NEW YORK—Pembrook Capital Management L.L.C., based in New York, has provided a total of $25.5 million of financing in four transactions across three states and Washington, D.C. Transactions included the closing of one bridge loan, two mezzanine loans and one subordinated loan for properties that had a total capitalization of $122.3 million.
• A $9 million bridge loan for acquisition and repositioning of a vacant 14,000-sq.-ft. retail property in Miami Beach, Fla. Currently vacant, the property will maintain its facade during renovations. The property was originally operated as the Lynmar Hotel.
• A $5.5 million mezzanine loan for refinancing of a six-building, 600,000-sq.-ft. portfolio of flex/office buildings in Cincinnati and Columbus, Ohio. These business park properties are currently 88 percent leased.
• A $6 million mezzanine loan for the acquisition and rehabilitation of a 200-unit multifamily property, Stonehaven Apartments, in Columbia, Md. Built in 1999, the property is currently 95 percent occupied and located approximately 15 miles from downtown Baltimore and 30 miles from Washington, D.C.
• A $5 million subordinate loan secured by a stabilized 528-unit garden apartment complex, Riverpark Apartments, in Canyon Country, Cali. Pembrook is providing a $5.0 million subordinated loan to finance an existing 528-unit garden-style apartment complex that is currently 95 percent occupied.