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$94MM Condominium Development | St. Petersburg, FL

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Eyzenberg & Company arranged construction financing for a new 88-unit condominium tower in downtown St. Petersburg, FL.   

Challenges

The sponsor is a growing developer with extensive experience in the St. Petersburg market. With the project budget in a constant state of flux due to increasing construction prices from Covid, inflation, and geopolitical issues in Europe, flexible financing was needed that could cover cost overruns and bridge gaps within the capital stack. Additionally, the sponsor needed a debt provider that would allow future sales deposits during construction to be utilized as equity in the capital stack.

Solutions

Eyzenberg & Company arranged construction financing that allowed the developer to use existing sales deposits as equity in the capital stack. To bridge the gap created by future sales deposits during construction that were not already in hand, Eyzenberg structured an increase in loan proceeds that recognized fifty percent of the future sales deposits and was secured by a letter of credit that could be drawn upon if deposits did not arrive to repay loan proceeds. The non-recourse high-levered construction loan provided the proceeds level necessary for the developer to effectuate their business plan.

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Seth Shumer

MANAGING DIRECTOR

Email

sschumer@Eyzenberg.com

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

Alexei Muniak

ORIGINATOR

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.

Email

amuniak@eyzenberg.com

D: (305) 995-0777 ext. 309
C: (917) 536-1057