Pembrook Completes Four Separate Real Estate Loan Transactions for a Combined $39.15 Million
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, as well as preferred equity across the United States, announced the closing of four loan transactions funding separate real estate projects in various in-fill markets across the country.
The total loan value of the four transactions, comprised of two note financings, one bridge loan and one mezzanine loan, is $39.15 million and includes:
• $10.65 million bridge loan for the purchase of the note and deed of trust collateralized by the Brownstone Lofts multifamily apartment project in Los Angeles, Calif.
• $7 million bridge loan for the recapitalization of two non-contiguous land parcels in Brooklyn, NY
• $15 million bridge loan for the purchase of the note and mortgage on 11 S. LaSalle St, a class B office building in Chicago, IL
• $6.5 million mezzanine loan to refinance the Summerhill Square retail center in East Brunswick, NJ
“We are pleased to announce these latest Pembrook transactions, as each supports our strategy of financing real estate projects located in in-fill markets, whether stabilized, simple value-add, construction or pre-development,” said Stuart J. Boesky, Pembrook’s President and Chief Executive Officer. “These loans are further examples of the Pembrook team’s ability to facilitate the right deal structure for borrowers nationwide, with a swift and certain execution on each transaction.”
At Pembrook, Mr. Boesky leads a team of 12 professionals in managing the firm’s investments. In the last four years, Pembrook has originated or participated in 40 investments with total value of approximately $475 million nationwide and continues to actively invest in new senior mortgage, mezzanine, and preferred equity positions.
North 9th Street – Land Development Site – Brooklyn, NY
Pembrook originated a $7 million First Mortgage Bridge Loan (67% LTC) to Fortis Property Group, LLC, for the recapitalization of a land development site in the Northside section of Williamsburg, a prime section of Brooklyn, NY. The site is made up of two non-contiguous land parcels totaling 28,667 square-feet to be developed as-of-right with 103 residential units totaling 68,860 rentable square-feet. The property benefits from a 421-a tax abatement. The location is well-suited for future multi-family development, as it is situated two blocks east of Bedford Avenue, the primary commercial thoroughfare in the area, and three blocks south of McCarren Park, a 35-acre park featuring basketball courts, baseball fields, playgrounds, a running track and numerous other facilities.
Pembrook Capital Management, LLC
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, as well as preferred equity across the United States. The firm invests in most commercial real estate property types, including multifamily, office, retail and industrial.
In addition, the firm provides first lien mortgage debt for the construction, acquisition, renovation and refinancing activities of developers in “affordable” and mixed-income rental housing properties through a direct purchase tax-exempt bond program. Pembrook is committed to being socially responsible while making astute investments, and has provided capital to underserved property sectors and geographic locations. Since its founding, the company has originated/acquired 40 investments with total value of approximately $475 million. Pembrook Capital Management has offices in New York and Boston. http://www.pembrookgroup.com/
Associated Press, By Tom Nolan & Eric Waters – May 2, 2012