Ray Cleeman to Speak at AltsMIA Conference in Downtown Miami on November 6, 2018

Ray Cleeman, Principal at Pensam Funding, will speak at the AltsMIA 2018 Conference in Downtown Miami on Wednesday, November 6, 2018.  The topics of conversation will revolve around alternative investment opportunities and private equity investing targeted towards family offices, high net worth individuals, institutions and pension groups. AltsMia brings together leading experts from across the alternative investment spectrum, including private equity, venture capital, real estate and hedge funds.  Ray’s panel, moderated by Simcha David, Partner of EisnerAmper, will discuss the impact of current trends in private equity.

Other speakers at the conference will include, among others:

  • John Calamos Sr., Global Chief Investment Officer, Calamos Investments
  • Marc Bell, Chairman and Co-Founder, Terran Orbital
  • Ray Nolte, Chief Investment Officer, Skybridge
  • Garth Friesen, Chief Executive Officer, Ill Capital Management
  • Jeffrey Krasnoff, Chief Executive Officer, Rialto Capital
  • Michael Falk, Chairman, Managing Partner, Comvest Partners & Co-Trustee of Michael and Annie Falk Foundation
  • William Collatos, Founder, Spectrum Equity
  • Maria Elena “Mel” Lagomasino, Chief Executive Officer, WE Family Offices
  • Charmel Maynard, Associate Vice President and University Treasurer, University of Miami
  • Chris Gizzard, Vice President, Bayshore Capital
  • Steven Brod, Chief Executive Officer, Crystal Capital
  • Roman Khlupin, Chief Investment Officer, Strenta Investment Management

 

Pensam Funding Closes $36 Million Bridge Loan for the Acquisition of a 304-Unit Multifamily Property in Houston, TX

Miami, FL – April 20, 2018           Pensam Funding, a direct real estate lender and affiliate of Pensam Capital, a fully integrated real estate investment platform, announced today that it recently provided a $36 million bridge loan to facilitate the acquisition of a newly-built 304-unit multifamily asset located in Houston, TX. Structured as a combined first mortgage and mezzanine loan, the combined loans represent over 85% of the acquisition purchase price. The non- recourse, floating rate loans are interest only with a two-year term.

“This Loan is representative of Pensam Funding’s ability to tailor unique and flexible financing solutions that meet the specific business plans of our clients,” said Michael Stein, Founding Partner. “We continue to support our clients in their purchase of value-add strategies, lease-up opportunities, recapitalizations, partially completed construction projects and other transitional situations.”

While traditionally focused on multifamily properties, Pensam Funding also considers lending opportunities in senior housing, manufactured housing, land and other real estate sectors.

 

About Pensam Funding and Pensam Capital

Headquartered in Miami, FL, Pensam Funding, an affiliate of Pensam Capital, is a private direct real estate lender which provides flexible and rapid capital solutions to experienced real estate sponsors across the capital stack including first mortgages, mezzanine debt, subordinate debt and preferred equity. For more information, visit www.pensamfunding.com.

Pensam Capital is a privately owned real estate investment platform.  Through its various affiliates, it owns or controls over 25,000 multifamily apartment units and invests in the multifamily sector through equity, preferred equity and debt structures. For more information, visit www.pensamcapital.com.

 

Pensam Funding Closes $17 Million Bridge Loan to Support the Acquisition and Repositioning of a 504-Unit Multifamily Asset in Montgomery, AL

Miami, FL – April 20, 2018           Pensam Funding, a direct real estate lender and affiliate of Pensam Capital, a fully integrated real estate investment platform, announced today that it recently provided a $17 million bridge loan to facilitate the acquisition, renovation, repositioning and lease-up of a 504-unit multifamily asset located in Montgomery, AL. The fixed rate loan was structured to meet the borrower’s unique needs, including mechanisms that enable the borrower to draw additional loan proceeds to support its capital investment plan.

“This Loan is representative of Pensam Funding’s ability to tailor unique and flexible financing solutions that meet the specific business plans of our clients,” said Michael Stein, Founding Partner. “We continue to support our clients in their purchase of value-add strategies, lease-up opportunities, recapitalizations, partially completed construction projects and other transitional situations.”

While traditionally focused on multifamily properties, Pensam Funding also considers lending opportunities in senior housing, manufactured housing, land and other real estate sectors.

 

About Pensam Funding and Pensam Capital

Headquartered in Miami, FL, Pensam Funding, an affiliate of Pensam Capital, is a private direct real estate lender which provides flexible and rapid capital solutions to experienced real estate sponsors across the capital stack including first mortgages, mezzanine debt, subordinate debt and preferred equity. For more information, visit www.pensamfunding.com.

