PEMBROOK PROVIDES $7.5M IN EQUITY FOR NYC MULTIFAMILY PROJECT

NEW YORK CITY — Pembrook Capital Management LLC has closed $7.5 million in preferred equity for the construction of Lincoln Park, a two-building, 133-unit multifamily development in Brooklyn. The equity Pembrook provided will serve as additional financing to a $32.1 million first-mortgage construction loan that the borrower secured from another lender. The Lincoln Park development includes the construction of a nine-story residential building at 510 Flatbush Ave. and a new eight-story residential building at 31 Lincoln Road. Upon completion, the two buildings will total 92,025 square feet and include 39 studios, 27 one-bedroom and 67 two-bedroom units. The entire development will total 183,422 square feet and feature additional space for parking, as well as 22,000 square feet of retail and community areas. Construction on the project began in September and completion is slated for late 2015.