PEMBROOK PROVIDES $20M LOAN FOR 224-UNIT APARTMENT COMPLEX

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NEW YORK CITY — Pembrook Capital Management LLC has provided a $20 million bridge loan for the refinancing of the Clarendon Gardens apartment complex in Brooklyn. Clarendon Gardens is a 224-unit, seven-building multifamily property totaling 195,000 square feet. The garden-style apartment complex is more than 98 percent occupied and is located at the southeast corner of Kings Highway and Avenue D. The financing Pembrook provided, along with additional $2 million in preferred equity from a separate private investor, enabled the borrower to refinance the existing debt and complete repair work and renovations.

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