Two Multifamily Loans Total $87M

Pensam Funding, a direct real estate lender affiliated with Pensam Capital, provided separate loans for two multifamily projects in the Houston area. The loans, totaling $87 million, financed the 227-unit Regalia Bella Terra, which is undergoing lease-up, and the 1,326-unit Nob Hill apartments. Both loans were structured as combined first-mortgage and mezzanine loans, and were floating rate, interest-only and non-recourse.

The Regalia Bella Terra apartments are at 24151 Bella Dolce Lane in Katy, TX. DLC Residential is the owner, and received $27 million. Meanwhile, Steadfast Cos. obtained a $60-million loan for its Nob Hill, at 5500 N. Braeswood Blvd. in Houston.

Michael Stein, who is founding partner at the Miami, FL-based Pensam Capital, said the company is confident about the Houston rental housing market.

For comments, questions or concerns, please contact Amy Sorter