$47MM Multifamily Recapitalization | Fairfield, CT

Restructured and upsized a multi-tier capital stack to retire existing investor base.     


Sponsor desired to hold the newly built apartment building while it continued its master-planned, transit-oriented development of this new city near the Fairfield Metro train station. An LP investor with a restricted hold period required pay-off. Though well-leased, cash flows had not reached full stabilization because some retail tenants were not yet in occupancy and free rent periods were still burning off.


EyzenCo canvassed a variety of senior debt options, then surveyed the structured capital markets to achieve the lowest weighted average cost of capital. Potential options included a combination of ground lease and leasehold debt and fee simple mortgages in tandem with mezzanine debt or preferred equity. Ultimately, a west coast fund operator offered a winning combination of a long-term preferred equity commitment with an attractive combination of price, proceeds and operating and reporting terms. To minimize frictional transaction costs the existing lender matched market terms while upsizing its outstanding balance.

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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