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Pensam finished 2024 strong with the recapitalization of The Preserve at Spring Lake, a 320-unit apartment community located in Altamonte Springs (Orlando), Florida.

“We implemented an incredibly unique capital structure in this deal,” said Ray Cleeman, Head of Capital Markets and Lending at Pensam. “This innovative refinancing structure proved invaluable to a sponsor who experienced a loan maturity and had limited opportunities to refinance and achieve a cash-neutral position or sell the asset and recover their full equity investment.

Our new solution will prove to be invaluable in the current market, which is facing stress from interest-rate-driven disruptions and the rapidly growing number of senior loans that have matured or are expected to mature in the near term,” said Cleeman. “Through our total capital solution, the sponsor was able to satisfy its existing debt, establish reserves—including for capex—and satisfy outstanding payables. This recapitalization also extended maturity for several years and will afford the sponsor the additional time necessary to achieve the expected full potential of the asset.”

Pensam provided preferred equity as part of a $40+ million refinancing of The Mural, a newly constructed Class-A, 5-story apartment community in Orange, New Jersey. This investment was structured behind a Freddie Mac senior loan and was developed by Reynolds Asset Management.

“With our investment, the sponsor was able to recapture a significant amount of their invested capital and replace their floating-rate debt with longer-term fixed-rate financing,” said Ray Cleeman, Head of Capital Markets and Lending at Pensam. “Our ability to structure and execute innovative financing solutions underscores our commitment to helping our partners achieve their investment goals.”

Explore our portfolio of investments: Pensam Investments

For inquiries about this transaction or future opportunities, please reach out to our team.

Last week, Noah Miller, Principal and Executive Vice President, alongside Galina Churchill, Vice President of Investments, participated in Bisnow’s South Florida Annual Housing Summit. The event brought together industry leaders and professionals to discuss the future of housing in South Florida, and we were proud to be a part of it.

Noah was a featured speaker on the Financing and Investment Strategies for South Florida Housing panel. He shared his valuable insights into the evolving landscape of multifamily housing in the region, touching on emerging investment opportunities that could shape the future of this dynamic market.

We’re grateful for the chance to contribute to these critical discussions and collaborate with others who share our vision for sustainable investments and innovative real estate strategies. A huge thank you to everyone who attended and helped make the event such a success.

We look forward to continuing these important conversations and working towards a more sustainable and thriving real estate future.

Pensam is pleased to announce the appointment of Marco Ferri as our new Chief Operating Officer.

Marco brings exceptional expertise in corporate development and strategic leadership to our organization. Throughout his career, he has been instrumental in driving growth initiatives, including scaling MarketWise to a NASDAQ listing and executing transformative mergers and acquisitions. His background as a corporate lawyer, combined with his focus on operational efficiencies, positions him as an invaluable asset to Pensam.

Marco is no stranger to Pensam. With over a decade of experience serving as external counsel since our inception, his contributions have been integral to our journey. He has also previously served on Pensam’s Risk Committee and has been a personal investor in several Pensam ventures. This deep familiarity with our vision and values ensures a seamless transition into his new role.

We are excited to have Marco join the Pensam family and are confident in his ability to make a meaningful impact as we continue to strengthen our organization and pursue ambitious growth objectives.

Please join us in welcoming Marco Ferri to the team! He can be reached at Mferri@pensamcapital.com for those who would like to connect directly.

Ray Cleeman, Principal: Head of Capital Markets and Lending, will be speaking at Mortgage Bankers Association (MBA’s) 2024 CRE Private Credit Finance Summit on November 13th.

Ray will lead an expert panel focused on innovative case studies, highlighting unique financial structures that Pensam and other capital providers have utilized to bridge capital shortfalls. This session promises to offer valuable insights into how creative financial solutions can address challenges in today’s real estate market.

We look forward to sharing our expertise and connecting with fellow industry professionals at the summit.

Pensam is proud to share the successful closure of a preferred equity investment on August 29th to facilitate the refinancing of Golfview Flats, an apartment community located in Sunrise, Florida. The investment was structured behind a Fannie Mae senior loan.

