Stuart Boesky, CEO, Pembrook Capital, with a Philadelphia neighborhood (photo composite).
PHILADELPHIA, PA—Pembrook Capital Management arranged a $9.15 million first mortgage construction loan for the development of a 70-unit multifamily project with retail in the Kensington neighborhood of Philadelphia. Located at 1427 Germantown Avenue, the 53,575 square foot property will offer smaller, more affordable rental housing than many other new projects recently built in the nearby Northern Liberties and Fishtown neighborhoods.
“We continue to provide financing solutions for middle market developers and owners throughout the United States,” says Stuart J. Boesky, CEO of Pembrook. “We're bullish on Philadelphia's multifamily market and this transaction is a great opportunity for investment into a neighborhood that is in the process of rapid revitalization. It's exciting to support a project that has the potential to deliver more affordable apartments to renters in the local market.”
The sponsor is an active multifamily developer in the Philadelphia metro area. A similar 50-unit project is under development by the sponsor in the same neighborhood.
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.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
