Waterton Closes $1 5 Billion Multifamily Value-Add Investment Fund prnewswire.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from prnewswire.com Daily Mail and Mail on Sunday newspapers.
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CHULA VISTA, Calif., Jan. 19, 2021 /PRNewswire/ Pembrook Capital Management LLC ( Pembrook ) is providing a $11.7 million mezzanine loan to finance the development of Bonita Glen, a 170-unit, 5.3-acre middle market and affordable housing multifamily community located at 245 Bonita Glen Drive in Chula Vista, CA.
The borrower in this transaction is GenProp LLC, a full-service real estate development firm. Pembrook s mezzanine loan accompanies an additional first mortgage loan GenProp has also secured from Bank of the Ozarks. The Bonita Glen development will bring critically-needed affordably priced housing to the San Diego metropolitan area, says Chris Simon, Head of West Coast Originations for Pembrook. We re pleased to provide this quality sponsor with the funding needed to complete this exceptional multifamily project.
Mack Real Estate Group Launches NEXT Property Management
Mack Real Estate Group Launches NEXT Property Management Mack Real Estate Group (MREG) announced the launch of NEXT Property Management, a new third-party property management service offering focused on providing the highest quality management services to owners of multifamily and office properties nationwide. NEXT is part of the Mack Property Management L.P. business unit (MPM), which provides property management services for MREGs growing portfolio of real estate investments. With the launch of NEXT Property Management, we mark the latest step in the larger process of rebranding, reorganizing, and expanding property management services within the context of the overall MREG platform, said Richard Mack, CEO of MREG. We believe that our extensive experience with property ownership will be valuable to other owners who choose NEXT for management services, and we look forward to expanding the NEXT portfolio in the coming yea
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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.
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NEW YORK, Dec. 17, 2020 /PRNewswire/ A joint venture between
MC Real Estate Partners (MCRE) and an international family office has acquired 1000 F Street in Washington D.C. s East End submarket from Douglas Development in a transaction valued at approximately $106 million. The deal marks the second D.C. area acquisition for the recently formed MCRE, whose founders Andy Nathan and Steve Grant have been active in the Washington market for the past 25 years.
1000 F Street Washington D.C.
The fully leased 95,000 square-foot property was completed in 2017, seamlessly incorporating a new, glass-lined, state-of-the-art office building into a two-story historic structure.