Blue Rock Partners has secured $20.5 million in financing for the acquisition and renovation of the Silver Oaks Apartments in Orlando. The 320-unit community is secured against a $17 million first mortgage bridge loan and a $3.5 million preferred equity investment. Located at 3024 N. Powers Drive, the property consists of 215 two-bedroom units and 105 one-bedroom units, amounting to a total of 306,298 rentable sqf. Over the course of the next two years, 115 of the units will undergo interior renovations. Pembrook Capital Management arranged the financing on behalf Blue Rock.
“Pembrook was able to provide two layers of financing to help the sponsor acquire this property and undertake improvements to add value. Having discretionary capital allows us to structure complex financing solutions in the current lending environment in which other lenders are not in a position to provide flexibility or sufficient proceeds to support a business plan of this nature, which in part, includes providing quality affordable housing to families,” said Stuart Boesky, CEO of Pembrook.
