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# Pensam Capital

A Diversified Multifamily Real  Estate Investment Firm

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- [XML Sitemap](https://pensamcapital.com/sitemap.xml): Contains all public & indexable URLs for this website.

## Posts

- [Testimonials](https://pensamcapital.com/testimonials/) - Finance made better by our team of experts What our Clients have said Our Investment Committee brings decades of industry expertise in driving our investment approach, portfolio construction, and allocation advice. The committee ensures our investments are best in class, combining substantiated research with the most effective investing tools. John O’Grady, CFA CEO Rankin Associates
- [Noah Miller Featured Speaker at the Real Estate Lending Summit](https://pensamcapital.com/noah-miller-featured-speaker-at-the-real-estate-lending-summit/) - Noah Miller, Partner and Executive Vice President at Pensam, will be a featured speaker at the upcoming Real Estate Lending Summit on July 15. His session, “Multifamily Money: How Investors Are Getting Deals Done Today,” will explore how investors are structuring and executing multifamily deals in today’s more complex environment. Noah will discuss the broader
- [Noah Miller to Speak at Private Equity Virtual Conference 2026](https://pensamcapital.com/noah-miller-to-speak-at-private-equity-virtual-conference-2026/) - Noah Miller, Partner and Executive Vice President at Pensam, will be a featured speaker at the Private Equity Virtual Conference 2026, hosted by Venture Studio Family, on May 29. Conference sessions will explore key themes shaping private equity and institutional investments including: Private Equity’s appetite for Multifamily in 2026 Investor’s view of equity risk vs
- [Pensam Communities Recognized Across Four Categories at BH Annual Awards](https://pensamcapital.com/pensam-communities-recognized-across-four-categories-at-bh-annual-awards/) - Pensam communities were recently recognized at the BH Annual Awards Ceremony, earning honors across four key categories and reflecting a continued focus on quality, execution, and resident experience across the portfolio. "We are honored to have these communities recognized at the BH Annual Awards Ceremony, and to see individual members of our on-the-ground leadership recognized
- [Pensam's Galina Churchill to Speak at CREW Miami on Real Estate Fund Strategy and Execution](https://pensamcapital.com/pensams-galina-churchill-to-speak-at-crew-miami-on-real-estate-fund-strategy-and-execution/) - Pensam's Vice President of Investments, Galina Churchill, will join an expert panel at the upcoming CREW Miami breakfast event on May 13, 2026, to discuss Navigating Real Estate Funds: From Structure to Sponsor Execution. The session will offer an in-depth look at how real estate funds are structured and how capital is deployed in today's
- [Pensam Communities Earn Double Recognition at Chicagoland Apartment Association CAMME Awards](https://pensamcapital.com/pensam-communities-earn-double-recognition-at-chicagoland-apartment-association-camme-awards/) - Pensam is proud to celebrate outstanding achievements by the teams at two of its communities - Butterfield Oaks and Windscape of Naperville - following their recognition at the recent Chicagoland Apartment Association CAMME Awards. In a remarkable result, Armond Thigpen and Stephanie Gales, Community Managers at the two properties respectively, tied for Community Manager of
- [Ray Cleeman and Galina Churchill Participate at IMN's Florida Middle-Market Multifamily Forum](https://pensamcapital.com/ray-cleeman-and-galina-churchill-participate-at-imns-florida-middle-market-multifamily-forum/) - Ray Cleeman, Partner and Head of Capital Markets & Lending, and Galina Churchill, Vice President, Investments, participated in IMN’s Florida Middle-Market Multifamily Forum in Coral Gables on March 23–24, 2026. Ray spoke on key topics shaping the multifamily lending environment, including refinancing strategies, structured capital solutions, and evolving market dynamics across Florida submarkets. Galina contributed
- [Noah Miller Guest Lectures at Florida Atlantic University's College of Business](https://pensamcapital.com/investing-in-tomorrow-noah-miller-visits-florida-atlantic-university/) - Pensam Partner and Executive Vice President, Noah Miller, recently spent the evening with real estate students at Florida Atlantic University, sharing insights on the multifamily sector, navigating early careers, and standing out in a competitive industry. We’re grateful for the opportunity to share insights and engage with students, supporting the next generation of business professionals.
- [Pensam Announces Sale of Grove at Main in Bloomington, Illinois](https://pensamcapital.com/pensam-announces-sale-of-grove-at-main-in-bloomington-illinois/) - Pensam recently closed on the successful sale of Grove at Main, a multifamily community located in Bloomington, Illinois. The property was acquired in February 2021, at which time Pensam initiated a comprehensive repositioning strategy designed to provide a better living experience for the residents, enhance operational performance and add long-term value. The business plan included
- [Noah Miller Presents at the 2026 Multifamily Owners Summit](https://pensamcapital.com/pensams-noah-miller-to-speak-at-the-2026-multifamily-owners-summit/) - Pensam Partner, Executive Vice President, Noah Miller recently presented at the 2026 Multifamily Owners (MFO) Summit on January 5 at the JW Marriott Miami Turnberry Resort & Spa in Aventura, Florida.Noah participated in a panel session titled “LP Equity: Show Me The Money,” where a group of seasoned real estate investors examined how LPs evaluate
- [Noah Miller Featured Panelist at PitchCalls Real Estate Conference](https://pensamcapital.com/noah-miller-to-speak-at-real-estate-investment-virtual-conference/) - Noah Miller, Partner and Executive Vice President at Pensam, will be a featured panelist at the upcoming PitchCalls Real Estate Investment Virtual Conference. He will join industry leaders to discuss key themes shaping global real estate investment, including: Best practices for scaling real estate portfolios to billions Current trends in capital deployment and investment strategies
- [Pensam Purchases Butterfield Oaks Multifamily Apartment in Aurora, IL](https://pensamcapital.com/pensam-purchases-butterfield-oaks-multifamily-apartment-in-aurora-il/) - Pensam, a diversified multifamily real estate investment firm with a portfolio of properties across the country, has announced the purchase of Butterfield Oaks, a multifamily apartment in the Chicago metropolitan area. The 336-unit building, built in 2001, is located in Aurora, Illinois and sits in a beautiful residential neighborhood. The property consists of 21 two-story
- [Pensam makes preferred Equity Investment in Broward County Apartments](https://pensamcapital.com/pensam-makes-preferred-equity-investment-in-broward-county-apartments/) - Pensam, a diversified multifamily real estate investment firm, has announced the closing of a preferred equity investment in Heron Landing, a 144-unit garden-style apartment located in Sunrise, Florida. Heron Landing was built in 1988 and fully consists of 2-bedroom units averaging 1,053 SF. The property was previously institutionally owned for more than 20 years and
- [Pensam Provides $7.6 million Preferred Equity for Recapitalization of Dallas Apartments](https://pensamcapital.com/pensam-provides-7-6-million-preferred-equity-for-recapitalization-of-dallas-apartments/) - 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
- [Pensam Adds Covey at Fox Valley to Portfolio](https://pensamcapital.com/pensam-acquires-covey-at-fox-valley-in-aurora-il/) - Suburban Chicago continues to stand out as a strong multifamily investment market. “The Midwest, and the Chicago suburbs in particular, have consistently ranked among our top-performing markets within our portfolio,” said Hen Shoval, Principal and Director of Investments at Pensam. "The region is characterized by limited new supply and sustained renter demand, and we believe
- [Ray Cleeman to Moderate Session at MBA CRE Private Credit Finance Summit](https://pensamcapital.com/pensam-leads-dialogue-on-private-credit-solutions-at-the-mba-cre-finance-summit/) - Ray Cleeman, Partner, Head of Capital Markets & Lending at Pensam, will be attending and moderating a session at the Mortgage Bankers Association (MBA) CRE Private Credit Finance Summit on November 17 in New York City.Session Topic:From Crisis to Closing: Real-World Case Studies and Solutions for Sponsors Facing Maturities or Financing ChallengesRay will lead the
- [Pensam Executives to Join Capital Markets Roundtable at Florida Multifamily Summit](https://pensamcapital.com/pensam-joins-industry-leaders-at-the-2025-florida-multifamily-summit/) - Pensam's Chief Investment Officer, Hen Shoval, and Executive Vice President, Noah Miller, will be attending the Florida Multifamily Summit 2025 on December 9th in Fort Lauderdale, FL.At the event, Pensam will participate in the Capital Markets Private Roundtable, contributing to the discussion alongside other industry leaders on current trends and capital strategies shaping the multifamily
- [Noah Miller Guest Speaker at Florida Atlantic University](https://pensamcapital.com/noah-miller-engages-with-future-finance-leaders-at-florida-atlantic-university/) - Noah Miller, Partner and Executive Vice President at Pensam, recently had the pleasure of speaking with students at Florida Atlantic University’s College of Business. He shared his career journey, insights into Pensam’s multifamily platform, and practical advice on transitioning from the classroom to a professional career in finance. We are proud to see our team
- [Ray Cleeman to Present at MBA's 2024 CRE Private Credit Finance Summit](https://pensamcapital.com/pensam-at-mbas-2024-cre-private-credit-finance-summit-exploring-innovative-financial-structures/) - 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
- [Pensam Supports Refinancing of The Blakely with Preferred Equity in Pendergrass, GA](https://pensamcapital.com/pensam-provides-preferred-equity-for-refinancing-of-the-blakely-in-pendergrass-ga/) - Pensam is pleased to announce the successful closing of a preferred equity investment to facilitate the refinancing of The Blakely, a newly developed, 420-unit Class-A multifamily community in Pendergrass, Georgia. The preferred equity investment from Pensam was paired with a newly placed Fannie Mae loan. The $96M property is owned and operated by a repeat
- [Noah Miller Presents at Bisnow's South Florida Annual Housing Summit](https://pensamcapital.com/pensam-at-bisnows-south-florida-annual-housing-summit-key-insights-and-opportunities/) - 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
- [Mary Hazuka and Monica Slusser Attend the 2025 Fall Multifamily Expo](https://pensamcapital.com/navigating-the-denver-cre-market-at-the-2025-fall-multifamily-expo/) - 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.
- [Ray Cleeman to Discuss Alternative Equity at the Carolinas Middle-Market Multifamily Forum](https://pensamcapital.com/industry-leaders-discuss-alternative-equity-at-the-carolinas-middle-market-multifamily-forum/) - 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
- [Ray Cleeman Presents at the eCore25 Real Estate Summit](https://pensamcapital.com/pensam-presents-at-the-ecore25-real-estate-summit/) - 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.
