GROUND GAME

Eyzenberg LFC creates and acquires 99-year, unsubordinated ground lease options in tandem with its institutional partners
Property & Transaction Types Acquisition, recapitalization & development of all income producing asset classes
Transaction Size $10MM - $150MM+
Pricing 3.75% - 5% acquisition cap rate dependent on asset class, location, percentage of total value, coverage, development, etc…
Purchase Price Approximately 20% - 35%+ of the total property (fee simple) value
Ground Rent Coverage 3x - 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 $270MM | Multifamily Recapitalization | New York, Bronx, NY
JV Equity $8MM | Retail Acquisition | Mid-Atlantic
Permanent Loan $23MM | Multifamily Recapitalization | Fairfield, CT
Bridge Loan $8MM | Single Family Recapitalization | Fulshear, TX
JV Equity $40MM | Land Acquisition | Tyson Corner, VA
Bridge Loan $20MM | Leased Fee Development | Blacksburg, VA
Bridge Loan $20MM | Multifamily Development | Miami, FL

SELECT RECENT CLOSINGS

Select completed transactions
$29.3MM Multifamily Property Development | Construction Loan | Huntsville, AL
Placed a revolving first mortgage construction loan to complete development of the remaining 95 units in a 178-unit multi-family community located in Huntsville, AL.
$34MM Multifamily Portfolio Recapitalization | Permanent Loan | New York, NY
Structured and arranged a permanent loan to refinance a stabilized portfolio of three multifamily properties in Manhattan, NY.

CAPITAL SPOTLIGHT

Program summary of active capital providers
Capital Structure Bridge Loan, Construction Loan
Check Size $20-150MM
LTV Up to 70% for Multifamily and 65% for all others
Rate Spreads ranging from high 1s to low 2s on transitional assets and high 2s to mid 2s for construction transactions
Recourse Non-recourse for bridge loans and 20-25% recourse for construction transactions
Term 3 to 7 years
Amortization 30 years for multifamily and 25 years for all other asset classes
Interest Only Up to four years
DSCR Sizing 1.15x
Structured Capital Friendly Allow mezzanine debt up to 80% and preferred equity up to 90%
Asset Types Multifamily, condo, office, retail, hotel, mixed use, industrial, self storage, parking, some land
Geography East of the Mississippi, Boston to Key Largo
Capital Structure Permanent Loan
Check Size $1.5-$5MM
LTV Up to 75% as-is value
Rate Market spreads (180-220 bps for full leverage) over SWAPS
Term 10 years
Amortization
30 years
Non-Recourse
Limited to standard carve outs
Property Type
Industrial, Retail, Office, Hotel, Multifamily, Self-Storage, Net lease, MHP
Uses Acquisitions, recapitalization
Geography Nationwide Fixed Closing
Costs $25,000 for lender legal and all third parties
Loan Documents Abbreviated securitization agreements

RECA CORNER

Real Estate Capital Alliance (reca.us) aggregate 2nd quarter production stats