About Us

Pembrook is a commercial real estate investment manager focused on debt strategies on behalf of institutional investors, commercial banks, family offices, high net worth individuals and other qualified clients.

Founded in 2006 by Stuart J. Boesky, with additional financial sponsorship from an affiliate of MIG Holdings, LLC, Pembrook Capital Management, LLC is an SEC-registered investment adviser1 that manages commercial real estate private equity funds that focus on debt strategies.

Pembrook's management team has extensive experience in balance sheet lending, real estate investment, finance, asset management and development through multiple market cycles. We have established long-standing relationships with commercial real estate owners, developers, intermediaries, service providers, commercial and investment banks, as well as with federal agencies and state housing authority officials.

Our goal is to capitalize on the structural changes in the credit markets by opportunistically originating short-and-intermediate term floating rate commercial real estate mortgage loans, mezzanine loans, participating loans and preferred equity investments primarily secured by regulated or unregulated affordable multifamily rental housing, workforce and market rate housing, and other commercial property types, which we believe will generate appropriate risk-reward outcomes that benefit both our borrowers and our investors.

We focus primarily on markets with high barriers to entry, such as high-density urban locations, and/or markets with projected job growth and favorable supply and demand characteristics.

We incorporate a proprietary balance sheet capital structure to provide owners and developers of commercial real estate with reliable and prompt financing to capitalize or recapitalize the acquisition, development, or redevelopment of their commercial real estate. Flexibility in structuring, certainty of execution and speed are typical reasons why we win our business.

Our extensive network provides access to consistent deal flow. Since 2007, our originators have generated over $32 billion of investment opportunities, averaging more than $2.5 billion annually. By year-end 2019, this resulted in 120 investments with an aggregate investment volume of approximately $1.5 billion, and a net credit loss less than 0.003.2

  • 1 SEC registration does not constitute an endorsement of the firm by the Commission nor does it indicate that the Manager has attained a particular level of skill, training or ability.
  • 2 As of Q4, 2019.

Investment Strategy & Philosophy

Pembrook believes in the overriding importance of implementing our investment strategies and business plan as outlined by our guiding principles:
  • Deep, Seasoned Team with generalist and specialist expertise in originating, underwriting and managing multifamily and CRE loans.

  • Identify opportunities with mitigated market risk by focusing on real estate assets and locations where there is overwhelming market demand and barriers to entry.

  • Originate a diversified portfolio of mid-market ($5-$50mm) short to medium-term mortgage loans and subordinated debt to finance affordable rental housing and market-rate properties.

  • Strong expertise in identifying value in generally misunderstood and structurally inefficient niche markets Senior management has 30+ years average CRE and affordable rental housing lending experience.

  • Cultivate highly specialized networks and underwriting expertise required to source, analyze and structure the best opportunities available.


Our management team is led by Stuart J. Boesky, who formed Pembrook as an alternative asset management firm in partnership with MIG Holdings, LLC (“MIG” or “Mariner”).3

All members of the Management Team have experienced prior market dislocations and have long, established records of success during various real estate cycles, and have significant experience and expertise in the major classes of commercial real estate, primarily affordable and market rate multifamily, as well as retail, office, industrial and student housing.

The Management Team has deep experience in analyzing both assets and real estate fundamentals which enables it to make timely and informed investment decisions, and has substantial relationships within senior levels of lending institutions, borrowers, consultants, and investment banks.

Our minority partner, MIG Holdings, and certain of its affiliates, provide Pembrook with certain administrative, accounting, marketing and investor relations services.

