Jan. 30, 2020 – 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.”