NEW YORK, NY - Pembrook Capital Management LLC, 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, as well as tax-exempt bond financing for the acquisition, construction and rehabilitation of multifamily housing, announced the closing of a $7.5 million preferred equity transaction that will be used to facilitate the construction of Lincoln Park, a Brooklyn, NY development consisting of two Class A, multi-family apartment buildings, totaling 133 units.
The preferred equity Pembrook provided will serve as additional financing to a $32.1 million first mortgage construction loan that the borrower has secured from another lender.
"The borrower required additional funding and was looking to layer in preferred equity with accretive terms within the structure of this particular transaction," said Patrick J. Martin, Managing Director. "Pembrook came to the table with a customized financing solution that met the borrower's needs and provided the funds required to move forward with the construction of the project."
The Lincoln Park development includes the construction of new 9-story residential building located at 510 Flatbush Avenue and a new 8-story residential building located at 31 Lincoln Road. Upon completion, the two buildings will contain 92,025 square-feet of combined space, comprised of 39 studio units, 27 one-bedroom units, and 67 two-bedroom units. The entire development will contain 183,422 of total square-feet, which includes additional space for parking and other accessory uses, as well as approximately 22,000 SF of ground floor retail, a community area, and other space. The construction is expected to commence in September 2013 with an anticipated completion sometime in late 2015.
Pembrook works with real estate developers and investors to deliver financing for new construction, acquisition, and repositioning, focusing on primary and secondary markets with high barriers to entry. Since inception, Pembrook has originated or participated in over 50 investments totaling in excess of $600 million, involving properties with a total capitalization over $1.5 billion.