Pensam finished 2024 strong with the recapitalization of The Preserve at Spring Lake, a 320-unit apartment community located in Altamonte Springs (Orlando), Florida.
“We implemented an incredibly unique capital structure in this deal,” said Ray Cleeman, Head of Capital Markets and Lending at Pensam. “This innovative refinancing structure proved invaluable to a sponsor who experienced a loan maturity and had limited opportunities to refinance and achieve a cash-neutral position or sell the asset and recover their full equity investment.
Our new solution will prove to be invaluable in the current market, which is facing stress from interest-rate-driven disruptions and the rapidly growing number of senior loans that have matured or are expected to mature in the near term,” said Cleeman. “Through our total capital solution, the sponsor was able to satisfy its existing debt, establish reserves—including for capex—and satisfy outstanding payables. This recapitalization also extended maturity for several years and will afford the sponsor the additional time necessary to achieve the expected full potential of the asset.”
