Case Study: $65.9MM Land Parcel | Recapitalization | Miami, FL
Structured and arranged a fixed-rate bridge loan to fund predevelopment costs for a mixed-use hotel and multi-family project in Miami, FL.
Client was seeking to retire an expiring bridge loan and fund completion of remaining predevelopment costs. Additionally, client was desiring a cash out and had difficulty providing balance sheet support for the loan.
Identified a lender willing to entertain a non-recourse land loan based on the intrinsic value of the real estate. Eyzenberg & Company demonstrated that an exit would be supported by a ground leasing the property to a third party developer which could then be financed on a long-term basis.