PHILADELPHIA, PA — Pembrook Capital Management LLC (Pembrook) announced the closing of a $9.15 million first mortgage construction loan for the development of a 70-unit multifamily project with retail in the Kensington neighborhood of Philadelphia. Located at 1427 Germantown Ave., the 53,575 s/f property will offer smaller, more affordable rental housing than many other new projects recently built in the nearby Northern Liberties and Fishtown neighborhoods.
"We continue to provide financing solutions for middle market developers and owners throughout the United States,” noted Stuart Boesky, CEO of Pembrook. “We’re bullish on Philadelphia’s multifamily market and this transaction is a great opportunity for investment into a neighborhood that is in the process of rapid revitalization. It’s exciting to support a project that has the potential to deliver more affordable apartments to renters in the local market.”