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 their invested capital and replace their floating-rate debt with longer-term fixed-rate financing,” said Ray Cleeman, Head of Capital Markets and Lending at Pensam. “Our ability to structure and execute innovative financing solutions underscores our commitment to helping our partners achieve their investment goals.”
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