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Pembrook Capital Provides First Mortgage on South Shore Affordable
Pembrook Capital Management LLC is providing a first mortgage loan up to $4 million on a multifamily property at 6700 S. Merrill Ave. in the South Side’s South Shore neighborhood. The loan will be used to refinance the existing debt, as well as execute capital expenditures and repairs,
The affordable housing property is comprised of 50 apartment units with 36,000 square feet of rentable area. Thirty of the units are in disrepair and the funding Pembrook is providing will support the sponsor’s business plan of renovating and modernizing the apartments while maintaining their overall affordable status.
“Demand for high-quality affordable housing options continues to outpace supply, particularly in the Chicago market, and we are pleased to support the renovation of 6700 S. Merrill Ave., which will benefit residents and the surrounding community,” said CEO Stuart J. Boesky. The sponsors own about 900 workforce units across the South Side.
- ◦Financing
