Prana Receives $50M to Acquire Affordable Multifamily Housing

Stuart J. Boesky, founder and CEO of Pembrook Capital Management

NEW YORK CITY—Prana Investments received $50 million of preferred equity investment from Pembrook Capital Management. The financing will allow Prana to continue to acquire additional workforce housing in Los Angeles and in New York City. Founded in 1982, Prana invests in rent-regulated multifamily assets in both of those cities, as well as in San Francisco, where the company is based.

“We’re pleased to structure an investment that will improve the sponsor’s portfolio as well as provide funding to acquire additional affordable housing units on both coasts,” says Stuart J. Boesky, Pembrook’s founder and CEO. He notes both Los Angeles and New York City have critical shortages of affordable multifamily housing, and are cities where Pembrook expects continued high demand for quality, reasonably priced multifamily properties.