Pensam recently closed on a preferred equity investment in a 675-unit multifamily community located in Adelphi, MD, a suburb of Washington, D.C. The funding was for the acquisition the property, which has a history of strong institutional ownership. Pensam’s preferred equity investment was structured behind Freddie Mac senior financing.
The sponsor, a repeat Pensam client, is a full-service, vertically-integrated investment firm based in New York which has acquired over $500MM in real estate assets during the firm’s lifetime.
The property recently benefited from significant capital improvements implemented by previous ownership to address deferred maintenance, improve operational efficiency and secure its position as a reputable community in the D.C. Market. The sponsor has outlined a comprehensive capital improvement program aimed at further bolstering the longevity and market position of the property.
“This investment is a strong addition to Pensam’s growing preferred equity program in the dynamic suburban DC Market,” said Michael Stein, founding partner of Pensam.
Multifamily Community in
Washington, D.C. Metro Area