Benjamin Frisbee No Comments

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 this asset is exceptionally positioned for a comprehensive value-add strategy that will significantly enhance the resident experience. We are thrilled with this acquisition, and will actively pursue similar opportunities in 2025.”

To explore our portfolio, visit Pensam Investments.

For inquiries about this transaction or future investment opportunities, please reach out to our team.

Benjamin Frisbee No Comments

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 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.”

Benjamin Frisbee No Comments

Creating Holiday Joy: Pensam and BH Management’s 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 a powerful, large-scale effort to create positive change across our property communities.

What began as a simple idea to help families facing tough times has grown into a story of hope, generosity, and community impact.

A Growing Initiative with a Lasting Impact

The Rent-Free Holidays program encourages on-site property teams to nominate residents who have been in good standing for over a year but have encountered personal hardships and who are in need of a helping hand.

In its inaugural year, Pensam and BH supported eight families, covering their December rent and utility expenses. The feedback was overwhelming – residents expressed deep gratitude, and our community teams experienced firsthand the joy of giving back.

This year, the program’s reach expanded dramatically. Together, Pensam and BH, along with other partners, were able to award 138 deserving families across multiple regions with a Rent-Free Holiday, covering a total of $284,000 in rent and expenses for December.

The scale of this program reflects our shared commitment to making a meaningful difference in the lives of residents during a season that should be filled with happiness and hope.

Moments That Matter

While the impact can be measured in numbers, it is the human stories behind this program that truly resonate. Our on-site teams submitted heartwarming nominations, sharing moments of resilience and gratitude from residents in their communities.

One of our nominated residents this year exemplified extraordinary bravery and selflessness. In April 2024, during a fire that broke out in one of our communities, this individual risked their own safety to rescue animals trapped in the building. Despite the intense heat and dangerous conditions, they entered the scene without hesitation, acting quickly and decisively to ensure the safety of those in need.

Their courageous actions prevented what could have been a devastating loss, showcasing both remarkable bravery and a deep compassion for others. This inspiring act of heroism highlights the strength of character within our community and is a fitting example of why the Rent-Free Holidays program exists – to honor and support individuals who make a difference.

To mark the occasion, our teams went the extra mile to celebrate the residents chosen for the award. Oversized checks, celebratory moments, and heartfelt conversations turned the Rent-Free Holidays initiative into a memorable event—one that residents and team members alike will carry with them.

Words from Our Leadership

Katie Vanderveen, Vice President of Asset Management at Pensam, shared her thoughts on the program:

“This initiative is such a powerful example of the impact Pensam and BH are making in the lives of residents. It’s not just about covering rent; it’s about giving families peace of mind, hope, and a chance to truly enjoy the holiday season.”

Joanna Zabriskie, President and CEO at BH Management, echoed this sentiment:

“Giving back and making happy moments for our residents are part of the fabric of BH’s culture, and we are truly grateful for Pensam’s partnership in bringing the ‘Rent-Free Holidays’ program to life for the second year in a row.”

Looking Ahead

As we reflect on the success of this year’s program, we are inspired to continue growing the Rent-Free Holidays initiative in the years to come. The overwhelming positive response from residents and teams fuels our commitment to creating even more holiday cheer and meaningful moments in our communities.

At Pensam and BH, we believe in making a difference – one resident, one family, and one community at a time.

We look forward to sharing more stories of hope and impact as we continue to invest in our residents and the communities we serve.

Benjamin Frisbee No Comments

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 Pensam sponsor.

The $96 million property is owned and operated by a repeat Pensam sponsor, reinforcing our commitment to fostering strong, long-term relationships with experienced real estate partners.

“Given the incredible success the sponsor achieved at the property, Pensam was able to offer them a higher leverage capital solution,” said Ray Cleeman, Head of Capital Markets and Lending at Pensam. “This transaction helped the sponsor recapture much of their initial investment and secure long-term fixed-rate financing to replace their floating-rate debt. Working with repeat sponsors is a testament to Pensam’s reputation and relationships with our sponsors, as well as our ability to execute transactions quickly and efficiently.”

For more information on Pensam’s investment strategy and capital solutions, please contact us at info@pensamcapital.com.

Benjamin Frisbee No Comments

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 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.”

Explore our portfolio of investments: Pensam Investments

For inquiries about this transaction or future opportunities, please reach out to our team.

Benjamin Frisbee No Comments

Pensam at Bisnow’s 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 speaker on the Financing and Investment Strategies for South Florida Housing panel. He shared his valuable insights into the evolving landscape of multifamily housing in the region, touching on emerging investment opportunities that could shape the future of this dynamic market.

We’re grateful for the chance to contribute to these critical discussions and collaborate with others who share our vision for sustainable investments and innovative real estate strategies. A huge thank you to everyone who attended and helped make the event such a success.

We look forward to continuing these important conversations and working towards a more sustainable and thriving real estate future.

Benjamin Frisbee No Comments

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 as a corporate lawyer, combined with his focus on operational efficiencies, positions him as an invaluable asset to Pensam.

Marco is no stranger to Pensam. With over a decade of experience serving as external counsel since our inception, his contributions have been integral to our journey. He has also previously served on Pensam’s Risk Committee and has been a personal investor in several Pensam ventures. This deep familiarity with our vision and values ensures a seamless transition into his new role.

We are excited to have Marco join the Pensam family and are confident in his ability to make a meaningful impact as we continue to strengthen our organization and pursue ambitious growth objectives.

Please join us in welcoming Marco Ferri to the team! He can be reached at Mferri@pensamcapital.com for those who would like to connect directly.

Benjamin Frisbee No Comments

Pensam at MBA’s 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 promises to offer valuable insights into how creative financial solutions can address challenges in today’s real estate market.

We look forward to sharing our expertise and connecting with fellow industry professionals at the summit.

Benjamin Frisbee No Comments

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 loan in 2024,” said Ray Cleeman Head of Capital Markets and Lending at Pensam. “We have worked extensively with Fannie Mae to ensure that our preferred investments fit within the agency’s new investment guidelines. This has enabled us to provide seamless closings, addressing the growing demand for incremental capital filling funding gaps in sponsor capital stacks.”

Benjamin Frisbee No Comments

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 time-sensitive and opportunistic transactions,” said Noah Miller, Executive Vice President of Pensam. “Our expertise in multifamily and our wide geographical footprint allow us to move quickly from term sheet to closing.”

To view our full portfolio and learn more about how we can support you, click here: Pensam Portfolio