$81MM Multifamily Development | Miami, FL

Structured and arranged a construction loan to develop a 289,000-square-foot, two-tower, mixed-use project in the Little Havana section of Miami, Florida. 

Designed as two split condominium and multifamily rental towers with retail space on the ground level, the development was, at the time, the first high-rise constructed in the area in more than 10 years.


The design component that included the combination of both rental and condominium towers within a single structure proved challenging to underwrite. Sponsorship also faced constraints from limited unit pre-sales in the condominium tower. Furthermore, new Basel III regulations impacted equity requirements and contribution value for the land.


Identified a lender that was able to become comfortable with the mixed-use components and was familiar with the nuances of the Little Havana submarket. From the onset, sponsorship preferred a non-recourse loan but, once identified, opted for a less expensive recourse option.

Crafted a creative hybrid, construction/conversion structure that provided flexibility to release units in the rental tower once certain hurdles were met.

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Seth Schumer


Seth Schumer joined Eyzenberg & Company as a Managing Director. His primary focus is transaction management and structuring advisory for commercial real estate finance transactions.

Prior to joining the firm, Schumer served as Head of US Investments for Quadrum Global (formerly Cube Capital) where he grew platform from one US hotel investment to an 18-asset mixed use portfolio through new acquisitions, ground-up developments, team building and creation of three internal operating platforms (Tesseract Investment Advisors, Arlo Hotel Management and Quadrum Senior Living Management). While at Quadrum, Schumer acquired, capitalized and asset managed a hotel portfolio that includes Arlo SoHo, Arlo NoMad, Nautilus South Beach, The Godfrey Hotel Chicago, Essex Inn Chicago, and B Resort & Spa at Walt Disney World, and led the efforts to create an in-house hotel management platform and the new Arlo Hotel brand. He additionally led the efforts to develop a senior housing property and the Amavida brand.

His expertise in debt financing including loan underwriting, servicing and borrower relations was learned while working in London for ABN AMRO, and in New York for Chase Manhattan Bank and Chemical Bank. Whilst at AIG Global Real Estate and Real Estate Capital Partners (now CP Capital), he additionally gained asset management, development insight and JV equity structuring experience. Also, during his time at AIG, Seth was part of team that acquired four RTC loan portfolios.

Schumer holds a master’s degree in real estate investment and development from New York University and a bachelor’s degree in accounting from the University of Maryland.



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