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Andrew Ward

Andrew serves as an Investments Analyst for Pensam. In this role, he is responsible for identifying potential investments, underwriting equity/preferred equity and funding opportunities, as well as assisting in the due diligence process.

 Prior to joining Pensam, Andrew worked at Crisil as a Senior Analyst where he worked with a private equity client, performing market analysis and due diligence for investments in the technology sector. Earlier in his career, Andrew was a Senior Analyst at Walker & Dunlop, where he focused on underwriting and due diligence for HUD multifamily loans.

 Andrew earned Bachelor’s degrees in Business Administration and Economics from Washington College.

award@pensamcapital.com

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Noah Miller

Noah Miller is a Principal and Executive Vice President of Pensam, serving in a broad range of leadership capacities across debt and equity investments, capital markets, and operations. He is responsible for accelerating the growth of Pensam’s multifamily investment platform and expanding capital raising initiatives. Noah joined the firm in 2014 and previously served as Vice President of Acquisitions and Finance.

Over the last 15 years, he has been involved in more than $2B worth of debt and equity transactions at both private and publicly traded commercial real estate organizations, including Equity Residential, Marcus & Millichap, Gelt Financial and Royal Palm Funding.

Noah is regarded as a commercial real estate expert and frequently provides press commentary on real estate investing and lending best practices. In addition to his ongoing contributor byline in the Scotsman Guide, he has been featured in media outlets such as Bloomberg Radio, Commercial Property Executive, Bisnow, National Real Estate Investor and more. He is also a frequent moderator and panelist for Urban Land Institute, Crittenden, IMN, ConnectCRE and others.

Noah is a graduate of the University of Central Florida and proudly serves as a member of the Real Estate Council at the Florida International University Hollo School of Real Estate.

nmiller@pensamcapital.com

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Leon Kah

Leon serves as an Investments Analyst for Pensam. In this role, his responsibilities include identifying potential investments, underwriting equity and preferred equity deals, as well as assisting in the due diligence process.

Prior to joining Pensam, Leon was part of Student Projects at Amazon and Apple. He then joined the CF&O Series at Goldman Sachs, where he performed financial analysis and market research across M&A Transactions and Capital Markets.

Leon earned a Bachelor’s of Science in Finance (Summa Cum Laude) from Purdue University, as well as a Master’s in Finance & Technology (Summa Cum Laude) from the University of Miami.

lkah@pensamcapital.com

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Alexander Keenan

Alexander Keenan serves as an Investments Associate for Pensam. His responsibilities include identifying potential investments, underwriting equity and preferred equity deals, and assisting in the due diligence process.

Prior to Alexander’s career at Pensam, Alexander was engaged in the insurance industry, working at Allianz Life Insurance in their actuarial product development team. Alexander obtained a Bachelor’s of Science in Economics at the University of Pennsylvania, with concentrations in Statistics and Actuarial Science.

akeenan@pensamcapital.com

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Ray Cleeman

Ray Cleeman is Principal and Head of Capital Markets and Lending at Pensam. Ray is responsible for sourcing, structuring, negotiating and executing on whole-loans, mezzanine loans and preferred equity investments. Additionally, Ray is responsible for building relationships with senior lenders who seek Pensam’s higher leverage mezzanine and preferred equity solutions to go behind their loans including structuring and negotiating inter-creditor agreements.

Ray spent the formative years of his career on Wall Street having worked as an investment banker at Credit Suisse, Donaldson, Lufkin & Jenerette, and Raymond James. He has been involved in the issuance of over $6 billion of high yield securities, the issuance of over $3 billion of private and public equities, arranged bridge commitments and senior loan facilities, advised on over $7 billion of global M&A transactions and advised on several merchant banking transactions. Previously, Ray was also SVP Finance & Treasurer of a publicly traded company.

rcleeman@pensamcapital.com

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Michael Stein

Michael Stein is a Founding Partner of Pensam.

With over 30 years of experience in the commercial real estate investment and structured finance sectors, Michael has been involved in over $10 billion of equity and debt real estate transactions.  Prior to founding Pensam in 2009, Michael was a partner in Miami-based Aztec Group, which invested in commercial, multihousing, and hospitality transactions. He began his real estate career in 1990 with CB Richard Ellis in Miami.

Michael is an active member of leading industry groups and councils such as the Urban Land Institute (ULI), National Multifamily Housing Council (NMHC), CRE Finance Council (CREFC), Mortgage Bankers Association (MBA) and American Seniors Housing Association (ASHA). In addition to his business leadership, Michael is active in local and national community organizations and philanthropic causes. He was past chair of the Greater Miami Jewish Federation Commerce and Professions division, a member of the collector’s council at the Miami Art Museum, a Patron of the Contemporary Art Museum in Miami and a Founder of Mount Sinai Medical Center. Michael is on the Board of Directors of The Great Lakes Group, a Cleveland, Ohio based maritime company.

Michael holds a Bachelor of Science degree in business administration from Skidmore College and is an alum of Harvard Business School.

mstein@pensamcapital.com

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Joseph Brennan

Joseph Brennan serves as Director of Capital Markets for Pensam. He has been involved with Pensam since its founding, and is an experienced professional with a broad background in domestic and international sales and marketing of financial services and products involving capital markets, private banking, investment banking and international trade finance.

Prior to his role at Pensam, Joe was President of Brennan Caballero, Inc., a private family company where he was active in analyzing and monitoring investments, in addition to assisting and advising on marketing and sales efforts in the US, Latin America and Europe.  Previously, Mr. Brennan was Senior Vice President of Wealth Management at HSBC Bank in Miami, FL, a group established to pursue large, complex, sophisticated opportunities by coordinating bank resources required to provide value-added products and solutions to clients and their companies.

Joe also worked as Vice President in the Private Wealth Management Group at Morgan Stanley, as Director of the Private Banking Group of UBS AG, as Vice President in Private Banking with Bankers Trust Private Advisory Services and at Citicorp Private Bank Capital Markets Unit where he was the Vice President/Manager of the Derivative Products Marketing Unit and in Citicorp’s Investment Banking Group in New York and Puerto Rico.

Joe received a Bachelor of Arts degree from Dartmouth College and is fluent in English and Spanish.

jbrennan@pensamcapital.com

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Hen Shoval

Hen Shoval serves as Principal and Director of Investments for Pensam. In this role, he leads and oversees the company’s various investment activities, including sourcing, negotiating, underwriting, managing the due diligence process, arranging financing, and closing of transactions. Hen has spearheaded well in excess of $8 billion in acquisitions, dispositions, and structured finance transactions.

Prior to joining Pensam, Hen worked for various real estate investment firms and was involved in the acquisition of well over 10,000 apartment units across the United States.

Hen holds an MBA from ESADE Business School, and a BA in Economics from Florida International University.

hshoval@pensamcapital.com

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Galina Churchill

Galina serves as a Vice President of Investments for Pensam, where she is responsible for overseeing the underwriting and due diligence of equity, preferred equity, and funding investment opportunities.

Prior to joining Pensam, Galina was employed at Lloyd Jones Capital as a Senior Acquisition Analyst responsible for identifying and underwriting multifamily investments as well as performing due diligence. In addition, Galina worked at Marcus and Millichap as an Analyst and Transaction Manager.

Galina earned her Bachelor of Business Administration in Management from Novosibirsk State Technical University in Russia. Following that, she earned her Bachelor of Business in Finance (Magna Cum Laude) and her Master of Business Administration from Florida International University. Galina also holds a Florida real estate license.

gchurchill@pensamcapital.com