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Pensam Closes Preferred Equity Investment in a 261-Unit Multifamily Property in Stamford, CT

Pensam announced that it closed on a preferred equity investment to facilitate the acquisition of a 261-unit multifamily high-rise building in Stamford, Connecticut. Pensam’s preferred equity investment was structured behind Freddie Mac senior debt financing. The sponsor is a full-service, vertically-integrated investment firm based in the Northeast.

“Pensam’s preferred equity program provides flexible capital support for the acquisition, recapitalization and restructuring of multifamily properties throughout the country,” said Michael Stein, founding partner of Pensam. “This investment presented a strong opportunity to expand Pensam’s preferred equity portfolio in the Northeast market in an institutional quality asset.”

The property is located in downtown Stamford, one of Fairfield County’s fastest-growing and most stable submarkets, just a 45-minute express train ride from New York City and within walking distance to many of downtown Stamford’s existing landmarks and newest developments.  Stamford’s urban development, economic growth and transportation system has attracted a well-educated, affluent population and contributed to stable population growth and in turn, a robust housing market.

Built in 1986, the property features a combination of studios, one, two, and three-bedroom units and 9,216 square feet of commercial space. The previous owner commenced major renovations to the common areas and units in 2010, spending nearly $20MM.  The property now features luxurious interior upgrades such as granite countertops and stainless-steel appliances.   The amenity-rich property offers residents a wide range of services, including concierge, valet dry cleaning and complementary shuttle services. The property also features conference rooms, fitness centers, a year-round indoor swimming pool, movie theater, billiards room, tennis court, business center, BBQ/picnic areas, clubhouse and an outdoor basketball court.

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Pensam Completes Preferred Equity Investment for the Acquisition of an 85-Unit Multifamily Property in Jackson, WY

Pensam announced the completion of a preferred equity investment to facilitate the acquisition of an 85-unit multifamily community in Jackson, Wyoming.  Pensam’s preferred equity investment was structured behind Freddie Mac senior debt financing.  The sponsor is an experienced private equity investment and development group specializing in multi-family housing, condominiums and ski area management.

“Pensam’s preferred equity investment presents a strong opportunity to further expand its presence into the Rocky Mountain region and enter a market with an extremely high barrier to entry,” said Michael Stein, founding partner of Pensam.

The property features studio, one, and two-bedroom units with spacious floorplans in Downtown Jackson.  The Town of Jackson is the only incorporated municipality in Teton County’s wealthy Jackson Hole valley enclave.  In addition to being home to world-renowned ski resorts and arts organizations, Jackson is a major gateway for millions of tourists visiting nearby Yellowstone and Grand Teton National Parks each year.

The vast majority of multifamily properties in the market have in-place affordability restrictions on more than 20% of units.  This multifamily community is one of the few market-rate properties in Jackson, and has benefited from strong and stable performance with average vacancy rates hovering at just under one percent over the last twelve months.

The post Pensam Completes Preferred Equity Investment for the Acquisition of an 85-Unit Multifamily Property in Jackson, WY appeared first on Pensam Funding.

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Pensam Closes Preferred Equity Investment in a 261-Unit Multifamily Property in Stamford, CT

Pensam announced that it closed on a preferred equity investment to facilitate the acquisition of a 261-unit multifamily high-rise building in Stamford, Connecticut. Pensam’s preferred equity investment was structured behind Freddie Mac senior debt financing. The sponsor is a full-service, vertically-integrated investment firm based in the Northeast.

“Pensam’s preferred equity program provides flexible capital support for the acquisition, recapitalization and restructuring of multifamily properties throughout the country,” said Michael Stein, founding partner of Pensam. “This investment presented a strong opportunity to expand Pensam’s preferred equity portfolio in the Northeast market in an institutional quality asset.”

The property is located in downtown Stamford, one of Fairfield County’s fastest-growing and most stable submarkets, just a 45-minute express train ride from New York City and within walking distance to many of downtown Stamford’s existing landmarks and newest developments.  Stamford’s urban development, economic growth and transportation system has attracted a well-educated, affluent population and contributed to stable population growth and in turn, a robust housing market.

Built in 1986, the property features a combination of studios, one, two, and three-bedroom units and 9,216 square feet of commercial space. The previous owner commenced major renovations to the common areas and units in 2010, spending nearly $20MM.  The property now features luxurious interior upgrades such as granite countertops and stainless-steel appliances.   The amenity-rich property offers residents a wide range of services, including concierge, valet dry cleaning and complementary shuttle services. The property also features conference rooms, fitness centers, a year-round indoor swimming pool, movie theater, billiards room, tennis court, business center, BBQ/picnic areas, clubhouse and an outdoor basketball court.

The post Pensam Closes Preferred Equity Investment in a 261-Unit Multifamily Property in Stamford, CT appeared first on Pensam Funding.

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Pensam Residential Invests in 1,447-Unit Senior Housing/ Active-Adult Portfolio

Pensam Residential, a national multi-housing owner and operator, announced today that it has made an investment in a portfolio consisting of 13 active-adult apartment communities with 1,447 units located across the Northeast and Midwest United States.

