February 1, 2012
LEM Capital Announces Participating Senior Equity Program; David Lazarus Joins the Firm as Principal
LEM Capital, L.P. (“LEM”) is pleased to announce the launch of the firm’s Participating Senior Equity Program. “Our ability to provide up to 80% of the equity enables us to meet the needs of our partners as they acquire new properties, infuse new capital into existing assets or restructure existing deals with lenders,” said Jay Eisner, a founding partner at LEM. Although the terms of each deal are customized to meet the particular needs of the transaction, the Program typically provides between 60% to 80% of the required equity behind the senior mortgage debt, but in a position senior to the sponsor’s equity. In exchange for giving LEM a senior position in the waterfall, the sponsor receives a larger share of the back end profits. “Our Participating Senior Equity Program continues 10 years of commitment to meeting the needs of our clients in our established niche – providing structured finance solutions to middle-market real estate owners and operators” said Eisner.
LEM Capital is also pleased to announce that David Lazarus has joined the firm as Principal, where he will be involved in originations, underwriting and all aspects of the investment process. “We are extremely pleased to have David join our team at LEM,” said Herb Miller, a founding partner at LEM, “David’s transactional experience and real estate investment skills will broaden our platform and strengthen our ability to execute our investment strategy as we ramp up originations in 2012.” Mr. Lazarus joins the firm from Spring Mill Capital Management, and he previously held various senior positions at Capmark Financial Group, including Executive Vice President and chief operating officer of the firm’s investment management group and head of the firm’s global capital markets commercial mortgage backed securities and loan syndication team. Mr. Lazarus began his career as a real estate and structured finance lawyer at Dechert, LLP.