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Last week, Pensam closed a preferred equity investment to support the continuing, successful, value-add program at Stonebrook Apartments in North Carolina.

This preferred investment, structured behind a Freddie Mac senior loan, underscores Pensam’s continued focus on providing customized capital solutions that help sponsors strengthen and grow their multifamily portfolios.

“With Stonebrook Apartments, we were able to deliver a tailored capital solution that enabled the sponsor to continue their capital improvements projects and support continued growth at the property,” said Ray Cleeman, Partner, Head of Capital Markets and Lending at Pensam.

Pensam’s Ray Cleeman, Partner: Head of Capital Markets and Lending, will be presenting at the eCore25 Real Estate Summit on November 16 in Miami, Florida.

Pensam’s Partner, Head of Capital Markets and Lending, Ray Cleeman, will be speaking at the upcoming Carolinas Middle-Market Multifamily Forum.

Ray will join a panel discussion on “Identifying and Attracting Alternative Equity Sources”, sharing insights alongside industry leaders on the evolving capital landscape.

This premier event brings together multifamily owners, operators, investors, and decision-makers shaping the future of residential real estate.

Pensam’s Mary Hazuka and Monica Slusser, Portfolio Managers on our Asset Management team, will be attending the 2025 Fall Multifamily Development & Investment Conference & Expo on August 19 in Denver, CO.

Discussion topics on the agenda include the Colorado Apartment Market Overview and Unlocking Trends: Navigating the Denver CRE Market.

We are proud to announce our recent acquisition of Riverbend Apartments, a 996-unit multifamily community located in Indianapolis, IN.

Riverbend presents a compelling opportunity to reposition and stabilize an operationally distressed asset through the implementation of a focused operational reset and targeted capital improvements.

Originally built between 1982 and 1986, the property features a mix of one-, two-, and three-bedroom floorplans and townhomes, and is exceptionally well located along I-465, with direct access to major employers and retail destinations.

“At this stage of the market cycle, we are highly selective – focusing on opportunities that exhibit truly distinctive characteristics and potential,” states Hen Shoval, Partner and Chief Investment Officer at Pensam. “This investment exemplifies that approach”.

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.