Pembrook Adds to Affordable Initiative in LA Markets
The apparent surge in lower-income, or affordable, housing – especially in California – is a noticeable trend. Adding to the 2022 list of headlines are Pembrook Capital’s recent financing in the Los Angeles and Long Beach marketplaces.
According to a news release, two Southern California markets are set to benefit from Pembrook’s bridge financing:
Pembrook Capital Management LLC, one of the nation’s leading bridge lenders for affordable housing, has announced $20.4 million in preferred equity financing in the Los Angeles market:
$12.2 million preferred equity investment to acquire and renovate a 143-unit apartment complex located at 5565-5700 Ackerfield Avenue in Long Beach.
$8.2 million preferred equity investment to recapitalize and renovate a 109-unit portfolio of residential apartments known as the Golden Bee II portfolio in South Los Angeles.
The sponsor in both transactions is Golden Bee Properties, an experienced Los Angeles developer and repeat Pembrook borrower. Below are the additional details of the LA-area properties:
5565-5700 Ackerfield Avenue in Long Beach
Pembrook’s $12.2 million preferred equity investment allows the sponsor to purchase and renovate a 107,000-square-foot residential complex in Long Beach consisting of seven two-story, walk-up apartment buildings featuring 143 units. At least 51% of the units will rent for no more than 30% of 80% of the household area mean income in order to preserve affordability.
Golden Bee Portfolio in South Los Angeles
Pembrook’s $8.2 million preferred equity investment allows the sponsor to recapitalize and partially renovate a 98,504-square-foot portfolio of residential apartments consisting of seven, two-story walk-up apartment buildings featuring 109 units with an average size of 904 square feet.