- [Mary Hazuka Attends OPTECH 2025 in Las Vegas](https://pensamcapital.com/pensam-attends-optech-2025-in-las-vegas/) - Pensam’s Mary Hazuka, Portfolio Manager on our Asset Management team, will be attending OPTECH 2025 on November 17-19 in Las Vegas, NV.Key highlights this year include keynotes from industry leaders like Kara Swisher and Nathan Blecharczyk, along with sessions offering insights into leveraging technology for smarter, more efficient asset management.
- [Celebrating the Impact of the Rent-Free Holidays Program Across Pensam Communities](https://pensamcapital.com/celebrating-the-impact-of-the-rent-free-holidays-program-across-pensam-communities/) - Pensam is proud to once again participate in BH Management Services’ Rent-Free Holidays program, an initiative launched in 2023 to support and celebrate residents during the holiday season. This year, 33 Pensam communities were selected to receive Rent-Free Holidays as part of the broader program. Across our properties, residents received rent and utility support for
- [Pensam Acquires Riverbend Apartments, a 996-Unit Property in Indianapolis, IN](https://pensamcapital.com/pensam-acquires-riverbend-apartments-a-996-unit-property-in-indianapolis/) - 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
- [Pensam Closes Preferred Equity Investment at Stonebrook Apartments](https://pensamcapital.com/pensam-closes-preferred-equity-investment-at-stonebrook-apartments/) - 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
- [TAVA Waters Wins Prestigious Award at the 2023 AAMD Tributes](https://pensamcapital.com/tava-waters-wins-prestigious-award-at-the-2023-aamd-tributes/) - Pensam’s Asset Management Team attended the AAMD 2023 Tributes Awards on September 15th at the Gaylord Rockies Resort & Convention Center where TAVA Waters was honored with the prestigious "Most Captivating Amenity Experience" award for properties built prior to 2008. This achievement wouldn’t have been possible without the dedication and hard work of our incredible
- [Pensam Closes $8.5MM Preferred Equity Investment for The Residences at Wash Brook in Bloomfield, CT](https://pensamcapital.com/pensam-closes-8-5mm-preferred-equity-investment-for-the-residences-at-wash-brook-in-bloomfield-ct/) - 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
- [Pensam Partners with ecofi to Drive Sustainability and Achieve Significant Environmental Impact](https://pensamcapital.com/pensam-partners-with-ecofi-to-drive-sustainability-and-achieve-significant-environmental-impact/) - 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
- [Pensam Closes A $6.2MM First Mortgage Bridge Loan for Multifamily Acquisition in McAllen, TX](https://pensamcapital.com/pensam-closes-a-6-2mm-first-mortgage-bridge-loan-for-multifamily-acquisition-in-mcallen-tx/) - 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
- [Pensam Closes Preferred Equity Investment for Golfview Flats Refinancing in Sunrise, FL](https://pensamcapital.com/pensam-closes-preferred-equity-investment-for-golfview-flats-refinancing-in-sunrise-fl/) - 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
- [Pensam Provides Preferred Equity for $40M+ Refinancing of The Mural in Orange, NJ](https://pensamcapital.com/pensam-provides-preferred-equity-for-40m-refinancing-of-the-mural-in-orange-nj/) - 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
- [Pensam Closes Successful Recapitalization of The Preserve at Spring Lake in Altamonte Springs, FL](https://pensamcapital.com/pensam-closes-successful-recapitalization-of-the-preserve-at-spring-lake-in-altamonte-springs-fl/) - 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
- [Pensam Welcomes Marco Ferri as Chief Operating Officer](https://pensamcapital.com/pensam-welcomes-marco-ferri-as-chief-operating-officer/) - 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
- [The Grove at Schaumburg Wins 2023 Most Improved Landscaping Award](https://pensamcapital.com/the-grove-at-schaumburg-wins-2023-most-improved-landscaping-award/) - Pensam is proud to announce that The Grove at Schaumburg has been recognized with the 2023 Most Improved Landscaping Award by The Village of Schaumburg. This award is a testament to the remarkable transformation the property has undergone, reflecting our dedication to enhancing the living experience for residents and contributing to the surrounding community. We
- [Palmetto Fort](https://pensamcapital.com/pensam-news-two-2/) - Palmetto Fort Pensam Development successfully closed on the purchase of Palmetto Fort, a +/- 206 acre single family home development site within Charleston county, South Carolina. This is one of the last large waterfront tracts of undeveloped land in the area. The city has benefited from significant employment growth in and around the region. Volvo and
- [Pensam Invests to Support over $386M in the Financing of nearly 2,000 Multifamily Units](https://pensamcapital.com/pensam-invests-to-support-over-386m-in-the-financing-of-nearly-2000-multifamily-units-in-q2/) - Pensam, a Miami-based private real estate investment firm, made preferred equity investments in 1,931 units in Q2.
- [Creating Holiday Joy: Pensam and BH Management’s Rent-Free Holidays Program Changes Lives](https://pensamcapital.com/creating-holiday-joy-pensam-and-bh-managements-rent-free-holidays-program-changes-lives/) - Creating Holiday Joy: Pensam and BH Management’s Rent-Free Holidays Program Changes Lives In the spirit of giving, Pensam and BH Management Services came together in 2023 to launch a heartfelt initiative aimed at spreading joy and relief to residents during the holiday season. The Rent-Free Holidays program, which began as a pilot, has blossomed into
- [The spotlight may be on Chicago’s single-family market, but multifamily sector is also hot, according to Pensam Capital](https://pensamcapital.com/the-spotlight-may-be-on-chicagos-single-family-market-but-multifamily-sector-is-also-hot-according-to-pensam-capital/) - While investors and homebuyers’ focus has been on Chicago’s soaring single-family market, multifamily properties in and around the city are also hot. The trend is driven by migration patterns in Chicago as workers reassess their situations now that the availability of vaccines and booster shots makes living with Covid more manageable, according to an analysis
- [Pensam Funding Closes $28.7 Million Construction Loan for a 240-Unit Apartment Development in Lake Worth Beach, Florida](https://pensamcapital.com/pensam-funding-closes-28-7-million-construction-loan-for-a-240-unit-apartment-development-in-lake-worth-beach-f/) - The Advantis Lake Worth apartments will soon break ground after the developers secured a construction loan. While the deal has yet to close in county records, New Smyrna Beach-based Prospect Real Estate Group and Miami-based Midtown Capital said they obtained a $28.7 million construction loan from Pensam Capital for the project. They are purchasing the
- [Ray Cleeman will speak at the Crittenden Real Estate Finance Conference in Miami on September 23rd, 2021](https://pensamcapital.com/ray-cleeman-speaking-at-crittenden-real-estate-finance-conference-in-miami-on-september-23rd-2021/) - Ray Cleeman, Head of Capital Markets & Lending, will speak at the Crittenden Real Estate Financing Conference on September 23rd in Miami, FL. Ray’s panel, titled “Building the Modern Capital Stack”, fitting different financial instruments into the capital stack, including: Ground leases, C-Pace, Credit linked financing, and Convertible debt. Other participants will include: David A.
- [Pensam Residential Invests in 11-Property Senior Housing Portfolio](https://pensamcapital.com/pensam-residential-invests-in-11-property-senior-housing-portfolio/) - Miami, FL — January 9, 2019 – Pensam Residential, a national multi-housing owner and operator, announced today the closing of a senior equity investment to recapitalize an 11-property portfolio consisting of 1,368 active-adult apartment units located across the Northeast and Midwest United States. Pensam’s investment will facilitate funding the construction and stabilization of the portfolio, currently under
- [Pensam Residential Closes Preferred Equity Investment for the Acquisition of a Class-A Multifamily Property in Bloomfield, NJ](https://pensamcapital.com/pensam-residential-closes-preferred-equity-investment-for-the-acquisition-of-a-class-a-multifamily-property-in-bloomfield-nj/) - Miami, FL — February 5, 2019 – Pensam Residential, a national multi-housing owner and operator, announced today its recent closing of a preferred equity investment which facilitated the sponsor’s acquisition of a 361-unit Class-A multifamily apartment community located in Bloomfield, New Jersey. The sponsor is a New Jersey-based full-service real estate investment company and a repeat
- [Pensam Residential Provides Preferred Equity for the Recapitalization of a 1,383-Unit Multifamily Housing Portfolio](https://pensamcapital.com/pensam-residential-provides-preferred-equity-for-the-recapitalization-of-a-1383-unit-multifamily-housing-portfolio/) - Miami, FL — April 10, 2019 – Pensam Residential, a national multi-housing owner and operator, announced today the closing of a preferred equity investment to facilitate the recapitalization of a four-property 1,383-unit multifamily housing portfolio located in Pennsylvania & Kentucky. Pensam’s preferred equity investment was structured behind long-term Fannie Mae senior debt financing. The recapitalization of the
- [Pensam Residential Acquires 367-Unit Multifamily Apartment Community in Schaumburg (Chicago), IL](https://pensamcapital.com/pensam-residential-acquires-367-unit-multifamily-apartment-community-in-schaumburg-chicago-il/) - Miami, FL — April 13, 2019 – Pensam Residential, a national multi-housing owner and operator, announced today that through an affiliate it has acquired Legend Park Apartments, a 367-unit multifamily apartment community located in Schaumburg, Illinois. Legend Park was built in 1973 and consists of seven garden-style buildings situated on a low-density 22-acre site. The property features a
- [Pensam Development Oversees Rebranding of Tava Waters](https://pensamcapital.com/pensam-news-two/) - Pensam Development Oversees Rebranding of Tava Waters UNDER NEW MANAGEMENT, THE BREAKERS REBRANDS AS TAVA WATERS Denver’s Premier Multifamily Community Gets New Name, Substantial Amenity and Interior Unit Upgrades (Denver, Colo.) – March 16, 2017 – The Breakers Resort, long known as one of the most dynamic apartment communities in Colorado, is shedding its skin,
- [Pensam Funding Closes $36 Million Bridge Loan for the Acquisition of a 304-Unit Multifamily Property in Houston, TX](https://pensamcapital.com/pensam-funding-closes-36-million-bridge-loan-for-the-acquisition-of-a-304-unit-multifamily-property-in-houston-tx/) - Miami, FL – April 20, 2018 Pensam Funding, a direct real estate lender and affiliate of Pensam Capital, a fully integrated real estate investment platform, announced today that it recently provided a $36 million bridge loan to facilitate the acquisition of a newly-built 304-unit multifamily asset located in Houston, TX. Structured as a combined first
- [Pensam Funding Closes $17 Million Bridge Loan to Support the Acquisition and Repositioning of a 504-Unit Multifamily Asset in Montgomery, AL](https://pensamcapital.com/pensam-funding-closes-17-million-bridge-loan-to-support-the-acquisition-and-repositioning-of-a-504-unit-multifamily-asset-in-montgomery-al/) - Miami, FL – April 20, 2018 Pensam Funding, a direct real estate lender and affiliate of Pensam Capital, a fully integrated real estate investment platform, announced today that it recently provided a $17 million bridge loan to facilitate the acquisition, renovation, repositioning and lease-up of a 504-unit multifamily asset located in Montgomery, AL. The fixed rate
