Pembrook Capital Management LLC (Pembrook)announced the closing of a $32 million first mortgage loan to The Shrine Collection, LLC to acquire and renovate a student housing complex in Los Angeles near the University of Southern California (USC) campus.
The complex, known as The Shrine Collection, is comprised of 11 one and two-story buildings with 103 student apartments and 324 beds in total.
Located two blocks west of the USC campus and two blocks south of the new USC Village, the site contains 76,638 s/f of rentable area on 2.01 acres of land. The property offers 179 parking spaces for residents.
With the loan in place, the sponsor plans on executing a business plan to renovate the property, including updating the units as well as increasing the number of beds.
“Pembrook continues to seek out developments with what we believe have substantial upside and this strategically located student housing asset was particularly appealing to us,” said Christopher Simon from Pembrook.
“With its combination of high demand, an experienced sponsor and convenient access to the USC campus, The Shrine Collection represents everything we look for in a deal. So much so, that were able to close the transaction within two weeks.”
According to the USC FY 2014 Financial Report, the USC student enrollment has grown substantially since 2010, with an increase of about 1,200 additional freshmen per year.