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Pembrook Furnishes Acquisition Loan for San Diego Affordable
Pembrook Capital Management LLC, one of the nation’s leading lenders for affordable housing, is providing $19.4 million in first mortgage financing for the acquisition and renovation of The Ballpark Place Apartments located at 229 16th St. In San Diego
The financing will allow the sponsor to perform interior and exterior renovations to the 100-unit, four-story property and add an accessible dwelling unit. The property is targeted to tenants making less than 80% of the Area Median Income and approximately 70% of the units will be leased at rents that are less than 30% of 80% of the AMI.
“There is a critical need for affordable housing across the nation, and this is especially acute in San Diego, which stands among the least affordable areas in the country,” said Stuart Boesky, CEO of Pembrook. “We are pleased to support an increase in the quality of affordable housing for this high-demand community.”
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- ◦Financing
