Pembrook Acquires Five Properties in Southern California
Pembrook Capital Management LLC has closed a $10.6 million financing package for the acquisition and rehabilitation of five properties totaling 105 units in Los Angeles.
The financing was structured as a $6.2 million first mortgage loan for the acquisition of 25 units located at 14949 Roscoe Boulevard and a $4.2 million preferred equity investment for the acquisition of 825-833 East 108th Street (22 units), 6121 Crenshaw Boulevard (17 units), 6736-6800 West Boulevard (24 units) and 14924 Roscoe Boulevard (17 units), all located in Los Angeles.
With the financing in place, sponsor Golden Bee Properties plans to perform $2 million of exterior and interior capital improvements, stabilize the assets and refinance with long-term fixed-rate financing.
Pembrook is a real estate investment manager that provides financing throughout the capital structure. The firm has originated or participated in investments totaling over $1.4 billion since it began investing in 2007. Golden Bee Properties is an experienced owner and operator of similar properties in the greater Los Angeles area. They currently own 59 properties located in Los Angeles, Long Beach, Inglewood Van Nuys and Las Vegas.
