Pembrook Capital Management LLC (“Pembrook”), one of the nation’s leading lenders
for affordable housing, is providing $19.4 million in first mortgage financing for the acquisition and renovation of The Ballpark Place Apartments located at 229 16th Street, San Diego, CA.
San Diego is the seventh least affordable region for renting compared to an average income, according to Zillow. Pembrook’s financing will allow the sponsor to perform interior and exterior renovations to the 100-unit, four-story property as well as add an accessible dwelling unit (“ADU”). The property is targeted to tenants making less than 80% of the Area Median Income (“AMI”) and approximately 70% of the units will be leased at rents that are less than 30% of 80% of the AMI. Additionally, the sponsor plans on leasing a majority of the units to section 8 tenants under The San Diego Housing Commission’s
(SDHC) Choice Communities initiative.
“There is a critical need for affordable housing across the nation, and this is especially acute in San Diego, which stands among the least affordable areas in the country,” said Stuart Boesky, CEO of Pembrook. “We are pleased to support an increase in the quality of affordable housing for this high-demand community.”
The Ballpark Apartments offers secured entry, a fitness center, laundry facility, elevator and viewing decks. The building also provides convenient access to the Trolley, Amtrak, Coaster, San Diego International Airport and the convergence of three major highways–Interstate 5, Highway 163 and Highway 94.
