Pembrook Provides $ 29 Million in First Mortgage and Preferred Share Financing to Acquire and Renovate Chicago’s Affordable Housing Portfolio
Pembrook Financing Preserves Needed Affordable Housing in South Chicago, Enables Lender to Realize Full Potential of NOAH Portfolio
CHICAGO, December 15, 2021 / PRNewswire / – Pembrook Capital Management LLC (“Pembrook”), one of the nation’s leading bridge lenders for affordable housing, announced a $ 22,425,000 first mortgage and a $ 6,592,000 acquisition of a privileged shareholding to finance the acquisition and renovation of a portfolio of 311 affordable housing units in Chicago, Illinois.
Known as the Cano 2 Portfolio, this Affordable Housing Natural Real Estate (âNOAHâ) portfolio consists of 20 three- and four-story elevator-free apartment buildings with 302 residential apartments and nine commercial units. The financing provided by Pembrook will allow the sponsor, Icarus Investments Group, to purchase the portfolio and to renovate and modernize each of the units.
This wallet is located entirely on that of Chicago South Side and is close to Marquette Park and that of Chicago Midway Airport and is the second value-added acquisition and portfolio financing that Pembrook and Icarus have completed together.
âThe funding we have provided will enhance and preserve this portfolio of affordable / critically needed housing / labor supply in the south side of town,â notes Stuart boesky, CEO of Pembrook. âPembrook is committed to addressing the dearth of affordable living options in communities through United States. We are pleased to announce this latest transaction, which continues our relationship with this sponsor who specializes in owning and preserving affordable housing through Chicago. “
Terry baydala, Managing Director, Originations, for Pembrook adds, âOur confidence in the sponsor’s ability to enhance and preserve this important affordable portfolio has enabled us to put in place highly structured financing designed to improve properties while maintaining tenants at 80 % or less. of the region’s median income with annual rent payments not exceeding 30% of that amount. “
Pembrook is a real estate investment manager who provides financing throughout the capital structure. The company has initiated or participated in investments totaling more than $ 1.5 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. Since its launch, Pembrook has invested approximately $ 700 million in affordable / labor-intensive multi-family rental housing, which equates to over 12,000 units housing approximately 31,000 tenants, of which 70% were located in predominantly minority neighborhoods. The company’s strategy involves commercial real estate debt, including first mortgage loans, mezzanine loans, bridge loans, note financings and preferred stocks. Please visit http://www.pembrookgroup.com.
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