Affordable housing lender Pembrook Capital Management, LLC is providing $12.5 million in preferred equity to Smith & Henzy Affordable Group, Inc., a minority-owned affordable housing developer, to finance a multifamily in Newington, CT.

Smith & Henzy Affordable Group, Inc.’s project is geared toward moderate-income households, including young professionals, empty nesters and senior citizens. Ten percent of the apartments will be designated for tenants earning less than 80% AMI.

The naturally occurring affordable housing property, Pike, will provide 151-units across two four-story buildings. Common area amenities include lounge areas, a fitness center and an outdoor recreation area.

During 2022, Pembrook Capital Managment formed an advisory board comprised of leaders in civil rights, public finance and affordable housing to help the company adopt strategies to address economic and racial inequality. “This transaction is a direct result of that initiative, and we couldn’t be more pleased,” said Stuart Boesky, CEO of Pembrook Capital Management.