LEM Closes Flurry of Transactions

LEM Mezzanine, a direct lender providing mezzanine loan, preferred equity and high leverage first mortgage bridge loans, has closed 16 transactions since closing its second fund late last year. This included 13 mezzanine loans and B-Notes and 3 first mortgage bridge financings. LEM has invested in 6 multifamily, 5 office and 1 each of hotel, retail and senior living properties.

"We have evolved into a structured finance group and are originating and participating in all aspects of the finance markets" said Herb Miller, a Partner with LEM. "Most of our first mortgage loans involve assets with reposition or value-add opportunities which play into the real estate strengths of our organization", added Miller. LEM is part of Independence Capital which includes affiliated real estate funds. "Our organization and network of professionals throughout the country allow us to react quickly to financing requests and enables us to underwrite transactions in an expeditious manner with a high degree of certainty for our borrowers", added Partner Jay Eisner.

LEM, a series of private equity funds with over $450 million of equity, provides mezzanine and B-Note financing from $1 million to $20 million and first mortgage bridge loans from $15 million to $75 million for commercial and multifamily properties nationwide. LEM writes larger deals if they involve a portfolio of assets or special situations. Loans are generally non-recourse for up to 90% of value with terms of up to 10 years.