- [Pensam Funding Closes $7 Million Bridge Loan, Collateralized by a Multi-Property Portfolio in Miami Beach, FL](https://pensamcapital.com/pensam-funding-closes-7-million-bridge-loan-collateralized-by-a-multi-property-portfolio-in-miami-beach-fl/) - Miami, FL – April 20, 2018 Pensam Funding, a direct real estate lender and affiliate of Pensam Capital, a fully integrated real estate investment platform, announced today that it recently made a $7 million bridge loan secured by a portfolio of properties, all located within the prestigious Venetian Islands overlooking Biscayne Bay, in Miami Beach,
- [Michael Stein to Speak at 2018 CBRE Capital Markets Multifamily Conference in Chicago](https://pensamcapital.com/michael-stein-to-speak-at-2018-cbre-capital-markets-multifamily-conference-in-chicago/) - Michael Stein, Founding Partner of Pensam Capital, will be featured in a panel discussion at the 2018 CBRE Capital Markets Multifamily Conference in Chicago on Thursday, April 26, 2018. The panel is titled “Alternative Debt, Capital and Equity”. David Webb, Vice Chairman of Capital Markets for CBRE, will moderate the panel. Other panelists include Nicholas Killebrew, Head of Origination for
- [Pensam Residential Invests in a 306-Unit Multifamily Apartment Community in San Antonio, TX](https://pensamcapital.com/pensam-residential-invests-in-a-306-unit-multifamily-apartment-community-in-san-antonio-tx/) - Pensam Residential, a national multi-housing owner and operator, is pleased to announce its acquisition of the leasehold interest in The Kennedy, a newly built Class-A, 306-unit garden style multifamily apartment community located in San Antonio, Texas. Completed in 2017, The Kennedy is a best-in-market multifamily property located in Southeast San Antonio, Texas within the Brooks
- [Ray Cleeman to be a Panelist at ACRES Event in Boca Raton, FL on April 25, 2018](https://pensamcapital.com/ray-cleeman-to-be-a-panelist-at-acres-event-in-boca-raton-fl-on-april-25-2018/) - Ray Cleeman, Principal and Head of Capital Markets at Pensam Capital, will be participating in a panel discussion hosted by the Alliance of Corporate Real Estate Executives and Specialists (ACRES) in Boca Raton, FL on April 25, 2018. The panel will discuss alternative (non-banking) financing. The post Ray Cleeman to be a Panelist at ACRES Event in Boca
- [Josh Fuller Speaking at CRE Finance Council’s Commercial Real Estate Finance Summit in Santa Monica, CA](https://pensamcapital.com/josh-fuller-speaking-at-cre-finance-councils-commercial-real-estate-finance-summit-in-santa-monica-ca/) - Josh Fuller, Director at Pensam Funding, will be participating in a panel discussion during the Commercial Real Estate Finance Council’s (CREFC) Commercial Real Estate Finance Summit in Santa Monica, CA on May 9, 2018. Mr. Fuller will be featured in panel titled “B-Piece Investing: Evaluation of Long-Term Risk. v. Reward”. Discussion topics include: How has increased investor demand
- [Pensam Completes $19.5 M Bridge Loan for 760-Unit Multifamily Portfolio](https://pensamcapital.com/pensam-completes-19-5-m-bridge-loan-for-760-unit-multifamily-portfolio/) - Pensam Funding has made a $19.5 million bridge loan to facilitate the acquisition and renovation of a 760-unit, six-property portfolio with assets located in Atlanta, GA and Pensacola, FL (the “Portfolio”). The 2-year fixed rate loan was structured to meet the Borrower’s unique requirements, including mechanisms allowing the Borrower to draw down on $3 million
- [Pensam Closes Preferred Equity Investment for the Acquisition of a 600-Unit Multifamily Property in Denver, CO](https://pensamcapital.com/pensam-closes-preferred-equity-investment-for-the-acquisition-of-a-600-unit-multifamily-property-in-denver-co/) - Pensam announced that it recently closed on a preferred equity investment to facilitate the acquisition of a 600-unit multifamily community located in Denver, CO. Pensam’s preferred equity investment was structured behind Freddie Mac senior debt financing. The sponsor, a repeat Pensam client, is an experienced California-based real-estate investment firm focusing on core-plus and value-add real
- [Pensam Closes Preferred Equity Investment in a 261-Unit Multifamily Property in Stamford, CT](https://pensamcapital.com/pensam-closes-preferred-equity-investment-in-a-261-unit-multifamily-property-in-stamford-ct-2/) - 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
- [Pensam Residential Invests in 1,447-Unit Senior Housing/ Active-Adult Portfolio](https://pensamcapital.com/pensam-residential-invests-in-1447-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
- [Pensam Closes Preferred Equity Investment in a 261-Unit Multifamily Property in Stamford, CT](https://pensamcapital.com/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
- [Pensam Completes Preferred Equity Investment for the Acquisition of an 85-Unit Multifamily Property in Jackson, WY](https://pensamcapital.com/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
- [Pensam Completes Preferred Equity Investment for the Acquisition of a 180-Unit Multifamily Property in Coral Springs, FL](https://pensamcapital.com/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
- [Pensam Residential Acquires 288-Unit Multifamily Property in Georgetown (Austin), TX](https://pensamcapital.com/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
- [Michael Stein to Speak at CBRE Multifamily Conference April 19th in Chicago](https://pensamcapital.com/michael-stein-to-speak-at-cbre-multifamily-conference-april-19th-in-chicago/) - Michael Stein, a Principal of Pensam Capital, will be a speaker at the 2017 CBRE Multifamily Conference titled “Beyond the Cycle”. The conference will be held April 18th-19th in Chicago. Michael’s session will be a panel of speakers; consisting of preferred and joint venture equity providers. The panelists will be discussing current appetites for investment, shifts
- [Michael Stein to Speak at Freddie Mac Multifamily Central Regional Seller Workshop](https://pensamcapital.com/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
- [Ray Cleeman to Speak at AltsMIA Conference in Downtown Miami on November 6, 2018](https://pensamcapital.com/ray-cleeman-to-speak-at-altsmia-conference-in-downtown-miami-on-november-6-2018/) - Ray Cleeman, Principal at Pensam Funding, will speak at the AltsMIA 2018 Conference in Downtown Miami on Wednesday, November 6, 2018. The topics of conversation will revolve around alternative investment opportunities and private equity investing targeted towards family offices, high net worth individuals, institutions and pension groups. AltsMia brings together leading experts from across the alternative investment
- [Pensam Funding Closes $36 Million Bridge Loan for the Acquisition of a 304-Unit Multifamily Property in Houston, TX](https://pensamcapital.com/pensam-funding-closes-36-million-bridge-loan-for-the-acquisition-of-a-304-unit-multifamily-property-in-houston-tx-2/) - Miami, FL – April 20, 2018 Pensam Funding, a direct real estate lender and affiliate of Pensam Capital, a fully integrated real estate investment platform, announced today that it recently provided a $36 million bridge loan to facilitate the acquisition of a newly-built 304-unit multifamily asset located in Houston, TX. Structured as a combined first
- [Pensam Funding Closes $17 Million Bridge Loan to Support the Acquisition and Repositioning of a 504-Unit Multifamily Asset in Montgomery, AL](https://pensamcapital.com/pensam-funding-closes-17-million-bridge-loan-to-support-the-acquisition-and-repositioning-of-a-504-unit-multifamily-asset-in-montgomery-al-2/) - Miami, FL – April 20, 2018 Pensam Funding, a direct real estate lender and affiliate of Pensam Capital, a fully integrated real estate investment platform, announced today that it recently provided a $17 million bridge loan to facilitate the acquisition, renovation, repositioning and lease-up of a 504-unit multifamily asset located in Montgomery, AL. The fixed rate
- [Pensam Funding Closes $7 Million Bridge Loan, Collateralized by a Multi-Property Portfolio in Miami Beach, FL](https://pensamcapital.com/pensam-funding-closes-7-million-bridge-loan-collateralized-by-a-multi-property-portfolio-in-miami-beach-fl-2/) - Miami, FL – April 20, 2018 Pensam Funding, a direct real estate lender and affiliate of Pensam Capital, a fully integrated real estate investment platform, announced today that it recently made a $7 million bridge loan secured by a portfolio of properties, all located within the prestigious Venetian Islands overlooking Biscayne Bay, in Miami Beach,
- [Ray Cleeman to be a Panelist at ACRES Event in Boca Raton, FL on April 25, 2018](https://pensamcapital.com/ray-cleeman-to-be-a-panelist-at-acres-event-in-boca-raton-fl-on-april-25-2018-2/) - Ray Cleeman, Principal and Head of Capital Markets at Pensam Capital, will be participating in a panel discussion hosted by the Alliance of Corporate Real Estate Executives and Specialists (ACRES) in Boca Raton, FL on April 25, 2018. The panel will discuss alternative (non-banking) financing.
- [Josh Fuller Speaking at CRE Finance Council’s Commercial Real Estate Finance Summit in Santa Monica, CA](https://pensamcapital.com/josh-fuller-speaking-at-cre-finance-councils-commercial-real-estate-finance-summit-in-santa-monica-ca-2/) - Josh Fuller, Director at Pensam Funding, will be participating in a panel discussion during the Commercial Real Estate Finance Council’s (CREFC) Commercial Real Estate Finance Summit in Santa Monica, CA on May 9, 2018. Mr. Fuller will be featured in panel titled “B-Piece Investing: Evaluation of Long-Term Risk. v. Reward”. Discussion topics include: How has increased investor demand
- [Pensam Completes $19.5 M Bridge Loan for 760-Unit Multifamily Portfolio](https://pensamcapital.com/pensam-completes-19-5-m-bridge-loan-for-760-unit-multifamily-portfolio-2/) - Pensam Funding has made a $19.5 million bridge loan to facilitate the acquisition and renovation of a 760-unit, six-property portfolio with assets located in Atlanta, GA and Pensacola, FL (the “Portfolio”). The 2-year fixed rate loan was structured to meet the Borrower’s unique requirements, including mechanisms allowing the Borrower to draw down on $3 million
- [Pensam Closes Preferred Equity Investment for the Acquisition of a 600-Unit Multifamily Property in Denver, CO](https://pensamcapital.com/pensam-closes-preferred-equity-investment-for-the-acquisition-of-a-600-unit-multifamily-property-in-denver-co-2/) - Pensam announced that it recently closed on a preferred equity investment to facilitate the acquisition of a 600-unit multifamily community located in Denver, CO. Pensam’s preferred equity investment was structured behind Freddie Mac senior debt financing. The sponsor, a repeat Pensam client, is an experienced California-based real-estate investment firm focusing on core-plus and value-add real
- [Pensam Completes Preferred Equity Investment for the Acquisition of an 85-Unit Multifamily Property in Jackson, WY](https://pensamcapital.com/pensam-completes-preferred-equity-investment-for-the-acquisition-of-an-85-unit-multifamily-property-in-jackson-wy-2/) - 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

