bridge lenders were willing to provide, giving the client increased flexibility regarding future renovations and the repatriation of capital.
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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