Pembrook Provides Financing to Recapitalize a 124-Unit Multifamily
The $28M first mortgage bridge loan will finance costs for the redevelopment of a Cleveland-area community.
CLEVELAND, OH – Multifamily bridge loan lender Pembrook Capital Management LLC has provided a $28.2 million first mortgage bridge loan to finance the recapitalization of a 124-unit multifamily property in the Cleveland suburb of Jackson Township, OH.
Located at 4252 Belden Greens Circle NW, the community, the Residences at The Greens, features two-bedroom and three-bedroom floorplans that range from 1,400 square feet to more than 1,900 square feet. The single-story homes each offer a private entrance and an attached garage.
Pembrook’s financing will cover various construction loans and costs for the community’s redevelopment, which was recently completed.
“We are pleased to finance the improvement of housing stock in the greater Cleveland metro area,” says Stuart Boesky, Pembrook CEO. “Pembrook is committed to providing financing to support the limited supply of housing stock throughout the northeast Ohio region and the rest of the nation.”
The Residences at The Greens offers direct access to Interstate 77 and northeast Ohio’s major employment areas of Canton, Akron and Cleveland.