Pensam, one of the nation’s most active real estate multifamily lenders and investors, announced today that it has provided financing for the Floridian Club of Sarasota, an active adult community located in Venice, Fla. on the Gulf Coast. Pensam provided the $56 million loan to replace the construction financing on the property and provide capital for the lease-up of the newly built 309-unit property. The floating rate loan has a term of three years with extension options.
“The property is incredibly unique and provides an exciting array of first-class amenities for an active adult lifestyle,” said Mike Stein, Principal and Founding Partner of Pensam. “We appreciate the changing demographics in the United States and understand the increasing demand for assets like the Floridian. We are actively evaluating loans for apartment communities that require a bridge loan at more compelling terms.”
Located at 19600 Floridian Club Drive, The Floridian Club of Sarasota is an exclusive resort community of for-rent single-story villas and poolside bungalows designed for an active lifestyle. The property comprises one- and two-bedroom units with rents ranging from $1,600 to $2,100 a month. Units include open floor plans, private entrances and optional one-car garages, and a range of resort-style amenities including: a fitness center and yoga studio, a 10,000-square-foot clubhouse, pet spa, and BYOB sports bar with a state-of-the-art golf simulator. The property is located near I-75, across from a Publix super market, and just two miles from the Pelican Pointe Golf and Country Club.
Pensam provides capital to borrowers seeking support to implement their property business plans, including lease-ups, recapitalizations, value-add strategies, transitional repositioning, stabilizing asset operations and construction completion. Loans are tailored to address each client's needs, while facilitating timely closings.
Headquartered in Miami, Pensam is a diversified multifamily real estate investment firm with a growing portfolio of apartment investments across the United States. Our vertically integrated platform encompasses equity, debt, and development. Since 2009, Pensam has invested over $3 billion in 35,000 apartment units across the country. For more information visit www.pensamcapital.com