Structured and arranged joint venture equity to capitalize the acquisition of a grocery-anchored shopping center in Richmond, VA.
Challenges
The anchor tenant was set to roll during the contemplated term of the loan. Dislocation in the CMBS market due to the COVID pandemic reduced available proceeds.
Solutions
EyzenCo identified a private family with a 1031 requirement willing to fund the majority of the equity as well as provide the necessary balance sheet to qualify for financing. A favorable seller carry was negotiated to bridge the acquisition until the CMBS markets stabilizes.
