NEW YORK, Aug. 8, 2013 /PRNewswire/ — Pembrook Capital Management LLC (Pembrook), a commercial real estate investment manager that provides financing throughout the capital structure including first mortgages, mezzanine, bridge loans, note financings, and preferred equity for most property types, announced the closing of a $4.275 million second mortgage bridge loan, in conjunction with a first mortgage loan funding provided by a leading national lender.
The loan will be used to finance the acquisition by ManagCare, Inc. of a portfolio of six skilled nursing home facilities located in central Illinois. The total all-in cost to fund the acquisition is $51million, which includes financing for the completion of capital improvements intended to increase occupancy and designed to improve operating efficiencies for the portfolio through better management.
"This transaction once again demonstrates Pembrook's ability to finance deals with quality sponsors in local real estate markets nationwide," said Stuart J. Boesky, Pembrook's President and Chief Executive Officer. "We were able to quickly close this loan with favorable terms that will allow the sponsor to complete the acquisition in a timely manner."
Pembrook works with real estate developers and investors to deliver financing for new construction, acquisition, and repositioning, focusing on primary and secondary markets with high barriers to entry. Since inception, Pembrook has originated or participated in over 50 investments totaling in excess of $600 million, involving properties with a total capitalization over $1.5 billion.
About Pembrook Capital Management, LLC
Founded in 2006 by Stuart J. Boesky, Pembrook Capital Management invests in and originates commercial real estate debt to finance all parts of a capital structure including first mortgages, mezzanine, bridge loans, note financings, and preferred equity across the United States. The firm invests in most commercial real estate property categories, including multifamily, office, retail and industrial. Pembrook Capital Management has offices in New York and Boston.
http://www.pembrookgroup.com/
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