$68MM Multifamily Acquisition | Virginia Beach, VA

Placed fixed-rate permanent loan and preferred equity to acquire a value add 287-unit apartment complex in Virginia Beach, VA.


A steadily rising interest rate environment and volatile end-of-year reinsurance market threatened to impact underwriting metrics prior to closing. A reduction in senior loan proceeds necessitated the integration of preferred equity into the capital stack. An inverted yield curve made short-term floating rate unattractive, and an alternative solution was needed. Furthermore, the timing to close was delayed so that the property could achieve the requisite occupancy numbers.


Eyzenberg & Company advised the client to pursue a fixed rate option to remove future rate volatility,
avoid the cost of hedging and make securing a preferred equity investor easier. Agency lenders were
specifically targeted due to their unique ability to provide supplemental funding at future dates which
could be used to repay the preferred equity in a recapitalization or lever up for a potential buyer. Since
the property had not yet achieved the requisite occupancy a Freddie Mac option was chosen due to its
ability to rate lock the loan earlier in the process.

Although the aggregate amount of preferred equity capital was restricted by the lender’s DSCR
requirement, the preferred equity provider agreed to reduce the current soft pay below their typical
requirements to allow for greater proceeds to fill the funding gap.

Eyzenberg & Company approached a national owner/manager who agreed to provide third party
property management services in exchange for putting the property under their insurance umbrella
policy, thereby reducing costs by almost 60% thereby keeping anticipated senior loan proceeds flat.

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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