Pembrook Capital Management LLC has originated a $31.25 million first-mortgage loan to refinance the discounted payoff of the current loan on The Marque at Heritage Hunt, a Gainesville, Va., multifamily complex. Pembrook provided first-mortgage financing, with a two-year term and two six-month extensions.
The property is a Class A midrise complex consisting of 200 units. Originally developed as an age-restricted apartment complex, the property received a re-zoning approval to remove the age restriction. The property is currently 70% occupied, and it is expected to reach stabilized occupancy in the first half of 2011.
The sponsor is a private real estate investment and development firm headquartered in Baltimore, which, to date, has closed over $1.5 billion of real estate transactions, Pembrook says.
‘The Marque at Heritage Hunt is a great lending opportunity for Pembrook,’ says John Garth, managing director of originations for Pembrook. ‘In my opinion, this is high-quality real estate, with strong fundamentals, and an experienced and well-capitalized sponsor.’
SOURCE: Pembrook Capital Management