Lightstone Capital, Lightstone's real estate debt platform, has provided a $9.2 million senior bridge loan to Wartep Management to refinance two senior housing communities in one of the most sought-after locations in South Florida.
The communities, The Residences at Dania Beach and Azalea Gardens, include both Assisted Living and Memory Care. The Dania Beach community is located blocks from the $800 million Dania Pointe project and directly across from the $634 million Dania Beach City Center development. Azalea Gardens is located near Young Circle Park in the center of Hollywood, FL. Wartep acquired the properties in 2016 and 2017 and was in the process of renovating the Dania Beach property and ramping up operations at the time of the Lightstone loan closing.
Adam Wartski and Yona Tepper of Wartep, as well as Robert Kuntslinger, of Group LRM, worked closely with Lightstone to close the loan and are driving the business plan execution. "This was a complicated transaction, from a capital structure and operational standpoint, in an asset class that many bridge lenders struggle to understand," said Wartski. "The Lightstone Capital team was solution-oriented and worked quickly to get this over the finish line. We look forward to working with them in the future," added Tepper.
"We are excited to be a part this project, which will provide a quality product helping address the underserved demand for senior housing," said Eugene Rozovsky, Senior Vice President of Real Estate Debt Strategies at Lightstone Capital. "Additionally, both properties are situated in a great location with significant future growth potential."
About Lightstone
Lightstone, founded by David Lichtenstein, is one of the largest and most diversified privately held real estate companies in the United States. Lightstone is active in 27 states across the country, developing, managing and investing in all sectors of the real estate market, including residential, hospitality, commercial, and retail. With over 140 existing properties, Lightstone's over $6.5 billion portfolio currently includes over 3 million square feet of office, retail and industrial commercial properties, over 15,400 residential units, and over 4,100 hotel keys. Lightstone also owns over 12,000 land lots across the country.
Headquartered in New York City, Lightstone continues to grow its development portfolio with over $3.5 billion currently under development in the residential and hospitality sectors spread across New York City, Los Angeles, and Miami.
Lightstone Capital is Lightstone's real estate debt platform, providing sponsors with flexible, creative, and immediate financing solutions. Launched in 2018 it has a $500 million pipeline.
