Outside the Region: Eyzenberg & Co. arranges $35.4 million refinancing for Southeast multifamily portfolio

Covington, GA Eyzenberg & Co.’s Jeff Conti and Mila Babenko structured and arranged a $35.4 million fixed-rate loan with Greystone to recapitalize three garden-style apartment communities in the Southeast that are undergoing improvements.

Acquired by a joint venture affiliate of Tampa-based Blue Magma Residential LLC and New York-based NCP Enterprise Funds (now Auerbach Funds’ Auerbach Opportunity Fund I, LP) in December 2017, the properties include the 188-unit The Park at Arlington (Covington); the 232-unit The Park at Brighton in Robinsonville, Miss.; and, the 184-unit The Park at Ashburn in Dothan, Ala.

“Eyzenberg & Co. devised a solution around ownership’s value-add repositioning strategy that met its need to repatriate capital and provide excess proceeds for renovation without having to go through a requisition process,” said David Eyzenberg, president of Eyzenberg & Co.