|By PR Newswire||
|November 30, 2012 10:48 AM EST||
NEW YORK, Nov. 30, 2012 /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, as well as tax-exempt bond financing for the acquisition, construction and rehabilitation of multifamily housing, announced the recent closing of five real estate loans. 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.
"These transactions show Pembrook's national reach and knowledge of local real estate markets, as well as our understanding of borrowers' needs in the current financing environment," said Stuart J. Boesky, Pembrook's President and Chief Executive Officer. "We consistently demonstrate the ability to provide financing solutions at all levels of the capital stack, and this flexible approach has, in our opinion, attracted quality deals from strong sponsors."
Pembrook provided a total of $48.2 million of financing in five transactions, comprised of a preferred equity investment, two bridge loans, and two mezzanine loans, for properties that had a total capitalization of approximately $122 million.
- San Jose, CA – $16.5 million preferred equity investment for construction of 218-unit Class A multifamily rental apartment complex (Pembrook previously provided an $8.37 million first mortgage bridge loan for site acquisition).
- Denver, CO – $18.3 million first mortgage bridge loan for acquisition and renovation of 345-unit garden-style rental apartment complex.
- Sacramento, CA – $5.35 million first mortgage bridge loan to fund the acquisition from court-appointed receiver and the planned repositioning of 218-unit garden-style affordable rental housing complex.
- Santa Fe, NM – $4.0 million mezzanine loan for recapitalization of successful outlet mall.
- Jackson, MS – $4.05 million mezzanine loan for acquisition of an existing high-end boutique shopping center and construction of a new Whole Foods store at the property.
At Pembrook, Mr. Boesky leads a team of 12 professionals in managing the firm's investments. Since inception, Pembrook has originated or participated in 50 investments totaling in excess of $500 million, including properties with a total capitalization over $1.5 billion, and continues to invest in new senior mortgage, mezzanine, and preferred equity positions as well as tax-exempt multifamily housing bonds nationwide.
Meridian Apartments – San Jose, CA
Pembrook provided a $16.5 million preferred equity investment in conjunction with a $42 million senior loan for the construction of a $69.3 million, 218-unit luxury rental apartment project in San Jose, CA. Earlier this year, Pembrook provided the developer with a bridge loan of $8.37 million for land acquisition and site assembly. San Jose is the 10th largest U.S. city, and ranks as the largest and most influential high-tech center in the world according to a 2009 Milken Institute study. In addition, according to the Wall Street Journal in a September 2012 article, the City of San Jose has the highest median income of any major city in the U.S.
Villas at Parker Apartments (formerly Windsor Court Apartments) – Denver, CO
Pembrook provided an $18.3 million first mortgage loan for the acquisition and repositioning of a 345-unit garden-style apartment complex in Denver, CO that was 76% occupied at the time the loan closed. The sponsor will address deferred maintenance and overhaul the property, bringing vacant units back online, and restoring the appeal and value of this well-located property in Denver's thriving Southeast submarket. The sponsor is an experienced multifamily owner with a strong presence in the local sub-market.
Lotus Landing Apartments (formerly Azure Park) – Sacramento, CA
Pembrook provided a $5.35 million bridge loan to fund the acquisition and repositioning of the former Azure Park Apartments in Sacramento, CA (now renamed Lotus Landing Apartments). The property is a 220-unit, 100% affordable apartment community that is 84% occupied. The property previously suffered from excess leverage, leading to deferred maintenance, and, consequently, declining occupancy, which caused the property to ultimately be transferred to receivership. The new sponsor will implement a renovation program designed to address deferred maintenance, upgrade unit interiors and make cosmetic enhancements with a focus on improving tenant quality. The sponsor is an experienced owner of affordable housing with approximately 3,000 units on the West Coast. Pembrook's understanding of affordable housing financing structures enabled both a quick closing to preserve as many of the remaining low-income housing tax credits as possible and the sponsor to commence the planned renovation/turn-around as soon as possible.
Fashion Outlets of Santa Fe – Santa Fe, NM
Pembrook provided a $4.0 million mezzanine loan in conjunction with a new $11 million first mortgage for the recapitalization of a successful outlet center in Santa Fe, NM. Fashion Outlets of Santa Fe is currently 88% leased, primarily to national brand retailers including Polo and Nike. The Pembrook loan enables the borrower, a successful developer of outlet centers, to refinance the existing loan after negotiating a discounted payoff and ultimately complete its ongoing business plan to upgrade and reposition the property.