## Pages

- [Home](https://pensamcapital.com/) - Units Properties Transaction Volume States Our Approach With a view toward the long-term, Pensam applies a disciplined approach to investing, with a commitment to generating attractive, risk-adjusted returns for stakeholders while offering a superior resident experience. Equity As a national firm with a growing portfolio across the U.S., Pensam invests through direct acquisitions, joint ventures
- [Our People](https://pensamcapital.com/leadership/) - Meet The TeamAllFoundersLeadershipInvestor RelationsInvestmentsFinance PortfolioAsset ManagementDevelopment and ConstructionOperations Gavin Beekman Founding Partner and CEO of Pensam Group gbeekman@pensamcapital.com Michael Stein Founding Partner mstein@pensamcapital.com Joe Ackerman Founding Partner jackerman@pensamcapital.com Hen Shoval Partner, Chief Investment Officer hshoval@pensamcapital.com Dominic Rechichi Partner, Head of Asset Management, Development & Construction drechichi@pensamcapital.com Ray Cleeman Partner, Head of Capital Markets and Lending
- [Development](https://pensamcapital.com/development/) - Pensam develops best-in-class communities through in-house construction and joint venture partnerships Development Pensam is a full service multifamily development company, focused on ground up construction, property renovations, and project oversight. In addition to building its own portfolio, Pensam joint ventures with best-in-class developers across the country. Capabilities Include: Ground Up Construction Property Renovations In-House Design
- [Debt](https://pensamcapital.com/debt/) - We are committed to delivering flexible capital solutions, establishing programmatic relationships, and partnering with high quality sponsors seeking to grow their real estate portfolios. – Michael Stein, Founding Partner Debt Solutions Pensam is a direct lender focused in the multifamily space with solutions and products spanning the capital stack including bridge loans, mezzanine financing, and
- [Development Projects](https://pensamcapital.com/portfolio/development-projects/) - Airie, – Denver, CO Brazos Crossing- Richwood, TX East Bank at Richwood Village – Richwood, TX
- [Equity](https://pensamcapital.com/equity-investment/) - Equity Programs As a national firm with a growing portfolio across the U.S., Pensam invests through direct acquisitions, joint ventures, and preferred equity. Pensam seeks to invest in Class A and B properties in primary and secondary markets through distressed, value-add, and core opportunities. Pensam’s vertically integrated platform encompasses underwriting, due diligence, property management, asset
- [About Us](https://pensamcapital.com/about-us-pensam/) - A Diversified Multifamily Real Estate Investment Firm Pensam is one of the country’s largest private real estate investors and capital providers specializing in the vibrant U.S. multihousing sector. Founded in 2009 by a team of seasoned real estate professionals, the company meets the country’s needs for alternative flexible capital. Pensam has invested in over 61,800
- [News](https://pensamcapital.com/news/) - Uncategorized July 9, 2026 Noah Miller Featured Speaker at the Real Estate Lending Summit Noah Miller, Partner and Executive Vice President at Pensam, will be a featured speaker at the upcoming Real Estate Lending Summit on July 15. His session, “Multifamily Money: How Investors Are Getting Deals Done Today,” will explore how inve ... Benjamin
- [Privacy Policy](https://pensamcapital.com/privacy-policy/) - Last updated: June 12 2025 Pensam – Global Privacy Notice You are receiving this Privacy Notice because you may need to provide Personal Data to Pensam or its affiliates in one of the following roles: Investor: when subscribing to, lending to, or maintaining an interest in a Pensam-managed Investment Vehicle; Borrower or Sponsor: when
- [Archived News](https://pensamcapital.com/archived-news/) - Archived News Archive Investments January 26, 2016 Palmetto Fort Palmetto Fort Pensam Development successfully closed on the purchase of Palmetto Fort, a +/- 206 acre single family home development site within Charleston county, South Carolina. This is one of the last large waterfront tracts of undevelope ... jfpavia 0
- [Galina Churchill](https://pensamcapital.com/leadership/galina-churchill/) - Galina Churchill Vice President of Investments 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
- [Portfolio](https://pensamcapital.com/portfolio/) - State Arkansas Colorado Connecticut Florida Georgia Illinois Indiana Kansas Louisiana Missouri Nevada New Jersey New York North Carolina Ohio Texas Virginia 1325 N. Wells – Chicago, IL 1900 at Canterfield – Chicago, IL Airie – Denver, CO Bristol Place – Baton Rouge, LA Broadstone New Territory – Sugar Land, TX Butterfield Oaks – Aurora, IL
- [Preferred Equity](https://pensamcapital.com/portfolio/preferred-equity/) - Arium San Remo – Coral Springs, FL Aurora Hills Apartments – Aurora, CO Berkley Manor – Cranberry Township, PA Colonnade Apartments – Newark, NJ Colts Run – Lexington, KY Loft 9 – Denver, CO Woodspring – Florence, KY Park Square West – Stamford, CT Parkway Lofts – Bloomfield, NJ Stone Crossing Apartments – Huntsville, AL
- [Funding Transactions](https://pensamcapital.com/portfolio/funding-transactions/) - 20 Midtown – Birmingham, AL The Rise Central – Beaverton, OR Design 41 – Miami, FL Lord Balfour – Miami Beach, FL Orduna Court – Coral Gables, FL Regalia Bella Terra – Katy, TX Riverside Tower – Miami, FL The Reserve at Millcreek – Eerie, PA Trails at Lake – Houston, TX Urbin Grove –
- [History](https://pensamcapital.com/history/) - Pensam was founded in 2009 by a team of seasoned real estate professionals who identified a need for alternative flexible capital in a market challenged by limited liquidity. Michael Stein, Gavin Beekman and Joe Ackerman created Pensam, an opportunistic lender providing short-term bridge loans to owners of distressed properties. After quickly establishing itself as a competitive alternative
- [Contact Us](https://pensamcapital.com/contact-us/) - Headquarters 777 Brickell Avenue, Suite 1200, Miami, FL 33131 T: 786.539.4999 E: info@pensamcapital.com Denver Office 9123 E Mississippi Avenue. Denver, CO 80247-2183 General 786-539-4999 Info@pensamcapital.com Equity Hen Shoval 786-300-4952 HShoval@pensamcapital.com Debt Ray Cleeman 786-879-8829 RCleeman@pensamcapital.com Development Dominic Rechichi 786-587-1549 DRechichi@pensamcapital.com Investor Relations InvestorRelations@PensamCapital.com Careers Careers@pensamcapital.com Your Name (required) Your Email (required) Subject Let us know
- [Social Responsibility](https://pensamcapital.com/social-responsibility/) - We have over 20 years of experience providing expert financial advice for both businesses and individuals. Pellentesque faucibus dapibus dapibus. Morbi aliquam aliquet neque. Donec placerat dapibus sollicitudin. Morbi arcu nisi, mattis ut ullamcorper in, dapibus ac nunc. Cras bibendum mauris et sapien feugiat, scelerisque accumsan nibh gravida. Quisque aliquet justo elementum lectus ultrices bibendum.
- [Property Locator](https://pensamcapital.com/property-locator/) - [ASL_STORELOCATOR]
- [Alexander Keenan](https://pensamcapital.com/leadership/alexander-keenan/) - Alexander Keenan Acquisition Analyst Alexander Keenan serves as an Acquisition Analyst for Pensam Residential. 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 Residential, Alexander was engaged in the insurance industry, working at Allianz Life Insurance in their actuarial
