Pembrook Provides $5.75 MM Preferred Equity Financing for 1025 Old Country Road Office Property in Westbury, NY

NEW YORK, Oct. 22, 2019 /PRNewswire/ -- Pembrook Capital Management LLC ("Pembrook") announced the closing of a $5.75 million preferred equity investment to recapitalize 1025 Old Country Road, a 200,000-square-foot office building and colocation/data center facility in Westbury, New York. 

The preferred equity investment complements a first mortgage loan that the borrower has secured from a local commercial bank. The borrower intends to make an additional equity investment in the building and use the entire new financing package to refinance the current mortgage loan and buy out the majority partner as well as embark on a major infrastructure, capital improvement and expansion program at the property.

"We're pleased to have designed a customized preferred equity financing solution that supports the sponsor's vision for this asset," said Stuart J. Boesky, CEO of Pembrook.  "Demand at 1025 Old Country Road has grown because of its direct connectivity to numerous transatlantic fiber optic cables.  As a result, it's considered one of the most connected properties on Long Island with nearly a dozen cable network carriers and service providers already in the building."

1025 Old Country Road is a multifaceted property offering commercial office space and a colocation/data center with a multi-million-dollar investment in critical telecommunication infrastructure such as 24/7 redundant AC and DC power, backup generators, enhanced security and HVAC systems.  This infrastructure makes 1025 one of the most connected buildings in the entire Long Island market for network telecommunication companies to "co-locate" and connect to the rest of the world.   

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