Chicago & Midwest + Midwest + Finance | December 17, 2020

Pembrook Arranges Acquisition Debt for Shaker Heights Portfolio

New York City-based Pembrook Capital Management is providing a $17,764,288 loan for the acquisition and renovation of a value-add multifamily portfolio comprised of six buildings and 275 units in Shaker Heights, OH. The borrower is Significan Lifestyle Communities, an Ohio-based multifamily management group.

The portfolio includes the 45-unit Colton House, the 56-unit Golfview, the 87-unit Fairway-Marchmont Terrace, the 59-unit Aristocrat and the 28-unit Moreland Manor.

“The financing Pembrook is providing will allow the sponsor to purchase the portfolio and renovate the exterior of these well-located multifamily assets as well as remodel the homes,” said Stuart Boesky, CEO of Pembrook.

He added, “The upgraded assets in the Shaker Heights portfolio will bring needed modernized affordable housing options to this community and we’re pleased to deliver the required financing for this investment. We’re equally pleased to work with a quality and forward-thinking property management organization like Significan.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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