Pembrook Capital Management LLC (“Pembrook”), one of the nation’s leading lenders
for affordable housing, is providing $12.5 million in preferred equity to Smith & Henzy Affordable Group, Inc., a leading minority-owned affordable housing developer, to finance the development of the Pike a new multifamily development located at the corner of Pane and Maselli roads in Newington, CT, eight miles from Downtown Hartford.
The naturally occurring affordable housing (“NOAH”) Property will provide 151-units across two four-story buildings, comprised of 64 one bedroom and 88 two-bedroom apartments. The project is designed to be energy efficient according to Energy Star Multifamily New Construction Standards. Individual units will offer nine-foot ceilings, open floor plans, large windows, in-unit laundry and open kitchens. Common area amenities include lounge areas, a fitness center and an outdoor recreation area.
The project is geared toward moderate-income households, including young professionals, empty nesters and senior citizens and is well situated directly off the Berlin Turnpike which provides direct access to Downtown Hartford and nearby major retail establishments. Additionally, ten percent of the apartments will be designated for tenants earning less than 80% of the Area Median Income.
“Demand for high-quality housing options appealing to moderate income tenants continues to outpace supply, particularly in the Newington market, where vacancies are low,” notes Stuart Boesky, CEO of Pembrook. “In seeking opportunities to provide capital to minority-owned developers, we look forward to working with Smith & Henzy, a top minority-owned affordable housing developers in the state.”
During 2022, Pembrook formed an Advisory Board comprised of leaders in civil rights, public finance and affordable housing to help Pembrook adopt strategies to address economic and racial inequality. With the help of Maya Wiley, David Baker Lewis and Ghebre Selassie Mehreteab, Pembrook fashioned several strategies, including a focus to fund minority developers. Mr. Boesky added that “This transaction is a direct result of that initiative, and we couldn’t be more pleased.”
Pembrook is a real estate investment manager that provides financing throughout the capital structure. The firm has originated or participated in investments totaling over $1.7 billion since it began investing in 2007.
