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$59MM BFR DEVELOPMENT | HOUSTON, TX

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Eyzenberg & Company arranged $25MM in joint venture equity for the development of a 190-unit build to rent community in a mix of ranch homes and two-story townhomes in Houston MSA, TX.

Challenges
The capital markets landscape was under pressure with elevated interest rates, cap rate expansion and rent growth tapering. Liquidity for joint venture equity overall had significantly diminished, in particular from domestic institutional capital sources that historically have an appetite for projects of this size and scope, leaving a void in the market.

$59MM BFR DEVELOPMENT | HOUSTON, TX

Solutions
Eyzenberg & Company sourced an international equity partner that had a like-minded approach and market vision with the sponsor. The sponsor had several opportunities in their pipeline with this being the best fit geographically and total capitalization to establish the relationship. A new joint venture partnership was structured for this development with a view to replicate on subsequent opportunities.

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Gary Melman

MANAGING DIRECTOR

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.

Email

gmelman@eyzenberg.com

D: (305) 995-0777 ext.729

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