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 is ripe for value-add improvements. The sponsor plans to execute renovations to common areas and amenities, as well as to complete certain unit renovations.
“We are proud to add another great asset to our portfolio of preferred equity investments. This transaction is a great representation of Pensam’s experience and ability to structure and transact within compressed timelines. We closed this deal in 15 days. ” said Hen Shoval, Director of Acquisitions & Finance at Pensam. Heron Landing sits in a great Broward County location, close to plenty of employment drivers, retail and entertainment, and A-rated public schools . We foresee great success with this property given its prime location and sponsor’s experience in executing value-add improvements.”
Pensam provides sponsors with creative capital solutions that facilitate the acquisition and recapitalization of multifamily properties throughout the country. These solutions include bridge loans, mezzanine debt, and preferred equity.