Pembrook provides an initial $ 15.35 million mortgage loan to purchase and renovate Parkwood Apartments in Los Angeles County
The Pembrook financing enables the borrower to purchase apartment buildings and renovate residential units
LANCASTER, California., September 24, 2021 / PRNewswire / – Pembrook Capital Management LLC (“Pembrook”), one of the nation’s leading affordable housing bridge lenders, hired a $ 15.35 million First mortgage loan for the purchase of Parkwood Apartments, a 90-unit apartment building at 700 W Avenue in Lancaster, California, Part of Los Angeles District.
The funding will be used by the sponsor, MF Asset Management, to carry out exterior renovations, align the spending with other properties in the submarket, and renovate the residential units. The sponsor, who also has several other apartment complexes in the The angel Region, plans to rent at least 51% of the units to low and middle income renters.
“We are pleased to provide this financially strong sponsor with the funds necessary to complete its business plan to acquire and upgrade the Parkwood Apartments complex,” said Christopher Simon, Pembrook’s Head of Originations. “Parkwood Apartments represents the kind of high quality, well-located apartment building that Pembrook pursues and aligns with our initiative to provide capital to minority neighborhoods to address the racial and economic inequality in the people United States of America. “
The Parkwood Apartments were built in 1983 and consist of 10 buildings spread over 3.56 acres. The property mix includes both one- and two-bedroom apartments and the complex offers numerous communal facilities, including two swimming pools, a recently renovated fitness area, a guarded entrance, 24-hour laundry, a garage and a playground.
The city of Lancaster has experienced tremendous population growth over the past 20 years, making it one of the strongest markets in Los Angeles District. The city is served by the Antelope Valley MetroLink Commuter Rail system, which connects residents to the employment centers in the San Fernando Valley. Downtown Los Angeles and the rest of Southern California. The Parkwood Apartment Complex is also close to the BLVD, the area’s main entertainment and cultural center.
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Pembrook is a real estate investment manager providing financing across the capital structure. The company has made or participated in investments totaling over $ 1.5 billion started investing since 2007.
About Pembrook Capital Management, LLC
Founded in 2006 by Stuart J. Boesky, Pembrook Capital Management invests in a variety of commercial properties with an emphasis on impact investing and affordable housing across the country. This company’s strategy encompasses commercial real estate loans, including primary mortgages, mezzanine loans, bridging loans, borrower’s note loans and preferred stock. Please visit http://www.pembrookgroup.com.
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