Pembrook Capital Management Provides $19.4M Loan For Ballpark Place Apartments Acquisition

The Ballpark Place Apartments in San Diego, a 100-unit multifamily property, has secured a $19.4 million acquisition loan from Pembrook Capital Management LLC. This financing will support the acquisition and renovation of the property. The Ballpark Place Apartments are targeted towards tenants earning less than 80% of the Area Median Income (AMI), with approximately 70% of units leased at rents below 30% of 80% of the AMI. This project aims to provide affordable housing in San Diego, addressing the critical need for improved housing quality in the high-demand community.

Summary of transation details

• Property Type: Multifamily
• Transaction Amount: $19,400,000
• Units: 100
• Lender: Pembrook Capital Management LLC - Stuart Boesky
• Loan Type: Acquisition Loan

Stuart Boesky, CEO of Pembrook Capital Management, expressed satisfaction in supporting the renovation and acquisition of The Ballpark Place Apartments. Boesky emphasized the critical need for affordable housing in San Diego, particularly in one of the least affordable areas in the US. This loan will contribute to improving housing quality and providing housing options for tenants with income constraints in the San Diego community.