- [Dirk Beck](https://pensamcapital.com/leadership/dirk-beck/) - Dirk Beck Director of Development and Construction Dirk serves as the Director of Development and Construction. In that role, he is responsible for overseeing the day-to-day operations of the construction and development activities for commercial and multifamily housing projects for Pensam. His responsibilities include: budgeting, scheduling, construction & design coordination, permitting, and entitlement. Having a
- [Yusleidy Arrojo](https://pensamcapital.com/leadership/yusleidy-arrojo/) - Yusleidy Arrojo Staff Accountant Yusleidy Arrojo serves as Staff Accountant for Pensam. Her responsibilities include: creating and maintaining a standard chart of accounts for Pensam, preparing financial statements, and overseeing the firm’s accounts payable and receivable. Prior to joining Pensam, Yusleidy worked as accountant for an international wholesale company, where she oversaw all internal and
- [Viviana Angulo](https://pensamcapital.com/leadership/viviana-angulo/) - Viviana Angulo Office Manager & HR Coordinator for Pensam Viviana Angulo serves as Office Manager & HR Coordinator for Pensam. Her responsibilities include day-to-day operations of the Pensam Residential office as well as administrative assistance. She provides technical and logistical support for special projects, meetings, conferences, and events. Additionally, she completes administrative duties for the
- [Ray Cleeman](https://pensamcapital.com/leadership/ray-cleeman/) - Ray Cleeman Principal, Head of Capital Markets Principal, Head of Capital Markets Ray Cleeman is a Principal at Pensam a multi-faceted private equity real estate fund that has a robust Credit Solutions Group. As a private, direct real estate lender, Pensam provides flexible and rapid capital solutions to real estate sponsors across the capital stack
- [Nisha Bhatia](https://pensamcapital.com/leadership/nisha-bhatia/) - Nisha Bhatia General Counsel Nisha Bhatia serves as General Counsel for Pensam. Nisha first joined the firm as an intern in 2009. Nisha’s responsibilities include: ensuring internal corporate regulatory compliance, drafting and reviewing loan documents, corporate structuring, and assisting outside counsel in transactional work, including conventional mortgage loans, mezzanine financing, loan assumptions, loan structuring, and
- [Michael Stein](https://pensamcapital.com/leadership/michael-stein-founding-partner/) - Michael Stein Founding Partner Michael Stein is a Founding Partner of Pensam. With over 25 years of experience in the commercial real estate investment and structured finance sectors, Michael has been involved in over $6 billion of equity and debt real estate transactions. Prior to founding Pensam in 2009, Michael was a partner in Miami-based
- [Matthew Burke](https://pensamcapital.com/leadership/matthew-burke/) - Matthew Burke Servicing Associate & Asset Manager Mathew Burke serves as Servicing Associate and Asset Manager for Pensam. He is responsible for conducting Pensam’s commercial loan servicing operations and supporting the Asset Management team. Prior to joining Pensam, Matthew worked as a Servicing Associate at Ocwen Loan Servicing, focusing on CMBS loan servicing and REO
- [Lena Martinez](https://pensamcapital.com/leadership/lena-martinez/) - Lena Martinez Financial Controller Lena Martinez serves as Financial Controller for Pensam. In her role as Pensam’s Financial Controller, Lena’s responsibilities include creating and maintaining a standard chart of accounts for Pensam, documenting all transactional data, preparing financial statements, and managing the firm’s accounts receivable and accounts payable. Prior to joining Pensam, Lena worked as
- [Katie Vanderveen](https://pensamcapital.com/leadership/katie-vanderveen/) - Katie Vanderveen Asset Manager Katie Vanderveen serves as Asset Manager for Pensam. Her responsibilities include identifying areas for financial growth within properties, monitoring leasing and operating activity, reviewing property-level financial statements, providing property rehabilitation administrative support, and aiding in the investor reporting process. Katie works in constant collaboration with Pensam’s property management teams to effectively
- [Joseph Menendez](https://pensamcapital.com/leadership/joseph-menendez/) - Joseph Menendez Asset Management Analyst Joseph Menendez serves as an Asset Management Analyst for Pensam. His responsibilities include preparing financial reports on property and portfolio performance, identifying areas for financial growth within properties, monitoring leasing and operating activity, reviewing property-level financial statements, providing property rehabilitation administrative support, and aiding in the investor reporting and distribution
- [Joseph Brennan](https://pensamcapital.com/leadership/joseph-brennan/) - Joseph Brennan Director of Capital Markets 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
- [Joe Ackerman](https://pensamcapital.com/leadership/joe-ackerman/) - Joe Ackerman Founding Partner Joe Ackerman is a Founding Partner of Pensam. He leads Pensam’s risk committee and, backed by his prior experience, assists and participates with capital market activities. He is an active Board Member at Grupo Javer, the largest housing development company in Mexico, specializing in the construction and commercialization of affordable entry-level,
- [Jacobo Fernandez](https://pensamcapital.com/leadership/jacobo-fernandez/) - Jacobo Fernandez Staff Accountant Jacobo Fernandez serves as the Staff Accountant for Pensam. His responsibilities include: creating and maintaining a standard chart of accounts for Pensam, preparing financial statements, and overseeing the firm’s accounts payable and receivable. Prior to joining Pensam, Jacobo worked as a Staff Accountant for Printing Press, where he oversaw all internal
- [Ivonne Matus](https://pensamcapital.com/leadership/ivonne-matus/) - Ivonne Matus Paralegal BIO
- [Eddie Reiner](https://pensamcapital.com/leadership/eddie-reiner/) - Eddie Reiner CFA, Director of Asset Management Eddie Reiner, CFA serves as Director of Asset Management for Pensam. Eddie joined the firm in 2010 as an intern where he contributed to all aspects of Pensam’s initial growth, and now plays a primary role in the oversight of multihousing investments. Currently, Eddie’s responsibilities include the active
- [Dominic Rechichi](https://pensamcapital.com/leadership/dominic-rechichi/) - Dominic Rechichi Principal 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
- [Ariana Rapado](https://pensamcapital.com/leadership/ariana-rapado/) - Ariana Rapado Portfolio Finance Manager Ariana Rapado serves as Portfolio Finance Manager. Her responsibilities include assisting the Asset Management and Accounting Departments in maintaining financial reports produced for direct equity and debt investments, maintaining financial projections for the firm’s portfolio, reviewing financial statements of investments and assets to ensure accuracy and completeness, and managing annual
- [Alejandro Muelle](https://pensamcapital.com/leadership/alejandro-muelle/) - Alejandro Muelle Vice President of Operations Alejandro Muelle serves as Vice President of Operations. As the firm’s Financial Officer, Alejandro’s responsibilities include managing the firm’s accounting and financial operations. 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
- [Agustin de Goytisolo](https://pensamcapital.com/leadership/agustin-de-goytisolo/) - Agustin de Goytisolo Operations Analyst Agustin de Goytisolo serves as Operations Analyst. His responsibilities include: standardizing accounting records, preparing financial statements, and managing the firm’s accounts receivable and accounts payable processes. Prior to joining Pensam, Agustin worked at Medical Care Consortium. He is originally from Miami, FL. adegoytisolo@pensamfunding.com

