Eyzenberg LFC creates and acquires 99-year, unsubordinated ground leases in tandem with its institutional partners
GROUND GAME
| Property & Transaction Types | Acquisition, recapitalization & development of all income producing asset classes |
| Transaction Size | $5MM - $150MM+ |
| Pricing | 3.5% - 5.5% acquisition cap rate dependent on asset class, location, percentage of total value, coverage, development, etc… |
| Purchase Price | Approximately 20% - 40%+ of the total property (fee simple) value |
| Ground Rent Coverage | 3x - 5.5x of stabilized NOI (depending on asset class and deal specifics) |
| Rent Escalation | Flexible options include fixed steps, CPI adjusters (with or without caps and lookback resets), percentage rent or flat/ramp up options |
| Buy-back Options | Deals can be structured with imbedded options priced in |
| Leasehold Financing | Ground leases are structured to accommodate current balance sheet and securitization requirements enabling leaseholds to be easily financed |
CURRENT OFFERINGS
Select current deals in the market seeking capital
| Permanent Loan | $36MM | Multifamily Recapitalization | New York, NY |
| Construction Loan | $43MM | Hotel Development | Myrtle Beach, SC |
| Construction Loan | $103MM | Hotel Development | Orlando, FL |
| Bridge Loan | $8MM | Office Recapitalization | Atlanta, GA |
| Construction Loan | $15MM | Single Family Development | Golden Beach, FL |
| Construction Loan | $17MM | Retail Development | Albuquerque, NM |
| Credit Facility | $30MM | Single Family Recapitalization | Philadelphia, PA |
SELECT FIRST QUARTER CLOSINGS
Selected completed first quarter transactions
$6.5MM Single-Family Development | Construction Loan | Brooklyn, NY
Structured and arranged a construction loan for the completion of a 5,100-square-foot townhouse located in Brooklyn, N.Y.
$32.5MM Multifamily Property Acquisition | JV Equity | Tampa, FL
Structured and arranged joint venture equity to capitalize the acquisition and repositioning of a 300-unit multifamily property in Tampa, Florida.
$43MM Multifamily Property Recapitalization | Permanent Loan | GA, AL & MS
$43MM Multifamily Property Recapitalization | Permanent Loan | GA, AL & MS Placed a fixed-rate permanent loan to recapitalize three garden apartment rental communities - totaling 604 units - located in Covington, GA, Dothan, Al and Robinsonville, MS.
CAPITAL SPOTLIGHT
Program summary of active capital providers
| Capital Structure | JV Equity |
| Check Size | $2-20MM |
| Co-Invest | Typically 10% by the general partner |
| Target | 9% current return in years 2-4. Overall 16% gross IRR |
| Term | 3-7 years |
| Use | Acquisitions and/or Development |
| Property Type | Multifamily (Class C+ to A-), Industrial, Office, Retail, Student Housing, Hotels, Self-Storage, Warehouse |
| Geography | Nationwide |
| Capital Structure | Construction Loan, Permanent Loan |
| Check Size | $50MM+ |
| LTV | Max 70%; typically 65% or less |
| Rate | Market spreads over treasuries |
| Term | 36 months of construction term followed by 7+ year permanent loan for total of 10-25 years |
| Use | Development |
| Property Type | Multifamily, (high & mid-rise, wrap and podium construction, no suburban garden-style product) |
| Geography | Top 10 metro areas in the U.S. (urban, in-fill locations) |
