Pembrook Enables 468 Columbus Redevelopment

NEW YORK CITY—Pembrook Capital Management has executed the closing of a $20 million first mortgage loan for the purchase of 468 Columbus Ave., a property on the Upper West Side of Manhattan.

The property is currently a three story, 15,000 square-foot vacant retail asset, with the potential for constructing residential apartments. The borrower plans to lease the current three floors to a retail tenant and then redevelop the property for residential use by adding five additional floors of apartments. Upon completion, the new property is expected to be eight stories with 31,000 square feet of total rentable area.