## Projects

- [Synergy Airways](https://pensamcapital.com/projects/synergy-airways/) - CHALLENGE Deal with increased balance sheet liability This global airline company operates an exclusive rewards club for its flyers, who accumulate air miles towards a variety of rewards, such as free travel, seat upgrades and premium gifts. Issues which arose with the air miles program were an increased balance sheet liability due to unredeemed air
- [Payfast](https://pensamcapital.com/projects/payfast/) - CHALLENGE Extending payment offering As a forward-thinking business this global payment services provider uncovered a way to complement their existing European payment by offering Direct Debits. As a way to optimize their service portfolio and unlock new business potential, the client offered their customers Direct Debit as an additional payment method in Europe while receiving
- [Sona Energy](https://pensamcapital.com/projects/sona/) - CHALLENGE Help create attractive prices and ensure efficient billing Innovative energy service providers are facing tough competition in the fiercely-contested electricity and gas market. In order to gain new customers they have to offer not only innovative and sustainable products, but also have to create attractively-priced offers and guarantee excellent energy billing and customer services.
- [Fitzgerald Motorcycle Group](https://pensamcapital.com/projects/fitzgerald-motorcycle-group/) - CHALLENGE To bring members worldwide together Administration of the Fitzgerald Owners Group (the world’s largest factory sponsored motorcycle riding organisation) was fragmented across EMEA, resulting in inefficiencies and inconsistencies in customer relationship management activities with members. The key objectives of the programme were to provide an improved experience for 100,000 members, while making cost savings
- [Horizon Ferries](https://pensamcapital.com/projects/horizon-ferries/) - CHALLENGE Find new payment solutions and streamline debt collection Horizon Ferries is an international transport and travel service company with Europe’s most comprehensive route network. During 2013, 14.6 million passengers travelled with Horizon Ferries, and the company also transported 3 million cars and 2 million freight units. For several years now Horizon Ferries has worked
- [Securator](https://pensamcapital.com/projects/securator/) - CHALLENGE Improve the invoicing process Security company Securator started in 1999, and today it is the leader in ID-protection and general security in Sweden, Norway, Finland, Poland, Russia and Ukraine. The company operated its business by invoicing its customers in a one-off basis for services that would last between 12 and 36 months. This generated
- [Growtech](https://pensamcapital.com/projects/growtech/) - CHALLENGE Deliver a state of the art customer exerience The core challenge was to provide a globally consistent contract-to-invoice service across four lines of business – Dynamics, Commercial Operations, Enterprise Services and Original Equipment Manufacturers Operations – that together represent over 90% of Growtech’s global revenues. Growtech had previously used seven vendors in five locations
- [Oak Tree Solutions](https://pensamcapital.com/projects/oak-tree-solutions/) - CHALLENGE Deal with outstanding debts Oak Tree Solutions, is the UK’s number one classified and community website. It brings together “buyers” (consumers looking for something) with “sellers” (businesses and people offering something). It’s everyone’s local notice board – generating more than 250,000 new listings a week, and attracting 13.7 million visitors and 400 million page

