CHICAGO— Pembrook Capital Management LLC has closed $7.3 million in preferred equity financing for a recently renovated mixed-use building in Chicago. Proceeds from the funding will be used to recapitalize the property, which includes 192 apartment units and 20,833 square feet of retail space. The 11-story building recently received a $28 million renovation, which included façade work, improvements to the retail spaces and storefront upgrades. The 148,877-square-foot property is located at 5307 S. Hyde Park Blvd. Constructed in 1918, the building was previously occupied by the Del Prado Hotel until the early 1970s, when it was converted into apartments. The current owner acquired the property in January 2008. The building was 90 percent occupied at the time of the transaction.
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