Pembrook Capital Management has secured a $35 million loan to refinance and recapitalize a new retail and office construction project in the Garment District, according to GlobeSt.com.
The site is located at 257-263 W. 34th St., between Seventh and Eighth avenues, just north of Penn Station.
Pembrook Capital did not disclose the borrower’s name but the Commercial Observer reported that the private equity fund lent $35 million to Churchill Real Estate Holdings for the retail construction project.
Pembrook announced that the loan will allow the developer to begin construction on the project. Upon completion, a new six-floor 40,542 sq.-ft. building is expected to include 15,328 sq.-ft. of ground floor and cellar retail space, plus 25,125 sq.-ft. of office space spanning the second through sixth floors.
