Pembrook Capital Management Provides $48.2 Million Of Financing For Multifamily And Retail Properties
NEW YORK, Nov. 30, 2012 /PRNewswire/ -- Pembrook Capital Management LLC (Pembrook), a commercial real estate investment manager that provides financing throughout the capital structure including first mortgages, mezzanine, bridge loans, note financings, and preferred equity for most property types, as well as tax-exempt bond financing for the acquisition, construction and rehabilitation of multifamily housing, announced the recent closing of five real estate loans. Pembrook works with real estate developers and investors to deliver financing for new construction, acquisition, and repositioning, focusing on primary and secondary markets with high barriers to entry.
"These transactions show Pembrook's national reach and knowledge of local real estate markets, as well as our understanding of borrowers' needs in the current financing environment," said Stuart J. Boesky, Pembrook's President and Chief Executive Officer. "We consistently demonstrate the ability to provide financing solutions at all levels of the capital stack, and this flexible approach has, in our opinion, attracted quality deals from strong sponsors."
Pembrook provided a total of $48.2 million of financing in five transactions, comprised of a preferred equity investment, two bridge loans, and two mezzanine loans, for properties that had a total capitalization of approximately $122 million.
- San Jose, CA – $16.5 million preferred equity investment for construction of 218-unit Class A multifamily rental apartment complex (Pembrook previously provided an $8.37 million first mortgage bridge loan for site acquisition).
- Denver, CO – $18.3 million first mortgage bridge loan for acquisition and renovation of 345-unit garden-style rental apartment complex.
- Sacramento, CA – $5.35 million first mortgage bridge loan to fund the acquisition from court-appointed receiver and the planned repositioning of 218-unit garden-style affordable rental housing complex.
- Santa Fe, NM – $4.0 million mezzanine loan for recapitalization of successful outlet mall.
- Jackson, MS – $4.05 million mezzanine loan for acquisition of an existing high-end boutique shopping center and construction of a new Whole Foods store at the property.
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