DANIA BEACH and HOLLYWOOD, Fla. — 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 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.
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.