Pensam, a diversified multifamily real estate investment firm, has announced the closing of a preferred equity investment in Villa Medici, a 166-unit garden-style apartment community located in Overland Park, Kansas. The preferred equity investment was structured behind an acquisition bridge loan.
The preferred equity investment will be used by the sponsor to execute a value-add repositioning strategy which includes renovations to common areas and amenities, as well as unit interior upgrades. Villa Medici was built in 1968 and is situated in Overland Park, an affluent Kansas market with exceptional growth fundamentals.
“Villa Medici is a unique property in a unique market and is well positioned for a value-add program. The property is regarded as an iconic community in the local market, and it sits in a Class-A in-fill suburban location, both features that should allow the sponsor to capture enormous upside potential,” said Hen Shoval of Pensam. “Despite today’s challenging market environment, we remain very active in the marketplace, and will continue to invest in the right deals with experienced sponsors.”
Pensam provides sponsors with creative capital solutions that facilitate the acquisition and recapitalization of multifamily properties throughout the country. These solutions include bridge loans, mezzanine debt, and preferred equity.