NEW YORK, NY - Pembrook Capital Management, LLC ("Pembrook"), a commercial real estate investment management company, with a core focus on community-based real estate finance, provided a $47.1 million, 24 month fixed rate loan to recapitalize 100 11th Avenue in the Chelsea neighborhood of Manhattan, New York City, NY. The property construction is completed and already 26 of its 54 units have been sold and closed. The loan was closed in just 3 weeks from the date the owners signed the loan application.
"We are very pleased to be able to play a pivotal role in the ongoing success of such a beautiful addition to the Manhattan skyline," said Stuart Boesky, Founder and CEO of Pembrook, "This transaction was originated by Jonathan Schurgin, who worked alongside Meridian Capital to bring this transaction to fruition." Mr. Schurgin is located in Los Angeles, CA.
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, "Pembrook is staffed with seasoned professionals who can understand and quickly react to the complex needs of our borrowers. With originators in New York and Los Angeles, Pembrook is able to service clients in all major markets throughout the country. We have a deep knowledge of commercial real estate lending and a relatively flat management structure that allows us to underwrite confidentially and execute quickly."
Pembrook, founded in March of 2007, has approximately $330 million of assets under management and has made 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. The company also seeks to serve as a pioneer in community investments, providing capital to under served property sectors and under served geographic locations such as assets in urban locations, and affordable housing. 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 Chief Executive Officer of CharterMac from 1997 to 2005 (now Centerline Capital Group), who led that firm to become one of the largest real estate financial services firms in the nation.
Source: Pembrook Capital Management