While we could have never predicted what was waiting for us this quarter, we are pleased to share some highlights from this period. Earlier this year, we continued our expansion with the opening of a Miami office. In light of current market conditions, we continue to seek out like-minded individuals to join our growing team to help our clients capitalize on opportunities. While maintaining our focus on Ground Lease Capital, we’ve made inroads into further developing our proprietary C-PACE product – what has turned out to be quite useful in the way of retroactive rescue capital. Additionally, with a number of recent closings, we've maintained our momentum in arranging development capital for Single Family Rental Housing.

RECENT CLOSINGS

Select completed transactions
$65.9MM Land Parcel | Recapitalization | Miami, FL
Structured and arranged a fixed-rate bridge loan to fund pre-development costs for a mixed-use hotel and multifamily project.
$47MM Multifamily Property | Recapitalization | Fairfield, CT 
Restructured and upsized a multi-tier capital stack to retire the existing investor base.
$43MM Single Family Rental Housing | Construction | Lebanon, TN
Structured and placed a revolving first mortgage construction loan for the development of a 110-building, 224-unit multifamily community.
$100MM+ Student Housing Leasehold Development | Blacksburg, VA
Structured a ground lease and appointed a developer for a 11.5-acre, 517,000-square-foot, 424-unit, purpose-built student housing complex located near the Virginia Tech campus.

CAPITAL SPOTLIGHT

Program summary of active capital providers
Capital Structure Bridge Loan
Description Closed-end fund not dependent on the CLO market and utilizing lower leverage credit facilities has avoided mark-to-market and margin calls provision
Property Type Multifamily, Multi-tenant Industrial (in infill locations), CBD and/or Transit-Oriented Office, Performing Hotels (on select basis)
Investment Size $10MM - 75MM
Leverage Up to 75% LTV on post-COVID pricing
Rates 5.5% - 6.0% over LIBOR with a 0.50% floor
Fees 0% in with 1.0% - 1.5% exit
Term Up to 3 years
Amortization Interest-only
Future Funding Holdbacks for renovations and "good news"
Uses Acquisition, Recapitalization, and Repositioning
Geography Nationwide
Capital Structure Bridge Loan, Permanent Loan
Description Large international life insurance company providing a low-cost and flexible alternative to banks and domestic insurance company options
Property Type Office, Mixed-Use, Self Storage, Flex, Industrial, Hotel, and Multifamily
Investment Size $10MM - 40MM
Leverage
Up to 70% LTV on post-COVID pricing; Lower for retail and hospitality
Rates
Starting at 3.5% over LIBOR on floating and low 4s all-in rate on fixed basis
Fees
1% in
Term
Up to 7 years + extension
Amortization IO options available
Future Funding Holdbacks for renovations and "good news"
Uses Acquisition, Recapitalization, and Repositioning
Geography Top 25 U.S. markets

CURRENT OFFERINGS

Select Deals in the Market Seeking Capital
Ground Lease
$48MM | Multifamily | Development | Greenwich, CT
Bridge Loan
$7MM | Office | Recapitalization | Laguna Niguel, CA
Bridge Loan
$35MM | Land | Development | Memphis, TN
Bridge Loan
$4MM | Office | Recapitalization | Los Angeles, CA
Ground Lease
$175MM+ | Mixed Use | Development | Miami, FL
JV Equity
$50MM+ | Distressed | Acquisition | Various

RECA CORNER

Real Estate Capital Alliance (RECA) Quarter 1 Production Statistics. 

Eyzenberg & Company is a proud member of the Real Estate Capital Alliance (reca.us). RECA members arranged over $4.8 billion in capital in 2019. Below are RECA production statistics for Quarter 1 of 2020.