GROUND GAME

Eyzenberg LFC creates and acquires 99-year, unsubordinated ground leases in tandem with its institutional partners
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)

RECA CORNER

Real Estate Capital Alliance (reca.us) aggregate 1st quarter production stats