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Pembrook Provides $29M Financing for Icarus investments
Pembrook Capital Management LLC provided a $22,425,000 first mortgage loan and a $6,592,000 preferred equity investment to finance the acquisition and renovation of a 311-unit affordable housing portfolio on Chicago’s South Side. The funding from Pembrook will allow the sponsor, Icarus Investments Group, to purchase the portfolio and renovate and upgrade each of the units.
Known as the Cano 2 Portfolio, this naturally occurring affordable housing (NOAH) property portfolio consists of 20 three and four-story walk-up apartment buildings with 302 residential apartments and nine commercial units.
The portfolio is located near Marquette Park and Midway Airport. It’s the second acquisition and value-add portfolio financing that Pembrook and Icarus have done together.
“The financing we have provided will allow for the improvement and preservation of this vitally needed naturally occurring affordable/workforce housing portfolio on the city’s South Side,” said Stuart Boesky, CEO of Pembrook.
- ◦Financing


