Michael Stein founding partner with Pensam Capital.
Most lenders prefer to finance nearly fully leased properties to ensure returns, yet a Miami-based lender financed a community that was less than one-third full.
Pensam issued a $56 million loan for The Floridian Club of Sarasota, a recently completed active adult rental community near Venice, even though the property was about 30% leased.
That's because Pensam was comfortable with the quality of the developer and the Sarasota County location, a top choice among retirees. Also, age-restricted complexes don't lease as quickly as traditional multifamily apartments.
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Lidia Dinkova
Lidia Dinkova covers South Florida real estate for the Daily Business Review. Contact her at [email protected] or 305-347-6665. On Twitter @LidiaDinkova.
