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.