$95MM Multifamily Leasehold Development | Bonita Springs, FL

Eyzenberg & Company structured a ground lease and appointed a developer for a 10-arce, 500,000+ square foot 400-unit multifamily property, located in Bonita Springs Florida.

Challenges

The landowner was master planning a 68-acre mixed-used site and was seeking an alternative structure to monetize the various components of the development. Though the optionality of converting land into a fixed income asset via a ground lease was appealing, the suburban location on the west coast of Florida was perceived to be a deterrent to the structure.

Solutions

Eyzenberg & Company conducted a broad marketing process focused on experienced multifamily developers. To better access a broader market, other intermediaries were invited to present the opportunity to their client base. A ground lease was structured such that potential future economic ambiguity was minimized thus creating an attractive development opportunity for would be builders. Potential bidders and their capital partners were educated on the ground lease structure and its inherent benefits. Ultimately a leasehold developer was selected and all of the lessors desired business terms were achieved.

 

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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