Highland Village – Jackson, MS
Pembrook provided a $4.05 million mezzanine loan in conjunction with a new $20.5 million first mortgage for the acquisition of a well-established boutique shopping center in Jackson, MS, and the subsequent construction of a 30,500-square-foot Whole Foods store at the site. Highland Village sits on 15 acres located directly off Interstate 55 offering the center high visibility. The center is 92% occupied by mostly local, specialty, high-end soft goods retailers and several high-end restaurants that appeal to the local population. The sponsor of the asset is one of the largest privately-owned retail development firms in the country.
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.
This press release was issued through eReleases® Press Release Distribution. For more information, visit http://www.ereleases.com.
SOURCE Pembrook Capital Management, LLC
As more intelligent IoT applications shift into gear, they’re merging into the ever-increasing traffic flow of the Internet. It won’t be long before we experience bottlenecks, as IoT traffic peaks during rush hours. Organizations that are unprepared will find themselves by the side of the road unable to cross back into the fast lane. As billions of new devices begin to communicate and exchange data – will your infrastructure be scalable enough to handle this new interconnected world?
Oct. 13, 2015 12:30 PM EDT
There will be 20 billion IoT devices connected to the Internet soon. What if we could control these devices with our voice, mind, or gestures? What if we could teach these devices how to talk to each other? What if these devices could learn how to interact with us (and each other) to make our lives better? What if Jarvis was real? How can I gain these super powers? In his session at 17th Cloud Expo, Chris Matthieu, co-founder and CTO of Octoblu, will show you!
Oct. 13, 2015 12:00 PM EDT Reads: 278
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo in Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal an...
Oct. 13, 2015 12:00 PM EDT Reads: 205
Developing software for the Internet of Things (IoT) comes with its own set of challenges. Security, privacy, and unified standards are a few key issues. In addition, each IoT product is comprised of at least three separate application components: the software embedded in the device, the backend big-data service, and the mobile application for the end user's controls. Each component is developed by a different team, using different technologies and practices, and deployed to a different stack/target - this makes the integration of these separate pipelines and the coordination of software upd...
Oct. 13, 2015 12:00 PM EDT Reads: 411
As a company adopts a DevOps approach to software development, what are key things that both the Dev and Ops side of the business must keep in mind to ensure effective continuous delivery? In his session at DevOps Summit, Mark Hydar, Head of DevOps, Ericsson TV Platforms, will share best practices and provide helpful tips for Ops teams to adopt an open line of communication with the development side of the house to ensure success between the two sides.
Oct. 13, 2015 12:00 PM EDT Reads: 692
The IoT is upon us, but today’s databases, built on 30-year-old math, require multiple platforms to create a single solution. Data demands of the IoT require Big Data systems that can handle ingest, transactions and analytics concurrently adapting to varied situations as they occur, with speed at scale. In his session at @ThingsExpo, Chad Jones, chief strategy officer at Deep Information Sciences, will look differently at IoT data so enterprises can fully leverage their IoT potential. He’ll share tips on how to speed up business initiatives, harness Big Data and remain one step ahead by apply...
Oct. 13, 2015 12:00 PM EDT Reads: 745
Today air travel is a minefield of delays, hassles and customer disappointment. Airlines struggle to revitalize the experience. GE and M2Mi will demonstrate practical examples of how IoT solutions are helping airlines bring back personalization, reduce trip time and improve reliability. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Dr. Sarah Cooper, M2Mi's VP Business Development and Engineering, will explore the IoT cloud-based platform technologies driving this change including privacy controls, data transparency and integration of real time context w...
Oct. 13, 2015 11:00 AM EDT Reads: 303
The Internet of Everything is re-shaping technology trends–moving away from “request/response” architecture to an “always-on” Streaming Web where data is in constant motion and secure, reliable communication is an absolute necessity. As more and more THINGS go online, the challenges that developers will need to address will only increase exponentially. In his session at @ThingsExpo, Todd Greene, Founder & CEO of PubNub, will explore the current state of IoT connectivity and review key trends and technology requirements that will drive the Internet of Things from hype to reality.
Oct. 13, 2015 11:00 AM EDT Reads: 317
SYS-CON Events announced today that Sandy Carter, IBM General Manager Cloud Ecosystem and Developers, and a Social Business Evangelist, will keynote at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA.
Oct. 13, 2015 10:00 AM EDT Reads: 248
SYS-CON Events announced today that Super Micro Computer, Inc., a global leader in high-performance, high-efficiency server, storage technology and green computing, will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Supermicro (NASDAQ: SMCI), the leading innovator in high-performance, high-efficiency server technology is a premier provider of advanced server Building Block Solutions® for Data Center, Cloud Computing, Enterprise IT, Hadoop/Big Data, HPC and Embedded Systems worldwide. Supermi...
