Houston-Area Communities Land $87M in Financing
Two Houston-area multifamily assets, totaling 1,553 units, received $87 million in financing. Combining first mortgage and mezzanine loans, both projects obtained floating-rate, interest-only and non-recourse loans.
By Alex Ciorogar
Pensam Funding provided $87 million in financing for two properties in the Houston area. Located at 24151 Bella Dolce Lane in Katy, Texas, Regalia Bella Terra is a 227-unit multifamily community in the lease-up phase that will receive $27 million in financing. The asset is owned by a fully integrated multi-housing development company currently owning a portfolio of more than 2,600 units. Nob Hill, a 1,326-unit multifamily community, was subject to a $60 million refinancing plan. Situated at 5500 N. Braeswood Blvd. in Houston, the property is owned by a sponsor that manages more than $3.5 billion in real estate assets across the U.S. and Mexico.
The credits were structured as combined first mortgage and mezzanine loans, thus providing the borrowers with higher LTV loans. Both are floating-rate, interest-only and non-recourse mortgage loans.
Based in Miami, Pensam Funding typically lends to real estate sponsors that seek flexible capital solutions, focusing on supporting value-add strategies, properties undergoing lease-up and recapitalizations. An affiliate of Pensam Capital—a privately owned real estate investment platform, which provides first mortgages, mezzanine debt, subordinate debt and preferred equity—the firm also considers lending opportunities in senior and manufactured housing. Pensam’s loan terms range from six months to five years.
“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 Pensam’s resources, our goal is to provide a seamless, one-stop solution to real estate borrowers with customized terms and extremely quick turnaround times.”
Image courtesy of Pensam Funding