Pembrook Capital Management a $12,200,000 bridge loan to recapitalize and renovate an affordable, multifamily property located in the Dallas suburb of Irving.
The Braxton Apartments, built in 1970, comprises eight, two-story apartment complexes that offer a total of 125 units – 51 studio, 57 one-bedroom and 17 two-bedroom apartments. At least 51% of the building’s units will be rented at an affordable rate – 30% of 80% of the household area mean income.
One complex has already been renovated and fully leased after receiving a certificate of occupancy in September, following a fire that damaged some of the units. Pembrook’s financing will provide the necessary capital to complete non-structural exterior renovations, interior renovations and upgrade common areas for the remaining seven complexes. Interior renovations include the installation of new flooring, cabinets, sinks, lighting fixtures and paint.
Pembrook’s Stuart Boesky added, “We are pleased to deliver capital to sponsors who make a powerful impact in the affordable and workforce housing space.”
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.