MIAMI, FL - Pensam Funding, has provided 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 2-year fixed rate loan is structured to meet the Sponsor’s unique funding requirements including the ability to draw $3 million of proceeds to support their capital investment program and asset release provisions that enable the sale of assets during the term.
“We continue to be extremely active in providing flexible and quick capital solutions to real estate sponsors,” said Michael Stein, Founding Partner. “This is another example of how we can tailor 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.
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. 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.pensamfunding.com