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. 

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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 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

Forest Hill Towers in Mount Prospect sold to a New York investor for $73 million

Newark, New Jersey (December 9, 2019) – Pensam Residential, a national multi-housing owner/operator and one of the nation’s most active preferred equity providers, has closed on a preferred equity investment to facilitate the acquisition of Forest Hill Towers, a 401-unit apartment community located in Newark, New Jersey. The New York-based sponsor acquired the property for $73 million. Pensam’s preferred equity investment is structured behind Fannie Mae senior financing.

“This is a generational multifamily asset in an upscale, lush pocket of the city that is known for its historic architecture and tree-lined streets,” said Noah Miller, Vice President of Acquisitions & Finance at Pensam. “As many of the new Class A apartments in the New York-New Jersey metro area remain out of reach for the majority of the area’s workforce, we anticipate continued strong demand for assets like this that benefit from long-term, stable management, a terrific suburban-urban location and exceptional access to public transit.”

Located at 515 Mount Prospect Avenue, Forest Hill Towers was built in 1964 and consists of studio, one- and two-bedroom apartments ranging from 600 to 900 square feet. Individual units feature spacious closets, individual climate control and balconies with views of Manhattan and the Orange Mountains. The pet-friendly community offers on-site management, covered parking, a 24-hour door attendant, a 24-hour laundry center, high-speed internet and storage.

Forest Hill Towers is conveniently located less than 20 miles from New York City, with convenient access to a range of transit options including commuter trains, buses, major highways and Newark International Airport. It is a few blocks from the sprawling 360-acre Branch Brook Park.

Pensam has invested in over 2,000 units in the the New York metro area.  
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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, repositioning, and management.  Pensam has invested in over 30,000 units across 100 properties.  For more information visit www.pensamresidential.com.