PEMBROOK COMPLETES COMMUNITY IMPACT ASSESSMENT, AFFIRMS COMMITMENT TO AFFORDABLE M/F INVESTMENTS

$700m of Affordable/Workforce Multifamily Investment Over 14 Years in Business, $64m Completed in Past Year During COVID-19 Pandemic

July 6, 2021 – New York – In its recently completed internal community impact assessment, Pembrook Capital Management LLC (“Pembrook”), a real estate investment management company focused on affordable housing investments, confirmed significant impact from investing approximately $700 million into affordable/workforce multifamily rental housing, equating to over 12,000 units housing an estimated 31,000 tenants, 70% of which were located in predominantly minority neighborhoods. The assessment was conducted to identify past successful efforts and identify areas for further improvement.

Based on these results and the firm’s ability to make such investments on a competitive, non-concessionary basis over the past 14 years, Pembrook is renewing its commitment to the sector with an eye toward increasing its investment impact even further in the future. Stuart Boesky, CEO of Pembrook, made the announcement.

“Pembrook has always allocated a majority of its capital to what we believe to be socially responsible, community related investments, and we also believe it is important to self-assess and reflect upon the actual impact we are making,” Mr. Boesky said. “We believe that our investments in development, rehabilitation, and preservation of affordable housing have made a difference for more than 30,000 low to middle income tenants around the country. Measuring impact with precision is difficult, but it’s important for individual companies and the industry as a whole to make the effort. Among other things, self-evaluation tells us what we’re doing right and how we can do more.”

Pembrook gives credit to its institutional supporters for recognizing that affordable housing can be a safe and sound investment that may earn attractive risk adjusted returns, and at the same time positively impact the communities in which they do business. As noted by Neal Landerer, Director at Sterling National Bank, Pembrook is a valued customer of our bank and they have given us the unique opportunity to help them grow and at the same time directly benefit the communities in which we maintain branches.”

The following are among the civic-minded companies that collaborate with Pembrook to make a difference:[1]

· BofA Securities

· Banc of California

· BMO Harris Bank

· Charles Schwab Bank

· CIBC

· Citi

· Fifth Third Bank

· Luther Burbank Savings

· Mariner

· Pacific Premier Bank

· Pacific Western Bank

· PNC

· Sterling National Bank