Pembrook Capital Management Originates $19.9M Loan

Posted by Orb Staff on October 19, 2010 No Comments
Categories : Commercial Mortgage

Pembrook Capital Management LLC, a commercial real estate investment management company, reports that, together with a Wall Street firm, it has provided pari passu first-mortgage financing for 6904 Hollywood Blvd., a property on the Walk of Fame in the heart of Hollywood, Calif.

The loan was for a total amount of $19.9 million and has a 10-year term and a 5.85% fixed rate. The first mortgage represents an approximate 69% loan-to-value ratio.

The sponsor, CIM Group, a Los Angeles-based real estate investment firm, purchased the property in 2007 and has a total cost basis of approximately $30 million, including a $17 million renovation that was completed in July 2009.

SOURCE: Pembrook Capital Management LLC

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