Pembrook Capital Management closed $20.5 million of financing for the acquisition of Silver Oaks Apartments, a
320-unit rental apartment complex for low and moderate income families located in Orlando, FL and for the renovation of 115 units at the property over the next two years.
The financing consists of a $17.0 million first mortgage bridge loan and a $3.5 million preferred equity investment.
Stuart J. Boesky, CEO of Pembrook, said the company was able to provide two layers of financing to help the sponsor acquire the property and undertake improvements to add value. “Having discretionary capital allows us to structure complex financing solutions in the current lending environment in which other lenders are not in a position to provide flexibility or sufficient proceeds to support a business plan of this nature, which in part, includes providing quality affordable housing to families,” Boesky added.