Pensam Capital is a privately owned real estate investment platform.  Through its various affiliates, it owns or controls over 25,000 multifamily apartment units and invests in the multifamily sector through equity, preferred equity and debt structures. For more information, visit www.pensamcapital.com.

 

Pensam Funding Closes $7 Million Bridge Loan, Collateralized by a Multi-Property Portfolio in Miami Beach, FL

Miami, FL – April 20, 2018           Pensam Funding, a direct real estate lender and affiliate of Pensam Capital, a fully integrated real estate investment platform, announced today that it recently made a $7 million bridge loan secured by a portfolio of properties, all located within the prestigious Venetian Islands overlooking Biscayne Bay, in Miami Beach, FL. The two-year fixed rate loan was structured to meet the Borrower’s specific requirements, including collateral release provisions that enable the Borrower to sell individual assets from the portfolio during the term of the bridge loan.

“This is another example of Pensam Funding’s continued activity in the South Florida market and our focus on providing flexible capital to our borrowers,” said Michael Stein, Founding Partner. “This loan illustrates Pensam Funding’s ability to think outside the box and provide financing solutions to meet the unique needs of our clients.”

Pensam Funding is focused on providing credit solutions for multifamily properties, and also considers lending opportunities in senior housing, manufactured housing, land and other real estate sectors.

 

About Pensam Funding and Pensam Capital

Headquartered in Miami, FL, Pensam Funding, an affiliate of Pensam Capital, is a private direct real estate lender which provides flexible and rapid capital solutions to experienced real estate sponsors across the capital stack including first mortgages, mezzanine debt, subordinate debt and preferred equity. For more information, visit www.pensamfunding.com.

Pensam Capital is a privately owned real estate investment platform.  Through its various affiliates, it owns or controls over 25,000 multifamily apartment units and invests in the multifamily sector through equity, preferred equity and debt structures. For more information, visit www.pensamcapital.com.

Ray Cleeman to be a Panelist at ACRES Event in Boca Raton, FL on April 25, 2018

Ray Cleeman, Principal and Head of Capital Markets at Pensam Capital, will be participating in a panel discussion hosted by the Alliance of Corporate Real Estate Executives and Specialists (ACRES) in Boca Raton, FL on April 25, 2018. The panel will discuss alternative (non-banking) financing.

 

Josh Fuller Speaking at CRE Finance Council’s Commercial Real Estate Finance Summit in Santa Monica, CA

Josh Fuller, Director at Pensam Funding, will be participating in a panel discussion during the Commercial Real Estate Finance Council’s (CREFC) Commercial Real Estate Finance Summit in Santa Monica, CA on May 9, 2018.

Mr. Fuller will be featured in panel titled “B-Piece Investing: Evaluation of Long-Term Risk. v. Reward”.  Discussion topics include:

  • How has increased investor demand repriced the risk appetite? Is demand alone driving the high level of liquidity in deep credit CMBS including single-B and below bonds?
  • Has the lack of supply in one market (CMBS) turned to a surplus in others (CLO / Freddie)? Has it made people pivot their investment thesis?
  • How has underwriting changed this late in the cycle on new issuance? Has there been a divergence in underwriting standards between CMBS and the Agencies? How do you look at deals differently knowing that you are the B buyer? How are groups pricing in risk for 5+ years with the speed of the deterioration of specific asset classes and markets over the last 5 years?
  • Market share – self scout? Where is the comfort level in exposure? How have previous successes and failures affected your investment thesis going forward?

Other panelists include:

Darren Gluck, Head of B-Piece Acquisitions, Silverpeak Argentic
Jordan May, CMBS Investments, Prime Finance
Julio Siberio, Vice President, CMBS Portfolio Manager, PIMCO

Pensam Completes $19.5 M Bridge Loan for 760-Unit Multifamily Portfolio

Pensam Funding has made a $19.5 million bridge loan to facilitate the acquisition and renovation of a 760-unit, six-property portfolio with assets located in Atlanta, GA and Pensacola, FL (the “Portfolio”). The 2-year fixed rate loan was structured to meet the Borrower’s unique requirements, including mechanisms allowing the Borrower to draw down on $3 million of additional proceeds to support the Portfolio’s capital investment program and collateral release provisions that enable the sale of assets within the Portfolio during the term of the bridge loan.

“We remain extremely active in providing flexible and quick capital solutions to real estate sponsors,” said Michael Stein, Founding Partner. “This is another example of how Pensam Funding tailors financing solutions to meet the unique needs of our clients and help support their pursuit of value-add strategies, lease-up opportunities, recapitalizations, partially completed construction projects and other transitional situations.”

