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TAMPA, Fla., Dec. 17, 2020 /PRNewswire/ -- Pembrook Capital Management LLC ("Pembrook") is providing a $14.259 million preferred equity investment to finance the construction of a 360-unit, Class-A multifamily property located in Tampa, Florida.
The sponsor in this transaction is 2nd Wave Development and the investment company will serve as owner and operator of the complex which will be known as The Asbury Apartments. Doug Wilberding with Pembrook originated the loan.
Upon completion, The Asbury Apartments property will include 27-buildings with 366,656 square feet of rentable area. The 34-acre site will include 14 residential buildings, 10 garages, two clubhouses, one maintenance building, and 655 total parking spaces. The 360 units at the property will be comprised of 176 one-bedroom/one bath units, along with 148 two-bedroom/two bathroom, 12 three-bedroom/two bathroom, and 24 three bedroom/two & a half bathroom units.