PHOENIX, November 9, 2020 / PRNewswire / – Pembrook Capital Management LLC (“Pembrook”) provides a $ 7.5 million first mortgage loan for the acquisition of Northern Palms and Augusta Creek, two adjacent multi-family properties located at 2835 West Northern Avenue and 2820-2844 W. Augusta Ave. To Phoenix, Arizona, respectively.
The Northern Palms property comprises 50 units and Augusta Creek includes 44 units. The financing provided by Pembrook will allow the sponsor to acquire the assets, modernize several units in Augusta Creek, and create operating economies by operating the two neighboring properties as one. In addition, the developer intends to maintain at least 51% of the units in both properties at affordable rents that are equal to or less than 30% of 80% of the local MAI, and which will preserve housing for the weakest. income from the region. residents.
“The financing provided by Pembrook will allow the developer to acquire the two properties and implement its new business plan aimed at making these multi-family assets even more competitive in the Phoenix market ”, said Stuart boesky, CEO of Pembrook. “We were able to respond quickly to the borrower’s financing needs, with a solution tailored to their needs.
Built in 1984, Northern Palms was completely remodeled in 2016, including new windows, doors, roofs, air conditioners, controlled access doors, a new dedicated rental office with restrooms and storage, exterior paint design, cabinets and appliances kitchen and bathroom accessories. Comprised of one-bedroom apartment homes, all units have an open floor plan with a large closet and storage space with full-size refrigerators and gas stoves. The property also has on-site laundry facilities.
Building 24 Augusta Creek The property was built between 1959 and 1975 and consists of studios, one, two and three bedroom apartments. The property sits on over three acres and offers residents open living spaces. All apartments include patios and individual air conditioning units and have access to on-site laundry facilities located in the center of the property. With the new funding in place, 12 individual units of the property will be renovated with new kitchen cabinets, new appliances, new paint / flooring, new plumbing and electrical fixtures and renovated bathrooms. .
Pembrook is a real estate investment manager who provides financing throughout the capital structure. The company initiated or participated in investments totaling more than $ 1.4 billion since she started investing in 2007.
About Pembrook Capital Management, LLC
Founded in 2006 by Stuart J. Boesky, Pembrook Capital Management invests in a variety of commercial real estate with a focus on impact investing and affordable housing across the country. The strategy of this company involves commercial real estate debt, including first mortgages, mezzanine loans, bridge loans, note financings and preferred stocks. http://www.pembrookgroup.com/
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SOURCE Pembrook Capital Management