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Benjamin Frisbee

Benjamin Frisbee serves as an Investor Relations Analyst for 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; and managing client requests.

Prior to joining Pensam, Benjamin worked as an Investment Banking Analyst at Kuvera Capital, an investment bank based in Bangkok, Thailand, focusing on commercial real estate, blockchain technology, and renewable energy.

Benjamin graduated from Florida International University, where he earned a Bachelor of Arts in Economics.


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Edilsa Ruiz

Edilsa Ruiz 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 a successful career at Avila, Rodriguez, Hernandez, Mena & Garro, LLP, a well-known multiple practice law firm in Miami, Florida, where she served as a Partner of the firm’s corporate and financial services practice.  Prior to that, Edilsa began her legal career as an associate attorney in the corporate practice group at Greenberg Traurig, LLP, a prestigious and well-recognized international law firm.

Edilsa has counseled companies of all sizes on a wide variety of corporate governance matters as well as transactional matters in the areas of joint ventures, preferred equity investments (with a focus on real estate investments), domestic and cross-border mergers and acquisitions, corporate financings, and general contractual matters.

Edilsa received her law degree from the Northwestern Pritzker School of Law and her bachelor of business administration from Florida International University.

Edilsa is a member of the Florida Bar.


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Yusleidy Arrojo, CMA, CPA

Yusleidy Arrojo is a Certified Management Accountant (CMA) and a Certified Public Accountant (CPA). Yusleidy serves as Assistant Controller 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 an accountant for an international wholesale company, where she oversaw all internal and external operations for the company.  She has over 10 years of experience in the accounting field.

Yusleidy holds a Bachelor of Science degree in Accounting and Finance from University of Matanzas, Cuba and a Masters of Accounting degree from Nova Southeastern University.


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Viviana Angulo

Viviana Angulo 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 support to all employees.

Viviana graduated with a Bachelor’s degree in International Relations from Lynn University. Prior to joining Pensam, she worked in the Hospitality industry as an Event Manager. Viviana’s past roles include organizing facilities and managing all event details such as décor, catering, entertainment, transportation, location, guest lists and equipment.

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Will Van Rensburg

Will Van Rensburg is Vice President of Construction and Renovations for Pensam’s Development Team. In this role, he supports Pensam’s construction & renovation activities as the Project and Asset Manager for some of the firm’s more complex renovation-related investments.

Will first joined the firm in 2014 as an Acquisitions Analyst and soon thereafter expanded his responsibilities to include the oversight of assets in the firm’s multifamily portfolio. Will works in constant collaboration with Pensam’s property management teams to ensure optimal property operations by focusing on leasing efforts, expense management, and capital projects.

Prior to joining Pensam Capital, Will worked as an Analyst at Kayne Anderson Real Estate Advisors. He was responsible for underwriting and analyzing potential equity investment opportunities in support of the property acquisitions and development efforts for the real estate private equity platform.

Will is originally from Pretoria, South Africa, and was also a full time touring tennis professional for five years. Will earned a BA in Business Management from Dowling College where he was on a full tennis scholarship and received his Master’s Degree in Real Estate Finance from New York University.


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Victor de Zárraga

Victor de Zárraga serves as Vice President of Portfolio Management for Pensam.  His 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 leading the investor reporting process.  Victor works in constant collaboration with Pensam’s strategic partners to effectively manage the multihousing portfolio.  Victor oversees Pensam’s assets in Florida and the Midwest.  Prior to his placement on the Asset Management team, he worked as an Analyst within Pensam’s Acquisitions group.

Prior to joining Pensam, Victor worked as a Real Estate Analyst intern at Holliday Fenoglio Fowler, LP, focusing on multihousing investments sales with additional experience in retail, industrial, and office products.  Victor graduated from Babson College, where he earned a Bachelor of Science in Business Administration with concentrations in Finance and Global Business Management.


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Alexander Keenan

Alexander Keenan serves as an Acquisition Analyst for Pensam. 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, Alexander was engaged in the insurance industry, working at Allianz Life Insurance in their actuarial product development team. Alexander obtained a Bachelor’s of Science in Economics at the University of Pennsylvania, with concentrations in Statistics and Actuarial Science.


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Nisha Bhatia

Nisha Bhatia serves as Senior 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 real estate acquisitions.

Nisha is a graduate of Rutgers University, where she earned a Bachelor of Arts degree in History in 2007. She earned a Juris Doctorate from the University Of Miami School Of Law in 2010. While at the University of Miami School of Law, Nisha served as a member of the Student Bar Association, the Admissions Committee and the Orientation Committee.

Nisha is a member of the Florida Bar.


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Ray Cleeman

Principal, Head of Capital Markets & Lending

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 including first mortgages, mezzanine debt, subordinate debt and preferred equity with a focus on supporting value-add strategies, lease-ups, recapitalizations and transitional situations. Pensam can take leverage up to 90%. Pensam is also an approved buyer of Freddie Mac “B-Piece” Senior Debt Securities under the K-Series Program.

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.