Pembrook Capital Management LLC (Pembrook), one of the nation’s leading bridge lenders for affordable housing, has provided an initial mortgage loan of $ 15.35 million for the acquisition of Parkwood Apartments, a 90-unit multi-family building located at 700 W Avenue in Lancaster, California, which is part of Los Angeles. County.
Once the funding is in place, the sponsor, MF Asset Management, will perform exterior renovations, align spending with other properties it owns in the submarket, and renovate apartments. The sponsor, which also owns several other apartment complexes in the Los Angeles area, plans to rent at least 51% of the units to low and moderate income tenants in the market.
“We are delighted to provide this well-capitalized sponsor with the funding necessary to complete their business plan to acquire and modernize the Parkwood Apartments complex,” said Christopher Simon, Pembrook Origins Manager. “Parkwood Apartments represent the type of high quality, well-located multi-family property that Pembrook pursues and aligns with our initiative to provide capital to minority neighborhoods as part of our efforts to address racial and economic inequalities in the United States. United. “
Parkwood Apartments was built in 1983 and consists of 10 buildings spread over 3.56 acres. The mix of real estate units includes both one-bedroom and two-bedroom apartments and the resort has plenty of community amenities including two swimming pools, newly renovated fitness area, gated entrance, 24-hour laundry / 24, a garage and a playground.
The city of Lancaster has experienced tremendous population growth over the past 20 years, making it one of the fastest growing markets in Los Angeles County. The city is served by the Antelope Valley MetroLink Commuter Rail system, which connects residents to employment hubs in the San Fernando Valley, downtown Los Angeles, and the rest of Southern California. The Parkwood Apartment complex is also close to BLVD, the area’s premier entertainment and culture hub.
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 it began investing in 2007.