Oct. 13, 2015 09:30 AM EDT Reads: 203
"Matrix is an ambitious open standard and implementation that's set up to break down the fragmentation problems that exist in IP messaging and VoIP communication," explained John Woolf, Technical Evangelist at Matrix, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Oct. 13, 2015 07:00 AM EDT Reads: 6,011
Nowadays, a large number of sensors and devices are connected to the network. Leading-edge IoT technologies integrate various types of sensor data to create a new value for several business decision scenarios. The transparent cloud is a model of a new IoT emergence service platform. Many service providers store and access various types of sensor data in order to create and find out new business values by integrating such data.
Oct. 13, 2015 04:00 AM EDT Reads: 682
Too often with compelling new technologies market participants become overly enamored with that attractiveness of the technology and neglect underlying business drivers. This tendency, what some call the “newest shiny object syndrome,” is understandable given that virtually all of us are heavily engaged in technology. But it is also mistaken. Without concrete business cases driving its deployment, IoT, like many other technologies before it, will fade into obscurity.
Oct. 13, 2015 03:00 AM EDT Reads: 258
There are so many tools and techniques for data analytics that even for a data scientist the choices, possible systems, and even the types of data can be daunting. In his session at @ThingsExpo, Chris Harrold, Global CTO for Big Data Solutions for EMC Corporation, will show how to perform a simple, but meaningful analysis of social sentiment data using freely available tools that take only minutes to download and install. Participants will get the download information, scripts, and complete end-to-end walkthrough of the analysis from start to finish. Participants will also be given the pract...
Oct. 13, 2015 03:00 AM EDT Reads: 407
WebRTC services have already permeated corporate communications in the form of videoconferencing solutions. However, WebRTC has the potential of going beyond and catalyzing a new class of services providing more than calls with capabilities such as mass-scale real-time media broadcasting, enriched and augmented video, person-to-machine and machine-to-machine communications. In his session at @ThingsExpo, Luis Lopez, CEO of Kurento, will introduce the technologies required for implementing these ideas and some early experiments performed in the Kurento open source software community in areas ...
Oct. 13, 2015 12:45 AM EDT Reads: 852
Electric power utilities face relentless pressure on their financial performance, and reducing distribution grid losses is one of the last untapped opportunities to meet their business goals. Combining IoT-enabled sensors and cloud-based data analytics, utilities now are able to find, quantify and reduce losses faster – and with a smaller IT footprint. Solutions exist using Internet-enabled sensors deployed temporarily at strategic locations within the distribution grid to measure actual line loads.
Oct. 13, 2015 12:00 AM EDT Reads: 273
“In the past year we've seen a lot of stabilization of WebRTC. You can now use it in production with a far greater degree of certainty. A lot of the real developments in the past year have been in things like the data channel, which will enable a whole new type of application," explained Peter Dunkley, Technical Director at Acision, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Oct. 12, 2015 11:15 PM EDT Reads: 7,128
Today’s connected world is moving from devices towards things, what this means is that by using increasingly low cost sensors embedded in devices we can create many new use cases. These span across use cases in cities, vehicles, home, offices, factories, retail environments, worksites, health, logistics, and health. These use cases rely on ubiquitous connectivity and generate massive amounts of data at scale. These technologies enable new business opportunities, ways to optimize and automate, along with new ways to engage with users.
Oct. 12, 2015 06:00 PM EDT Reads: 262
Through WebRTC, audio and video communications are being embedded more easily than ever into applications, helping carriers, enterprises and independent software vendors deliver greater functionality to their end users. With today’s business world increasingly focused on outcomes, users’ growing calls for ease of use, and businesses craving smarter, tighter integration, what’s the next step in delivering a richer, more immersive experience? That richer, more fully integrated experience comes about through a Communications Platform as a Service which allows for messaging, screen sharing, video...
Oct. 12, 2015 05:30 PM EDT Reads: 1,227
WebRTC converts the entire network into a ubiquitous communications cloud thereby connecting anytime, anywhere through any point. In his session at WebRTC Summit,, Mark Castleman, EIR at Bell Labs and Head of Future X Labs, will discuss how the transformational nature of communications is achieved through the democratizing force of WebRTC. WebRTC is doing for voice what HTML did for web content.
Oct. 12, 2015 03:00 PM EDT Reads: 1,489