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Summerhill Square Retail Center Refinanced for $6.5M

NEW JERSEY—Pembrook Capital Management LLC originated a $6.5M mezzanine loan to Pagano Real Estate Inc. for the refinancing of Summerhill Square, a 125,854-sq.-ft. retail center located on Route 18 in East Brunswick. The Pembrook financing is subordinated to a $26.5M first mortgage loan.

Developed in two phases between 2008 and 2012, the Summerhill Square retail center is currently 96.4 percent occupied with such retailers as Toys-R-Us, Pier 1 Imports, ULTA Cosmetics and more.

Pembrook Capital Management LLC invests in and originates commercial real estate debt to finance all parts of a capital structure including first mortgages, mezzanine, bridge loans, note financings, as well as preferred equity across the U.S.

In addition to its work with Pagano Real Estate Inc., Pembrook also recently originated a $7M first mortgage bridge loan to Fortis Property Group LLC for the recapitalization of a land development site in Brooklyn, N.Y.

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