Pembrook Provides $47M Recapitalization Loan for NYC Condos

The condominiums have been completed and 26 of 54 units sold. The loan was closed within three weeks from the date the owners signed the loan application.

July 26, 2010
By Allison Landa, News Editor

Commercial real estate investment management firm Pembrook Capital Management has provided a $47.1 million, 24-month fixed-rate loan to recapitalize 100 11th Street in Manhattan’s Chelsea neighborhood.

The condominiums have been completed and 26 of 54 units sold. The loan was closed within three weeks from the date the owners signed the loan application.

100 11th Street is a 23-story tower designed by French architect Jean Nouvel. It sits at the intersection of 19th Street and the West Side Highway along the Hudson River.

“We are very pleased to be able to play a pivotal role in the ongoing success of such a beautiful addition to the Manhattan skyline,” Pembrook founder and CEO Stuart Boesky said when announcing the news. He added that the transaction was originated by Los Angeles-based employee Jonathan Schurgin, who worked with Meridian Capital to make the deal happen.

Pembrook provides capital to developers and owners of real estate on a national basis through the acquisition and/or origination of real estate debt and equity. The firm also participates in the distressed debt markets.