## Members

- [Joe Ackerman](https://pensamcapital.com/imt_team/joe-ackerman/) - Joe is a Founding Partner of Pensam, where he leads the firm’s risk committee and leverages his extensive experience to support and participate in capital market activities. Previously, Joe was a partner at Cidel Financial Group (CFG), a Canadian-based financial organization managing over USD 20 billion across various global asset management and trust companies. He
- [Leon Kah](https://pensamcapital.com/imt_team/leon-kah/) - Leon serves as an Analyst on the Investments team at Pensam, where he is responsible for the origination and deployment of equity and structured credit investments, transaction execution and underwriting, and due diligence support. Prior to joining Pensam, Leon completed the CF&O Series at Goldman Sachs within the Global Banking & Markets division, where he
- [Dominic Rechichi](https://pensamcapital.com/imt_team/dominic-rechichi/) - Dominic is Partner, Head of Asset Management, Development & Construction at Pensam. He is responsible for the overall stewardship and performance of the firm’s property portfolio, which spans more than 23,000 multifamily units across the country. Dominic oversees the Asset Management team, which focuses on the strategic oversight of the company’s portfolio, working to create
- [Gable Braun](https://pensamcapital.com/imt_team/gable-braun/) - Gable is an Analyst on Pensam’s Asset Management team. In his role, Gable analyzes property-level financial statements, identifies opportunities to enhance financial performance, and evaluates capital event strategies across Pensam’s portfolio. He contributes to investor reporting and supports the execution of investor distributions for Pensam’s equity investments, working closely with internal teams to monitor asset
- [Marco Ferri](https://pensamcapital.com/imt_team/marco-ferri/) - Marco serves as Chief Operating Officer for Pensam and plays a crucial role in ensuring the smooth operation of all aspects of the business and execution of business objectives. His responsibilities include overseeing the implementation of the business plan for each core department of the company, identifying areas to optimize operational efficiencies, and managing capital
- [Daniel Dallal](https://pensamcapital.com/imt_team/daniel-dallal/) - Daniel serves as an Analyst on the Investments team at 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. He also leads firmwide AI initiatives focused on enhancing efficiency, automation, and workflows across all departments. Prior to joining Pensam,
- [Noah Miller](https://pensamcapital.com/imt_team/noah-miller/) - Noah is a Partner, Executive Vice President at 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
- [Ivonne Matus](https://pensamcapital.com/imt_team/ivonne-matus/) - Ivonne serves as Paralegal for Pensam, working directly with the Chief Legal Officer, Nisha Bhatia, and General Counsel, Edilsa Ruiz. She plays a key role in supporting Pensam's transactions from start to finish. Her responsibilities include preparing and organizing documents, coordinating closing logistics and supporting the firm's due diligence process. Having handled hundreds of closings
- [Galina Churchill](https://pensamcapital.com/imt_team/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
- [Alejandro Muelle](https://pensamcapital.com/imt_team/alejandro-muelle/) - Alejandro serves as the Director of the Finance Portfolio at Pensam. In this role, he is responsible for overseeing financial strategy and managing Pensam's structured finance portfolio. Alejandro’s responsibilities encompass aligning the portfolio's financial performance with company objectives, enhancing portfolio efficiency, and steering portfolio management strategies to achieve sustainable, long-term growth. He plays a pivotal
- [Nisha Bhatia](https://pensamcapital.com/imt_team/nisha-bhatia/) - Nisha is Chief Legal Officer at Pensam.Nisha joined Pensam in 2009 and has progressed through increasingly senior leadership roles, serving as General Counsel in 2010 and Senior General Counsel in 2021 before being named Chief Legal Officer in 2025. In her current role as Chief Legal Officer, she oversees Pensam’s legal department and advises senior
- [Benjamin Frisbee](https://pensamcapital.com/imt_team/benjamin-frisbee/) - Benjamin serves as an Associate on the Investor Relations team at Pensam. His responsibilities include communicating the financial and operational performance of assets in the Company’s portfolio; assisting the Company’s Asset Management, Acquisitions, Legal and Accounting teams with various ongoing tasks and transactions; managing client relations; and aiding in the investor reporting and distribution process
- [Michael Stein](https://pensamcapital.com/imt_team/michael-stein/) - Michael 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
- [Hen Shoval](https://pensamcapital.com/imt_team/hen-shoval/) - Hen is a Partner and the Chief Investment Officer at Pensam, where he leads the company’s investment activities, including property acquisitions, dispositions, and structured finance transactions. He has spearheaded transactions exceeding $10 billion. Prior to joining Pensam, Hen held key positions at other real estate investment firms, focusing on the acquisition of multifamily properties across
- [Lena Martinez, CPA](https://pensamcapital.com/imt_team/lena-martinez-cpa/) - Lena, CPA serves as the Financial Controller for Pensam. In this role, she leads the preparation of corporate financial statements, cash flow reports, budgets, and oversees treasury management functions for the firm. Lena also manages and coordinates the audit and tax processes for all Pensam-managed properties, ensuring compliance and operational efficiency across the portfolio. Prior
- [Edilsa Ruiz](https://pensamcapital.com/imt_team/edilsa-ruiz/) - Edilsa serves as General Counsel of Pensam, overseeing the company’s legal and corporate governance functions. She is also active in all aspects of transactional matters pertaining to acquisitions, dispositions and other investments by Pensam and provides counsel on the overall management of all legal activities for the company. Edilsa joined Pensam in June 2021 after
- [Joseph Menendez](https://pensamcapital.com/imt_team/joseph-menendez/) - Joseph serves as Vice President of Asset Management at Pensam. His responsibilities include overseeing financial reporting on property and portfolio performance, identifying areas for financial growth, managing portfolio cashflow, reviewing property-level financial statements, providing property rehabilitation administrative support, and aiding in the investor reporting and distribution process for Pensam’s equity investments. He also assists with
- [Mary Hazuka](https://pensamcapital.com/imt_team/mary-hazuka/) - Mary serves as Portfolio Manager of Asset Management for Pensam. Her primary responsibilities are supporting the operations and performance for Pensam’s portfolio, working to maintain and improve strategic plans to ensure maximization of performance. Additional responsibilities include monitoring leasing and operating activity, analyzing and reviewing property-level financial reports, conducting property site inspections, evaluating local market
- [Viviana Angulo](https://pensamcapital.com/imt_team/viviana-angulo/) - Viviana serves as Office Manager & HR Coordinator for Pensam. Her responsibilities include day-to-day operations of the Pensam office as well as administrative assistance. She provides technical and logistical support for special projects, meetings, conferences, and events. Additionally, she completes administrative duties for the human resources department including recruitment, maintaining employee records, and provides administrative
- [Victor de Zárraga](https://pensamcapital.com/imt_team/victor-de-zarraga/) - Victor serves as Vice President of Asset Management for Pensam. His responsibilities include identifying areas for financial growth within properties, monitoring asset performance, evaluating and executing on capital event strategies, and managing the investor distribution process. Victor works in constant collaboration with Pensam’s strategic partners to effectively manage the multihousing portfolio. Prior to his placement
- [Gavin Beekman](https://pensamcapital.com/imt_team/gavin-beekman/) - Gavin is the Founding Partner and CEO of Pensam Group, where he leads the firm’s strategic vision and oversees its daily operations. Before founding Pensam, he was a partner at Cidel Financial Group, helping expand its global financial services portfolio exceeding $20 billion in assets. He began his career with Arthur Andersen in Cape Town,
- [Dirk Beck](https://pensamcapital.com/imt_team/dirk-beck/) - Dirk serves as the Director of Development and Construction for Pensam. In his role, he is responsible for overseeing the day-to-day operations of the construction and development activities for commercial and multifamily housing projects for the organization. His responsibilities include: budgeting, scheduling, construction and design coordination, permitting, and entitlement. Having a diverse background in various
- [Monica Slusser](https://pensamcapital.com/imt_team/monica-slusser/) - Monica serves as Portfolio Manager of Asset Management for Pensam. In her role, she primarily focusses on overseeing property operations, identifying areas of financial growth and maximizing performance. Additional responsibilities include analyzing property-level financials, evaluating local markets and trends, overseeing extensive capital projects, conducting property evaluations, and aiding in administrative support. Prior to becoming an
- [Ray Cleeman](https://pensamcapital.com/imt_team/ray-cleeman/) - Ray is Partner and Head of Capital Markets and Lending at Pensam. He is responsible for sourcing, structuring, negotiating and executing on whole-loans, mezzanine loans and preferred equity investments. Ray is also responsible for building relationships with sponsors to help provide innovative capital solutions that are tailored to their unique funding needs. Additionally, he leads
- [Gabriel Fernandez](https://pensamcapital.com/imt_team/gabriel-fernandez/) - Gabriel serves as Manager of the Finance Portfolio Manager at Pensam. In this role, he is responsible for analyzing investment performance, managing loan servicing and asset management processes, preparing debt schedules, producing financial reports, and maintaining accounting records. Prior to joining Pensam, Gabriel worked at COFE Properties as a Fund Manager, where he prepared distribution
- [Alexander Keenan](https://pensamcapital.com/imt_team/alexander-keenan/) - Alexander serves as a Senior Associate within Pensam’s Investments team. In this role, he is responsible for sourcing and underwriting potential investment opportunities, performing detailed market and financial analyses, and leading due diligence efforts for new transactions. His contributions are instrumental in identifying value-add strategies and ensuring the alignment of investment objectives with Pensam’s strategic

