$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 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