Pembrook Secures Financing for 320-Unit Orlando Asset
- Sep 22, 2016
By Irina Vrasmas
Orlando, Fla.—Pembrook Capital Management has arranged financing for the acquisition and renovation of the 320-unit Silver Oaks Apartments, a rental apartment community available to low- and moderate-income families in the Orlando area. The financing includes a $17 million first mortgage bridge loan and a $3.5 million preferred equity investment.
“Pembrook was able to provide two layers of financing to help the sponsor acquire this property and undertake improvements to add value. Having discretionary capital allows us to structure complex financing solutions in the current lending environment in which other lenders are not in a position to provide flexibility or sufficient proceeds to support a business plan of this nature, which in part, includes providing quality affordable housing to families” Stuart Boesky, CEO of Pembrook, said in prepared statements.
Silver Oaks Apartments is located at 3024 N. Powers Drive in Orlando and consists of 215 two-bedroom units and 105 one-bedroom units, amounting to a total of 306,298 rentable square feet. Over the next two years, 115 units at the property will undergo interior renovations. The financier, an investor with experience in acquiring and renovating undervalued properties, plans to replace appliances, fixtures, flooring and carpeting, and lightning and electrical installations, among others. Improvements will also be brought to building exteriors, swimming pools and the club house, as well as the fitness center, which will provide more light and a view of the pool. The remaining units have been previously updated.
Image courtesy of Pembrook Capital Management