Sourced and structured a non-recourse construction loan for a build-to-rent, 225-unit Build for Rent community located in Panama City, FL.
Challenges
The client is rapidly growing as they roll out patented, innovative designs and construction methods not yet seen in the SFR space. The client needed the ability to use a portion of the funds for a working line of credit to manage the development process smoothly.
Solutions
Loan closing occurred on a parallel track with final entitlements, with some approvals named as post-closing items within certain time windows as a way to expedite ground-breaking. The secured line of credit allows funds to be deployed off-site on factory-built improvements, then refreshed once attached to the real property. Permanent financing also can occur as a take-out upon leasing thresholds eliminating an interim bridge loan.
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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