Pembrook Provides $32,750,000 Financing for Park Mansion, Luxury Condo Redevelopment of Upper East Side Historic Property

Experienced sponsor selling six full-floor units in carefully restored Beaux-Arts building constructed in 1900

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May 17, 2018, 08:30 ET

NEW YORK, May 17, 2018 /PRNewswire/ -- Pembrook Capital Management LLC ("Pembrook") announced the closing of a $32,750,000 first mortgage loan to finance a condominium project developed within a carefully restored Beaux Arts mansion in the Upper East Side neighborhood of Manhattan. Park Mansion, located at 320 East 82nd Street, offers six full-floor luxury units with abundant outdoor space, currently available for sale.

"We believe the sponsor has created a very special living experience within an irreplaceable historic building envelope," said Stuart J. Boesky, CEO of Pembrook. "We're pleased to support the business plan for the asset by providing the necessary financing."

Park Mansion is well-located in New York City's Upper East Side on a tree-lined block between Central Park and Carl Shurz Park. Park Mansion offers full-floor, contemporary homes in a carefully restored Pre-War European mansion house. Designed in 1900 by a Beaux-Arts architecture firm, this neighborhood landmark is reminiscent of a grand Dutch Canal House with a stepped gable, arched windows and red-brown brickwork offset by white stucco ornaments. Following a complete renovation, the building now contains 6 full-floor units. The units range from 2,243 to 4,447 square feet, with 3-4 bedrooms, and each comes with generous outdoor space of up to 1,283 square feet. In addition to a doorman, the building offers amenities and services such as a private gym, bike storage facility, individually locked storage rooms, and a key-locked elevator. Park Mansion provides immediate access to the finest schools, extraordinary shopping and culinary destinations, top flight fitness facilities, and public transit options including the new Second Avenue subway line, the 4, 5 and 6 subway lines, and the FDR Drive.

Pembrook is a real estate investment manager that provides financing throughout the capital structure. The firm has originated or participated in investments totaling over $1 billion since it began investing in 2007.

About Pembrook Capital Management, LLC
Founded in 2006 by Stuart J. Boesky, Pembrook Capital Management invests in a variety of commercial real estate with a core emphasis on impact investing and affordable housing across the country. This firm's strategy involves commercial real estate debt, including first mortgages, mezzanine, bridge loans, note financings, and preferred equity. http://www.pembrookgroup.com/

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SOURCE Pembrook Capital Management