Pensam Funding Closes $7 Million Bridge Loan, Collateralized by a Multi-Property Portfolio in Miami Beach, FL

Miami, FL – April 20, 2018           Pensam Funding, a direct real estate lender and affiliate of Pensam Capital, a fully integrated real estate investment platform, announced today that it recently made a $7 million bridge loan secured by a portfolio of properties, all located within the prestigious Venetian Islands overlooking Biscayne Bay, in Miami Beach, FL. The two-year fixed rate loan was structured to meet the Borrower’s specific requirements, including collateral release provisions that enable the Borrower to sell individual assets from the portfolio during the term of the bridge loan.

“This is another example of Pensam Funding’s continued activity in the South Florida market and our focus on providing flexible capital to our borrowers,” said Michael Stein, Founding Partner. “This loan illustrates Pensam Funding’s ability to think outside the box and provide financing solutions to meet the unique needs of our clients.”

Pensam Funding is focused on providing credit solutions for multifamily properties, and also considers lending opportunities in senior housing, manufactured housing, land and other real estate sectors.

 

About Pensam Funding and Pensam Capital

Headquartered in Miami, FL, Pensam Funding, an affiliate of Pensam Capital, is a private direct real estate lender which provides flexible and rapid capital solutions to experienced real estate sponsors across the capital stack including first mortgages, mezzanine debt, subordinate debt and preferred equity. For more information, visit www.pensamfunding.com.

Pensam Capital is a privately owned real estate investment platform.  Through its various affiliates, it owns or controls over 25,000 multifamily apartment units and invests in the multifamily sector through equity, preferred equity and debt structures. For more information, visit www.pensamcapital.com.

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Michael Stein to Speak at 2018 CBRE Capital Markets Multifamily Conference in Chicago

Michael Stein, Founding Partner of Pensam Capital, will be featured in a panel discussion at the 2018 CBRE Capital Markets Multifamily Conference in Chicago on Thursday, April 26, 2018.  The panel is titled “Alternative Debt, Capital and Equity”.

David Webb, Vice Chairman of Capital Markets for CBRE, will moderate the panel.

Other panelists include Nicholas Killebrew, Head of Origination for Parse Capital; and Lacy Rice, Managing Partner and Co-Founder of Federal Capital Partners.

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Pensam Residential Invests in a 306-Unit Multifamily Apartment Community in San Antonio, TX

Pensam Residential, a national multi-housing owner and operator, is pleased to announce its acquisition of the leasehold interest in The Kennedy, a newly built Class-A, 306-unit garden style multifamily apartment community located in San Antonio, Texas.

Completed in 2017, The Kennedy is a best-in-market multifamily property located in Southeast San Antonio, Texas within the Brooks City-Base, a 1,300-acre master-planned community developed on the former Brooks Air Force Base.

The Kennedy marks Pensam Residential’s seventh investment in a multifamily asset in the greater San Antonio metro area since 2011.  The property will benefit from Pensam Residential’s submarket knowledge and experience in operating The Landings, a 300-unit multifamily property located immediately next to The Kennedy at Brooks City Base.

The Kennedy offers tenants spacious one-bedroom and two-bedroom floor plans averaging 925 square feet, with features such as private patios and balconies, walk-in closets, stainless steel appliances, and granite & quartz countertops.  Community amenities include a resort-style swimming pool, business center, 24-hour fitness center and a Starbucks coffee bar.

“Pensam Residential is very excited to start operations at The Kennedy as we have gained a lot of market knowledge through our experience in operating The Landings, allowing us to take advantage of the synergies in running two adjacent properties with complementary product offerings”, said Michael Stein, Founding Partner of Pensam Residential.

 

 

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Ray Cleeman to be a Panelist at ACRES Event in Boca Raton, FL on April 25, 2018

Ray Cleeman, Principal and Head of Capital Markets at Pensam Capital, will be participating in a panel discussion hosted by the Alliance of Corporate Real Estate Executives and Specialists (ACRES) in Boca Raton, FL on April 25, 2018. The panel will discuss alternative (non-banking) financing.

 

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Josh Fuller Speaking at CRE Finance Council’s Commercial Real Estate Finance Summit in Santa Monica, CA

Josh Fuller, Director at Pensam Funding, will be participating in a panel discussion during the Commercial Real Estate Finance Council’s (CREFC) Commercial Real Estate Finance Summit in Santa Monica, CA on May 9, 2018.

Mr. Fuller will be featured in panel titled “B-Piece Investing: Evaluation of Long-Term Risk. v. Reward”.  Discussion topics include:

  • How has increased investor demand repriced the risk appetite? Is demand alone driving the high level of liquidity in deep credit CMBS including single-B and below bonds?
  • Has the lack of supply in one market (CMBS) turned to a surplus in others (CLO / Freddie)? Has it made people pivot their investment thesis?
  • How has underwriting changed this late in the cycle on new issuance? Has there been a divergence in underwriting standards between CMBS and the Agencies? How do you look at deals differently knowing that you are the B buyer? How are groups pricing in risk for 5+ years with the speed of the deterioration of specific asset classes and markets over the last 5 years?
  • Market share – self scout? Where is the comfort level in exposure? How have previous successes and failures affected your investment thesis going forward?

Other panelists include:

Darren Gluck, Head of B-Piece Acquisitions, Silverpeak Argentic
Jordan May, CMBS Investments, Prime Finance
Julio Siberio, Vice President, CMBS Portfolio Manager, PIMCO

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Noah Miller to Moderate Panel at 2018 Crittenden National Conference in Los Angeles

Noah Miller, Vice President of Acquisitions & Finance at Pensam Residential, will be moderating a panel at The 2018 Crittenden National Real Estate Conference in Los Angeles on Wednesday, April 25, 2018.  The panel is titled “Multifamily Investing/Lending – How to Buy Right, Finance Appropriately and Stay Ahead in an Ever-Changing Multifamily World”.

