HOUSTON, TX - Pensam Funding, a direct real estate lender affiliated with Pensam Capital, a fully integrated real estate investment platform, has provided two loans, both located in Houston, TX, one for $27 million to Regalia Bella Terra, a nearly completed, brand new, 227-unit multifamily development that is undergoing lease-up; and the other one for $60 million to refinance Nob Hill apartments, a 1,326-unit multifamily community. Both financings were structured as combined first mortgage and mezzanine loans, thereby providing the borrowers with higher loan-to-value (LTV) loans. The loans are floating rate, interest only, non-recourse mortgages and mezzanine loans.
“We remain confident about the Houston rental market and are pleased to have closed on these two transactions at a crucial time for sponsors,” said Michael Stein, Founding Partner at Pensam Capital. “By leveraging all of Pensam’s resources, our goal is to provide a seamless, one-stop solution to real estate borrowers with customized terms and extremely quick turn-around times.”
Pensam actively lends to experienced real estate sponsors who are seeking flexible capital solutions, with a focus on supporting value-add strategies, properties undergoing lease-up, recapitalizations, partially completed construction projects and 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.
Located at 24151 Bella Dolce Lane in Katy, TX, Regalia Bella Terra closed on October 10, 2017 and is owned by a sponsor that is a fully-integrated multi-housing development company with projects across the US and currently owns 2,608 units. Nob Hill, situated at 5500 N. Braeswood Blvd. in Houston, TX, closed on July 14, 2017 and is owned by a sponsor that is an owner and operator of more than $3.5 billion of real estate assets across the United States and Mexico.