Financing Provided for Two Multifamily Projects in Atlanta and Cincinnati Markets
NEW YORK, Feb. 3, 2014 /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 announced the recent closing of two bridge loans, totaling $18.8 million.
The two transactions include $13.7 million in bridge financing for the Alden Ridge apartment complex within the Atlanta market and $5.1 million in bridge financing for the Hunters Run apartment complex within the Cincinnati market.
"Pembrook continues to seek financing opportunities with well-located projects in what we believe are growth markets nationwide. These recent bridge loan transactions exemplify that approach," said Stuart J. Boesky, Pembrook's President and Chief Executive Officer. "With Pembrook's financing in place, both borrowers will be able to carry out their strategic long‐term plans for each of these multi-family assets."
Alden Ridge Apartments, Clarkston, GA – $13.7 million bridge loan
Pembrook provided a $13.7 million bridge loan for the recapitalization and subsequent renovation of Alden Ridge, a 30-building, 368 unit garden apartment complex. The property is situated on the south side of Post Oak Road and the east side of Brockett Road in Clarkston, Georgia, a submarket of Atlanta.
The financing Pembrook provided will be utilized to pay off the loan, recapitalize the borrower's ownership structure, provide funds for a property renovation and pay any additional closing costs and fees.
Hunters Run Apartments, Lebanon OH – $5.1 million bridge loan
Pembrook provided a $5.1 million bridge loan for the acquisition and subsequent renovation of Hunters Run, a 114-unit affordable multi-family complex in Lebanon, Ohio, located approximately 30 miles north of Cincinnati.
The renovation will primarily consist of cosmetic exterior improvements designed to enhance curb appeal, as well as substantially improving the clubhouse with new facilities.
About 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, and preferred equity across the United States. The firm invests in most commercial real estate property categories, including multifamily, office, retail and industrial.
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