Pembrook Appoints Advisors for Affordable Housing Loan Activities, Expanding Efforts to Address Economic and Racial Inequalities



NEW YORK, July 27, 2021 / PRNewswire / – Pembrook Capital Management LLC (“Pembrook”), a leading national lender focused on investments in affordable rental housing, has appointed two senior advisers to expand the company’s efforts to address racial and economic inequality through its affordable housing lending activity. Stuart boesky, CEO of Pembrook, made the announcement.

David Baker Lewis, an eminent Detroitbased lawyer with over four decades of experience in community development, co-founded and built one of the nation’s leading municipal finance firms at Lewis & Munday, which is the first listed minority-owned law firm in the buyer’s municipal bond broker directory (the “Red Book”). Mr. Lewis has served on the boards of many leading companies and nonprofits including H&R Block, The Kroger Company, STERIS Corporation, Comerica Bank, Conrail, LG&E Energy Corp , TRW, Inc, Oakland University, and the Skillman Foundation. With over four decades of experience in municipal finance, he is widely respected as an expert in municipal bonds. Mr. Lewis received his JD from the University of Michigan Faculty of Law; MBA from University of Chicago Booth School of Business; and BA from Oakland University, his college alma mater where he was a member and chairman of its board of directors.

Ghébre Selassie (Gabe) Mehreteab advises public and private not-for-profit and for-profit companies in their efforts to create and execute affordable and sustainable housing initiatives that meet the critical needs of communities nationwide. He has testified numerous times before Congress on the topic of affordable housing and has appeared before state agencies and local authorities. His work has been covered in The New York Times, The Wall Street Journal and many local periodicals and media. Mr. Mehreteab began his career at the Ford Foundation in 1981 and was responsible for community and economic revitalization programs in major urban areas. He then co-founded the NHP Foundation and developed it into a leading national non-profit owner of multi-family housing for low and moderate income families in the United States. The NHP Foundation is a 501 (c) (3) company that has invested nearly $ 3 billion in the preservation of affordable housing. Mr. Mehreteab received his BA in 1972 and a Doctor of Humane Letters (honoris causa) in 2007 from Haverford College in Haverford, PA.

“Since our founding in 2006, Pembrook has been active in financing affordable housing, and we have always been aware of the economic and racial inequalities affecting both the owners and end users of the buildings we finance, as well as the neighborhoods. where they are, ”said Mr. Boesky. “By adding two senior advisors to the Pembrook team, we formalize and strengthen our focus on social issues and welcome the contributions of our advisors to improving Pembrook’s investment practices. Among other things, we believe their nationwide experience and relationships will aid our efforts to target minority developers and owners with Pembrook loan programs. “

Tapping into a new well of experience is a new phase in a larger Pembrook effort to continuously assess and improve its social impact while maintaining competitive market performance. The company recently completed an internal Community Impact Assessment aimed at assessing the activities of the company since its inception to identify past successes and potential areas for improvement. In doing so, Pembrook confirmed at the end of 2020 the significant impact of the investment of approximately $ 700 million, as part of a total capitalization of $ 1.8 billion Value of transactions in affordable / labor-intensive multi-family rental housing, equivalent to 12,000 units with approximately 31,000 tenants, of which 70% were located in majority minority neighborhoods. Based on these results and the company’s ability to make such investments on a competitive, non-concessional basis over the past 14 years, Pembrook renews its commitment to the industry to further increase the impact. of its investments in the future. Access to the wealth of experience and perspectives provided by MM. Mehreteab and Lewis aims to increase the efficiency of the effort.

Pembrook is a real estate investment manager who provides financing throughout the capital structure. The company has initiated or participated in investments totaling more than $ 1.5 billion, in operations with a total capitalization of $ 4.2 billion, since she started investing in 2007.

About Pembrook Capital Management, LLC
Founded in 2006 by Stuart J. Boesky, Pembrook Capital Management invests in a variety of commercial real estate with a focus on impact investing and affordable housing across the country. The strategy of this company involves commercial real estate debt, including first mortgages, mezzanine loans, bridge loans, note financings and preferred stocks. Please visit http://www.pembrookgroup.com/.

Media contact
Great Ink Communications, (212) 741-2977
Eric Waters or Tom Nolan, [email protected]

SOURCE Pembrook Capital Management

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http://www.pembrookgroup.com/


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