Pembrook Provides $24M Loan for Koreatown Development
Multifamily lender Pembrook Capital Management, LLC is providing a $23.7 million construction loan for the development of Gramercy Apartments, a 53-unit multifamily complex in the Koreatown submarket of Los Angeles. The community is designed to meet the demand of moderate income tenants, with six of the units designated as very low income with rents no more than 30 to 50% of the household AMI.
“The Los Angeles housing shortage has fueled rising rents and exacerbated the long-standing affordability crisis,” said Pembrook CEO Stuart Boesky. “We are pleased to support the addition of quality units to the city’s housing stock in a location with ready access to public transportation.”
Gramercy Apartments will average more 1,000 square feet in size with open floor plans, tall ceiling heights and high-end finishes. The property is situated a half mile from the Wilshire and Western Purple Line train station, which offers direct access to DTLA and Hollywood.
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.