Eyzenberg & Company launches a new office in Washington D.C, the first in a series of strategic growth efforts to come in 2020. This expansion marks the firm's first regional office, to join its counterpart headquartered in Midtown Manhattan.

GROUND GAME

Eyzenberg Ground Lease Capital creates and acquires 99-year, unsubordinated ground lease options in tandem with its institutional partners.
Description Low-cost, 99-year unsubordinated ground lease options
Property & Transaction Types Acquisition, recapitalization, and development of all income-producing asset classes
Transaction Size $10MM - $150MM+
Pricing 3.75% - 5% acquisition cap rate dependent on the asset class, location, percentage of the 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 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
Bridge Loan $30M | Office Recapitalization | Albany, NY
Permanent Loan $6.5MM | Retail Recapitalization | Lakewood Park, FL
Bridge Loan $29.5MM | Multifamily Acquisition | Memphis, TN
Permanent Loan $6MM | Retail Recapitalization | Gastonia, NC
JV Equity $40MM | Land Acquisition | Tyson Corner, VA
Construction Loan $22MM | Condo Development | Plainview, NY
Mezzanine Loan $7MM | Condo Development | Plainview, NY

RECENT CLOSINGS

Select completed transactions
$23MM Entertainment Retail Property | Acquisition | Myrtle Beach, SC
Placed a permanent loan for the acquisition of a stabilized oceanfront vertical entertainment complex in Myrtle Beach, SC.
$36.5MM Multifamily Property | Construction | Huntsville, AL
Structured and placed a revolving first mortgage construction loan to complete the development of the remaining 220 units in a 398-unit multi-family community located in Huntsville, AL.

CAPITAL SPOTLIGHT

Program summary of active capital providers
Flexible Bridge Loans for Value-Add Opportunities
Capital Structure Bridge Loan
Description Midwest asset management firm seeking to fund acquisition and renovation transactions nationwide
Property Type Student/Multifamily Housing, SelfStorage, Retail, Office, MHPs and Hospitality
Check Size $10MM - $75MM
Leverage Up to 85% LTC / 75% LTV
Rates Spreads to LIBOR of 2.5% - 4.5%
Term Up to 5 years
Amortization Interest only
Future Funding Holdbacks for renovations and "good news"
Uses Acquisitions, Recapitalization, and Repositioning
Geography Nationwide
Fund Manager Writing Long-Term Loans
Capital Structure Permanent Loan
Description Asset Management firm providing balance sheet execution for core+ permanent loans
Property Type Student/Multifamily Housing, SelfStorage, Retail, Office, MHPs and Hospitality
Check Size $10MM - $75MM
Leverage Up to 85% LTC / 75% LTV
Rates
Spreads to Treasuries of 150 bps+
Term
Up to 15 years
Amortization
Interest only
Future Funding Earn-outs for performance-based goals
Uses Acquisitions & Refinance
Geography Nationwide

RECA CORNER

Eyzenberg & Company is a member of the Real Estate Capital Alliance (reca.us). Below are the aggregate third quarter production statistics for all RECA members.