by Candyd Mendoza
Real estate investment firm Pembrook Capital Management invested a $9.15 million construction loan on a 70-unit multifamily development with retail in Philadelphia.
Pembrook recently announced the closing of the loan for the 53,575-square-foot property. The project will provide smaller, more affordable rental housing than those in close by Northern Liberties and Fishtown neighborhoods.
"We continue to provide financing solutions for middle-market developers and owners throughout the United States," said Pembrook CEO Stuart J. Boesky. "We're bullish on Philadelphia's multifamily market, and this transaction is a great opportunity for investment into a neighborhood that is in the process of rapid revitalization."
Boesky added that the project has the potential to supply more affordable apartments to renters in the local district. The firm also said that they are developing another 50-unit project in the same neighborhood.
Michael Winters, vice president of multifamily customer management for Pembrook, said that “providing sustainable financing solutions that enhance affordability, security, and convenience of financing smaller properties plays an important role in securing a key source of housing for working families.”