Michael Stein founding partner with Pensam Capital.
The loan was issued around the time a final certificate of occupancy was received.
February 25, 2020 at 01:58 PM
1 minute read
South Florida real estate reporter
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.
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