Miami, FL — April 10, 2019 – Pensam Residential, a national multi-housing owner and operator, announced today the closing of a preferred equity investment to facilitate the recapitalization of a four-property 1,383-unit multifamily housing portfolio located in Pennsylvania & Kentucky.
Pensam’s preferred equity investment was structured behind long-term Fannie Mae senior debt financing. The recapitalization of the portfolio presented complexities such as a very short closing timeline, cross-collateralization of loans, and recycling of existing entities. Pensam’s ability to understand the sponsor’s goals and navigate Fannie Mae’s guidelines were critical in delivering a quick and smooth execution.
The four garden-style multifamily apartment communities have been family-owned for over a decade, and are well positioned for physical and operational improvements to support the sponsor’s value-add strategy. The properties benefit from excellent suburban locations in stabilized markets within the Pittsburgh, PA; Lexington, KY; and Cincinnati, OH metropolitan areas.
“We are excited to begin this partnership and expand our portfolio of quality preferred equity investments” said Michael Stein, Founding Partner of Pensam Residential. “Pensam was able to cater to the sponsor’s unique needs, which required flexibility and creativity.”
About Pensam Residential
Headquartered in Miami, Pensam Residential is a multi-housing owner and operator which manages a growing portfolio of properties across the United States.
Pensam encompasses all aspects of real estate property ownership and investment, including acquisition, financing, construction, re-positioning, and management. Pensam has invested in over 35,000 units across 125 properties. For more information visit www.pensamresidential.com.