LEM Mezzanine Closes $38 Million Loan
Under its New Bridge Loan Program

LEM Mezzanine, a direct lender providing mezzanine loans and high leverage first mortgage bridge loans, has closed a $38 million first mortgage bridge loan secured by a 12-story office building in midtown Manhattan. The loan is a floating rate loan priced over LIBOR. Meridian Capital Group brokered the transaction.

"This was the first loan that we closed under our new LEM Bridge Loan Program," said Jay Eisner, a founding partner of LEM. "Our loan gives the borrower the time he needs to take the property through the planning, design and filing phases for the conversion of the property to a mixed-use commercial and residential condominium building."

LEM's Bridge Loan Program targets transactions in the $15,000,000 to $50,000,000 with terms of two to five years. LEM provides funding of up to 90% with fixed or floating interest rates priced at 250bps to 350bps over the applicable index.

LEM is also a leading provider of mezzanine financing in the $1,000,000 to $20,000,000 range for up to 90% LTV with terms of up to 10 years. LEM writes larger deals if they involve a portfolio of assets or special situations. LEM also specializes in providing financing in transactions where there is existing first mortgage debt.