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. Targeted towards tenants making less than 80% of Area Median Income (AMI), approximately 70% of these units will be leased at rents that are lower than 30% of 80% AMI.
Stuart Boesky, CEO Pembrook commented: “There is a critical need for affordable housing across our nation; this is especially true in San Diego which stands among some least affordable areas in America today – we are delighted to contribute towards increasing quality standards within its high-demand communities.”
