Pembrook Capital Management closed a $20.05 million acquisition package for the Shannon Lake Apartments in Union City, Georgia.
The first mortgage bridge loan of $13,575,000 and preferred equity financing of $6,475,000 enables the sponsor to preserve Low-Income Housing Tax Credit income restrictions for all 294 units through its existing
LIHTC compliance period. As part of the loan facility, Pembrook will finance miscellaneous interior and exterior improvements to the property.
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