Kushner plans to use the investment to continue a capital improvement program at Riverside Towers that began four years ago by a previous owner. The company bought the asset last summer, for an undisclosed amount, from RCP General LP, in a deal arranged by Gebroe-Hammer Associates.
LEM, headed by Ira Lubert, Jay Eisner and Herbert Miller, specializes in mezzanine funding and investments in residential, office, industrial and retail assets of up to $60 million in value. Late last year, the firm completed fund-raising for its new LEM Real Estate Mezzanine Fund LP, putting together a war chest totaling $200 million.
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