Trending Multifamily News
DALLAS (November 16, 2021) – Pensam has closed on a $7.6 million preferred equity investment for the recapitalization of The Elise, a 341-unit apartment community located in Dallas, Texas. In connection with the transaction, the sponsor, Windmass Capital, arranged senior financing with a senior mortgage lender and sought out Pensam’s preferred equity solution to provide incremental capital to support the refinancing.
“With the rapid increase in interest rates, proceeds from senior loans have been dramatically compressed, making Pensam’s various capital and lending solutions a vital source of financing for multifamily owners,” said Ray Cleeman, Head of Capital Markets and Lending at Pensam. “In this transaction, Pensam was able to increase total loan proceeds up to 75% of the capital stack, a significant increase above the senior loan.”
Cleeman also added that “Pensam has a deep pool of capital ready to deploy for these types of scenarios and are seeing a significant increase in demand for our lending solutions, including both preferred equity and mezzanine loans that go behind other senior lenders including the agencies, commercial banks, life companies and debt funds.”
The Elise was built in 1987 and is located at 1720 John West Road. Renovated units at the property feature granite countertops, new black appliances, subway tile backsplash, faux wood floors, new cabinet faces, upgraded fixtures and hardware, new paint, and resurfaced cabinets. Amenities include a fitness center, resort-style swimming pool, gated access, beautiful landscaping, and on-site/on-call maintenance.
Pensam’s investment will support the sponsor’s continuing capital improvements plan to incorporate additional value-add amenities at the property for the enhancement of the resident experience.
About Pensam
Pensam is a nationally recognized multifamily real estate investment firm who has invested over $7.5 billion across its equity and lending platforms. Founded in 2009 by a team of seasoned real estate professionals, the company meets sponsor’s needs for alternative flexible capital in a market challenged by limited liquidity. Pensam has invested in over 51,800 units spanning across 181 communities and 28 states, both in primary and secondary markets. As an integrated firm, the company is also uniquely positioned to leverage the synergies of its three service lines – equity, debt and development. For more information visit www.pensamcapital.com.
Pensam, a nationally recognized multifamily real estate investment firm managing over $3 billion in assets across its equity and lending platforms, is pleased to announce the acquisition of Lakeside Apartments in Wheaton, Illinois and Aspen Place Apartments, in Aurora, Illinois.
"The acquisition of Lakeside and Aspen Place reflects our conviction in the stable market fundamentals across most of Chicago’s suburbs, and in our management strength in those markets,” said Hen Shoval, Principal and Director of Investments at Pensam. “Both properties provide a unique opportunity to add value through selective capital improvements and management practices.”
Lakeside Apartments consists of 204 units and is located at 1750 22nd Street in Wheaton, in an affluent submarket featuring average household incomes of over $100,000. Amenities include a renovated clubhouse, leasing and fitness center, conference room, grilling stations, and a large swimming pool with a sundeck and firepit.
Aspen Place Apartments, located at 826 Terrace Lake Drive, is made up of 416 units, 168 of which are townhomes with attached garages. Amenities include a recently renovated clubroom, leasing and fitness center, conference room, grilling station, and a large swimming pool with a sundeck.
Aurora is the second most populous city in Illinois and is home to six Fortune 500 companies. Both Aurora and Wheaton provide residents easy access to three of Chicago’s largest employment centers – Oak Brook, the I-88 Corridor, and the I-55 Corridor.
Pensam, a nationally recognized multifamily real estate investment firm managing over $3 billion in assets across its equity and lending platforms, is pleased to announce the acquisition of 1900 at Canterfield, a 260-unit stabilized multifamily community located in West Dundee, Illinois.
"The addition of 1900 at Canterfield to our growing apartment portfolio fits extremely well with our strategy of investing in properties with unique features and in markets where we have an existing footprint and strong management capabilities,” noted Hen Shoval, Principal and Director of Investments at Pensam. “In addition to its excellent location in an affluent suburban market, 1900 at Canterfield features large units with attached garages and direct access entries, as well as a very low-density site plan with only 11 units per acre – all of these features that are particularly valuable to renters today.”
West Dundee is an affluent western suburb of the greater Chicago MSA, featuring average household incomes of over $100,000. Built in 2018, the property is located half a mile north of Interstate 90 providing convenient access to the dynamic I-90 Corridor/Schaumburg job market. 1900 at Canterfield consists of 18 buildings spanning 23.6 acres. Each apartment home at 1900 at Canterfield features a large balcony or patio, direct-access entry, and 9-foot ceilings. Its low-density buildout offers a leasing competitive advantage as high-quality, low-density suburban rental properties are enjoying increased demand from the onset of the pandemic.
Amenities at 1900 at Canterfield include a clubhouse featuring a large clubroom, fitness center, conference room, leasing center, covered outdoor lounge area, and a swimming pool with a sundeck.
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About Pensam
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 providing debt capital to other real estate sponsors, equity to acquire controlling positions in multifamily assets and development of multifamily projects through our in-house team. Since 2009, Pensam has invested over $3 billion in 35,000 multifamily assets across the country. For more information visit www.pensamcapital.com.
Pensam, one of the nation’s most active real estate multifamily lenders and investors, announced today that it has provided capital to refinance Sanctuary at Doral, a nearly completed, 226-unit apartment community with 27,000 square feet of retail space located in Miami, Fla. The existing construction financing at the property was refinanced with an $84 million floating-rate loan for a three-year term with an extension option. Construction at the property is in its final stages, and lease-up efforts are underway.
“This unique, institutional-quality, mixed-use asset is located in the heart of Doral, one of Miami’s fastest growing areas,” said Ray Cleeman, Principal and Head of Capital Markets at Pensam. “We are excited to participate in this financing for a locally based, highly experienced sponsor. This transaction is another example of Pensam’s successful lending program, which provides financing to replace construction loans and allows sponsors the flexibility to complete their projects and lease up their communities without the time pressures and constraints associated with a typical construction loan.”
Sanctuary is centrally located at 9400 NW 41st Street in Doral, on the main corridor through Doral, adjacent to a vast array of restaurants, shops and entertainment/arts venues. Residents have access to a robust amenities package on site including a resort-style pool, child play park, and pet area with spa, as well as significant safety features such as biometric locks and smart key entry. The property will also feature the Shoma Food Bazaar, a diverse food court serving all-day dining needs.
Pensam provides capital to borrowers seeking support to implement their property business plans, including lease-ups, recapitalizations, value-add strategies, transitional repositioning and stabilizing asset operations. Loans are tailored to address each client's needs, while facilitating timely closings.
Pensam, one of the nation’s most active real estate multifamily lenders and investors, announced today that it has provided a $5 million preferred equity investment for the acquisition of The Falls at Roland Park, 234-unit apartment community located in Baltimore, Maryland.
“This unique property provides us with an exciting opportunity to expand our footprint in the Baltimore market,” said Hen Shoval, Principal and Director of Investments at Pensam. “Through the recent market headwinds, Pensam has continued to invest preferred equity for multifamily assets. We are one of the most active preferred equity investors behind Freddie Mac and Fannie Mae senior debt.”
Built in 1965, The Falls at Roland Park is located in the Poplar Hills submarket of Baltimore. The area’s median income surpasses $100,000 and the median home values are more than $400,000. The property benefits from its close proximity to downtown Baltimore and John Hopkins University, a prestigious college that is also the largest employer in Baltimore.
Pensam provides capital to borrowers seeking support to implement their property business plans, including lease-ups, recapitalizations, value-add strategies, transitional repositioning and stabilizing asset operations. Loans are tailored to address each client's needs, while facilitating timely closings.
