{"id":17912,"date":"2018-02-03T06:35:52","date_gmt":"2018-02-03T11:35:52","guid":{"rendered":"https:\/\/multi.nycnewsnetwork.com\/brooklynbuzz\/affordable-rental-housing-in-greenpoint-brooklyn-gets-capital-from-pembrook\/"},"modified":"2018-02-03T06:35:52","modified_gmt":"2018-02-03T11:35:52","slug":"affordable-rental-housing-in-greenpoint-brooklyn-gets-capital-from-pembrook","status":"publish","type":"post","link":"https:\/\/nycnewsnetwork.com\/brooklynbuzz\/affordable-rental-housing-in-greenpoint-brooklyn-gets-capital-from-pembrook\/","title":{"rendered":"Affordable Rental Housing in Greenpoint Brooklyn Gets Capital From Pembrook"},"content":{"rendered":"

Pembrook Capital Management LLC (“Pembrook”) announced the closing of a\u00a0$2.256 million<\/span>\u00a0second mortgage loan to finalize construction of a 21,341 square-foot mixed-use property located at 144-146 West Street in Greenpoint,\u00a0Brooklyn.<\/span><\/p>\n

Pembrook previously closed a\u00a0$6.2 million<\/span>\u00a0first mortgage loan for the project in March of 2017. The sponsor, a repeat Pembrook borrower comprised of multiple developers with a strong track record of developing similar property types in the area, began construction on a six-story apartment building on an infill site. \u00a0However, when the\u00a0City of New York<\/span>\u00a0later announced its new Affordable New York tax abatement program, the borrower temporarily halted construction and applied for an abatement in exchange for the construction of four additional inclusionary housing units. This additional\u00a0$2.256 million<\/span>\u00a0loan Pembrook is providing will fund the construction of these additional apartments. The new loan will fund the construction of four additional workforce housing apartments at the property targeting individuals or household up to 80% AMI, while agreeing to restrict three additional units to 130% AMI.<\/p>\n

“We are pleased to provide the additional funding the sponsor needed to complete this exciting project and we expect great interest in this property given its location and amenities, upon completion,” said\u00a0Stuart J. Boesky<\/span>, CEO of Pembrook.\u00a0 “Supporting market-rate housing remains an important issue for Pembrook, so it’s gratifying to know that this project will provide local Greenpoint residents with access to new, high-quality affordable apartment units in addition to new retail options when it’s introduced to the market.”<\/p>\n

The sponsor plans to now resume construction on the project and a completion date has been scheduled for 2018. The project will be built to LEED green building standards, and the developers have included plans for a public art installation on the exterior of the building, to be designed by a local artist. There will be 9 parking spaces and bike storage. The construction site is located at the corner of West Street and India Streets, strategically near the G subway line.<\/p>\n

The property is well-located with a water taxi to\u00a0Manhattan<\/span>\u00a0just a block away, along with a new greenway that will stretch along the waterfront to the Brooklyn Bridge Park.\u00a0 Retail and entertainment options have blossomed in this neighborhood, and there is a strong local artisan community.<\/p>\n

The Greenpoint neighborhood has also undergone a rezoning which has boosted the development landscape, adding new projects ranging from small-lot construction to gleaming skyscrapers. Its robust residential development has also created opportunities for tenants priced of out nearby Williamsburg, and positions the population in this busy submarket to surge.<\/p>\n

Pembrook is a real estate investment manager that provides financing throughout the capital structure.\u00a0 The firm has originated or participated in investments totaling over\u00a0$1 billion<\/span>\u00a0since it began investing in 2007.<\/p>\n

About Pembrook Capital Management, LLC
\n<\/u><\/b>Founded in 2006 by\u00a0Stuart J. Boesky<\/span>, Pembrook Capital Management invests in a variety of commercial real estate with a core emphasis on impact investing and affordable housing across the country. This firm’s strategy involves commercial real estate debt, including first mortgages, mezzanine, bridge loans, note financings, and preferred equity.\u00a0\u00a0http:\/\/www.pembrookgroup.com\/<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Pembrook Capital Management LLC (“Pembrook”) announced the closing of a\u00a0$2.256 million\u00a0second mortgage loan to finalize construction of a 21,341 square-foot mixed-use property located at 144-146 West Street in Greenpoint,\u00a0Brooklyn. Pembrook previously closed a\u00a0$6.2 million\u00a0first mortgage loan for the project in March of 2017. The sponsor, a repeat Pembrook borrower comprised of multiple developers with a […]<\/p>\n","protected":false},"author":5893,"featured_media":17913,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[2717,47],"tags":[],"class_list":["post-17912","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bk-news","category-real-estate"],"yoast_head":"\nAffordable Rental Housing in Greenpoint Brooklyn Gets Capital From Pembrook - Brooklyn News and Events<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nycnewsnetwork.com\/brooklynbuzz\/affordable-rental-housing-in-greenpoint-brooklyn-gets-capital-from-pembrook\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Affordable Rental Housing in Greenpoint Brooklyn Gets Capital From Pembrook\" \/>\n<meta property=\"og:description\" content=\"Pembrook Capital Management LLC (“Pembrook”) announced the closing of a\u00a0$2.256 million\u00a0second mortgage loan to finalize construction of a 21,341 square-foot mixed-use property located at 144-146 West Street in Greenpoint,\u00a0Brooklyn. 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