Pembrook Provides $20.4 Million in Preferred Equity Financing for Affordable Housing Developments in the Los Angeles Market

Two separate transactions allow a regular Pembrook borrower to acquire and renovate a complex of 143 apartments and seven buildings in Long Beach while recapitalizing a portfolio of 109 housing units in South Los Angeles

LOS ANGELES, March 23, 2022 /PRNewswire/ — Pembrook Capital Management LLC (“Pembrook”), one of the nation’s leading affordable housing bridge lenders, announced $20.4 million in preferred equity financing in the Los Angeles market, consisting of the following two new operations:

  • $12.2 million preferred stock investment to acquire and renovate a 143-unit apartment complex located at 5565-5700 Ackerfield Avenue in Long Beach.
  • $8.2 million investment in preferred shares to recapitalize and renovate a portfolio of 109 residential apartments known as the Golden Bee II portfolio in South Los Angeles.

The sponsor of both transactions is Golden Bee Properties, a Los Angeles promoter and regular borrower from Pembrook.

“Pembrook shares Golden Bee Properties’ commitment to improving affordable housing communities within the Southern California market,” said Stuart Boesky, CEO of Pembrook. “We are delighted to be working with this quality developer again and to provide financing that will help energize its growing portfolio while allowing it to also provide the necessary upgrades to these apartments that will improve the standard of living for residents.”

5565-5700 Ackerfield Ave at Long Beach
Pembroke’s $12.2 million the preferred stock investment allows the developer to purchase and renovate an almost fully occupied 107,000 square foot residential complex in Long Beach consisting of seven two-story walk-up apartment buildings comprising 143 units with an average size of 748 square feet. Once financing is in place, the borrower plans to acquire the property, complete exterior renovations, redevelop 81 units and add three new apartments to the complex. At least 51% of units will be rented for a maximum of 30% of 80% of average household income to preserve affordability.

Golden Bee wallet in South Los Angeles
Pembroke’s $8.2 million the preferred stock investment allows the developer to recapitalize and partially renovate a 98,504 square foot residential apartment portfolio comprised of seven two-story walk-up apartment buildings comprising 109 units with an average size of 904 square feet . The portfolio is currently over 95% occupied and all located in South Los Angeles, within a radius of 15 square miles. The developer intends to use the financing to refinance existing loans on the portfolio and carry out renovations on 27 of the apartment units.

Pembrook is a real estate investment manager that provides financing through the capital structure. The company has initiated or participated in investments totaling more than $1.5 billion since he 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. Since inception, Pembrook has invested approximately $700 million in affordable/workforce multi-family rental housing, which equates to more than 12,000 units housing approximately 31,000 tenants, 70% of which were located in predominantly minority neighborhoods. The company’s strategy involves commercial real estate debt, including first mortgages, mezzanine loans, bridge loans, note financings and preferred shares. Please visit

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Carol M. Barragan