Sample Transactions

Maryland Regional Mall

$5 Million mezzanine loan on a 629,000 square foot regional mall in Maryland. The loan was used in conjunction with a new conduit loan to recapitalize the asset and fund capital improvements and tenant allowances at the property. LEM's loan to value at the time of investment was 85%.

Florida Multifamily Asset

$3.4 Million preferred equity investment in an acquisition of a 206-unit apartment complex in Jacksonville, Florida. The investment was used for renovations at the property to position the property for increased rents while taking advantage of the water views. LEM's initial investment had a loan to cost of 88% and a going in return coverage ratio of less than 1.00x.

Florida Office Building

$2.3 Million Preferred Equity investment in a 70,000 square foot office building in Miami, Florida. The borrower used the proceeds to buy out an equity partner. LEM's initial investment had a loan to value of 82% and a return coverage ratio of 1.19x.

Los Angeles Apartment Portfolio

$5 Million Second Mortgage on the recapitalization of three historical, rent-controlled, multifamily assets, consisting of 175 units, in the Hollywood area. The borrower used the proceeds to buy out an existing equity partner. LEM's initial loan to cost was 85.4% with a 1.18x debt service coverage on the combined portfolio.

Georgia Apartment Portfolio

$5.8 Million Preferred Equity investment in a 14 property apartment portfolio located throughout Georgia. The borrower used the proceeds from the investment as equity in new development transactions. LEM's initial loan to value was 81% with a 1.10x debt service coverage ratio.