Skip to content
Homepage
  • Market
    • Illinois
    • Illinois
    • Indiana
    • Iowa
    • Kansas
    • Kentucky
    • Michigan
    • Midwest
    • Minnesota
    • Missouri
    • N Dakota
    • National
    • Nebraska
    • Ohio
    • S Dakota
    • Tennessee
    • Texas
    • Wisconsin
  • Events
  • Sector
    • CRE
    • Education
    • Finance
    • Healthcare
    • Hospitality
    • Industrial
    • Legal
    • Multifamily
    • Net Lease
    • Office
    • Retail
    • section
    • Seniors Housing
    • Student Housing
  • Real Estate Awards
  • Subscribe
  • Publications
IllinoisMultifamily

Pembrook Provides $29 million in financing to acquire and renovate Chicago affordable housing portfolio

December 15, 2021
Share on Facebook Share on Twitter Share on LinkedIn Share via email

Pembrook Capital Management LLC (“Pembrook”), one of the nation’s leading bridge lenders for affordable housing, announced a $22,425,000 first mortgage loan and a $6,592,000 preferred equity investment to finance the acquisition and renovation of a 311-unit affordable housing portfolio in Chicago, IL.

Known as the Cano 2 Portfolio, this naturally occurring affordable housing (“NOAH”) property portfolio consists of 20 three and four-story walk-up apartment buildings with 302 residential apartments and nine commercial units. The funding Pembrook is providing will allow the sponsor, Icarus Investments Group, to purchase the portfolio and renovate and upgrade each of the units.

This portfolio is entirely located on Chicago’s South Side and is close to Marquette Park and Chicago’s Midway Airport and is the second acquisition and value-add portfolio financing that Pembrook and Icarus have done together. 

“The financing we have provided will allow for the improvement and preservation of this vitally needed naturally occurring affordable/workforce housing portfolio on the City’s South Side,” notes Stuart Boesky, CEO of Pembrook. “Pembrook is committed to addressing the shortage of affordable living options in communities throughout the United States. We’re pleased to announce this latest transaction, which continues our relationship with this sponsor who specializes in owning and preserving affordable housing throughout Chicago.”

Terry Baydala, Managing Director, Originations, for Pembrook adds, “Our confidence in the sponsor’s ability to improve and preserve this important affordable portfolio allowed us to put together a highly structured financing designed to improve the properties while still maintaining tenants that are at 80% or less of area median income with annual rent payments no more than 30% of such amount.”

Tags
Pembrook Capital Management
" "

Subscribe

Subscribe to our email list to read all news first.

Subscribe
Related Articles
TexasIndustrial

Partners Real Estate arranges sale of 37,500-square-foot industrial building in Laredo

June 4, 2023
TexasIndustrial

Partners Real Estate arranges sale fabrication and distribution property in La Marque

June 4, 2023
IllinoisOffice

Colliers arranges sale of 80,978-square-foot office building in Elgin

June 4, 2023
IllinoisIndustrial

Lee & Associates of Illinois closes new 150,209-square-foot industrial lease in North DuPage submarket

June 4, 2023

Subscribe

Subscribe to our email list to read all news first.

Subscribe
REJournals logo

Market

  • Illinois
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Michigan
  • Midwest
  • Minnesota
  • Missouri
  • N Dakota
  • National
  • Nebraska
  • Ohio
  • S Dakota
  • Tennessee
  • Texas
  • Wisconsin

Sector

  • CRE
  • Education
  • Finance
  • Healthcare
  • Hospitality
  • Industrial
  • Legal
  • Multifamily
  • Net Lease
  • Office
  • Retail
  • section
  • Seniors Housing
  • Student Housing

Subscribe

Subscribe to our email list to read all news first.

Subscribe
  • Contact Us
  • Events
  • Office Locations
  • Advertise
© 2023 REjournals.com