Pembrook Capital Management LLC is providing a $17.7 million loan for the acquisition and renovation of a value-add multifamily portfolio made up of six buildings and 275 units in Shaker Heights, Ohio.
The borrower is Significan Lifestyle Communities, an Ohio-based multifamily management group, and the properties in the affordable housing portfolio include the following:
• Colton House, a 45-unit apartment community located at 20825 Chagrin Blvd. in Shaker Heights
• Golfview, a 56-unit apartment community located at 3363 Warrensville Center in Shaker Heights
• Fairway-Marchmont Terrace, an 87-unit apartment community located at 3310 Warrensville Center Road in Shaker Heights
• Aristocrat, a 59-unit apartment community located at 3310 Warrensville Center Road in Shaker Heights
• Moreland Manor, a 28-unit apartment community located at 15715-15725 Van Aken Blvd. in Shaker Heights
Shaker Heights is a growing Cleveland submarket and the assets in this portfolio will cater to a variety of residents, particularly workers in the healthcare sector as the Shaker Medical center and University hospitals are within walking distance to the properties.
The region’s Health Quarter continues to build up in Cleveland drawing doctors from around the world. The region has recently received a significant boost via the introduction of The Van Aken District, a new 146,000-square-foot mixed-use lifestyle complex.