Pembrook finances acquisition and renovation of San Diego affordable housing property

Pembrook Capital Management provided $19.4 million in first mortgage financing for the acquisition and renovation of The Ballpark Place Apartments located at 229 16th St. in San Diego.

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.  The property is targeted to tenants making less than 80 percent of the Area Median Income (AMI), and approximately 70 percent of the units will be leased at rents that are less than 30 percent of 80 percent 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 Choice Communities initiative.

“There is a critical need for affordable housing across the nation, and this is especially acute in San Diego, which stands am