LEM Closes Connecticut, Texas and Pennsylvania Deals

LEM Mezzanine, a direct lender and investor in high-leverage mezzanine debt and preferred equity, recently closed a series of deals in Connecticut, Texas and Pennsylvania. The transactions, all with separate borrowers, totaled over $7 million and involved three multifamily properties. They also involved three separate first mortgage conduit lenders.

"We have done multiple deals with many conduit lenders and have established processes and documentation that make the transactions seamless for our borrowers," said Herb Miller, a partner in LEM. "All three transactions were acquisitions and involved a quick commitment from LEM and closings shortly thereafter," Miller added. "We have a national network of partners who provide us with detailed real-time knowledge of the local marketplace. This network, coupled with our streamlined internal process, allows us to close deals quickly and dependably, which is exactly what our borrowers want," said Miller.

LEM structures its investments in a variety of different ways including mezzanine loans, preferred equity and A/B notes and provides fundings behind new conduit and agency loans with terms of up to ten years. LEM also specializes in providing financing in transactions where there is existing first mortgage debt. They have worked with a number of different servicers and special servicers to develop structures that either comply with existing loan covenants or can be approved quickly.

LEM, a $200 million fund, focuses on multifamily, office, retail and industrial properties nationwide, generally valued in the $10 million to $60 million range, and makes mezzanine investments of between $1 million and $10 million per property. It provides financing of up to 85% to 90% of the capital structure with terms of up ten years. LEM's principals include Ira Lubert, Jay Eisner and Herb Miller. LEM's objective is to invest over $100 million per year. LEM and Lubert-Adler are part of Independence Capital Partners, a family of private investment management firms with approximately $3 billion of capital under management.