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Nisha Bhatia

Nisha is a Principal and Senior General Counsel at Pensam. After joining Pensam as a legal intern in 2009, Nisha became General Counsel in 2010, and Senior General Counsel in 2021. As Senior General Counsel, Nisha oversees Pensam’s legal department, and counsels Pensam’s department heads on strategic and tactical planning for all aspects of internal, corporate, investment and transactional matters. Nisha manages regulatory and compliance, conducts transactional legal due diligence, negotiates corporate agreements and legal transactions, structures investments, and supports project management initiatives. During her tenure at Pensam, Nisha has closed $8 billion of real estate transactions, including acquisitions, dispositions, refinances, and structure financing.

Nisha received a B.A. from Rutgers University, and earned a J.D. from the University of Miami School of Law. Nisha is a member of the Florida Bar.


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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.


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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.


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Joe Ackerman

Joe Ackerman is a Founding Partner of Pensam Capital. He leads Pensam Capital’s risk committee and, backed by his prior experience, assists and participates in capital market activities.

He is an active Board Member at Grupo Javer, the largest housing development company in Mexico. He is also a Director of Nexxus, a Real Estate Development Company of Industrial Parks in Northern Mexico.

Joe was a partner at Cidel Financial Group (CFG), a Canadian-based financial group that owns more than US$20 billion in various global asset management and trust companies. Joe also worked at Merrill Lynch (New York) as a vice president from 1994 until 2000, where he gained broad experience with both private and institutional clients working in credit products.

Joe holds a Bachelor of Science in Finance from Bentley University in Waltham, Massachusetts.


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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.


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Gavin Beekman

Gavin Beekman is a Founding Partner and CEO of Pensam Management. He manages the day-to-day operations of the firm and its treasury functions.

Prior to founding Pensam Capital, Gavin was a partner and played an executive role in the build-out of Cidel Financial Group (CFG). CFG is an international financial services group with assets under management in excess of US$20b.

Gavin is qualified as a chartered accountant and worked for Arthur Anderson in Cape Town, South Africa before moving to New York to work in private equity. He received a Bachelor of Commerce degree and a post graduate degree in Accounting from Rhodes University in South Africa. Gavin proudly serves as a board member of HIP (Health Information Project) and is an active member of the Young President’s Organization (YPO).


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Dominic Rechichi

Dominic Rechichi is a principal of Pensam.  Dominic leads Pensam’s design and project management teams in ensuring projects are designed and managed effectively to limit risk, maintain efficient schedules, and deliver quality product. Dominic and the Pensam development team concentrate their efforts on ensuring project success by focusing on efficient design, meticulous project management, and effective communication.

Prior to this, Dominic served as Director of Asset Management for Pensam.

In his role as Director of Asset Management, Dominic was responsible for the overall stewardship and performance of the firm’s property portfolio spanning over 10,000 multifamily units throughout the country.  Previous to his tenure at Pensam, Dominic worked in multiple roles within the commercial real estate industry primarily focusing within the multifamily business. His experience includes acquiring, developing, rehabilitating, and building multifamily communities. Dominic started his real estate career working for SunTrust Bank in South Florida as a commercial real estate lender and portfolio manager.

Dominic is an active member of the Urban Land Institute (ULI), National Multi Housing Council (NMHC), and NYU Real Estate Institute.  He holds a Bachelor of Science degree in Finance and International Business from Florida State University and earned a graduate degree from New York University with an emphasis in real estate development and investments.


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Alejandro Muelle

Alejandro Muelle serves as Vice President of Operations.

As the firm’s Vice President of Operations, Alejandro’s responsibilities include planning, directing, coordinating and oversight of operational activities within the organization ensuring the development and implementation of efficient operations and cost-effective systems to meet Pensam’s current and future needs. Additionally, Alejandro is the Director of Human Resources and is responsible for talent recruitment, management and retention.

Prior to joining the firm, Alejandro was the Vice President of Operations for a statewide real estate developer and subsequently a senior accountant for a local CPA firm specializing in foreign and domestic real estate investments. Alejandro earned two Bachelor’s degrees (1997), a Juris Doctor (2000) from the University of Florida, and a Master of Accounting degree (2014) from Florida International University.  Alejandro is a member of the Florida Bar and is a Certified Public Accountant (CPA).