December 27, 2012 -
New York City
Pembrook Capital Management LLC recently closed five real estate loans. 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 $122 million.
* $16.5 million preferred equity investment for construction of a 218-unit class A multifamily rental apartment complex (Pembrook previously provided an $8.37 million first mortgage bridge loan for site acquisition).
* $18.3 million first mortgage bridge loan for acquisition and renovation of a 345-unit garden-style rental apartment complex in Denver, Co.
* $5.35 million first mortgage bridge loan to fund the acquisition from court-appointed receiver and the planned repositioning of a 218-unit garden-style affordable rental housing complex in Sacramento, Calif.
* $4.0 million mezzanine loan for the recapitalization of an outlet mall in Santa Fe, N.M.
* $4.05 million mezzanine loan for acquisition of an existing boutique shopping center and construction of a new Whole Foods store in Jackson, MS.
"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 Boesky, Pembrook's president and CEO. "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."
Founded in 2006 by Stuart J. Boesky, Pembrook Capital Management invests in and originates commercial real estate debt to finance all parts of a capital structure including first mortgages, mezzanine, bridge loans, note financings, and preferred equity across the United States. The firm invests in most commercial real estate property categories, including multifamily, office, retail and industrial.