Pembrook Provides $17.7M Acquisition Loan for Multifamily Portfolio in Shaker Heights, Ohio
SHAKER HEIGHTS, OHIO — Pembrook Capital Management LLC has provided a $17.7 million loan for the acquisition and renovation of a 275-unit multifamily portfolio in Shaker Heights, an inner-ring suburb of Cleveland. The properties include Colton House, Golfview, Fairway-Marchmont Terrace, Aristocrat and Moreland Manor. The borrower, Significan Lifestyle Communities, is known for its unique property management method whereby tenants enter into membership agreements as opposed to leases and pay membership fees instead of rent. Members are invited to personalize their homes through a selection of custom paint colors and other upgrade choices. The seller was undisclosed.