NEW YORK CITY-Pembrook Capital Management LLC announced on Wednesday the closing of a $20-million bridge loan for the refinancing of the Clarendon Gardens apartment complex in Brooklyn.
Clarendon Gardens is a 224-unit, seven-building, garden-style apartment complex totaling 195,000 square-feet with building heights of two and three stories. The property is more than 98% occupied and is located at the southeast corner of Kings Highway and Avenue D.
The financing Pembrook provided to the property, along with an additional $2 million in preferred equity from a separate private investor, allowed the borrower to refinance the existing debt as well as complete outstanding repair work, renovate the building units and increase rents as allowed. The facility recently underwent $3.2 million of capital improvements, Pembrook officials stated.
"Pembrook looks to finance deals with qualified borrowers committed to delivering and maintaining high-quality projects. This transaction fit our criteria perfectly," said Stuart J. Boesky, Pembrook's president and CEO. "With this additional financing in place, the owners will be able to carry out the long-term vision for Clarendon Gardens and maximize the property's overall value."
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