REIT feeder vehicle that gives investors indirect exposure to Pembrook Community Investors LLC (the Fund), a commercial real estate credit fund managed by Pembrook Management Holdings, LLC. The Company may hold only Fund Common Interests (LLC Agreement §2.8). The Memorandum describes Fund assets as mortgage loans, mezzanine loans, preferred equity with mandatory redemption and capped returns, and B-note participations, with straight mortgage loans expected to be the majority by value. The REIT election converts Fund partnership income into REIT dividends.