“We are excited to expand our investment portfolio into the senior living sector,” said Michael Stein, Founder of Pensam Residential. “The accelerating nationwide shift in demographics makes the active-adult space an interesting segment to us, and we will dedicate more resources to explore opportunities in this area.”

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Pensam Completes Preferred Equity Investment for the Acquisition of a 180-Unit Multifamily Property in Coral Springs, FL

Pensam recently completed a preferred equity investment for the acquisition of a 180-unit multihousing apartment community in Coral Springs, Florida. Pensam’s preferred equity investment was structured behind senior debt from Freddie Mac.

The property has a prime location in The City of Coral Springs, an affluent suburban city in Broward County located near some of South Florida’s largest employment centers, including: Sawgrass Park, Cypress Park, and Boca Raton Office Park.

“This investment is a strong addition to Pensam’s growing preferred equity program in the dynamic South Florida market,” said Michael Stein, founding partner of Pensam Capital. “The property represents a unique investment in a stabilized property with large townhouse-style floor plans and proven value-add potential.”

The post Pensam Completes Preferred Equity Investment for the Acquisition of a <br> 180-Unit Multifamily Property <br> in Coral Springs, FL appeared first on Pensam Funding.

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Noah Miller Speaking at 2018 Crittenden Multifamily Conference in Dallas, Texas

Noah Miller, Vice President of Acquisitions & Finance at Pensam Residential, will be a speaker at the The Crittenden Multifamily Conference in Dallas, TX on Wednesday, March 28, 2018.  Noah will participate in a panel discussion titled “Buying to Maximize Yield” discussing the identification, evaluation, structure, and management needed to buy, meet or exceed expected yields in today’s competitive market.

The post Noah Miller Speaking at 2018 Crittenden Multifamily Conference in Dallas, Texas appeared first on Pensam Residential.

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Pensam Residential Acquires 288-Unit Multifamily Property in Georgetown (Austin), TX

Pensam Residential recently acquired Parallax at Georgetown, a 288-unit multifamily property in Georgetown (Austin), Texas.

With an emphasis on architectural preservation, acclaimed cultural events and strong economic growth, the City of Georgetown has proven to be a charming and attractive pocket of the Austin metropolitan area. Additionally, the City of Georgetown is located only 27 miles north of Austin. The City of Austin has remained a national leader for population and economic growth over the current cycle, with a large proportion of new jobs coming online from higher-paying industries, which are attractive to well-educated millennials. Given its tremendous expansion into the tech sector, Austin is one of the foremost corporate and regional headquarter locations in the country, garnering the nickname the “Silicon Hills”.

Pensam has outlined a comprehensive renovation program that will improve units with higher-end designer finishes including: quartz countertops, stainless steel appliances, upgraded fixtures, and smart tech packages. Pensam will also perform exterior improvements to further enhance the market position of the property.

“Parallax at Georgetown is a strong addition to our growing Austin portfolio,” said Michael Stein, Founding Partner of Pensam Residential. “We anticipate the Austin MSA will continue to be a strong market due to its rapidly-expanding economy and higher education presence. Parallax at Georgetown is a unique property that provides its residents an attractive place to live while still close to Downtown Austin.”

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Noah Miller Speaking at Crittenden Real Estate Finance Conference in Miami, Florida.

Noah Miller, Vice President of Acquisitions at Pensam Residential, will be a speaker at the Crittenden Real Estate Finance Conference in Miami, Florida on Thursday, October 26th.  Noah will participate in a panel discussion titled “How to Find the Appropriate Private Equity Provider”, where panelists will discuss private equity solutions in today’s real estate environment.

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Noah Miller to Speak at Miami Multifamily Investing Club’s Opening Day Meetup

Noah Miller, Vice President of Acquisitions for Pensam Residential, will be speaking at the Miami Multifamily Investing Club’s Opening Day Meetup on May 23rd at the Wynwood Café.  His presentation will focus on capital solutions: long-term and bridge debt, Joint Venture investments, and Preferred Equity.

Miami’s Multifamily Investment Club was founded to provide members a sales-free environment of constant learning where partnerships are created through knowledge sharing and networking with a special focus on Commercial Multifamily Real Estate.

 

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Michael Stein to Speak at Freddie Mac Multifamily Central Regional Seller Workshop

Michael Stein, a Principal of Pensam Capital, will be a speaker at the 2017 Freddie Mac Multifamily Central Regional Workshop.  The conference will be held on April 4th in Chicago.  Michael’s session is titled:  “Deploying Capital in Multifamily Today: Borrower and Freddie Mac Insights,” and will cover market fundamentals, Pensam’s presence across products, preferred equity , B-piece investing, and value-add efforts in the Chicago metro area.

Michael will be joined by two Freddie Mac executives: Sara Hoffman, Investments & Portfolio Management Senior Director; and Amanda Nunnink, Production Director.

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