The panel will discuss the following topics:

  • Investing: Are there any good deals left? How to make deals work in a competitive environment and how will rent control impact deals moving forward?
  • Financing: Institutional groups vs. Private groups. First mortgages, preferred equity and other creative financing solutions.
  • How to adopt new technologies in order to stay ahead and compete with new players like AirBnB and Amazon. What will today’s multifamily real estate companies look like in 10 years and is experiential multifamily here to stay?

Panelists will include:

Mary Ann King, President, Moran & Company
Matthew S. Romney, Managing Director, Sundance Bay
Jackson Cloak, Senior Managing Director,  Berkadia Commercial Mortgage
Barry S. Altshuler, Executive Vice President of Investments, Equity Residential

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Pensam Completes $19.5 M Bridge Loan for 760-Unit Multifamily Portfolio

Pensam Funding has made a $19.5 million bridge loan to facilitate the acquisition and renovation of a 760-unit, six-property portfolio with assets located in Atlanta, GA and Pensacola, FL (the “Portfolio”). The 2-year fixed rate loan was structured to meet the Borrower’s unique requirements, including mechanisms allowing the Borrower to draw down on $3 million of additional proceeds to support the Portfolio’s capital investment program and collateral release provisions that enable the sale of assets within the Portfolio during the term of the bridge loan.

“We remain extremely active in providing flexible and quick capital solutions to real estate sponsors,” said Michael Stein, Founding Partner. “This is another example of how Pensam Funding tailors financing solutions to meet the unique needs of our clients and help support their pursuit of value-add strategies, lease-up opportunities, recapitalizations, partially completed construction projects and other transitional situations.”

While traditionally focused on multifamily properties, Pensam Funding also considers lending opportunities in senior housing, manufactured housing, land and other real estate sectors. Pensam’s loans range in duration from six months to five years.

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Pensam Closes Preferred Equity Investment for the Acquisition of a 600-Unit Multifamily Property in Denver, CO

Pensam announced that it recently closed on a preferred equity investment to facilitate the acquisition of a 600-unit multifamily community located in Denver, CO.  Pensam’s preferred equity investment was structured behind Freddie Mac senior debt financing.  The sponsor, a repeat Pensam client, is an experienced California-based real-estate investment firm focusing on core-plus and value-add real estate acquisitions across the United States.

“Pensam is excited to work with this sponsor on another transaction and further expand its presence into the Denver Metro area with this preferred equity investment,” said Michael Stein, founding partner of Pensam.

The multifamily community is located on a 48-acre low density site in southeast Denver, just north of the I-225/I-25 junction and within five minutes of the Denver Tech Center, the largest employment center in the Denver Metro. The property was constructed in three phases between 1970 and 1974, and features two and three-story buildings with seven unique floorplans consisting of one, two and three-bedroom units.  The previous owner commenced renovations on select units, with upgraded units featuring stainless steel appliances, faux wood flooring, private balconies or patios, and walk-in closets.  Property amenities include a free-standing clubhouse, business center, dog park, fitness center, heated swimming pool, basketball court, volleyball court, sports fields, playground, splash park, dog park and picnic areas with grill stations. Pensam’s preferred equity investment allows the sponsor to allocate additional funding towards its capital improvement plan, focused primarily on amenity upgrades, as well as deferred maintenance.

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Pensam Residential Invests in 1,447-Unit Senior Housing/ Active-Adult Portfolio

Pensam Residential, a national multi-housing owner and operator, announced today that it has made an investment in a portfolio consisting of 13 active-adult apartment communities with 1,447 units located across the Northeast and Midwest United States.

“We are excited to expand our investment portfolio into the senior living sector,” said Michael Stein, Founder of Pensam Residential. “The accelerating nationwide shift in demographics makes the active-adult space an interesting segment to us, and we will dedicate more resources to explore opportunities in this area.”

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Pensam Closes Preferred Equity Investment in a 261-Unit Multifamily Property in Stamford, CT

Pensam announced that it closed on a preferred equity investment to facilitate the acquisition of a 261-unit multifamily high-rise building in Stamford, Connecticut. Pensam’s preferred equity investment was structured behind Freddie Mac senior debt financing. The sponsor is a full-service, vertically-integrated investment firm based in the Northeast.

“Pensam’s preferred equity program provides flexible capital support for the acquisition, recapitalization and restructuring of multifamily properties throughout the country,” said Michael Stein, founding partner of Pensam. “This investment presented a strong opportunity to expand Pensam’s preferred equity portfolio in the Northeast market in an institutional quality asset.”

The property is located in downtown Stamford, one of Fairfield County’s fastest-growing and most stable submarkets, just a 45-minute express train ride from New York City and within walking distance to many of downtown Stamford’s existing landmarks and newest developments.  Stamford’s urban development, economic growth and transportation system has attracted a well-educated, affluent population and contributed to stable population growth and in turn, a robust housing market.

Built in 1986, the property features a combination of studios, one, two, and three-bedroom units and 9,216 square feet of commercial space. The previous owner commenced major renovations to the common areas and units in 2010, spending nearly $20MM.  The property now features luxurious interior upgrades such as granite countertops and stainless-steel appliances.   The amenity-rich property offers residents a wide range of services, including concierge, valet dry cleaning and complementary shuttle services. The property also features conference rooms, fitness centers, a year-round indoor swimming pool, movie theater, billiards room, tennis court, business center, BBQ/picnic areas, clubhouse and an outdoor basketball court.

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