Pembrook Capital Management LLC, one of the nation’s leading lenders for affordable housing, has provided $19.4 million in first mortgage financing to support the acquisition and renovation of The Ballpark Place Apartments located at 229 16th St. In San Diego. This loan will enable the sponsor to perform interior and exterior renovations on this four-story property with 100 units, as well as add an accessible dwelling unit. Approximately 70% of these units are intended for tenants making less than 80% of Area Median Income (AMI), with rents that are lower than 30% of 80% AMI being offered on them.
Stuart Boesky, CEO at Pembrook commented: “There is a critical need for affordable housing across America – especially in San Diego which stands among the least affordable areas nationwide – so we’re delighted to be able contribute towards increasing quality standards within this high-demand community.”
