NEW YORK, Oct. 19, 2010 — Pembrook Capital Management, LLC ("Pembrook"), a commercial real estate investment management company, provided pari passu first mortgage financing together with a Wall Street firm. The loan was for a total amount of $19.9 million and has a ten-year term and a 5.85% fixed rate. The first mortgage represents an approximate 69% loan to value. The property is located at 6904 Hollywood Boulevard, on the Walk of Fame, directly across the street from the Kodak Theatre, in the heart of Hollywood, CA. The Sponsor, CIM Group, a real estate investment firm headquartered in LA with $5.1 billion under management as of June 2010, purchased the Property in 2007 and has a total cost basis of approximately $30MM, including a $17MM renovation which was completed in July 2009. Mark Fluent, who is based in Los Angeles, originated the loan directly with CIM.
"Pembrook's presence on both the east and west coasts allows us to enjoy the personal relationships that make the difference in challenging times. I believe they result in business opportunities because your partners know you're going to be there," said Stuart Boesky, Founder and CEO of Pembrook. "Clearly, commercial real estate has always been a boots on the ground business, but we find that those personal relationships are now more important than ever."
Pembrook originates and acquires commercial real estate debt in the form of first mortgages, participating first mortgage loans, B-notes, and mezzanine loans in major markets across the United States. Target asset classes are multifamily, retail, and multi-tenant office, medical office and warehouse / distribution properties with well-diversified tenancy. Pembrook also participates in the distressed debt markets and will joint venture with owners buying back their own debt or third-party debt.
Mr. Boesky went on to add, "We are pleased to add this transaction to our growing portfolio. CIM is a great sponsor, the property was fully vetted by our underwriting team, and we are confident that this asset will perform admirably."
Pembrook, founded in March of 2007, has made approximately $300 million of loans and investments in CA, FL, GA, LA, NY, NJ, PA and WI, the majority of which have community development attributes.
Pembrook Capital Management, LLC is a commercial real estate investment management company that provides capital to developers and owners of real estate on a national basis through the acquisition and/or origination of real estate debt and equity. Through its affiliates, Pembrook also focuses on additional community-related opportunities such as Low Income Housing Tax Credits, New Market Tax Credits and Clean Energy Finance. The firm was founded by Stuart J. Boesky, the former Chief Executive Officer of CharterMac from 1997 to 2005 (now Centerline Capital Group), who led CharterMac to become one of the largest real estate financial services firms in the nation.
Contact:
John Garth
Managing Director
T 646-388-5938
F 646-388-5907
Email
http://www.pembrookgroup.com
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