  • Stuart J. Boesky
    Stuart J. Boesky

    Chief Executive Officer

  • Robert J. Hellman
    Robert J. Hellman

    Chief Operating Officer

  • John Malysa
    John Malysa

    Managing Director and Chief Underwriter

  • Terence F. Baydala
    Terence F. Baydala

    Managing Director,
    Originations / Head of Capital Markets

  • Christopher Simon
    Christopher Simon

    Head of Originations

  • Jamison Weiner
    Jamison Weiner


  • Rueven P. Michelson
    Rueven P. Michelson

    Director, Underwriting and Asset Management

  • Marzena Zareba
    Marzena Zareba

    Vice President, Asset Management

  • Joe Esposito
    Joseph Esposito


  • Nigel Henry, Jr
    Nigel Henry, Jr


  • Thomas Ferro
    Thomas Ferro


  • Krystal Lara
    Krystal Lara

    Investor Relations Analyst

  • Brian Engstrom
    Brian Engstrom


  • John Bergamini
    John Bergamini

    Managing Director

  • 3 MIG Holdings, LLC owns 35% of Pembrook. MIG Holdings, LLC owns 100% of the membership interests of Mariner Investment Group, LLC (“MIG” or “Mariner”). Mariner is registered as an investment adviser with the SEC and is owned by current and former Mariner Investment Group, LLC employees and ORIX AM Holdings, LLC.

Social Impact

Corporate citizenship defines who we are as a company and informs our everyday interactions with investors, borrowers and the community at large.

Since our inception, we have strived to be a positive force in the communities where we invest. We have seen how investments that help communities grow and prosper can also produce attractive risk adjusted returns. Whether it is providing capital to underserved property sectors, urban redevelopment zones or just making possible commercial real estate transactions that foster jobs, every fund that Pembrook sponsors allocates some portion of its capital to community related investments.

As of December 31, 2020, Pembrook had deployed over $1.45 billion into 195 properties, including $700 million for affordable and workforce housing, as part of $4.2 billion total capitalization of transactions in which Pembrook has invested across the U.S.; a majority, 81%, of the properties have been tied to socially responsible community relates uses, primarily affordable/workforce rental housing. Pembrook's primary investing strategy is intended to align with the federal Community Reinvestment Act (CRA) and applicable UN Sustainable Development Goals (SDG). Please refer to our Social Impact Scorecard for further information and detail by clicking here.

As part of its commitment to impact investing, Pembrook's advisory board on diversity and inequality assists the company in formulating strategies consistent with our investment style and core competency that will address the racial and economic inequality that is apparent in many of the communities in which we invest. Such strategies will serve as an extension of our primary focus of investing for the development, rehabilitation, and preservation of affordable housing, and other commercial real estate properties, in underserved areas on a national basis.

The pipeline loans are expected to meet one or more of our social impact goals:
  • Promote and preserve affordable housing
  • Create and preserve jobs
  • Target local, state or federally designated redevelopment zones, or properties
  • Finance properties that are resource efficient, utilizing energy and water efficiency upgrades
  • Create positive health impacts and support walkable, urban places

We believe that Pembrook’s specialized experience in affordable housing illustrates the company’s longstanding commitment to impact investing. The Management Team understands that affordable housing benefits families and local economies and acknowledges that finding decent, safe housing is a challenge for large segments of the U.S. population. Through the financing of successful and efficient development of affordable housing, the Management Team believes that our investments also produce direct job opportunities for construction workers, indirect spinoff jobs, and induced spending, which stimulates local and regional economies.

Pembrook’s Corporate School Grant Program delivers direct impact to communities in which we invest by supporting their schools. Beginning in 2016, Pembrook has committed up to 3% of its annual profits to support school programs intended to better prepare the students for successful lives.


  • Midtown West High School - P.S. 122, New York, NY in support of the school's core curriculum development
  • Bronx Academy of Software Engineering, Bronx, NY support for the school's Community Service Club
  • Compton High School, Los Angeles college tours for juniors and seniors
  • Washington Metropolitan Opportunity Academy, Washington D.C. support for accelerated high school graduation program
  • Los Angeles School for the Arts, Los Angeles development of performing arts curriculum
  • Washington Elementary School, Visalia, CA support for charter school curriculum
  • Mount Zion High School, Atlanta support for school's Circle of Sisterhood program for young girls
  • Bodine High School, Philadelphia International Day program exploring the school's multicultural heritage
  • 8 As of 6/30/2019