While traditionally focused on multifamily properties, Pensam Funding also considers lending opportunities in senior housing, manufactured housing, land and other real estate sectors. Pensam’s loans range in duration from six months to five years.

Pensam Closes Preferred Equity Investment for the Acquisition of a 600-Unit Multifamily Property in Denver, CO

Pensam announced that it recently closed on a preferred equity investment to facilitate the acquisition of a 600-unit multifamily community located in Denver, CO.  Pensam’s preferred equity investment was structured behind Freddie Mac senior debt financing.  The sponsor, a repeat Pensam client, is an experienced California-based real-estate investment firm focusing on core-plus and value-add real estate acquisitions across the United States.

“Pensam is excited to work with this sponsor on another transaction and further expand its presence into the Denver Metro area with this preferred equity investment,” said Michael Stein, founding partner of Pensam.

The multifamily community is located on a 48-acre low density site in southeast Denver, just north of the I-225/I-25 junction and within five minutes of the Denver Tech Center, the largest employment center in the Denver Metro. The property was constructed in three phases between 1970 and 1974, and features two and three-story buildings with seven unique floorplans consisting of one, two and three-bedroom units.  The previous owner commenced renovations on select units, with upgraded units featuring stainless steel appliances, faux wood flooring, private balconies or patios, and walk-in closets.  Property amenities include a free-standing clubhouse, business center, dog park, fitness center, heated swimming pool, basketball court, volleyball court, sports fields, playground, splash park, dog park and picnic areas with grill stations. Pensam’s preferred equity investment allows the sponsor to allocate additional funding towards its capital improvement plan, focused primarily on amenity upgrades, as well as deferred maintenance.

Pensam Closes Preferred Equity Investment in a 261-Unit Multifamily Property in Stamford, CT

Pensam announced that it closed on a preferred equity investment to facilitate the acquisition of a 261-unit multifamily high-rise building in Stamford, Connecticut. Pensam’s preferred equity investment was structured behind Freddie Mac senior debt financing. The sponsor is a full-service, vertically-integrated investment firm based in the Northeast.

“Pensam’s preferred equity program provides flexible capital support for the acquisition, recapitalization and restructuring of multifamily properties throughout the country,” said Michael Stein, founding partner of Pensam. “This investment presented a strong opportunity to expand Pensam’s preferred equity portfolio in the Northeast market in an institutional quality asset.”

The property is located in downtown Stamford, one of Fairfield County’s fastest-growing and most stable submarkets, just a 45-minute express train ride from New York City and within walking distance to many of downtown Stamford’s existing landmarks and newest developments.  Stamford’s urban development, economic growth and transportation system has attracted a well-educated, affluent population and contributed to stable population growth and in turn, a robust housing market.

Built in 1986, the property features a combination of studios, one, two, and three-bedroom units and 9,216 square feet of commercial space. The previous owner commenced major renovations to the common areas and units in 2010, spending nearly $20MM.  The property now features luxurious interior upgrades such as granite countertops and stainless-steel appliances.   The amenity-rich property offers residents a wide range of services, including concierge, valet dry cleaning and complementary shuttle services. The property also features conference rooms, fitness centers, a year-round indoor swimming pool, movie theater, billiards room, tennis court, business center, BBQ/picnic areas, clubhouse and an outdoor basketball court.

Pensam Completes Preferred Equity Investment for the Acquisition of an 85-Unit Multifamily Property in Jackson, WY

Pensam announced the completion of a preferred equity investment to facilitate the acquisition of an 85-unit multifamily community in Jackson, Wyoming.  Pensam’s preferred equity investment was structured behind Freddie Mac senior debt financing.  The sponsor is an experienced private equity investment and development group specializing in multi-family housing, condominiums and ski area management.

“Pensam’s preferred equity investment presents a strong opportunity to further expand its presence into the Rocky Mountain region and enter a market with an extremely high barrier to entry,” said Michael Stein, founding partner of Pensam.

The property features studio, one, and two-bedroom units with spacious floorplans in Downtown Jackson.  The Town of Jackson is the only incorporated municipality in Teton County’s wealthy Jackson Hole valley enclave.  In addition to being home to world-renowned ski resorts and arts organizations, Jackson is a major gateway for millions of tourists visiting nearby Yellowstone and Grand Teton National Parks each year.

The vast majority of multifamily properties in the market have in-place affordability restrictions on more than 20% of units.  This multifamily community is one of the few market-rate properties in Jackson, and has benefited from strong and stable performance with average vacancy rates hovering at just under one percent over the last twelve months.