## Portfolio

- [Reserve at Tropicana - Las Vegas, NV](https://pensamcapital.com/portfolio-item/reserve-at-tropicana-las-vegas-nv/)
- [Residence at Sierra Vista - Las Vegas, NV](https://pensamcapital.com/portfolio-item/residence-at-sierra-vista-las-vegas-nv/)
- [Promenade at Aloma - Oviedo, FL](https://pensamcapital.com/portfolio-item/promenade-at-aloma-oviedo-fl/)
- [Windscape of Naperville - Naperville, IL](https://pensamcapital.com/portfolio-item/windscape-of-naperville-naperville-il/)
- [Willow + Wren Apartments - Aurora, IL](https://pensamcapital.com/portfolio-item/covey-at-fox-valley-aurora-il/)
- [Broadstone New Territory - Sugar Land, TX](https://pensamcapital.com/portfolio-item/broadstone-new-territory/)
- [Woodshire Apartments - Virginia Beach, VA](https://pensamcapital.com/portfolio-item/woodshire-apartments-virginia-beach-va/)
- [Woodland Ridge - Woodridge, IL](https://pensamcapital.com/portfolio-item/riverhaus-creekside-san-antonio-tx/)
- [Woodland Commons - Newnan, GA](https://pensamcapital.com/portfolio-item/woodland-commons-newnan-ga/)
- [Waters View - Cohoes, NY](https://pensamcapital.com/portfolio-item/waters-view-cohoes-ny/)
- [Willow Lake - Katy, TX](https://pensamcapital.com/portfolio-item/willow-lake-katy-tx/)
- [Villages at Louetta - Spring, TX](https://pensamcapital.com/portfolio-item/villages-at-louetta-spring-tx/)
- [Villa Medici - Overland Park, KS](https://pensamcapital.com/portfolio-item/villa-medici-overland-park-ks/)
- [Tuscana Bay - Corpus Christi, TX](https://pensamcapital.com/portfolio-item/tuscana-bay-apartments-corpus-christi-tx/)
- [Towne Plaza - Houston, TX](https://pensamcapital.com/portfolio-item/the-park-at-netherley-union-city-ga/)
- [The Ridge - Austin, TX](https://pensamcapital.com/portfolio-item/the-ridge-austin-tx/)
- [The Preserve at Spring Lake – Altamonte Springs, FL](https://pensamcapital.com/portfolio-item/the-preserve-at-spring-lake-altamonte-springs-fl/)
- [The Reserve at Gashes Creek - Asheville, NC](https://pensamcapital.com/portfolio-item/the-reserve-at-gashes-creek-asheville-nc/)
- [The Residences at Wash Brook – Bloomfield, CT](https://pensamcapital.com/portfolio-item/the-residences-at-wash-brook-bloomfield-ct/)
- [The Park at Netherley - Atlanta, GA](https://pensamcapital.com/portfolio-item/the-park-at-netherley-atlanta-ga/)
- [The Palms at Forest Hills - Coral Springs, FL](https://pensamcapital.com/portfolio-item/the-palms-at-forest-hills-coral-springs-fl/)
- [The Mural - Orange, NJ](https://pensamcapital.com/portfolio-item/the-mural-orange-nj/)
- [The Luke Apartments - McAllen, TX](https://pensamcapital.com/portfolio-item/the-luke-apartments-mcallen-tx/)
- [The Kennedy - San Antonio, TX](https://pensamcapital.com/portfolio-item/the-kennedy-san-antonio-tx/)
- [The Grove at Schaumburg - Schaumburg, IL](https://pensamcapital.com/portfolio-item/the-grove-at-schaumburg-il/)
- [The Elise - Dallas, TX](https://pensamcapital.com/portfolio-item/the-elise-dallas-tx/)
- [The Blakely - Pendergrass, GA](https://pensamcapital.com/portfolio-item/the-blakely-pendergrass-ga/)
- [Tava Waters - Denver, CO](https://pensamcapital.com/portfolio-item/tava-waters-denver-co/)
- [Sundance - Wichita, KS](https://pensamcapital.com/portfolio-item/sundance-wichita-ks/)
- [Summit at Keystone - Indianapolis, IN](https://pensamcapital.com/portfolio-item/summit-at-keystone-indianapolis-in/)
- [Stoneleigh on Kenswick - Humble, TX](https://pensamcapital.com/portfolio-item/stoneleigh-on-kenswick-humble-tx/)
- [Stonebrook Apartments – Mebane, NC](https://pensamcapital.com/portfolio-item/stonebrook-apartments-mebane-nc/)
- [Riverhaus Creekside - San Antonio, TX](https://pensamcapital.com/portfolio-item/riverhaus-creekside-san-antonio-tx-2/)
- [Riverbend Apartments - Indianapolis, IN](https://pensamcapital.com/portfolio-item/riverbend-apartments-indianapolis-in/)
- [Promenade at Uptown - Altamonte Springs, FL](https://pensamcapital.com/portfolio-item/promenade-at-uptown-altamonte-springs-fl/)
- [Promenade at Summer Trace - New Port Richey, FL](https://pensamcapital.com/portfolio-item/promenade-at-summer-trace-new-port-richey-fl/)
- [Promenade at Edgewater - Dunedin, FL](https://pensamcapital.com/portfolio-item/promenade-at-edgewater-dunedin-fl/)
- [Promenade at Belleair - Clearwater, FL](https://pensamcapital.com/portfolio-item/promenade-at-belleair-clearwater-fl/)
- [Prentiss Creek - Downers Grove, IL](https://pensamcapital.com/portfolio-item/prentiss-creek-downers-grove-il/)
- [Pavilions at Deer Chase - Deerfield Beach, FL](https://pensamcapital.com/portfolio-item/pavilions-at-deer-chase-deerfield-beach-fl/)
- [Parkway Lofts - Bloomfield, NJ](https://pensamcapital.com/portfolio-item/parkway-lofts-bloomfield-nj/)
- [Parallax at Georgetown - Georgetown, TX](https://pensamcapital.com/portfolio-item/parallax-at-georgetown-georgetown-tx/)
- [Paddock Place - Ocala, FL](https://pensamcapital.com/portfolio-item/paddock-place/)
- [Northgate Oaks - Houston, TX](https://pensamcapital.com/portfolio-item/northgate-oaks-houston-tx/)
- [Mira Crystal Lake – Port Orange, FL](https://pensamcapital.com/portfolio-item/eden-crystal-lake-port-orange-fl/)
- [Latitude 28 - Altamonte Springs, FL](https://pensamcapital.com/portfolio-item/latitude-28-altamonte-springs-fl/)
- [Landmark South – Doral, FL](https://pensamcapital.com/portfolio-item/landmark-south-doral-fl/)
- [Lakeside at Wheaton - Wheaton, IL](https://pensamcapital.com/portfolio-item/lakeside-apartments-wheaton-il/)
- [Lakes at Fountain Square - Waukegan, IL](https://pensamcapital.com/portfolio-item/lakes-at-fountain-square-waukegan-il/)
- [Icon - Corpus Christi, TX](https://pensamcapital.com/portfolio-item/icon-corpus-christi-tx-2/)
- [Holly Springs Place - Raleigh, NC](https://pensamcapital.com/portfolio-item/holly-springs-place-raleigh-nc/)
- [Heron Landing - Sunrise, FL](https://pensamcapital.com/portfolio-item/heron-landing-sunrise-fl/)
- [Hawthorne Ridge - Conroe, TX](https://pensamcapital.com/portfolio-item/hawthorne-ridge-conroe-tx/)
- [Grand Oaks - Gurnee, IL](https://pensamcapital.com/portfolio-item/grand-oaks-gurnee-il/)
- [Golfview Flats - Sunrise, FL](https://pensamcapital.com/portfolio-item/golfview-flats-sunrise-fl/)
- [Governour’s Square - Columbus, OH](https://pensamcapital.com/portfolio-item/governours-square-columbus-oh/)
- [Fox and Hounds - Columbus, OH](https://pensamcapital.com/portfolio-item/fox-and-hounds-columbus-oh/)
- [Fountain Square - Lakeland, FL](https://pensamcapital.com/portfolio-item/fountain-square-lakeland-fl/)
- [Forest Place - Little Rock, AR](https://pensamcapital.com/portfolio-item/forest-place-little-rock-ar/)
- [Forest Hills - Newark, NJ](https://pensamcapital.com/portfolio-item/forest-hills-newark-nj/)
- [Falcon Point - Kansas City, MO](https://pensamcapital.com/portfolio-item/falcon-point-virginia-beach-va/)
- [Encore Vive - Fort Myers, FL](https://pensamcapital.com/portfolio-item/encore-vive-fort-myers-fl/)
- [Colonial Village - Davie, FL](https://pensamcapital.com/portfolio-item/colonial-village-davie-fl/)
- [Coastline Apartments - Virginia Beach, VA](https://pensamcapital.com/portfolio-item/coastline-apartments-virginia-beach-va/)
- [City Parc at Keller - Fort Worth, TX](https://pensamcapital.com/portfolio-item/city-parc-at-keller-fort-worth-tx/)
- [Carmel Landing - Carmel, IN](https://pensamcapital.com/portfolio-item/carmel-landing-carmel-in/)
- [Butterfield Oaks - Aurora, IL](https://pensamcapital.com/portfolio-item/butterfield-oaks-aurora-il/)
- [1325 N. Wells - Chicago, IL](https://pensamcapital.com/portfolio-item/1325-n-wells-chicago-il/)
- [Bristol Place - Baton Rouge, LA](https://pensamcapital.com/portfolio-item/bristol-place-baton-rouge-la/)
- [Airie - Denver, CO](https://pensamcapital.com/portfolio-item/airie-denver-co/)
- [1900 at Canterfield - Chicago, IL](https://pensamcapital.com/portfolio-item/1900-at-canterfield-chicago-il/)

## Categories

- [Uncategorized](https://pensamcapital.com/category/uncategorized/)
- [Investments](https://pensamcapital.com/category/investments/)
- [Portfolios](https://pensamcapital.com/category/portfolios/)
- [Wealth](https://pensamcapital.com/category/wealth/)
- [portfolio-equity](https://pensamcapital.com/category/portfolio-equity/)
- [CSR: Corporate Social Responsibility](https://pensamcapital.com/category/csr-corporate-social-responsibility/)
- [Archive](https://pensamcapital.com/category/archive/)
- [Awards](https://pensamcapital.com/category/awards/)

## Tags

- [Multifamily](https://pensamcapital.com/tag/multifamily/)
- [Preferred Equity](https://pensamcapital.com/tag/preferred-equity/)
- [Real Estate](https://pensamcapital.com/tag/real-estate/)
- [Loans](https://pensamcapital.com/tag/loans/)
- [Funding](https://pensamcapital.com/tag/funding/)
- [Financing](https://pensamcapital.com/tag/financing/)
- [Capital](https://pensamcapital.com/tag/capital/)
- [Pensam](https://pensamcapital.com/tag/pensam/)
- [Invest](https://pensamcapital.com/tag/invest/)
- [Community](https://pensamcapital.com/tag/community/)
- [BH](https://pensamcapital.com/tag/bh/)
- [Residents](https://pensamcapital.com/tag/residents/)

## Teams

- [Leadership](https://pensamcapital.com/imt_team_cats/b_leadership/)
- [Investments](https://pensamcapital.com/imt_team_cats/d_investments/)
- [Asset Management](https://pensamcapital.com/imt_team_cats/f_asset-management/)
- [Development and Construction](https://pensamcapital.com/imt_team_cats/g_development/)
- [Operations](https://pensamcapital.com/imt_team_cats/h_operations/)
- [Founders](https://pensamcapital.com/imt_team_cats/a_founders/)
- [Investor Relations](https://pensamcapital.com/imt_team_cats/c_investor-relations/)
- [Finance Portfolio](https://pensamcapital.com/imt_team_cats/e_finance-portfolio/)

## Project Categories

- [Cash Flow](https://pensamcapital.com/project-category/cash-flow/)
- [Debts](https://pensamcapital.com/project-category/debts/)
- [Invoicing](https://pensamcapital.com/project-category/invoicing/)
- [Services](https://pensamcapital.com/project-category/services/)

## Portfolio Categories

- [New Jersey](https://pensamcapital.com/portfolio_category/new-jersey/)
- [Texas](https://pensamcapital.com/portfolio_category/texas/)
- [Florida](https://pensamcapital.com/portfolio_category/florida/)
- [Georgia](https://pensamcapital.com/portfolio_category/georgia/)
- [Colorado](https://pensamcapital.com/portfolio_category/colorado/)
- [Indiana](https://pensamcapital.com/portfolio_category/indiana/)
- [Kansas](https://pensamcapital.com/portfolio_category/kansas/)
- [Illinois](https://pensamcapital.com/portfolio_category/illinois/)
- [Connecticut](https://pensamcapital.com/portfolio_category/connecticut/)
- [Louisiana](https://pensamcapital.com/portfolio_category/louisiana/)
- [New York](https://pensamcapital.com/portfolio_category/new-york/)
- [Missouri](https://pensamcapital.com/portfolio_category/missouri/)
- [North Carolina](https://pensamcapital.com/portfolio_category/north-carolina/)
- [Nevada](https://pensamcapital.com/portfolio_category/nevada/)
- [Virginia](https://pensamcapital.com/portfolio_category/virginia/)
- [Ohio](https://pensamcapital.com/portfolio_category/ohio/)
- [Arkansas](https://pensamcapital.com/portfolio_category/arkansas/)