This is the fourth preferred equity investment that Pensam has closed behind a Fannie Mae loan in 2024,” said Ray Cleeman Head of Capital Markets and Lending at Pensam. “We have worked extensively with Fannie Mae to ensure that our preferred investments fit within the agency’s new investment guidelines. This has enabled us to provide seamless closings, addressing the growing demand for incremental capital filling funding gaps in sponsor capital stacks.”

Pensam funded a $6.2MM first mortgage bridge loan to support the acquisition of a multifamily community in McAllen, TX. The borrower was in need of a lender who could meet a tight timeframe under the purchase contract and provide surety of execution.

“We continue to provide flexible and creative capital to our sponsors, focused on time-sensitive and opportunistic transactions,” said Noah Miller, Executive Vice President of Pensam. “Our expertise in multifamily and our wide geographical footprint allow us to move quickly from term sheet to closing.”

To view our full portfolio and learn more about how we can support you, click here: Pensam Portfolio

We are proud to have collaborated with ecofi (formerly known as EcoSystems), a certified B Corporation, on some exciting sustainability initiatives that are making a real difference in the communities we serve.

Through this partnership, we have achieved some remarkable results in water and energy conservation across our properties:

• Approximately 725 million gallons of water conserved
• 1.1 million kWh of electricity saved

These accomplishments are the direct result of installing water-saving fixtures and integrating energy-efficient practices throughout our portfolio. By driving these initiatives, we are not only contributing to positive environmental change but also helping to support our tenants and the broader community.

We remain committed to advancing sustainability in every aspect of our operations and look forward to continuing our efforts to make a meaningful impact on the environment.

Pensam closed a $8,500,000 preferred equity investment to support the recapitalization of The Residences at Wash Brook, a newly constructed luxury apartment community located in Bloomfield, Connecticut.

Ray Cleeman, Head of Capital Market and Lending at Pensam, commented that he was particularly excited at the opportunity to have had Pensam participate in the financing of this class “A” apartment community. He further stated that the firm has been incredibly active in providing ‘lease-up’ lending solutions which have enabled sponsors to raise additional capital as they approach TCO on their construction projects, all the way through the lease-up and stabilization process of multifamily assets.

Pensam provides structured finance solutions tailored to the unique needs of our clients with a particular focus and expertise in the multifamily sector. If you have any questions about this deal or want to explore how we can assist with your financing needs, please feel free to reach us at InvestorRelations@pensamcapital.com

Pensam has closed on a $7.6 million preferred equity investment for the recapitalization of The Elise, a 341-unit apartment community located in Dallas, Texas. In connection with the transaction, the sponsor, Windmass Capital, arranged senior financing with a senior mortgage lender and sought out Pensam’s preferred equity solution to provide incremental capital to support the refinancing.

“With the rapid increase in interest rates, proceeds from senior loans have been dramatically compressed, making Pensam’s various capital and lending solutions a vital source of financing for multifamily owners,” said Ray Cleeman, Head of Capital Markets and Lending at Pensam. “In this transaction, Pensam was able to increase total loan proceeds up to 75% of the capital stack, a significant increase above the senior Mac loan.” Mr. Cleeman also added that “we have a deep pool of capital ready to deploy for these types of scenarios and are seeing a significant increase in demand for our lending solutions, including both preferred equity and mezzanine loans that go behind other senior lenders including the Agency Lenders, commercial banks, life companies and debt funds.”

The Elise was built in 1987 and is located at 1720 John West Road.  Renovated units at the property feature granite countertops, new black appliances, subway tile backsplash, faux wood floors, new cabinet faces, upgraded fixtures and hardware, new paint, and resurfaced cabinets. Amenities include a fitness center, resort-style swimming pool, gated access, beautiful landscaping, and on-site/on-call maintenance. Pensam’s investment will support the sponsor’s continuing capital improvements plan to incorporate additional value-add amenities at the property for the enhancement of the resident experience.