$9.3MM Land Recapitalization | Jupiter, FL

Eyzenberg & Company arranged a $9.3MM pre-development loan to carry a luxury for-sale townhome site to a construction loan closing on the water in Jupiter, FL.

Challenges
The Sponsor was seeking to take out an existing bridge loan that was used to acquire the site and was reaching maturity. The Sponsor had not reached the level of pre-sales needed to secure the construction financing, necessitating a bridge loan to carry the project to shovel ready. Bridge to bridge execution is extremely challenging from a financing perspective because the new lender questions the viability of the project.

Solutions
Eyzenberg & Company successfully arranged a bridge and horizontal construction financing to carry the project to a construction financing. The non-recourse financing allowed for the pay down of the existing financing, pre-development work, marketing, and horizontal construction.

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Seth Schumer

MANAGING DIRECTOR

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.

Email

sschumer@Eyzenberg.com

D: (305) 995-0777 ext .306
C: (305) 360-9625